Musical instruments Fur coats If you purchase any type of item that is worth value, you should contact your insurance company to find out if your existing policy will cover it. If it does, you should make sure your coverage amount is sufficient for the item. If your policy will not cover the new item you purchased, they may suggest adding a rider to the policy. While adding a rider may cause your policy premiums to increase, it may be the only way you can fully protect the item you purchased. You’ve Made Big Changes In Your Life Any type of major life change could also be a red flag to alert you to call your insurance company just to make sure your coverage is still sufficient. Here are some examples of life changes that could require modifications to homeowners insurance: You started a business in your home – If you recently started some type of home-based business, your homeowners insurance might not cover any of the business assets. You may need to get a commercial policy to coverthese assets. You retired from work – Some insurance companies may offer discounts to retirees, but they will not do this unless you report this big change to them. You stopped smoking – One of the questions insurance companies ask when providing quotes is if anyone in the house smokes. This is because smokers have a greater...

Posted by on 5:42 am in | Your car insurance rates can vary throughout different life stages. As you reach retirement or beyond, you’ll find that your rates may begin to increase. Most insurance providers consider older drivers to be high risk because of the slower reactions, cognitive declines and age-related health concerns that come in that period of life. If your insurance premiums are going up, it’s time to look at some of the ways that you might be able to reduce your costs. Reduce Your Driving When you retire, you won’t need to commute to work anymore. This may significantly reduce your annual mileage. Most insurance companies consider you higher risk when you spend more time on the road, so you should tell your agent when you aren’t commuting anymore. The change in your driving habits could potentially make you eligible for a recreational driver discount or a low-mileage classification. Consider Relocation Where you live is a significant factor in your car insurance rates. Ifyou live in a neighborhood with high crime rates, your insurance will cost you more. With retirement, you may be thinking about downsizing your home. Whether you’re considering a condo or an assisted living facility, ask your insurance agent about what neighborhoods might save you money on your premiums. Take a Safety Course Driver safety courses are great refreshers for aging drivers who may have developed bad habits over time or lost their focus on safety. Another benefit of many of these classes is the introduction to new automotive technology that can help you drive safely and reduce your risk of claims. Many car insurance companies offer discounts to drivers who take these courses, because they know that the reminders can lead to safer behaviors on the road. Improve Your Credit Your credit score can contribute to your insurance premiums, because most insurance companies consider you higher risk when you have poor credit. When you reach retirement age, chances are that you’ve got alengthy credit history. Take a look at your credit score and talk with a personal accountant about how you can keep your score at its best. If you make a marked improvement in your credit score, ask your insurance agent to run a new underwriting report to see if it reduces your premiums. It’s also important to be attentive to your costs once you reach retirement, because the limited income can easily leave you facing past due bills. Once you’ve made the effort to improve your credit score to keep your insurance costs down, you don’t want to have late payments and overdue accounts undoing all of your work and increasing your insurance premiums. Ask for Performance Monitoring Some insurance companies have started offering performance-based premiums by monitoring your driving habits on a regular basis. This is done by plugging in a small transmitter to your car’s computer. The transmitter monitors your speed, mileage, and car response to evaluate how safely you drive. Then, the insurancecompany evaluates the statistics at predetermined intervals to adjust your premiums accordingly. Not only can this device save you significantly on your insurance premiums, but it may also help you to be more attentive to how you drive. If you’re looking for a constant reminder to be safe on the road, this could be a great way to do...

Posted by on 8:45 am in | When your driver’s license is suspended or you have been in an accident without insurance, you may be required to carry an SR22 in order to get your license back. You can file the SR22 form with your existing insurance carrier, or purchase a policy if you don’t already have one. Understanding how to get the coverage can help you to take the necessary steps to restore your driving privileges. Here’s a look at what you need to know about getting SR22 insurance from a company like Illinois Automobile Insurance even if you don’t have a car. Understanding a Non-Owners SR22 If you faced a particularly long suspension or you needed funds to pay your reinstatement fees, you may have sold your car. Just as a driver can get a non-owners insurance policy in a state that requires coverage to issue a driver’s license, you can also get a non-owners SR22 policy to reinstate your driver’s license. These policies are designed to provide you with liability protection in theevent that you drive someone else’s car. It provides the state with the reassurance that you are carrying the minimum coverage required for you to maintain your license, and ensures that you have some protection if you are in an accident in someone else’s car. This provides you the opportunity to start restoring your driving privileges and addressing the SR22 period without having to invest in a car right away. Criteria for Non-Owners SR22 In order to qualify for a non-owners SR22 policy, you’ll have to show your insurance agent that you do not currently own a vehicle. You’ll also have to provide documentation that you don’t have access to other household vehicles. Most states will also require you to certify that you aren’t required to have an ignition interlock device, which is often ordered for repeat DUI offenders. The Advantages of Non-Owners SR22 Policies A non-owners SR22 carries several benefits for those who have to carry these certificates. Here’s a look at why you may wantto consider these before you buy another car. Cost Savings The SR22 certificate rate is based on the severity of the infraction that led to the issue. For example, you’ll pay more for your SR22 if you are ordered to carry it due to a DUI charge than you will for a charge of driving without insurance. Like with traditional insurance policies, some of your premium is based upon the vehicle that you own. With no car on your SR22 policy, you may have a lower premium. Starting the SR22 Period Countdown In most cases, SR22 requirements are ordered for several years. By investing in a non-owners policy, you can start the countdown on the requirement period even if you can’t afford a new car. This gives you the chance to resolve your driving issues while you save money to replace your car. How to Get an SR22 Buying an SR22 is a fairly simple process. Your insurance agent will help you to add the certificate to your existing car insurance policy. He or she will need to confirm your driver’slicense number and pull your driving record to evaluate the charges and any other infractions that you may have. Then, you’ll have to pay a small filing fee and the premium for the...

Posted by on 10:58 am in | If you drive semi-trailers or other commercial trucks for a living, you’ve jumped through quite a few hoops for your position — possibly taking a Commercial Driver’s License (CDL) test, passing a criminal background check and drug screen, or even signing a code of conduct. Because of the increased danger of operating these large vehicles, companies who employ commercial truck drivers open themselves to a great deal of liability, requiring them to hold employees to a high standard of behavior. What happens if you receive a conviction for driving under the influence (DUI) while employed as a commercial truck driver? Read on to learn about the consequences for you and your employer, as well as ways to help minimize these effects. Can you continue to be insured under a commercial policy after being convicted of a DUI? One of the primary complications of a DUI conviction for professional drivers is an inability to be insured under certain types of policies —including commercial insurance policies. If you are still insurable, your employer may be forced to pay a much higher rate than before your DUI. After a certain period of time, this offense will “age off,” so that your insurance rates will be the same as those of someone who has never received a DUI. What happens to your driver’s license if you’re convicted of a DUI? Many states have automatic and mandatory license suspensions if you are convicted of a DUI or fail to take a field sobriety test or Breathalyzer test. If you have a CDL license, you may lose your license permanently or be prevented from retaking the CDL test for a certain period of time. Will your employer be able to find out you’ve been arrested for DUI if you don’t disclose it? You may be tempted to avoid discussing your recent arrest with your employer, in hopes that it won’t come to light. However, this is a bad idea for several reasons.  First, if you have a CDL, you’re required by law to notify your employer if youare convicted of an alcohol-related offense. Second, your employer’s current insurance policy is likely conditioned on certain standards, including no DUI arrests or convictions among insured drivers. This means that if you are involved in an accident (even an accident that isn’t your fault) after receiving a DUI and before notifying your employer, your insurance may not cover any damage. And finally, your employer may be criminally liable for allowing you to operate an employer-owned vehicle without a valid driver’s license — placing the entire company and its employees in financial jeopardy. What can you do to minimize the effects of a DUI arrest on you or your employer? Although being arrested for a DUI presents a number of legal and ethical challenges for you and your employer, being proactive can greatly minimize the eventual fallout. After your arrest but before your case has gone to trial (or you’ve entered into a plea agreement), you may have the opportunity to request entryinto a diversion program. This will allow you to take an alcohol-education class and pay a fine in lieu of a conviction or jail time. Generally, if you complete your requirements and spend a certain period of time without incurring any new arrests or alcohol-related...

Posted by on 7:54 am in | When it comes to buying car insurance, most people understand that driving history, marital status and location can contribute to your premiums. There are many other lesser-known factors that can also cause your car insurance rates to go up. Here’s a look at some of the things that could be costing you more and what you can do about them. Joining the 50-and-Over Crowd You may have thought you were out of the age-related surcharges in your auto insurance once you hit your mid-twenties. When you reach the transition from your forties into your fifties, that transition brings with it a surcharge for becoming an older driver. Although some insurance companies may not include an aging-driver surcharge, many will increase rates not only at 50, but again at retirement age. Taking a Job Further From Home One of the biggest factors to your auto insurance rates is the distance that you drive every year. If you take a job further from home, increasing your commute,you’ll find that your insurance rates may go up. Insurance companies consider you a greater risk for accidents when you spend more time on the road, which is the justification for this type of rate increase. There’s no magic mileage number for this type of increase, though, so ask your insurance agent about it if you’re curious. Sticking with the Company You’ve Always Used Brand loyalty is a good thing in some cases. You can see discounts for being a long-term customer. Unfortunately, it can also work against you if you have been with the same company for years without shopping around. Sometimes, you’ll find that another agency offers discounts you can’t get from your current agent, or perhaps rates drivers in your risk group lower. It’s in your best interest to call around and rate-shop at each renewal to make sure that you’re getting the best deal for your needs and your budget. Letting Your Policy Cancel for Non-Payment If you decide to convert your policy to another insurance