Monthly Archives: July 2012

Why did My Car Insurance Premium Increase when I Haven’t had a Claim in Pennsylvania?

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Residents in Dunmore, Honesdale, Milford and other areas of Pennsylvania are lucky; they have many options when it comes to choosing an insurance carrier. These residents can choose a local insurance agent that is based in town, or they can choose a carrier on the internet, which is often the best choice since it is possible to compare rates this way.

However, there is a problem that even those who have chosen the perfect carrier may face. Sometimes premiums rise. It is very common for policyholders to call their insurance carrier trying to find out why their car insurance premiums increase. They often think that because they have not had an accident or made a claim that there is something wrong with a rate increase. However, there are many reasons why this could happen.

The most common is simply a company-wide increase. Very similar to those cost-of-living raises you get at work, a raised premium is just a way of life. When this is the case, the rate increase is not usually something you can do much about. There may be discounts you could qualify for however. This is always something you could look into next time you talk with your local insurance agent or talk to someone from your company’s customer service department.

Another of the reasons why car insurance premiums increase is that something on the policy changes. Perhaps the policy owner added another driver, moved to a more dangerous or crime-ridden area or maybe the car has had features added. Any of these options can cause a premium to rise.

There are other reasons too. The only way to know for certain is to call your independent insurance agent and find out why. The important thing to remember is that there are other options out there, and comparing rates is the best way to find a good deal.

Will Higher Deductibles Save me on My Monthly Premium in Pennsylvania?

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When purchasing or renewing an insurance policy, one of the decisions you’ll have to make is what deductible you want. The deductible is the amount you pay in a claim before the insurance company covers the remainder of the bill. Higher deductibles save you money on your monthly premium because you are taking on a larger portion of the financial risk.

In Pennsylvania, the law states that your deductible for collision and comprehensive car insurance is $500 unless you request a lower or higher deductible. Choosing a lower deductible may make sense if you don’t have enough money saved to pay a deductible of $500 or more. However, once you have the savings, you should call your local insurance agent in Honesdale, Milford, or your town to ask for quotes on what your monthly premium would be if you increased your deductible.

You also have a deductible on your renters or homeowners insurance policy that you can adjust to save money on your monthly premium. When you found the perfect home in Dunmore, Milford, or Honesdale, you may have been so caught up in the process of moving into it that you didn’t pay much attention to your deductible. Call your local insurance agent to learn what your current deductible is and what effects you would see by changing it.

Often you’ll find that higher deductibles save you significant amounts of money, especially if your policy is more expensive in general. For example, if you’re living in Dunmore, which is very close to a large city, you may have higher premiums in general than if you lived in a more rural area. Therefore, the dollar amount you’ll save by cutting off a percentage of your premium can make a significant impact in your household budget.

New Business Owner in Pennsylvania: Do I Need Insurance Right Away?

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As a new business owner in Pennsylvania, you have many things to deal with simultaneously, ranging from hiring and training employees, establishing relationships with financial institutions and setting up utility services. With so many things on your plate, you may be wondering whether you need insurance for your business right away. Wouldn’t it be a relief if you could postpone that task until after you settle the many other pending aspects of the new company you’re establishing in Dunmore?

No one knows the future, and therefore you have no idea if you can get away with not arranging for an insurance policy for your new business. You should make insurance a high priority, if not the most important thing to take care of at your new business. After all, if you don’t take the necessary steps to safeguard the future of your company, you might not have one if calamity strikes. Business owners in Milford who take their work seriously will always arrange to have insurance as soon as they are open for business.

Besides being practical, you may also be required to carry insurance, according to the terms of your mortgage or property lease. Bankers will take a dim view of a business owner who doesn’t make it a priority to arrange for proper insurance. They might as well do business with other company owners in Honesdale who take insurance requirements seriously.

Threats to your new business can come from a variety of sources. For example, the structure of your building is subject to damage from fire, flooding and other disasters from which no business in Pennsylvania is immune. You need to carry insurance that covers all of your property and merchandise as well. Beyond coverage for equipment, you also have to protect the people on your premises. For example, you need to arrange for workman’s compensation insurance and health insurance for employees. Otherwise, an employee could get injured in your warehouse on the day you open for business, and that could prove to be the last day of business as well.

Running a new business is a risky enough proposition. Can you afford to increase the risk by ignoring your duty to obtain proper insurance?

How to shop for lower-cost insurance in Pennsylvania

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The law says that you must have auto insurance before you hit the roads in Pennsylvania. Your goal is to get the best insurance policy that you can find for the lowest possible cost.

Fortunately, there are several tips that can help you find the lowest-cost insurance in the state.

First, make sure to work with an independent insurance agent. These agents aren’t affiliated with any one insurance company. They can provide you with live insurance quotes from multiple insurance carriers. You can then compare these quotes to find the least expensive insurance policy that meets Pennsylvania’s auto insurance guidelines.

An independent agent can also help you discover which discounts you might qualify for. Most insurance companies offer discounts to those drivers who don’t have speeding tickets or accidents on their driving records. Others offer discounts to consumers who take out more than one type of insurance policy with them, such as auto and homeowners or auto and life insurance.

Still others offer discounts to drivers who install car alarms on their vehicles or those who don’t drive to and from work every day.

These discounts can add up to a far lower insurance premium.

The key is for consumers to take the time to consider all their options before signing up with a big-name insurance provider. By working with an independent insurance agent, consumers give themselves the best odds of nabbing lower-cost insurance in Pennsylvania.