Insurance Purchasing Tips for Millennials

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Insurance Purchasing Tips for Millennials

You have hit the age where everything has started to pile up all at once. Student loans, rent, car payment, insurance, insurance, insurance. Don’t fret because if you plan smartly and understand the benefits of buying insurance. A good life insurance plan can provide you with protection for the inevitable and provide a long term financial security safety net.

The problem is that the current generation with buying power “millennials” are considered the least insured generation. (According to a survey from the Princeton Survey Research Associates International)

This is due to many factors but most of them lead back to “it’s too expensive.” “I’m healthy, I don’t need it or will ever use it.” Insurance generally costs a lot less than what you are thinking, and renter’s insurance costs alone get overestimated by millennials but more than five times the actual costs.

There are so many things insurance covers that you will never be expecting that it just makes too much sense not to have it. Break-ins, car accidents, etc. You can be prepared for what you can’t predict!

Need help on the best practices for buying insurance? Here are five tips that will start you on a path to long-term protection.

Smart shopping.  While shopping for insurance it is smart to make adequate coverage the top priority. Determine the type and amount of coverage you will need, and what your budget is. (We can always help and are just a phone call away at 614-863-0455) Keep in mind, buying the lowest priced insurance is not always the fiscally smart thing to do. Think of a car accident, you saved $100 per year on your insurance when you purchased it and opted for a $1000 deductible over a $500 one. You get into an accident, your at fault or fault can't be determined and you need to get your car repaired. Would you rather be paying $500 or $1000 to get you car fixed? You must think in terms of what you can afford now for coverage vs. what you can afford if an accident happens.

Discounts.  Once you narrow down what your budget is and how much coverage you need, you can look around for any discounts you may be eligible for. Carriers often offer discounts for paying your policy in full, having a history of safe driving, good grades in school, and bundling your policies together under one carrier. Always ask and start saving.

Fill in the gaps.  Most policies will cover all the basics and while buying online on your own can be quick, easy, and inexpensive, you may need extra coverage to meet your needs. If you have expensive items in your home that would be hard/impossible to replace in case of loss, you can add extra coverage to cover those items.

You aren’t too young to purchase life insurance.  Life insurance is essential for everyone despite how much you think your worth is. For a millennial, it’s cheap to get a good policy due to being younger and healthier. If you have kids and you, or your partner pass, a life insurance policy can help cover funeral arrangements in the short term as well as expensive long-term costs such as child care, and even help pay for your kids college expenses someday. Long-term disability coverage also should be considered in the case of becoming disabled and not being able to work.

Work with independent agents like us.  (See: What is an Independent Insurance Agent) Independent insurance agents are an amazing resource, especially for first time purchasers. We work with numerous carriers, so we can do the shopping for you with multiple companies to ensure you get the best price with the right amount of coverage and not miss any details on what you would need. We have the experience to be able to provide clear understanding to you about the coverage you need, the discounts you are eligible for, and any changes you should be aware of going forward when you need to add or remove coverage.

Insurance can be one of the toughest things to consider and when your young it hard to spend the money and there are many reasons you will tell yourself to not purchase it. Ditch the financial short-sighted benefits of opting against insurance and think about the long-term benefits and protection it provides and be thankful there are places (Like the Arnold Insurance Agency) here to help you navigate and work with you to start provided stability for your future. Lean more about personal insurance by visiting us at our website, facebook, twitter, or give us a call 614-863-0455.

The 10 Things You Need to Do After a Car Accident

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In the United States alone there are over 6 million auto accidents each year with 20% of them involving fatal injuries.

If you are unfortunate to be involved in one, make sure you remember these 10 things you need to do to protect yourself and your interests:

1. STOP.

Do not leave the scene of the accident ever. Doing so will result in a “hit and run” violation and it’s 100% illegal and you will face charges from the police.

2. PROTECT THE SCENE.

For your own safety and other drivers passing by you should set up cones/flares if you have them. Always keep your emergency lights on for both cars to alert other drivers to stay away. In the dark you should keep a flashlight on, so you can alert other drivers of your location.

3. CALL THE POLICE.

In almost every situation of an auto accident you should call the police. Even if there is no serous damage or apparent injury this can protect you from the other party making claims against you later.

4. MAKE AN ACCURATE RECORD.

Make sure you tell the police everything that happened as accurate as you can. Do not guess, if you don’t know or don’t remember let the officer know. If you are not 100% sure if you are injured in anyway tell the officer “I’m not sure”. Injuries from car accidents sometimes don’t surface until hours after the accident. Also make sure the other party in the accident is telling the office accurate information as well to protect yourself.

5. TAKE PICTURES. 

The more the better. This will provide accurate detail of the damage of both vehicles and the scene. Be sure to take pictures of any visible injuries you suffered as well.

6. EXCHANGE INFORMATION.

The officer on the scene will take all the relevant information for their records as well but you should always do the same. Information you should take are:

  • Name of the other driver/s

  • Their address

  • Phone number

  • Drivers license #

  • License plate #

  • Their insurance information

  • Witnesses name and phone number in case you need an attorney and they need to contact them.

  • Police report #

7. REPORT THE ACCIDENT.

Let your insurance company know ASAP of any accidents you are involved in whether it be your fault or not. They will be able to help you every step of the way with renting a new car in case yours in not able to be driven, working with the other persons insurance company to  make sure the claims are filed correctly. Most policies require immediate reporting so do not fail to do so.

8. SEEK MEDICAL ATTENTION.

If you or are injured in any way you should seek medical attention immediately whether it involves having an ambulance come to the scene or you go to the hospital right after the police wrap up their report and send you on your way. Often, injuries caused by motor vehicle accidents are not immediately apparent. Even in accidents involving minor impact, you can sustain a serious and permanent injury to your spinal cord. If you lost consciousness or were dazed for even a short period of time following the collision, you may have suffered a concussion or closed head injury. This can cause cognitive and behavioral changes if left untreated.

9. KEEP A FILE.

Keep record of the information on the accident. This will include all the information you took earlier as well as files of the photos you took at the scene.

10. PROTECT YOUR RIGHTS.

The most important thing you can do after an accident is contact an attorney. They can protect your rights and make sure all the evidence is collected and protected. Sometimes insurance companies will want official statements from you about the accident but consulting with an attorney first can provide the legal advice necessary, so you don’t make mistakes or incriminate yourself. Your attorney can advise you on issues ranging from how to make sure you are fully compensated for your vehicle to how to make sure you are getting the best medical treatment available. Personal injury attorneys work on a contingency fee basis, which means there is no legal fee unless the attorney recovers compensation for your injuries.

If you don’t have insurance, or think you don’t have enough coverage and are paying too much, call us! The Arnold Insurance Agency can help find you a car insurance quote that fits within your budget and checks all the boxes for what coverage you need. As one of Ohio’s premier insurance agency we work with dozens of the top insurance carriers. Call us at 614-863-0455.

When should you file an insurance claim in an auto accident?

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Have you been in an auto accident?

Has there ever been a time you were involved in a minor car accident and thought about whether you should report it to your insurance company or just pay out of pocket? A lot of people have, this is because of the fear that filing a claim will automatically raise their insurance rates no matter what. Many think that just coming to a settlement with the other driver and not getting the insurance companies involved makes everything go away but what if the other driver claims an injury later on or, if the damage to their vehicle is more extensive that what they originally thought? You could still be eligible for legal action taken against you. 

To prepare for a possible claim against you, provide the other driver with your insurance information, call the police, and report the incident to your insurance company. This is because the insurance company can help you pay for any legal defense you may need as well as, help pay for property damage or injuries to others. This also protects you from the insurance company being able to deny coverage.

There are only a few instances where not filing a claim due to an accident makes sense and those are usually when it is just a single car accident and no one’s property but that of the person causing the accident is damaged. For instance, you are backing out of your driveway and hitting the mail box.

Another good tip for any car accident is to always take multiple photos of your cars damage and the other drivers before leaving the scene of the accident. This will help protect you in the case the other driver claims something different that actually happened in the accident.

To make sure you always have the right coverage and an expert who can walk you through any insurance claim when they happen. Call The Arnold Insurance Agency. 614-863-0455

What is Umbrella Insurance?

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Umbrella insurance

Also known as personal excess liability covers gives you extra protection against lawsuits and claims made against you that exceed what your normal policy covers.

For example, say you are in an accident and you must pay $500,000 in bodily injuries to the other party but your bodily injury limit only covers $200,000.  Where does the other $300,000 you owe come from?  Well this in effect is the beauty of having an umbrella insurance policy because it will cover the remaining $300k. 

So what does Umbrella Insurance cover?

What's covered under umbrella insurance:

  • Bodily injury

  • Personal injury

  • Property damage

  • Landlord liability

What typically isn't covered under umbrella:

  • Personal belongings

  • What's Covered

  • Intentional or criminal acts or omissions

  • Written or oral contracts

Who should have it?

Generally, anyone who has 1 million or more in net worth should always have an umbrella policy because the minimum amount sold on a policy is $1 million. However, it might make sense for someone who falls below that number to purchase it.

Arnold Insurance Agency can answer any questions about personal umbrella policies, so you can decide whether having additional liability coverage makes sense for you. Give us a call today at 614-863-0455 or visit www.arnoldinsuranceagency.com

 

What is an Independent Insurance Agent?

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What is an independent insurance agent?

The first thing to consider is that they are not just an "salesperson" trying to sell you an expensive policy but more of a producer who represents the insurance companies and works with you to guarantee that you are getting the best available option in terms of coverage at the right price. Think of them as a personal shopper who goes out to the store and picks out the groceries (policies and coverage's) that fits your budget and your needs. 

They are trained and licensed experts:

Our agent have years of experience working to understand the complexities of the insurance industry so that they are able to explain to you what you are purchasing is easy to understand terms. This knowledge also gives them to ability to know exactly what to look for in getting you the best policy that fits your needs. 

They create a one-stop shop:

By now we know that our agents can shop dozens of policies across dozens of companies all at once for you to guarantee you are getting the best option available, but did you know they can take care of all your insurance needs all at once as well? If you own a small business, you can secure commercial insurance coverage from Arnold Insurance Agency along with insuring your car and home too!

They are with you every step of the way: 

While you can buy insurance online yourself, too many people either buy too much coverage or not enough while paying way too much. Having an agent walk you through a tailored policy ensures that you have the right coverage and do the work for you in finding the right price. When the unexpected happens and you need to file a claim or need to change your coverage, your agent can be your advocate, working with the insurance company on your behalf.

Independent insurance agents save you time, save you money and build a relationship with you that can last a life time to ensure you always have peace of mind while buying the best policies. Arnold Insurances goal is to protect you and your family from those unexpected events by finding the right coverage at an affordable rate. Give us a call today 614-863-0455!