With its location along the U.S./Mexico border, and with just 11 miles between downtown McAllen and the Mexican border, the RGV is home to many individuals who cross the border on a regular basis. While driving between the two countries may be relatively easy, as long as you have the right paperwork, insuring your vehicle for these crossings can be a little more complex. Make sure you have the right car insurance for South Texas with this guide to commuting across borders.
You must purchase separate policies for Mexico and the U.S.
The first thing to understand about cross-border car insurance is that your U.S. policy will NOT apply in Mexico. Even if you buy a policy that promises limited coverage internationally, chances are that coverage will not meet Mexico’s minimum liability insurance requirements.
When driving from Mexico to the United States, the same holds true: Your Mexican car insurance policy will not apply to your vehicle once you enter the United States. If you regularly travel between the two countries, you will need to purchase separate policies for each country in order to protect yourself against any incidents that occur in either nation.
Stay compliant with Mexico’s car insurance policies
Whether you are a tourist taking a day trip or an employee engaging in a daily commute, anytime you drive over the U.S./Mexico border, you must comply with Mexico’s insurance requirements.
The nation has a very strict requirement that all drivers in the country have a minimum of third party liability insurance. In general, you will need to hold at least $300,000 in third party liability insurance to help pay for damages and/or injuries you cause in an accident in Mexico.
Your car insurance in South Texas should always meet Mexico’s minimum third party liability insurance requirements if you plan to take your vehicle over the border. However, you may want to purchase a policy that offers coverage beyond the bare minimum.
For example, just as you do in the United States, you may wish to add collision coverage, comprehensive coverage, and personal injury protection. Here is a brief look at the benefits each of these coverage’s provide:
Collision Insurance
Coverage for damage caused to your vehicle in an accident.
Comprehensive Insurance
Coverage for damage not caused by an accident, including theft, vandalism, natural disaster damage and more.
Personal Injury Protection
Also known as PIP, this coverage is for medical expenses and lost wages for you and/or your passengers incurred due to an accident.
Choose a policy based on your time in the country
While purchasing a Mexico-specific policy for your vehicle insurance is required anytime you cross the border, the good news is that you have lots of options for the type of policy you buy.
For example, tourists who are only spending a short amount of time in Mexico can buy a temporary policy for a specific amount of time, such as for a week or for a month. You may also only need third party liability insurance for short stays.
If you commute regularly across the border, or spend significant periods of time in Mexico, however, you may want a more permanent policy. You may also want to purchase extended policies that include coverage such as collision, comprehensive or personal injury protection.
Work with an insurance agent to customize your policy in the RGV and McAllen
When purchasing South Texas car insurance, you want to avoid cookie cutter or pre-packaged policies, particularly if you plan to commute across the border to Mexico. There are many factors that can affect the types of policies you choose and the rates you pay. As a result, you should make sure your policy takes into account your specific situation and needs. Here are some of the factors that can influence the policy you choose and the rates you pay:
Age of your vehicle (e.g. Older vehicles may not need or even be able to get anything beyond a basic third party liability policy)
Time spent in Mexico
Your age (The younger you are, the more expensive your policy may be)
Your destination within Mexico
Your driving record
The make, model and year of your car
Whether or not you are towing anything
If you are planning to drive over the border into Mexico, it would be wise to consult with an experienced insurance agent who can work with you to get a specialized policy that will protect you in Mexico. Our SafeGuard Insurance Agency staff are always ready to help you find coverage that fits with your needs and your budget. Contact us anytime you need a quote or guidance on the right car insurance to buy, in the United States or in Mexico. We are here to help.
Home insurance is a valuable way to protect your home and belongings. The best policies are those that take your unique home and circumstances into account. If you live in the Rio Grande Valley, or in a town that borders Mexico, your circumstances make certain considerations important when purchasing your insurance. Here are some of our top tips for finding home insurance in the Rio Grande Valley.
Add flood insurance
Flooding is one of the most important risks to consider in the RGV and in towns along the Mexican border. Unfortunately, most standard homeowners policies do not cover flood damage. If your home lies within an established flood zone, or has a history of flooding, you may want to purchase an additional flood insurance policy.
These policies are available through the Federal Emergency Management Agency (FEMA)’s National Flood Insurance Program (NFIP). You can also find coverage through your insurance agent.
Add windstorm coverage to your policy
The RGV’s windy climate is also well-known, and poses a potential hazard to your home. Hurricanes and windstorms can quickly damage your property and cost you thousands of dollars to repair if you are not appropriately insured.
Before you commit to a policy, check to see if it covers windstorm damage. If it does not, you may want to consider buying another policy or asking your agent if you can add wind damage protection to your existing policy. Specifically covering this type of damage can prevent costly and stressful repairs in case your home suffers from the area’s high winds.
Buy based on your home’s replacement value
Homes throughout the RGV can vary widely in their value, from the inexpensive homes in the colonias to massive luxury estates in gated communities. In order to purchase a policy that protects your specific residence, purchase a policy based on the replacement value of your home.
The replacement value refers to how much money it would take to completely rebuild your home to its previous size and quality. This value is different from how much your home is worth (It could be more or less). By buying enough coverage to rebuild your space in the event of a complete loss, you have the peace of mind that you can recover from any disaster. Plus, you can more easily find a policy that covers your needs without exceeding your budget.
Purchase coverage for your personal property
Many of the cities in the RGV carry a higher risk of theft than the national average. In order to recoup any losses should your home be burgled, you should ensure that your RGV home insurance policy includes coverage for the estimated value of your belongings.
As with your home, make sure this insurance covers the replacement value of your things. In addition, consider additional policies or policy riders to protect precious items such as artwork, heirlooms, electronics, and jewelry.
Include liability coverage in your policy
Your responsibility as a homeowner is to make sure that your property is safe for any guests that enter your home or land. If someone is injured on your property (e.g., Slip and fall, dog bite), you will be responsible for covering their medical bills.
You can protect yourself from serious financial distress due to a guest experiencing an injury on your property by adding liability coverage to your homeowner’s insurance policy for your border town home. This coverage will protect you against the financial ramifications if someone is injured on your property and will help you pay for bills such as medical expenses.
Maintain an updated policy
Certain changes to your life can impact your home insurance policy. For example, if you add onto your home, your insurance policy will likely go up in order to keep up with the increased value of your space. If you get an expensive piece of jewelry, you may need to add it to your policy. If you adopt certain breeds of dogs, you may see your rates go up.
In order to make sure that you have comprehensive coverage for your home, it is important to keep your policy updated. Inform your agent of any updates or changes to your life, particularly major additions or subtractions from your family, your property, and your belongings. Even getting married can influence your rates, so keep your agent apprised as soon as possible so you never end up without coverage you need.
At SafeGuard Insurance Agency, we are happy to support your quest for a home insurance policy in the RGV. Our dedicated agents work with you to identify your needs and locate policies that fit your life and your budget. Trust us to guide you toward the options that achieve the value, and the cost, that you desire for your home.
If you get into an accident with your vehicle, you will want auto insurance to help protect you from financial loss. That means planning ahead and purchasing a policy before you drive your vehicle. While purchasing this type of policy is something almost every driver will do at some point in their lives, it is also a process prone to errors. Here are 5 of the most common auto insurance mistakes we see, and how you can avoid these problems by changing the way you purchase vehicle coverage.
Purchasing State Coverage Minimums
Texas requires drivers to have a minimum amount of liability coverage, primarily to protect others in the event you cause an accident. These minimums are as follows:
$30,000 per person for injuries
$60,000 injury protection total per accident
$25,000 for property damage
These coverage limits are restricted to liability coverage and are very low. A single accident could easily cost you more than $30,000 in injury expenses, for example, meaning that you would have to pay whatever damages occurred above and beyond what your insurance covers.
In addition, in many cases, restricting your insurance to liability coverage alone could leave you vulnerable to financial loss. For example, if your car is damaged, you may want collision insurance to cover the repair or replacement costs, and if your vehicle is damaged by hail, you may want the protection offered by a comprehensive policy.
Buying the minimum amount of insurance required by the state where you reside, therefore, could cost you thousands of dollars in the event of an accident, theft, or other event. Exploring options beyond these limits can provide more complete protection.
Omitting Information On Your Application
In order to provide you with accurate rates, insurance companies will require you to fill out an application. This document will request details such as the drivers who should be on your policy, the make and model of your car, how your car is used, and other data that will determine the rate you are offered.
In order to get a lower rate, some drivers omit certain pieces of information from their applications. Most commonly, they will leave off teen drivers, or fail to mention the business use of their vehicles.
Incomplete applications may lead to lower rates, but they can cost you money in the long run. For example, if you allow your teen to drive your vehicle and they get into an accident, your insurance may not cover the damages.
The best approach is to be open and honest on your application. Providing complete and accurate information can help insurance companies give you accurate quotes – And ensure that you get the protection you need.
Only Getting One Quote
The premiums available for the coverage you need can vary from company to company. That is why you should never settle for just one auto insurance quote. Comparing insurance companies by getting multiple quotes allows you to identify the best value for your insurance needs, and find premiums that best fit your financial situation. SafeGuard Insurance Agency will also provide you with 3-4 quotes for your auto insurance policy, allowing you to select coverage that gets you the coverage you need at the best possible price.
Failing to Look for Policy Discount
Many consumers forget, or do not know, to ask about discounts on their premiums. As one of the most common auto insurance mistakes, this one can also be costly by causing consumers to pay more than necessary for their policy.
There are many discounts available to drivers. Many consumers qualify for one or more of these discounts. Here are some of the most common reasons you may be able to save money on your insurance rates:
Bundling your auto insurance with home or life insurance
Insuring multiple cars
Having a AAA membership
Being a good student
Owning a car with certain safety features
Paying your insurance premium in full
Driving under a certain number of miles per year
Being a safe driver
And more
The best way to determine which discounts might apply to you is to ask your insurance agent. They can often find savings that can drive your premiums down and save you significant amounts of money over time, without compromising on your coverage.
Not Using an Independent Insurance Agency
Another of the most common auto insurance mistakes we see customers making is failing to use an independent insurance agency, like SafeGuard Insurance Agency, to buy their coverage.
Pursuing coverage through captive insurance agents (Who only provide policies from one insurance company) can force you to do quite a bit of your own legwork to compare quotes, and you may struggle to get a wide enough range of quotes to really see what your insurance options are.
In addition, captive insurance agents are not motivated to find you the best rates and coverages for your needs. Instead, they are driven by a desire to sell their insurance company’s policies. As a result, you may end up with the wrong coverage, more coverage than you need, and higher premiums.
An independent insurance agency, on the other hand, has the freedom and the ability to pursue quotes from many companies. As a result, they work for you, the customer, and are able to customize a plan to your individual needs. The result is a wide selection of quotes, more comprehensive coverage, and premiums that fit your budget.
If you are looking to purchase auto insurance in the RGV, contact us for a free quote. We are happy to work with you to find policies that match your requirements and satisfy your budget.
Property damage or loss of belongings can be a financially devastating event for homeowners. That is why home insurance is a necessity for individuals who wish to be protected in the event of a disaster. In order to get adequate protection, there are certain common mistakes that you should try to avoid. Here are 10 of the most frequent purchasing errors we see clients make – And suggestions for avoiding them.
Choosing a Policy Based on Price
The cost of home insurance in the RGV is a frequent concern for customers – And rightly so. Affordable policies are essential in making this type of protection available for homeowners. However, one of the biggest mistakes customers make is choosing their policy based solely on which one offers them the lowest price. Selecting the cheapest policy can present a number of problems, including the following:
Ending up with an insurer who is difficult to work with
Getting inadequate coverage
Dealing with a dishonest insurer
The best way to avoid this problem is to deal with an independent insurance company who can work with you to get reasonably-priced policies that also meet your coverage needs. Reputable, highly-regarded companies that put your insurance needs first can help you balance your budget and coverage in a satisfactory way.
Selecting Inadequate Coverage
As with most insurance policies, the less coverage you purchase, the lower your premium will be. As a result, many customers only purchase the coverage required by their mortgage company.
However, while you may save money by buying less coverage, you may end up paying much more in the event of a disaster. For example, say your home is worth $350,000 but you only owe your mortgage company $150,000.
Your mortgage company may only require you to purchase home insurance coverage equal to $150,000 to cover your outstanding balance. However, say a disaster results in a total loss of $200,000. You will be left paying $50,000 out of your own pocket.
You can prevent this problem by working with your insurance agent to get coverage that will protect you in the event of even a total loss.
Misunderstanding Actual Cash Value vs. Replacement Costs
When buying home insurance in McAllen, you will choose between actual cash value and replacement costs for your policy. One mistake some customers make is to choose actual cash value rather than replacement costs.
Actual cash value means that you will receive reimbursement that matches the value of your belongings when you file the claim. This approach means you may not receive enough compensation to cover the cost of replacing items whose purchase price is more than their actual cash value.
In order to avoid this problem, you may want to purchase a policy that provides you with the replacement costs of your belongings. This means that you will receive financial protection that allows you to rebuild your home or replace your possessions without spending as much of your own money out of pocket.
Misunderstanding Deductibles
Home insurance rarely includes a single, flat-rate deductible. Instead, you may need to pay different deductibles for different disasters. For example, you may pay a different deductible for replacing your roof after a storm than you do for rebuilding part of your home after a tree falls on it. In order to be prepared for these expenses, make sure you understand your policy’s terms and rates. Your insurance agent can help walk you through your policy to ensure that you understand what you will owe in the event of any disaster.
Failing to Understand Exclusions
One of the most common home insurance mistakes we see customers make is assuming that every disaster is covered by their policy. While this type of policy covers many incidents that can affect your home and belongings, there are often certain exclusions that you should be aware of. Here are some of the situations that are typically not covered by home insurance:
Floods
Earthquakes
Poor Maintenance
Certain items such as jewelry
You should talk to your agent before purchasing a policy to understand the limits of your policy and what will and will not be covered.
Failing to Bundle Policies
Home insurance is rarely the only policy customers purchase. Insurance for vehicles, pets, medical expenses, and more are often part of the policies that they buy in order to protect every area of their life.
One common home insurance mistake that consumers make is to buy these policies separately, often from different insurers. The result is that they end up paying more than if they had bundled their policies with a single insurer.
When purchasing home insurance in the RGV, ask about discounts for bundling policies. You can often enjoy discounts that make all of your policies more affordable.
Neglecting to Update Home Insurance Coverage
Changes are inevitable over time, but sometimes, customers fail to recognize how those changes may impact their home insurance coverage. There are certain life events or changes that you should consider discussing with your insurance agent. Here are some of them:
Renovating or adding onto your home
Additions to the family
Addition or loss of a pet
Expensive purchases
Addition of security features
Starting a business
Thinking Home Insurance Will Cover Their Renters’ Property
Home insurance is intended to cover the policy holder’s belongings and property, and the belongings of those who live with them. What it will not cover is the belongings of renters. In this case, it is best for tenants to purchase their own renters’ insurance to protect their personal possessions.
Failing to Get Multiple Quotes
The first quote you receive on home insurance does not always reflect that policy that will best serve your needs. You may end up with a quote that is too high, coverage that is inadequate, or an insurance company that is not responsive to your needs.
Instead of relying on a single quote, shop around to find several quotes for the coverage you need. Or, use an independent insurance agency like SafeGuard who can help you find, and understand, multiple quotes. Once you have several quotes in hand, you can make a more informed decision regarding the policy that will best work for your needs.
Failing to Complete a Home Inventory
You do not have to inventory your home in order to purchase home insurance. However, not doing so could be a mistake. If you underestimate how much your home and belongings are worth, you may find yourself under insured if disaster strikes.
Instead, take the time to determine the real value of your home. Make a list of your belongings and research their value. You can focus primarily on the items that have value, such as furniture, electronics, clothing, and jewelry.
This list will not only help you get the right amount of coverage, but it will also help you to get the right reimbursement if a covered event ever occurs.
Home insurance mistakes can be expensive. Finding an insurance agent, such as SafeGuard Insurance Agency, to help you through the buying process, can save you money. Let us assist you in getting home insurance that meets your needs, at a price that fits your budget. Contact us today for a free quote.
Health insurance can save you many thousands of dollars on everything from preventative care to emergency surgery and hospital stays. While this type of insurance can save money in the long term, paying the monthly or annual premiums is understandably a major concern for most families, especially if they are purchasing health insurance on their own rather than through an employer. Here is a look at what you can expect to spend on family health insurance, and the factors that can influence the total cost of your premiums.
Average Costs for Family Health Insurance
One of the first things to understand about family health insurance is that premiums, the monthly fees you pay for your healthcare coverage, can vary widely. However, these varying costs can be distilled into averages that may be helpful in your financial planning. Here are some of the most recent average costs for family healthcare:
Couple
$954
Couple with 1 child:
$1,230 per year
Couple with 2 children:
$1,506 per year
Couple with three children:
$1,782 per year
These averages are based on couples who are about 40 years of age who have children between the ages of 0 and 14. If you want a more accurate idea of the family health insurance cost for your family, consider these additional factors that can influence your premiums.
Factors Affecting the Cost of Family Health Insurance
Deductibles, Out-of-Pocket Limits, and Copays
In addition to your monthly premiums, you will be responsible for fees associated with each medical visit or procedure you undergo. How much your health insurance costs can depend upon how high these other fees are. Here is a look at each:
Deductible
The deductible is the amount of money you must pay for covered medical expenses before your health insurance coverage begins. For example, say your family has a deductible of $1,500. You would need to pay $1,500 in medical expenses before your health insurance would begin covering your costs.
Co-pays
Once your deductible is met, you may still owe a small fee for certain medical visits or procedures. For example, you may owe $30 for each visit to your primary care physician. Your health insurance will cover the remainder of the fees for these visits.
Out-of-Pocket Expenses
Out-of-pocket (OOP) expenses are the total healthcare costs you can be required to pay in a single year. All of your deductibles and copays count toward your OOP expenses. For example, if your family health insurance plan caps OOP expenses at $7,000, your health insurance will cover all of your healthcare expenses, including all of your copays, after you spend $7,000 on healthcare for the year.
In general, the higher your deductibles, copays, and out-of-pocket expenses are, the lower your premium will be. For example, plans with low or zero deductibles will cost much more per month than plans with high deductibles (Defined as plans in which the deductible is at least $2,800 for the family).
Balancing these costs will be an important part of your decision-making process when choosing family health insurance. Some families who are generally healthy and rarely require medical care for injury or illness may benefit from paying low premiums for a high-deductible healthcare plan.
However, families who have one or more members who face healthcare issues that require frequent medical appointments may save money by paying more for monthly premiums in order to have a lower deductible.
Age
Age can also play a role in your family health insurance premiums. In general, the older the individuals covered by the plan are, the higher the premiums. For example, a couple in their 20s with children may pay less for their health insurance than a couple in their 60s. Annual premiums may also increase once children are at least 15 years of age. The exact costs of health insurance, then, will depend in part upon the age of each of your covered family members.
Type of Health Insurance
Not every family health insurance plan is the same. There are several types of health insurance plan, and premiums will vary from type to type. Here is a look at some of the most common types of health insurance.
HMO
Health maintenance organization (HMO) plans only allow you access to a specific network of providers. If you receive medical care outside this network, your expenses may not be covered. In addition, HMOs often require you to receive a referral for specialist visits. Their premiums tend to be low.
EPO
An exclusive provider organization plan (EPO) also limits your choice of providers to a specific network. However, you may not always need a referral to a specialist. Their premiums are usually slightly higher than those associated with HMO plans.
PPO
Preferred provider organization (PPO) plans offer more choice in the provider you see. While you receive the most coverage for using in-network providers, you can still receive some coverage when you go out of network. You often do not need a referral to see a specialist. These plans often have higher premiums than HMO and EPO plans.
Health Insurance Tier
Another major factor in the cost of your family healthcare plan is the tier you choose. Many health insurance policies allow you to choose certain levels of coverage. Each level comes with its own premiums you must pay. The higher the tier you choose, the higher the premium, but the more benefits you receive with the plan. The most common tiers are bronze, silver, gold, and platinum, with bronze being the basic (and inexpensive) plan and platinum being the most benefit-rich (and most costly) plan.
If navigating the ins and outs of family health insurance feels overwhelming, contact SafeGuard Insurance Agency today. Our experienced agents will work with you to help you find the quotes and the policies that fit your family. Protect your health and your family’s health with insurance that works for your needs, and your budget!
Are you looking for the best home insurance in McAllen, RGV? If so, you can’t blindly trust any insurance provider. Your home is your haven, and you shouldn’t settle for any average insurance plan. That’s why it’s important to discuss the details of your policy with your home insurance agent to get a clear idea about what is covered and what’s not. If you’re unfamiliar with the policies and don’t know what to discuss with your agent, then here are 7 important home insurance questions RGV you should ask for a better understanding.
Ask these 7 home insurance questions in McAllen
What is a standard policy, and what does it cover?
A standard policy is the most basic type of home insurance, so it makes sense that this is the first thing you need to know about. Most insurance providers cover four things in the standard policy:
Dwelling coverage: It’s obvious that the physical structure of your home will be covered by the insurance plan.
Property coverage: All your belongings inside the house are also covered by the insurance.
Liability coverage: If someone sustains injuries inside your home, liability coverage pays for the cost of their medical treatment on your behalf, as well as any legal charges if a lawsuit is filed against you by the injured party.
Additional living expenses: If damage to your property forces you to find temporary accommodation like a hotel, then the standard policy will cover the extra cost of living in such conditions under Additional Living Expenses (ALE).
While coverage for your property and belongings are fairly straightforward, liability coverage and additional living expenses usually have some terms and limits. So focus on these two home insurance questions McAllen when asking your insurance agent.
How much additional living expenses coverage will I get?
Under the standard policy, most insurers cover additional living expenses worth 20% of your dwelling coverage. But this figure may not always be the same with every insurance provider. Furthermore, there are options to increase the ALE limit if you feel it’s necessary. So have your agent explain clearly the amount of ALE coverage you will receive and how you can increase the limit if required.
How much liability coverage will I get?
Similar to ALE coverage, a limit on liability coverage is included with a standard home insurance policy. The starting amount for liability coverage is usually $100,000, with the option to increase it by paying a higher premium. Discuss the details of liability coverage properly with your agent to determine the appropriate limit and be aware of all terms and conditions.
Will my homeowner’s insurance cover damage due to floods and natural disasters?
The standard policy doesn’t cover damage caused to your property due to floods and natural disasters. If you’re residing in an area where such calamities are common, or there is a high risk, you might want to include flood and disaster coverage in your insurance policy. In such cases, it’s best to discuss additional policies for natural calamities with your agent, how much coverage you can get for it, and how much premium it will cost you.
Does my policy cover replacement cost or actual cash value?
One of the most important things to know about home insurance is the difference between replacement cost and actual cash value.
Replacement cost is the total cost of replacing or repairing your property without taking depreciation into account, whereas actual cash value is calculated by deducting depreciation from replacement cost. Your premium will also be cheaper if you opt for actual cash value because the coverage will be less than the replacement cost.
Many homeowners often get confused about the difference between these two, so you must ask your insurance agent about it and figure out which option is more beneficial for you.
How much will my policy cost, and how is the premium and coverage calculated?
More than anything else, homeowners usually have two things in mind when insuring their property:
How much coverage will I get?
How much premium do I have to pay?
So it goes without saying that these are important questions to ask your insurance agent. Don’t just ask about how much, but also inquire how the rates are calculated to ensure you get your money’s worth with the insurance policy.
Do I need an umbrella policy?
Standard home insurance offers some amount of liability coverage. But if you’re in a situation where your liability coverage has been exhausted, and you still need to bear additional costs, then an umbrella policy can help. It is simply an additional coverage that kicks in after you have used up your available liability coverage. If your current insurance plan doesn’t offer adequate liability coverage, you might also want to ask your agent about the umbrella policy.
When insuring your home, never settle for less and always look for the best and most reliable insurance company. Asking your agent these 7 important home insurance questions will give you a better idea of the different terms and policies. And that, in turn, will help you decide if the insurance company is trustworthy and which policy will be the best option for your home.
Whether you own a large fleet or work as an owner-operator, complete intrastate cargo deliveries or cross-border hauls, obtaining the appropriate trucking insurance in the RGV is an essential step in protecting your fleet and yourself against incidents of all kinds. Unfamiliar with trucking insurance? Just getting started in the trucking world? Here is a beginner-friendly guide to trucking insurance 101. It will introduce you to the basics of finding, and using, insurance for your fleet.
Trucking Insurance: An Overview
Before you look for trucking insurance, you need to understand what it is, and why it is important for your trucking operation. Commercial trucking insurance is a type of financial protection, like auto insurance, that protects you from the financial impacts of accidents and other incidents outside your control.
Just as auto insurance allows you to choose from multiple coverage options to get the right policy for your needs, trucking insurance comes in many forms that you can tailor to your fleet’s requirements. An experienced insurance agent, like those here at SafeGuard Insurance Agency, can help you navigate your many choices to help you find the policies that best fit your requirements and budget.
Trucking Insurance Legal Requirements
The Federal Motor Carrier Safety Administration (FMCSA) and state laws require fleet owners and owner-operators to carry certain types of commercial trucking insurance. In particular, most truck owners must carry primary liability and general liability coverage in order to pay for property damage and physical injuries for which you or your drivers are at fault.
Over and above these legal requirements, however, trucking insurance can offer protection that can save your business from bankruptcy or financial stress in the event of an accident or other incident. As a result, you may benefit from coverages that go beyond the requirements of the law, such as bobtail coverage, motortruck cargo insurance, and uninsured or under insured motorist coverage.
If you need to know more about which coverages are required by law for your operation, and which coverages, or amounts, will best protect your business, trucks, and drivers, consulting with an experienced insurance agent can give you the insight you need.
Trucking Insurance vs. Auto Insurance
While trucking insurance may feel unfamiliar to you, the reality is that this form of insurance is similar in many ways to auto insurance. From offering similar coverages (e.g., Property damage, physical damage, etc.), to a similar claims process (Contacting your insurance company and submitting a claim after a qualifying incident), trucking insurance works much the same as auto insurance.
However, trucking insurance does differ in one important way: It is tailored to your needs as a trucking fleet manager or owner-operator. That means that the levels of coverage differ from auto insurance, and that there are additional coverages available that you cannot find with auto insurance. As a result, your auto insurance will not protect your fleet. Instead, you should invest in appropriate, specialized commercial trucking insurance from a reputable company.
Types of Trucking Insurance
There are many types of trucking insurance from which you can choose when building a policy for your business. What follows is a look at some of the most common coverages, but remember that your insurance agent may be able to direct you to additional policy types that may work for your business.
Commercial Auto Liability Coverage
Also known as primary liability coverage, this type of truck insurance is one of the two types required by the FMCSA. This policy protects you against property damage or physical injury caused by your business-owned vehicles. This type of policy may also help pay for legal expenses if you are sued as the result of an accident.
Trucker’s General Liability Coverage
General liability insurance for truckers covers expenses that occur from incidents apart from accidents on the road. This type of coverage will protect you anytime an incident occurs while your truck is off the road. Examples may include while loading or unloading the truck, on a client’s property, and other occurrences.
Physical Damage Coverage
Physical damage coverage protects your fleet against damage caused by accidents or other events. Covered events may include natural disasters, vandalism, and theft. Physical damage insurance can encompass several types of policies from which you can choose based on your needs.
Motortruck Cargo Coverage
This type of coverage may protect you if the cargo you are transporting is lost, stolen, or damaged while in your care.
Occupational-Accident Coverage
Occupational accident insurance provides protection for your truckers and other employees if they are injured while on the job.
Cross-Border Coverage
The complexity of carrying cargo across borders means that you may benefit from cross-border insurance. This type of coverage protects your fleet while they are traveling over borders.
Non-Trucking Liability Coverage
Non-trucking liability coverage protects you against incidents that occur while the truck is not being operated as part of a job. For example, if you are driving your truck back after unloading cargo or using the car for personal means and get into an accident, this type of coverage would apply.
How to Choose Appropriate Trucking Insurance Coverages
The right trucking insurance for your needs will depend upon several factors. That is why the best way to determine the appropriate coverage for your operation is to discuss your situations with an insurance agency like SafeGuard. We work with you to help you find coverages that fit your circumstances. Some factors that may influence the types and amounts of coverage you require are the following;
Your fleet size
The types of cargo you haul
The distance your trucks travel
State and federal requirements
Whether you travel across borders
And more
Many factors can influence not just the types of coverages you choose, but also the premiums you pay. To get appropriate coverage for your needs, you need the guidance of an experienced insurance agent. SafeGuard Insurance Agency is here. We offer fast, efficient, 24/7 service to help you more promptly find and get the trucking insurance in McAllen that will protect your trucks.
If you are looking for life insurance for the first time, use these 7 life insurance tips to more easily find a policy that meets your needs.
In 2020, only 54 percent of Americans were covered by life insurance. Those who chose not to purchase life insurance most often did so because they could not decide which type of life insurance policy to get. Purchasing a policy for the first time can feel confusing and complicated—But first-time buyers can make the process a little easier for themselves. Here are 7 first-time life insurance tips to help you more easily identify and purchase the right life policy for your needs.
Start looking for coverage as soon as possible
When it comes to life insurance tips, finding coverage while you are young and healthy is one of the most important. Individuals who do not yet suffer from any medical problems have more insurers from which to pick and receive the lowest rates. Individuals who wait too long may only be able to purchase guaranteed issue coverage at higher rates. Do not wait to purchase your life insurance. Start the process today to get the best rates and widest selection of policies for your situation.
Know how much coverage you need
Most people require more life insurance coverage than they realize. While these policies are useful for helping to pay off major debt or cover funeral expenses, there are many other financial milestones that you may want to cover with your life insurance policy. When choosing your coverage levels, consider these factors:
Children’s college expenses
Mortgage costs
Lost income if you pass away
Dependents needing support
Alternative financial support for loved ones
Future weddings and other financial needs
There are two rules of thumb you can use to determine how much coverage you will require. The first is the DIME method. In this approach, you add up the costs to pay off your Debts, lost Income, Mortgage, and the Education of your dependents and purchase a life insurance policy that covers these financial needs.
The second approach is to purchase a policy that provides you with a death benefit that is 10 times your annual income. A financial planner or life insurance agent can help you pinpoint exactly how much coverage is appropriate for your needs.
Familiarize yourself with the different types of life insurance
While you do not need an in-depth understanding of every type of life insurance policy, becoming familiar with the basic terminology, benefits, and drawbacks of each type of policy can help you make more informed and beneficial choices for your circumstances. Talk with your agent about the differences among these types of policies:
Term life insurance—Remains in effect for a specific amount of time, such as 15 or 20 years
Whole life insurance—Remains in effect until you die
Universal life insurance—Permanent life insurance with flexible premiums
Final expense insurance—Covers only end-of-life expenses
Variable life insurance—Combines the death benefit with a savings account
There may also be other types of life insurance you should discuss with your agent. Understanding your options can help you choose the one that works best for your needs.
Purchase from an established company
The life insurance company you select for your policy is important. You want to buy from a business that is #1 Trustworthy and #2 Financially sound. The right business will provide you with a fairly priced and transparent policy that meets your needs, and will be able to back up that policy with the appropriate benefits if you pass away.
One of the best ways to evaluate a company’s financial soundness and reliability is to use rankings by organizations such as A.M. Best. Pick a company with an A rating from these organizations for the best policies and the best peace of mind.
Choose a simplified application process
In the past, most companies required you to get a physical exam before they would set a premium and issue a policy. However, one of the best life insurance tips for today is to select a company that offers a simplified application process.
These companies may require you to submit a thorough medical history and answer questions about your health, weight, job, and lifestyle. They will then use third-party sources to confirm the information you submit instead of using a medical exam to determine your level of health.
In contrast to guaranteed life insurance policies, which charge a higher premium to insure you without a medical exam, this approach often results in premiums that are comparable to those from policies that require a medical exam. That can make the application process easier while giving you an appropriate and affordable policy.
Start coverage while your application is being processed
Occasionally, it can take a few weeks to process your life insurance application. You may be able to ensure coverage during this period by sending in your first premium payment along with your application. Doing so can give you peace of mind that you and your loved ones are protected even if something happens before your policy is processed. Ask your insurance agent whether this is a feasible approach for your situation.
Compare life insurance quotes
Never settle for the first quote you receive on life insurance. Comparing at least several quotes can help you identify the policy that will offer both the coverage you need and the financial costs that fit within your budget. One of the best ways to compare quotes is to use an independent insurance agent who can work on your behalf to negotiate competitive quotes from multiple companies and help you to compare your options to find the one that fits with your requirements.
Life Insurance in McAllen
If you are seeking life insurance in McAllen, consider using SafeGuard Insurance Agency. We work with 120 companies, enabling us to negotiate premiums and policies that fit your needs. We will offer you 5-6 quotes designed for your circumstances, as well as ensure that you understand your options. The result is a way to get life insurance that is easier, less stressful, and more effective than using other agents or trying to find a policy online. Contact us today for your quote.
Business insurance can protect your company in the event of an accident or lawsuit. Finding the right insurance policy, however, can be difficult without the right support. Sometimes, businesses make mistakes that can cost them thousands of dollars, simply because they do not know what to look for when buying policies. Here are 5 common business insurance mistakes, and how to avoid them.
Purchasing the Cheapest Policy
Affordability is an important aspect of any insurance policy. However, the cheapest option is not always the one that best fits your needs. Some policies may cost significantly less than the other policies you are considering.
Chances are, these inexpensive choices will not offer the coverage you need. Either they do not compare to the other options available to you in the amount of coverage they provide, or they include restrictions and exceptions that severely limit your ability to use that policy.
While a cheap policy may save you money in the short-term, a single uninsured incident could end up costing you more than you saved in lower monthly premiums.
A better approach is to choose a policy that balances your coverage requirements with your financial realities. Here are some tips:
Pick an insurance company with experience and positive customer service.
Examine the benefits of a policy instead of just the cost.
Compare multiple policy options before committing to one.
Failing to Insure Income Loss
If an event occurs that requires you to submit a business insurance claim, it is possible that you will not be earning money from your company for a period of time. That can translate into a considerable loss of profits, in addition to the loss of new customers. Without that income, you may also struggle to pay employees, pay off loans, or manage other bills that require payment even while your business is closed.
That is why businesses should always include potential income loss in their business insurance policies. Business income coverage can help replace lost income, so you can continue to pay bills and loans and more easily get your business up and running once repairs are made.
The amount of coverage you receive will usually depend upon your income and expense records, and should help cover the amount of money you would have made if your business had remained open. You may even be able to get coverage for a specific period of time after your business reopens to cover losses suffered as business picks up again.
Failing to Regularly Review Your Business Insurance
Businesses change over time. Occasionally, they grow, adding income, buildings, and employees. Every so often, they shrink, moving to smaller offices and letting employees go. Failing to adjust your business insurance to account for these changes can be a costly mistake.
If your business grows, but your insurance policy does not grow with it, you may end up without enough coverage when you need it. If your business is growing smaller, but your coverage remains the same, you may be paying significantly more than you need to in premiums.
Regularly reviewing your insurance policy with your agent can help you keep the coverage you require, and get rid of the coverage you do not. And the appropriate amount of insurance can maximize your benefits without compromising your budget.
Failing to Purchase Enough Coverage
Buying less coverage than necessary is one of the most common business insurance mistakes, and it can leave companies struggling to recover from damage, theft, and other events. Two commonly overlooked coverages are workers’ compensation and general liability.
The most effective approach when buying business insurance is to find a policy that you can tailor to your needs, and to work with an agent who can help you navigate your many options. By making sure you have coverage for all of your unique business needs, you protect your company from significant out-of-pocket expenses if you ever have to file a claim.
To make sure you have enough coverage, you should also read and understand your entire policy. Know what your policy limits and exclusions are, so you avoid unpleasant surprises during the claim submission process.
Choosing Low Deductibles
The deductible is the amount of money you pay out of pocket before your insurance benefits take effect. A lower deductible leaves you with less financial obligation during a covered event. However, it also usually means you pay more in premiums for your insurance plan.
While it may not be wise to choose the highest possible deductible, you may be able to save money by choosing a slightly higher deductible for your business insurance. Doing so can lower your premiums without forcing you to pay a large sum of money in the event of a claim.
Business insurance can help you navigate business setbacks with more confidence. For help getting properly insured, and avoiding these common business insurance mistakes, contact SafeGuard Insurance Agency for a free quote today.
