What to Do Following a Car Accident

After an auto accident, it can be very complicated to figure out what you should do next. Not only will you be shaken up and tense, but you also might not know who the proper parties are to contact and whether or not to get the police involved. Here is a straightforward list that you can keep in your wallet to give you some direction if this should happen to you.

1. Turn your vehicle off: Do not leave your car running while you get out to inspect the damage. Instead, put your car in park and turn it off—and don’t forget to take your keys from the ignition.
2. Get out of the car to look at the damage: Make sure that you are in a safe place out of the way of oncoming traffic. Then, get out of the car and take a look at the damage that was done to both your car and the other car (or cars) involved.
3. Call the police: If the damage is very small, then you may not want the police involved. But to be on the safe side and avoid any potential legal problems, having a police report and witness statements can work in your favor.
4. Swap information with the other motorist: Get the name, address and phone number of the other driver or drivers involved. Also make sure that you take down their insurance information, license plate number, make and model and jot down a description of the cars and the incident as well as the damage.
5. Get witness information: If there were any witnesses, make sure to get their names and contact information.
6. Call your insurance company: Some insurance companies have claims adjusters who visit accident scenes. Call your insurance company to discover if this is also their process—unless you decide that the damage is minor enough that you don’t need to involve your insurance company.
7. Take pictures: If you have a camera on your cell phone or a disposable camera in your glove compartment, make sure to snap some pictures of both cars and the roadway, and anything else that might have factored in to the cause of the accident.

No matter what you settle on to do in terms of police or insurance company involvement after your accident, make sure you document all the information that you can after the occurrence and that you keep yourself safe while exploring the damage and talking to the other driver.

For more information about Denton auto insurance, call Insurance Connection at 940-382-4700.

How to Save on Your Home Insurance

Worried that premiums on your Denton home insurance policy will cost you thousands of dollars every year? If so, there’s good news. By paying attention to simple things, it’s much easier to save on your home insurance. Insurers decide the premium based on factors like square footage of your property, danger of natural disasters that could affect your home, crime rate in your neighborhood and the approximate estimate of rebuilding your home. By working on these factors and lowering your risk, you could save hundreds of dollars on your premium.

Work on your Credit Score

First and foremost, you need to maintain a healthy credit score. You need to be financially stable in the eyes of your insurers. Pay your bills on time, settle your debts on time and don’t let them pile up. Do not open and close credit cards and other financial accounts whimsically, and you could maintain the scores at a healthy level.

Discounts on Bundled Insurance Purchase

Ask your insurance provider about various discounts they offer. Some companies offer better discounts if you are purchasing bundled policies. For example, if you purchase your auto insurance and home insurance from the same provider, you could save up to 10% and sometimes more on the premiums.

Increasing the Deductible

If you are financially sound with enough money on your retirement and emergency fund, you could think of raising your deductible (the portion of money you’d be covering in case of a disaster). For instance, if you raise your deductible from $200 to $400, you can save more than 10% on your monthly premium.

Investing a Little Time and Money in Disaster Proof Measures

Disaster proofing your home with simple measures like installation of shatter proof windows, smoke alarms and investing in a fire extinguisher can get you a discount from your insurance provider. Installing high tech security systems could even increase your savings on the premium up to 20%.

Reporting Neighborhood Changes

Your insurance rate is also determined by the neighborhood you live in. If you alert your insurance provider about major changes like new storm drains (which would prevent flooding), you might get a discount on your premium for living in an extra safe environment that is less prone to disaster.

Pay on Time

Insurance providers like to know that your payment would reach them on time. If you sign up for options like automatic monthly deduction from your account, your insurer might give you a discount. If possible, you could also pay your insurance annually as a one time installment. This way, you can save on the convenience charge that you’d have to pay every month.

The above tips may involve investing a bit more time and money on your behalf, but they have a huge potential to save hundreds of dollars for you in the longer run. Do follow these tips and reap the benefits.

For more information on home insurance and other beneficial tips, call us today at 940-382-4700.

Don't Get Caught Without Auto Insurance

Driving without auto insurance is never a good idea. The benefits of insurance provide peace of mind and are worth the cost of the investment. If you decide to forgo insurance for your motor vehicle, then you need to be aware of the consequences that you could possibly face. Even the most careful driver runs the risk of becoming involved in an accident, simply because you can’t control the drivers around you. There are many ways that you could be caught without auto insurance—and they will all cause unnecessary frustration for yourself.

In many states, drivers are required to sign a statement at the time of vehicle registration which affirms that they maintain insurance, or some other form of financial responsibility. These states may select a number of licensed drivers every so often for random insurance checks that take place via mail. If sufficient proof is not provided, a driver’s license can be suspended. Law enforcement officers typically request proof of financial responsibility whenever they make traffic stops for moving violations, or whenever they conduct safety checkpoints-yet another reason to carry auto insurance. If you don’t have the proof to show at that time, you are only given so long to show that you were covered for that time period, and if you cannot do so, be prepared for some headaches.

Legal Issues

Lack of insurance could lead to several legal penalties.

-      Your motor vehicle driver’s license will be suspended for a period of time, dependent on your state’s law. For most, the minimum length is six months.

-      You may be able to obtain a temporary occupational driving license which can only be used during the time it takes for your commute to work. Even these are not guaranteed.

-      The license suspension will be available on your driving record for years, and may negatively impact your ability to gain employment.

Financial Penalties

-      There are sizable fees that are required to reinstate a suspended license.

-      Your insurance rates will go up, negating any savings from dropping auto insurance in the first place.

-      You may be required to maintain a document called a SR-21 with the insurance company for a specified period of time. This acts as an additional certificate of compliance, and is reported to your state DMV on a monthly basis. There are fees charges by the insurance company to maintain this service.

-      If you’re involved in an accident, the costs can be tremendous for you and anyone else that may be involved. Your finances could be placed in turmoil if you are sued for medical bills and property damage.

Clearly, maintaining auto insurance is a no-brainer. Smart consumers will make the right choice to protect their finances and mental well-being.

For more information about Denton auto insurance, give Insurance Connection of Texas a call at 940-382-4700.

Can’t Afford Your Home Insurance Renewal? Read This!

The large number of storms and disasters throughout the U.S. over the past few years has caused some Denton home insurance premiums to rise more than many families might have anticipated. This rise, while understandable, can be difficult for some families’ budgets to sustain. If you've received a home insurance renewal that may be difficult or impossible for you to afford, here are a few tips to help.

• Compare the cost of other home insurance companies. While insurer loyalty is a great trait and can result in eventual discounts, if your insurance company has become unaffordable it could be time for a change. Work with an agent to compare rates for comparable coverage through many other companies to find out if there's one that's a little less expensive.
• Consider bundling. By bundling several insurance policies through one company you could receive discounts that stretch across multiple policies and save you more money than just on your home insurance premium. In addition, you make the process of claims and premium payments much easier.
• Raise your deductibles. If you have sufficient savings and can afford it, raising your deductibles is a good way to reduce your insurance premiums. When you raise your deductibles it's important to consider that one insurable incident could create the payment of several deductibles if it affects multiple assets.
• Check your policy limits. If the value of your assets have decreased or if rebuilding costs in your area have gone down then your home insurance limits might exceed the coverage that you actually need, resulting in a wasteful premium. Work with your agent to ensure that you have the proper limits for your asset value and rebuilding costs.
• Pay the premium in installments. You may not be able to afford to pay a lump sum annual premium to your insurer, but you might be able to swing it if you pay by installments. When you break down premiums it will result in an installment fee, but even with this additional fee it could make premium payment much more affordable.

We are happy to work with you in order to find discounts and other ways to reduce your home and other insurance premiums. For your insurance review, stop by or give us a call at 940-382-4700.

Auto Insurance Deductible Considerations

When you apply for Plano auto insurance coverage, your choice of deductible may seem pretty straightforward however, there are some nuances to auto insurance deductibles that you should be aware of.

·         There are multiple deductibles in your policy: Your auto insurance policy probably doesn't have just one deductible. Instead, there may be many different deductibles for the various coverages offered. For example, let’s say you are in an accident that damages your vehicle and causes bodily injury to another. If you have collision coverage with a $500 deductible and bodily injury liability protection with no deductible then your initial out-of-pocket costs will be $500 and you won’t pay more unless any of the claims exceed your coverage’s limits. But your personal injury deductible may be higher, as might your comprehensive.

·         Deductibles are per vehicle: If your auto insurance policy covers multiple vehicles including those driven by your spouse and children then you have multiple deductibles. So if you and your spouse are both in an accident on the same day you will be expected to pay the deductible for each accident. And if you happen to be in an accident with another car covered on your policy, such as when you back out of your garage, you can still be charged two separate deductibles. Not only does this make it extremely important that you choose deductibles you can actually afford to pay, but it also should factor in to your decision about whether or not to pay for damages out of your own pocket or to file a claim because with two claims for one accident, you could see an increase in your auto insurance rates.

·         Deductibles are per incident: Auto insurance deductibles are different from health insurance deductibles. Instead of all your out-of-pocket deductibles adding up throughout the course of the year and your personal out-of-pocket responsibility ceasing once you've paid your deductible, each incident is subject to a deductible. For example, let's say you have a car accident in September that results in $500 worth of damages to your car. You have a $1000 deductible. In this instance your insurance company would pay no claim because your damages are less than your deductible and you would be expected to pay $500 out-of-pocket to have your car fixed. Then, let's say in December you have another accident this one with $1500 worth of damage. Now you would be expected to pay $1000 of that damage because that’s your deductible and the insurance company would pay the remaining amount.

·         If your car is totaled, you don’t pay a deductible: If you're car is totaled in an accident and you go through your insurance company to place the claim, you do not have to pay your insurance company the deductible. In fact, the deductible is something that you will always pay to vendors to fix your car – not to the insurance company. However, in the event of a totaled vehicle, when the insurance company writes the check for the value of the loss they will reduce it by the amount of your deductible.

·         Deductibles can be reimbursed: If you have an accident and another driver is at fault you can make a claim through your insurance company which will require you to pay your deductible for a portion of the repairs. However, your insurance company will work to retrieve both their damages and your deductible from the other driver’s insurance policy which means you may get refunded your deductible. This would not be the case if the other driver was uninsured or underinsured which is why uninsured and underinsured motorist coverage is so vital. If the other driver is sufficiently insured, you do have the option to file a claim with their insurance company however you should still let your own insurance company know about the accident and the claim. Generally, calling your own insurance company and agent first will ensure that you take the correct subsequent steps to be made whole again.

If you have questions about your auto insurance deductible or if you think your deductible might be higher than you can reasonably afford, give us a call 972-649-9007. We can conduct an auto insurance policy review and help make sure you have sufficient protection at an affordable price.

Debt Free With the Help of Insurance

Debt is something that is expensive and creates a lot of unwanted boundaries for you. All the fees and interest rates that go along with your loans you take out and credit cards you have, can easily take up your money for years to come, and in some cases decades. Unfortunately, this decreases how effective your money is, and can get in the way of your future financial goals.

Disability Insurance

Aside from going bankrupt, the only other way there is to get out of debt is to pay whatever it is that you owe. But, if you are injured to the point that you can’t work and lose your income, then you won’t b able to pay anything. You could probably be paid disability funds by means of social security, but there aren’t any promises that you’ll be approved for it, and there’s a chance you’ll have to wait longer than what you want or can afford, for it to begin paying out.

With a policy for disability insurance, you can pick how long you want to wait for it to start paying you, and can guarantee a source of income, even if your disability is short-term. That’s something you can’t do with Social Security. This helps because it keeps money coming in, despite you being unable to work, which will allow you to continue to pay off your debt.

Liability Insurance

It’s very difficult, almost impossible, to pay your own debts when you have to pay for someone else’s expenses too if you injure them or damage their property. If you have liability insurance, via an auto, home, or umbrella policy, then claims like those will be paid for without you having to pay out of pocket. Therefore, it will keep you on track with paying off your debt.

Life insurance

 Having a life insurance policy helps those you leave behind payoff your debt, in the event you pass away before you were able to do so yourself. But contrary to what you might think, life insurance policies aren’t strictly for receiving death benefits; sometimes your policy will provide you with benefits while you’re living too. Some of these benefits can include an accelerated benefit if you have a terminal illness or a dismemberment benefit. Something you might take into consideration is a return of premium rider, for a term insurance policy. When the end of the term comes and you get your premiums back, you could use that money to continue to pay off or totally eliminate your debt.

Let us help you manage your debt, by purchasing different insurance policies. Call or email us today, and we’ll get started.

White Lies and Insurance Fraud

Almost everyone on the planet is guilty of telling a white lie at some point in their lives, and for some people, even daily. Whether the lie works to cover up the truth about a surprise for someone or serves as a means to spare someone’s feelings, most people feel that this deceptive practice has its appropriate time and place and is generally harmless.

But what happens when the white lie isn’t told to a person, but is told to an insurance company? You know, a simple white lie—like writing your weight from 1992 on your application for life insurance instead of the post-college, post-children, post-office job truth; or how about telling your auto insurance company that you only drive 10 miles a day when the truth lies somewhere closer to 25? How big a deal is that, really?

When it comes to insurance, white lies are a much bigger deal than they are when hiding the date of a surprise party from your parents or telling your best friend that you like her new, accidentally purple dye job. White lies on insurance applications or claims forms are actually tantamount to insurance fraud, which is a very serious crime.

Big Lies and Small Lies All Round Out to Fraud

Insurance companies are relying on you to tell them the total truth on your application. Only through full disclosure can they properly evaluate the risk that you present to them and only then can they choose the right premium to represent that risk.
When you present a dishonest representation of your health, your finances, your home, your car, your driving habits or any other aspect of your life to an insurer, you are cheating them out of the ability to determine the amount of risk they will be taking on with you as a client. At the end of the day, these omissions or inaccuracies could make the insurance company lose money. And just as you wouldn’t purposely pay for merchandise with a check that you knew had no real money behind it, you probably wouldn’t want to steal from an insurance company.

Insurance Fraud—Not a Victimless Crime

You might think that you aren’t really hurting anyone when you tell a small white lie to an insurance company, but in truth, you are impacting the insurance company’s ability to pay the claims of other policyholders when you lie about the type of risk you present. You see, insurance companies use the information you supply to determine the likelihood that they will need to pay for claims on your policy and about how much those claims will cost them. Based on this information, they set aside a certain amount of money into a separate fund, called a policy reserve, and this helps them make sure they have the money on hand to pay your claims and the claims of all other policyholders. They do the same with all of their other insureds. They then invest this money conservatively so that it can grow and rely on it to help them meet their obligations.

If you present more of a risk than the insurance company expects, you could have more claims than the company anticipates and more than they developed their reserves to handle. This means that your excessive claims could take more from the company’s reserves than they are prepared to pay. Then, as their claims experience goes up, it could result in an increase of rates for all policyholders—which is hardly fair to those policyholders that practice full and honest disclosure.

In The End, You Lose

Many consumers assume that the insurance company will never even realize that they told any kind of lie on their application. But claims are investigated before paid out and in many cases, these investigations could reveal evidence of material misrepresentation. Since material misrepresentation is considered a willful and purposeful fraudulent activity, you could lose out on your claim and instead end up with a cancelled policy and a return of your premiums paid.

Don’t take chances with the financial future of you and your family. Make sure that you are completely honest with your insurer from the moment you establish the relationship; there is no subject too small, and no question so insignificant that you can “fudge” the facts a little without hurting someone—quite possibly, you.

Call us at 972-649-9007 for all of your Plano auto insurance, home and health needs today!

Protecting Life Benefits from Probate

One of the benefits of a life insurance policy is that it can make life so much easier for your survivors. If you don’t design your policy properly, however, you could make it harder on your would-be beneficiaries to access these funds for bills, funeral expenses and income replacement because the funds will be locked in probate.

Keeping your policy proceeds from probate is easy if you just follow these tips:

• Name a beneficiary: The easiest way to keep your life insurance death benefit proceeds from probate is to name a beneficiary who is to receive the funds when you pass on. To do this, you simply need to write the name of the individual along with their social security number in the designated spot on your application for coverage. After the policy has been issued, you will be able to change the beneficiary by sending written notification to your insurer. If you want to split your death benefit among multiple primary beneficiaries, list them all along with the percentage of the benefit that you want each to receive.
• Name a contingent beneficiary: If your beneficiary passes before you and you do not choose a secondary distribution method such as per stirpes or per capita to allow the benefit to flow down to secondary family lines, then you need to name a contingent beneficiary (or beneficiaries). That will give the insurance company specific instructions to follow in the event that your primary beneficiary is deceased. As with the primary beneficiary, you can designate multiple contingent beneficiaries to divide the benefit amongst and you can change this designation after the policy has been issued.
• Name a trust: If you’d rather have your death benefit flow to a trust with instructions for management and payout, then you can name a trust as the beneficiary. You can choose a revocable or irrevocable trust. When naming a trust, there is no need to also name a contingent beneficiary as your trust will be there no matter when you pass away. You may not be able to change the beneficiary once you name an irrevocable trust, so discuss this option with your agent before you commit

As you can see, it’s not difficult to ensure that your death benefits go right to the people you want it to, without delay. If you have questions about your Plano life insurance policy or how to pick and name a beneficiary, give us a call at (940) 382-4700. We’re happy to help you find the right policy and design it to pay benefits the way you want it to.

How to Pay for Home Insurance Premiums?

When you purchase a home insurance policy you have many different options for making your premium payments. As with most insurance policies, you can split your payment intervals four different ways:

1. Annually
2. Bi-annually
3. Quarterly
4. Monthly

You have other flexibilities for how you pay your premiums, not matter the interval, as well

• Check or money order
• Automatic bank draft
• Online Payments through your carrier or agents website

Now that you know your options the question really becomes which, of all the possible combinations, is the best?

Find out the most effective method of payment and how to ensure continuing coverage.

No matter what your personal preference or budgetary needs, you can find a payment interval and method to fit your lifestyle. Remember, if the way you make payments this year is less suitable the following year, you can ask your agent to change it during your renewal. Call us today to discuss your Plano home insurance quote premium options.

Independent Agents vs. Online Quotes for the Best Deal on Auto Insurance

The internet gives the average insurance purchaser access to multiple insurance quotes all at once that can help them save time and money when shopping for auto insurance. Often, consumers assume that these valuable online quote algorithms give them access to the same service as a local agent and choose to use them instead of an insurance professional. Unfortunately, this could potentially be a costly mistake.

Reviewing and Understanding Coverage Options

There are many different coverage options that you can choose from when shopping for auto insurance, and each will affect your quote and risk exposure differently. When sitting at home, trying to navigate online quote systems, it can be next to impossible to figure out what coverages you need, what limits to choose and what deductibles are reasonable. Agents can help you go through the coverage options and tweak limits and deductibles so you get a policy that is both affordable and helpful in the event of an accident.

Discovering Opportunities for Discounts

An insurance agent interacts with you to find out about your life and driving habits. This one-on-one contact allows an agent to discover information leading to important discounts you’re eligible for, something that an internet algorithm simply can’t do. Each day, insurers are developing new opportunities for discounts. Online algorithms don’t stand a chance against an agent when it comes to keeping up with these developments.

Working with Various Companies

The algorithms you use online for auto insurance quotes have access to a limited and fixed number of insurance companies. This does not give you the broad range of options that your local auto insurance agent will. In addition, because agents work with these companies on a one-on-one basis every day, they know how each company handles its underwriting and this can help get you matched up with a company that is going to get you the best rates for your situation.
Auto insurance is an important and often required coverage to carry. In order to get multiple quotes and the best price for you, there’s no need to rely on websites. Instead, you can get the service of a live and thinking agent who knows how to get you the best deals on insurance and where to put your policy so you can afford the premium.

Be sure you're getting the best deal on your Plano auto insurance! Call us today at 800-732-0249.