Posts made in July 2017

Calculating Insurance Premium Rates

You pay your auto insurance rate without question because it’s required of you in order to legally drive your vehicle. But have you ever wondered what structure determines that price? In addition to the coverage options, limits, and deductibles you choose, certain elements outweigh others when it comes time to calculate your rate.

Although insurance providers differ on what exactly they use to determine your rate, these categories generally influence your auto insurance premium the most:

Driving Record: The better your driving record, the lower your rate. If you’ve had accidents or any traffic violations, it’s likely you’ll see your premium rise. Being a new driver can cause a higher rate as well, but it will eventually drop as long as your record stays clean.

Gender, Age and Marital Status:  Women tend to get into fewer and less serious accidents than men, so they generally pay less for auto insurance. It’s typically believed that age brings experience behind the wheel, so drivers receive higher rates until they turn 25. Statistics also show that married drivers are less likely to get in an accident than single drivers. However, a driver can negate these factors with a great driving record.

Location: If you live in an urban area with high levels of traffic where accidents, theft, and vandalism are more likely, this can affect your auto insurance rate.

Other factors that affect your rate to a lesser extent but are still important parts of the equation are the make and model of your car, your credit-based insurance score, how you intend to use your car (frequency, distance, etc.), and poor insurance history.

Our team of auto insurance carriers in Florida will crunch the numbers and find the best deal for you. Contact our independent insurance agents today for more information.


Understanding Your Life Insurance Policy

We all know we need it, but the topic of life insurance isn’t a favorable one. No one wants to discuss their own mortality. It’s a sobering subject. However, it’s important for the loved ones you leave behind that you do have a solid insurance plan in place for when that inevitable time does come.

Your life insurance policy is an important financial asset for your loved ones. Not only will it cover the costs of funeral and burial expenses, but depending on your particular policy, it can also provide funds to your dependents to help sustain them in the future.

Similar to auto and health insurance, life insurance has its own set of rules and regulations. It’s best to discuss the details with your immediate family so that everyone understands the terms and conditions of your policy before the time comes to use it.

Here’s a brief overview of some life insurance terms you need to know:
* The beneficiary is the person who will receive the proceeds from your life insurance policy.
* The death benefit is the sum of money your beneficiaries are entitled to upon your death.
* Term life insurance coverage is often the most affordable option to purchase because it only provides a death benefit during a set number of years, usually 20 or 30.
* Whole life insurance offers fixed premium amounts for the life of the policy and a set minimum death benefit.
* Universal life insurance is a life insurance policy with variable premium amounts based on an individual’s cost to insure.

Paying the high costs of one’s final expenses, which today can average more than $10,000, is a huge burden for families. Be prepared with the appropriate life insurance policy for you and your family. No matter what form of life insurance you are considering, our Florida independent insurance agents are here to find you affordable coverage that meets your needs. Contact us today.