by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
Congratulations on reaching the milestone of retirement! I sort-of know what it feels like now that I’m nearing 70. This stage of life brings excitement, anticipation, and possibly some concerns. You might have yet to think much about your insurance needs during retirement. While you’ve likely set up insurance coverage long before now, reviewing your insurance as you transition into retirement is essential.
Adapting Your Auto Insurance
As a retiree, your driving habits may change, potentially impacting your auto insurance. Here’s what to discuss with your agent:
- Less mileage: With no daily commute, you might qualify for lower rates based on reduced mileage.
- Defensive driving class: Some insurers offer discounts for seniors who take a defensive driving course.
- Higher deductible: It might lower your premium if you can afford a higher deductible.
- Occasional use vehicle: If you have a car you rarely drive, explore options to maintain adequate coverage while potentially saving money.
Remember, maintaining adequate liability limits is crucial to protect your financial well-being.
Home Insurance Considerations
Paying off your mortgage is a significant achievement, but it doesn’t mean you should cancel your homeowners’ insurance. Here are some points to consider:
- Keep your policy in force: Your home, belongings, and personal liability coverage are still essential, even without a mortgage.
- Review your coverages: Assess whether your policy limits are sufficient and your possessions are accurately accounted for.
- Travel plans: Will you be traveling more during retirement? Discuss how this might impact your coverage needs with your agent.
The Snowbird Lifestyle
If you plan on spending months away from home each year, consider the following:
- Coverage while you’re away: Ensure your home and belongings are protected during your absence.
- Auto insurance at your destination: Discuss with your agent how to maintain proper coverage for your vehicle(s) while you’re away.
- Different state regulations: Ensure you understand insurance requirements in the states you visit.
Reevaluating Life Insurance
Assessing whether life insurance is still necessary for your circumstances is essential during retirement. Consider the following questions:
- Would your spouse or dependents face financial hardship if you passed away?
- Are all your debts paid off?
- Have you set aside funds for funeral expenses?
- Would your estate trigger tax burdens for your family?
- Do you have enough savings to support your spouse and dependents for 10, 20, or 30 years?
Long-term Care Insurance
Planning for long-term care is an essential part of retirement. Long-term care insurance can protect your assets, savings, and inheritance, but planning early is crucial. Some points to consider:
- Different care options: Long-term care ranges from hourly in-home assistance to full-time nursing home care.
- Costs: Long-term care expenses can vary greatly depending on the type and location of care.
- Self-insurance: You may self-insure if you have sufficient funds and assets to cover long-term care costs.
- Marital status: The decision to purchase long-term care insurance may differ if you’re single or married.
Working with Professionals
Retirement is a complex phase of life, and it’s essential to work with professionals to navigate the insurance landscape:
- Insurance agent: Consult your insurance agent to discuss your changing needs and adjust your coverage accordingly.
- Financial planner: A financial planner can help assess your financial situation and recommend insurance strategies.
Reviewing and adjusting your insurance policies can save money and ensure you’re well-prepared for the future.
Remember, it’s essential to work closely with your insurance agent (we’re here!) and financial planner to make informed decisions about your coverage. They can help you navigate the complexities of retirement and provide tailored advice based on your circumstances.
With the right insurance strategy, you can enter your retirement with confidence and peace of mind, ready to enjoy this new chapter in your life. Maybe I’ll see you out on the golf course!
Ready to explore options with the Page team? Click here.
Sid Page, the founder of Page Insurance, has over 40 years of experience in the industry. After working as a captive agent for a leading insurance corporation, he established Page Insurance in 1998. Specializing in Property & Casualty and Life, Health, and Disability insurance, Sid has received numerous awards for his client-first approach and community involvement. Passionate about meeting new people, Sid enjoys golfing, fishing, and spending time in the Tetons. He cherishes his family, including his wife, sons at Page Insurance, and beloved grandchildren.
by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
Buying your first car is an exciting and significant milestone in life. I still remember when I bought my first car – a Pontiac Fiero. I was only 14 and didn’t yet have my drivers license – so I’d drive it around in circles in the back yard. The excitement comes with the responsibility of understanding the car-buying process and securing the right insurance coverage. This guide is designed to walk you through everything you need to know, step by step, as a first-time car buyer with zero experience with insurance.
Preparing to Buy a Car
First, you need to set a realistic budget. Consider not only the purchase price of the vehicle but also ongoing costs such as maintenance, gas, and insurance. Research different makes and models, comparing fuel efficiency, safety ratings, and reliability. Understanding your financing options is crucial, so compare interest rates, loan terms, and fees from various sources. Decide whether a new or used car is right for you, and test drive several vehicles before deciding.
Understanding Car Titles
When buying a car, you’ll come across different types of titles which provide information about the car’s history. A clean title indicates that the vehicle has never been in a major accident or experienced significant damage. A salvage title is issued when a car has been deemed a total loss by an insurance company due to severe damage or theft. A rebuilt title is assigned to a vehicle previously given a salvage title but has since been repaired. These title types can affect insurance rates and coverage options, so be aware of the implications before purchasing.
Understanding Car Insurance
The importance of car insurance cannot be overstated. It helps protect your financial well-being, ensures you comply with state laws, and provides peace of mind. Here’s a breakdown of the main types of car insurance coverage:
- Liability Coverage: Mandatory in most states, liability coverage is essential to protect you from financial fallout if you’re found responsible for an accident. It covers both bodily injury and property damage:
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- Bodily Injury Liability: This covers medical expenses, lost wages, and legal fees if you injure someone in an accident. It is expressed as two numbers, such as 50/100, which means $50,000 per person and $100,000 per accident in coverage.
- Property Damage Liability: This covers damage to someone else’s property, typically their vehicle, but it can also include buildings, fences, or other structures. The third number in the 50/100/50 example represents property damage liability, with $50,000 in coverage per accident.
We recommend a minimum liability coverage of 300K combined single limit, which means bodily injury and property damage are covered under a single limit of $300,000, without separate limits per person or accident. This provides more flexibility when allocating the coverage amount between bodily injury and property damage claims. We also encourage everyone to consider an umbrella policy for times when this isn’t enough.
- Physical Damage Coverage (sometimes called ‘full-coverage’): Protects your vehicle from collision events and non-collision incidents like theft, vandalism, or natural disasters. This coverage includes:
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- Collision: Covers damage to your car resulting from a collision with another vehicle or object. A deductible applies- the amount you’ll pay out-of-pocket before your insurance kicks in. Typical deductible options are $500 or $1,000.
- Comprehensive: Covers damage to your car caused by events other than collisions, such as theft, vandalism, fire, or natural disasters. Like collision coverage, a deductible applies, and you can usually choose the deductible amount based on your preferences and budget.
- Uninsured/Underinsured Motorist (UM/UIM) Coverage: Protects you if you’re involved in an accident with a driver without insurance or insufficient coverage. It covers medical expenses and property damage. We strongly recommend always matching UM/UIM coverage with your liability limits and never going without it. It’s very inexpensive and incredibly valuable. Be cautious of companies that cut this coverage to appear cheaper – this is not a smart trade-off.
- Medical Payments (MedPay) / Personal Injury Protection (PIP): Pays for medical expenses for you and your passengers, regardless of fault, after an accident. It may also cover lost wages and other related expenses.
- Optional coverages: These additional coverages can provide extra protection and peace of mind:
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- Rental Reimbursement: This covers the cost of a rental car while your vehicle is being repaired after a covered accident.
- Roadside Assistance/Towing: This provides help if your vehicle breaks down or you need assistance, such as towing, jump-starts, or tire changes.
- GAP Insurance: This covers the difference between the amount you owe on your car loan and the vehicle’s actual cash value if it’s declared a total loss after an accident. We recommend considering GAP coverage to anyone who might be upside down on a loan.
By understanding these coverages, combined single limit, deductibles, and how they are represented in your policy, you can make more informed decisions when purchasing car insurance and ensure you have the protection you need.
Saving on Insurance Premiums
To save on insurance premiums:
- Shop around and compare quotes from different providers.
- Contact us at Page Insurance if you live in Idaho, Utah, or Wyoming; we offer personalized service and access to multiple insurance carriers.
- Bundle your policies to get discounts, choose a higher deductible, and maintain a good driving record.
- Take advantage of any discounts you may qualify for, like good grades or safe driving courses.
Insurance and Parents’ Policies
As a first-time car buyer, you may wonder if you can be listed on your parent’s insurance policy or if you need your own. This depends on factors such as the ownership of the car and the insurance company’s rules. You can sometimes be added as a driver on your parents’ policy, which may result in lower premiums. However, if you own the car, you may need your own insurance policy.
Factors Affecting Insurance Rates
Insurance rates can be affected by your age, driving experience, vehicle type, location, and credit history, among other factors. Younger drivers and those with less experience typically have higher insurance rates due to a higher risk of accidents. Living in urban areas with more traffic and crime may also result in higher premiums. The car’s make, model, and age can affect your rates, with expensive or high-performance vehicles costing more to insure. Maintaining a clean driving record and good credit can help keep your rates low.
Co-signing Considerations
If you need a co-signer for your car loan, it’s essential to understand the pros and cons. Co-signing can help you secure a loan if you have limited credit history, but it also places responsibility on the co-signer if you fail to make payments. Consider alternatives to co-signing, such as saving for a larger down payment or working on building your credit before purchasing a car.
Purchasing Your Car
When you’re ready to buy your car, be prepared to negotiate the price. Review and sign paperwork carefully, ensuring you understand all the terms and conditions. Register the vehicle with your state’s Department of Motor Vehicles (DMV) and secure the appropriate license plates.
Preparing for the Road
Before hitting the road, create an emergency kit for your trunk that includes a first aid kit, flashlight, jumper cables, and a tire inflator. Familiarize yourself with essential vehicle maintenance, such as checking oil, tire pressure, and coolant levels. Practice safe driving habits, like obeying traffic laws, avoiding distractions, and being cautious in adverse weather conditions.
Handling an Accident
If you’re involved in an accident, remain calm and follow these steps:
- Check for injuries and call 911 if necessary.
- Move your vehicle to a safe location, if possible.
- Exchange information with the other driver, including names, contact details, insurance information, and license plate numbers.
- Document the scene by taking photos and getting witness statements.
- Report the accident to your insurance company and follow their instructions on filing a claim.
The journey to becoming a car owner is both exciting and filled with responsibility. By understanding the car buying process, securing the right insurance coverage, and practicing safe driving habits, you’ll be well-prepared for this new chapter in your life. Remember, when you’re ready to start a policy or need help finding the best coverage, don’t hesitate to contact us at Page Insurance. We’re here to help you every step of the way.
When you or your parents are ready to get a quote, click here.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the client in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, traveling with his wife and three kids, and cheering on the local Idaho Falls hockey team.
by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
Sending your teen off to college is a significant milestone filled with excitement, anticipation, and a bit of apprehension. (I know because I’m in the middle of it as I write this.) Amidst the whirlwind of emotions, addressing insurance concerns during this transition is essential. To help you navigate insurance for your college-bound teen, we’ve created this detailed guide that answers common questions, and uncertainties parents may have. Remember that it’s always a good idea to consult with your insurance agent to ensure your specific situation and needs are addressed.
Auto Insurance for College-Bound
Teens Understanding how your teen’s auto insurance coverage may change once they go to college is crucial. Factors like location and vehicle usage can affect the policy. Typical auto insurance policies will cover your teen if they are listed as a driver on your policy. Still, informing your insurance agent about your teen’s college plans is essential, so they can help you adjust the policy accordingly.
Renters’ Insurance for College Dorms or Off-Campus Housing
Your homeowner’s insurance policy may offer limited coverage for your teen’s belongings in a college dorm, usually up to a certain percentage of your policy’s personal property limit. A standalone renters insurance policy is advisable for off-campus housing, as it covers personal property, liability, and additional living expenses.
Health Insurance for College Students
A common question parents have is about health insurance options for their college-bound teen. Under the Affordable Care Act, children can remain on their parent’s health insurance plan until they turn 26, regardless of their marital, financial, or educational status. However, you may also explore coverage options through the college or individual policies, which might offer additional benefits or cater more specifically to your teen’s needs.
Identity Theft Protection
Considering the increased risk of identity theft for college students, adding identity theft coverage to your insurance policies can offer peace of mind. This additional coverage typically includes monitoring services, financial assistance, and access to professional help for identity theft victims.
Insurance Discounts for College Students
Potential discounts for college students include good student discounts, which reward students who maintain a certain GPA, and away-from-home discounts, available when your teen attends college more than a specific distance from home and doesn’t have a car on campus.
Preparing for Emergencies:
Travel Insurance and Roadside Assistance Travel insurance and roadside assistance are valuable for college students, especially those studying abroad or traveling long distances. Travel insurance can cover medical expenses, trip cancellations, and lost luggage, while roadside assistance provides services like towing, battery jump-starts, and flat tire changes.
Communication and Education:
Keeping Your College Student Informed Involve your college-bound teen in the insurance decision-making process to help them understand its importance. Open communication about coverage needs can set them up for a successful and responsible future.
We’re Here to Help!
Addressing insurance concerns when your teen goes off to college is crucial for their protection and your peace of mind. This comprehensive guide will help ensure your teen is well-prepared for this exciting new chapter. Remember that each insurance policy is unique, so consult with your trusted insurance agent to discuss your situation and ensure your teen is adequately covered during this transitional period.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
As a parent of a teen driver and another just starting the process, I understand firsthand the excitement and stress of this new phase of life. As your teens start Driver’s Ed and prepare to hit the road, it’s essential to consider the insurance implications of having a young driver in your household. In this guide, we’ll walk you through the process of adding your teen to your insurance policy and explore ways to keep your rates as low as possible.
When to Add Your Teen to Your Insurance Policy
- Timing is crucial; add them when they get their driver’s license. Some insurers may require adding them when they give a learner’s permit or provisional license. Check with your agent to ensure proper timing and coverage.
- Check with your insurance agent for specific requirements in your state.
- Consider Graduated Driver Licensing (GDL) laws in Idaho, Utah, and Wyoming.
The Impact on Insurance Rates
- Yes, rates will likely increase when adding a teen driver.
- Teens are considered high-risk drivers due to their inexperience.
- Statistically, they are more likely to be involved in accidents.
Ways to Keep Insurance Rates Lower
- Good student discounts: Encourage your teen to maintain good grades.
- Driver’s education: Enroll them in a certified driver’s education course.
- Defensive driving courses: Additional training can lead to discounts.
- Vehicle choice: Choose an insurance-friendly car (more on this in Section 4).
- Telematics discounts: Some insurers offer discounts for using telematics devices that monitor driving habits.
- Multi-policy discounts: Bundle your auto, home, and other insurance policies.
Insurance-Friendly Cars for Teens
- Look for vehicles with high safety ratings, such as those from IIHS or NHTSA.
- Avoid high-performance or luxury vehicles, which can be more expensive to insure.
- Some insurers allow you to assign a specific vehicle to your teen, which can help keep rates lower.
Setting Up a Separate Policy for Your Teen
- While setting up a separate policy for your teen might seem tempting, this option is typically unavailable if they live in your household.
- Insurance companies with the best rates often require all drivers in the household to be listed on the primary policy.
- Be sure to consult with your insurance agent to determine the best approach for your specific situation.
Graduated Driver Licensing (GDL) Laws in Idaho, Utah, and Wyoming
Idaho:
- Supervised Instruction Permit (SIP): At age 14.5, teens can obtain a SIP, which requires a supervising driver (at least 21 years old) in the front seat. The SIP must be held for at least six months.
- Restricted driver’s license: At age 15, teens can apply for a restricted license after completing the SIP requirements, passing a driving skills test, and completing a driver training program. Restrictions include nighttime driving and passenger limitations.
- Unrestricted driver’s license: At age 16, teens can apply for an unrestricted license if they have held a restricted license for at least six months and have no traffic violations on record.
Utah:
- Learner’s Permit: At age 15, teens can obtain a learner’s permit, which requires a supervising driver (at least 21 years old) in the front seat. The learner’s permit must be held for at least six months.
- Provisional License: At age 16, teens can apply for a provisional license after completing the learner’s permit requirements, passing a driving skills test, and completing a driver education course. Restrictions include nighttime driving and passenger limitations.
- Unrestricted driver’s license: At age 18, teens can apply for an unrestricted license if they have held a provisional license for at least six months and have no traffic violations.
Wyoming:
- Learner’s Permit: At age 15, teens can obtain a learner’s permit, which requires a supervising driver (at least 18 years old) in the front seat. The learner’s permit must be held for at least ten days.
- Intermediate License: At age 16, teens can apply for an intermediate license after completing the learner’s permit requirements, passing a driving skills test, and completing a driver education course. Restrictions include nighttime driving and passenger limitations.
- Full Privilege License: At age 16.5, teens can apply for a full privilege license if they have held an intermediate license for at least six months and have no traffic violations on record.
Understanding the insurance implications and potential ways to save is crucial as your teen starts their driving journey. While it can be stressful for parents, being prepared and informed can help make the process smoother. Contact the Page Insurance team with any questions or concerns – we’re here to help guide you through the complexities of insuring your teen driver.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 10, 2022 | Insurance Tips & Tricks
Everyone loves a good vacation, whether relaxing on the beach, hitting the slopes, or exploring a new destination. Us Page boys are passionate about traveling and experiencing new adventures. However, it’s easy to forget that accidents and mishaps can happen even when you’re away from home. A little preparation and insurance can protect you and your loved ones against the financial fallout from unexpected events. This blog post will provide detailed information on various insurance concerns to help you make informed decisions before embarking on your next trip.
Rental Car Insurance
Consider purchasing the Loss Damage Waiver (LDW) the rental agency offers when renting a car. Doing so can help you avoid immediate reimbursement for repairs, eliminate deductibles, and prevent potential rate increases on your personal auto policy. It’s also essential to know the extent of your personal auto liability policy and credit card rental car coverage, as these can vary significantly. Typically, your personal auto insurance will only extend protection to rental cars within the US and, at best, only extends the level of coverage you have on one of your cars (so if you don’t have full coverage on a car, it’s not going to do much for you). When traveling abroad, purchasing maximum liability limits through the rental company’s coverage is best.
Protecting Your Valuables
Vacations often involve bringing valuable items like cameras, smartphones, and recreational equipment. Ensure your homeowner’s or renter’s insurance policy is current and provides sufficient coverage for your possessions in case of theft, accidental damage, or loss. If you have high-value items, consider adding a Scheduled Personal Property Endorsement to your policy for additional coverage and broader protection, including accidental loss.
Personal Liability Coverage
Accidents can happen on vacation, and you could be held liable for someone else’s injuries or damages. Your homeowner’s or renter’s insurance policy typically includes personal liability coverage, which can extend to incidents that occur while you’re on vacation. Be sure to review your policy and ensure you have adequate coverage for potential situations that may arise during your travels.
Health Insurance Considerations
Before setting off on your trip, contact your health insurance provider to verify the extent of your coverage, both within and outside the United States. Remember that your policy may not cover high-risk activities such as skiing, scuba diving, or mountain climbing. Additionally, some policies may not pay foreign healthcare providers directly, meaning you could be charged upfront for services. If necessary, consider investing in a medical travel insurance policy for added peace of mind and protection during your trip.
Travel and Evacuation Insurance
For major trips, purchasing a comprehensive travel insurance package that includes medical coverage, trip cancellation or interruption coverage, lost or stolen baggage coverage, and even accidental death coverage might be wise. These plans can provide additional protection for unforeseen circumstances during your vacation, ensuring you and your loved ones enjoy a worry-free trip.
We Can Help!
Planning and preparing for your vacation is crucial to ensure a stress-free and enjoyable experience. By considering various insurance concerns and making informed decisions, you can protect yourself and your family from potential financial fallout due to unexpected events. At Page Insurance, we’re here to help guide you through the complexities of insurance and ensure you have the coverage you need for a memorable and worry-free vacation. Happy travels!
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
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