Top 10 Most Costly Insurance Mistakes

by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks

Insurance is not a one-size-fits-all product. Policies can vary widely from company to company and even between individuals with the same provider. While this customization is excellent for those who take the time to get the right coverage, it can be disastrous for those who don’t. The effort you put into understanding your insurance needs can save you money now and protect you from financial disasters in the future. To help you avoid costly mistakes, we’ve compiled a list of the top 20 most expensive insurance mistakes you must avoid.

1. Fragmented Planning
Comprehensive planning is crucial to ensure all your insurance needs are met. Avoid relying solely on direct or captive agents who can only offer their own products. Instead, work with Page Insurance, which has a broad array of products from various insurance companies, providing you with a more comprehensive plan.

2. Insufficient Liability Coverage
Having enough property coverage but not enough liability coverage is a common mistake. Get an umbrella policy that adds at least $1 million in liability coverage to your existing policies to protect yourself from substantial financial losses.

3. Lapses in Coverage
Never let your auto or home insurance lapse. If you do, reinstate it right away and keep it in force. Lapses in coverage can make it more challenging to obtain insurance or increase your premiums in the future.

4. Misplaced Loyalty
While some insurance companies offer loyalty discounts, shopping around every few years is essential to ensure you’re getting the best deal. With Page Insurance, you can easily switch companies anytime you want, and we’ll proactively suggest it when we find something better for you.

5. Overlooking Regional Insurance Companies
Regional insurance companies can offer excellent coverage and pricing, but gaining access to them can be challenging. Page Insurance can help you navigate your choices among all these companies, ensuring you only work with the best.

6. Assuming Coverage
Don’t assume your policy covers everything. When in doubt, ask. Page Insurance is here to help you get clarity on your coverage.

7. Not Updating Policies
Life changes and your policies should change along with it. Review your policies at least annually to ensure they still meet your needs.

8. Not Checking with Page Insurance
You haven’t truly shopped for insurance until you’ve checked with our team at Page Insurance. We have no salespeople, offer zero-pressure assistance, and strive to provide objective advice. Let us help you get the coverage you need with less hassle and headache.

9. Underinsuring Your Home
Ensure that your home insurance policy covers the total cost of rebuilding your home, not just its market value. This prevents you from being underinsured in the event of a disaster.

10. Skipping Renters Insurance
Don’t assume your landlord’s insurance covers your personal belongings if you rent. Get renters insurance to protect your possessions from theft or damage.

11. Ignoring Flood Insurance
Even if you don’t live in a high-risk flood zone, consider getting flood insurance. Flooding can happen anywhere and cause significant damage.

12. Overlooking Discounts
Ask your insurance agent about discounts you may qualify for, such as bundling policies, good driver discounts, or safety features on your car.

13. Not Reviewing Your Auto Policy
Review your auto policy regularly to ensure you have adequate coverage and aren’t overpaying for unnecessary add-ons.

14. Buying the Cheapest Policy
While saving money is essential, choosing the cheapest policy might leave you underinsured. Work with Page Insurance to find a policy that balances coverage and cost.

15. Failing to Document Personal Property
Document your personal property with photos or videos and keep an inventory to ensure you have accurate records in case of a loss. This documentation will make filing a claim much more manageable.

16. Not Insuring Your Home-Based Business
If you run a business from your home, make sure to inform Page Insurance. Homeowner’s policies typically don’t cover business activities, and you may need additional coverage to protect your business assets and liability.

17. Not Updating Beneficiaries
Life events like marriage, divorce, or having children can change your beneficiary needs. Review and update your life insurance beneficiaries regularly to ensure your loved ones are protected.

18. Skipping Umbrella Insurance
Umbrella insurance provides additional liability coverage beyond your standard policies. It can protect your assets in case of a significant claim or lawsuit. Consider adding umbrella insurance to your insurance plan.

19. Opting for Low Deductibles
While low deductibles can be tempting, they can lead to higher premiums. Consider choosing higher deductibles to save on your insurance premiums, but ensure you can afford the deductible in case of a claim.

20. Not Understanding Your Policy
Take the time to read and understand your insurance policy. If you have questions or need clarification, reach out to Page Insurance. It’s crucial to know what’s covered and what’s not before you need to file a claim.

We’re Here to Help When You’re Ready

Avoiding these 20 costly insurance mistakes can save money and protect your financial future. At Page Insurance, we’re here to help you navigate the complexities of insurance and find the best coverage for your unique needs. Don’t wait for a disaster before realizing your insurance plan isn’t up to par. Reach out to our team of experts today, and let us help you find the perfect insurance solutions for your life.

Click here to have us shop for you and find the best deal.

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.

Navigating Insurance Needs During Retirement

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.

We’re Here for You

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.

Buying Your First Car? Our guide…

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:

1. 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:

• • 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.

1. 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:

• • 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.

1. 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.
2. 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.
3. Optional coverages: These additional coverages can provide extra protection and peace of mind:

• • 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:

1. Shop around and compare quotes from different providers.
2. Contact us at Page Insurance if you live in Idaho, Utah, or Wyoming; we offer personalized service and access to multiple insurance carriers.
3. Bundle your policies to get discounts, choose a higher deductible, and maintain a good driving record.
4. 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:

1. Check for injuries and call 911 if necessary.
2. Move your vehicle to a safe location, if possible.
3. Exchange information with the other driver, including names, contact details, insurance information, and license plate numbers.
4. Document the scene by taking photos and getting witness statements.
5. Report the accident to your insurance company and follow their instructions on filing a claim.

We’re Here for You!

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.

When Your Teen Goes Off to College: Our Insurance Guide for Parents

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.