Pepe Insurance Agency BLOG
Owners of garages and auto repair shops need business insurance to protect their assets from the risks associated with making repairs to other people’s vehicles. Any kind of injury, error or property damage can result in a costly claim or lawsuit. Here are the two of the most important:
Garage Liability Insurance: This type of policy covers an auto repair shop against lawsuits and medical costs arising from the injury of someone while on your shop premises. A single accident can result in a lawsuit that damages a business beyond repair, so it is important to have accurate and sufficient liability coverage in place.
Garage Keepers Insurance: You might be storing your customers' vehicles overnight at your shop. You could be liable if a customer's car is vandalized or stolen while in your shop. This insurance provides protection for your customers' cars while they are in your shop.
There are many other types of insurance that an auto repair shop might need to purchase including business auto insurance, business interruption insurance, workers' compensation, business property insurance, property and equipment insurance, crime insurance, and data breach insurance. Except workers' compensation, many of these policies can be packaged together into one policy
Yes, it does, but only up to a certain limit. Homeowners insurance policies typically provide limited coverage for jewelry. Insurance policies differ from one company to the next, but policies typically limit coverage for jewelry and other types of valuable items. The most common of homeowners insurance policies in New York impose a limit of $1,000 to $2,000 for loss by theft of jewelry. If your $15,000 diamond engagement ring is stolen, you might only receive $1,000 for the diamond ring.
So how can you fully insure your $15,000 diamond ring against theft? You add on a jewelry floater. A jewelry floater is an endorsement attached to the homeowners policy to add coverage for specific items of jewelry. Insured items under a jewelry floater are scheduled, meaning they are specifically described, and their value is explicitly stated in the policy. Jewelry floaters add premium to the policy, but is a very wise investment if you want to fully insure your expensive jewelry. Of importance to note is that insurance companies will request photos and current appraisals of your jewelry to accurately establish value.
No-fault insurance is a type of auto insurance coverage that helps pay for your or your passengers' medical bills if you are injured in an accident, regardless of who caused the accident. No-fault insurance is also called personal injury protection, or PIP. New York is one of a few states who follow this type of system. PIP is a mandatory and not an optional part of your New York auto policy. The minimum amount of PIP coverage in New York is $50,000. You can purchase more PIP for extra premium.
What is Covered under No-Fault?
No-fault helps cover medical and hospital bills if you or your passengers are injured in a car accident. It may help to pay for expenses related to personal injuries such as:
What is Not Covered under No-Fault?
No-fault does not cover bills or payments that are not related to personal injuries after a car accident. These include:
No-Fault insurance can be a complex issue. Here are some Resources from NY regarding No-Fault auto insurance.
Yes, absolutely! Anybody with a mortgage, has a spouse and children, and significant debt should consider purchasing term life insurance. If you are the sole wage earner in your family, life insurance is vital to making sure your family is financially secure in the years after your unexpected passing. Have a 20-year mortgage on your home? Consider taking out a 20-year term policy to at least cover the mortgage.
Buy term life insurance when you are young and healthy. The pricing is much less than when you are older and potentially in poor health. We recommend a term life policy for 10-12 times your annual income. That way your income is replaced for a number of years if you should die unexpectedly. Term life policies are available for 10, 15, 20 and 30 years. The length of the policy term determines how long the premium is fixed. For example, a 20-year term policy means that the premium is fixed for 20 years.
Remember that life insurance is about them, not you!
Tree damage is considered a "falling object" when it comes to homeowners insurance perils. If a tree falls on your house or other structures due to a covered peril (such as a windstorm, lightning bolt, falling object), your homeowners policy will take care of it. The tree doesn't even have to be from your own yard to collect compensation. The tree can be from a neighbor's yard or from public property. As long as you have the right coverage, you should be protected.
Not all incidents are covered though. These would include a tree fallen because of an earthquake (not a covered peril), negligence about an old or rotting tree, or if the tree falls into the yard and doesn't hit your house or other structures.
Personal umbrella insurance is extra insurance coverage that protects you from major claims and lawsuits. Your auto insurance and homeowners insurance have coverage limits. A major claim could be greater than either one of those coverage limits. Personal umbrella extends those coverage limits and also provides additional protection so that won't be left in financial ruin.
It protects you in two ways:
Here are several examples how a personal umbrella insurance policy could be used if your auto or homeowners insurance wasn't enough, or if the incident is not covered elsewhere:
You are taking a vacation and decide to rent a car for the week. You are now standing at the rental car counter and the agent asks you if you want to purchase car rental insurance. You didn't spend any time researching your options and are unsure if you need to purchase the insurance. Do you need it?
No, not really. New York auto insurance policies are unique. Every auto policy is issued with coverage for a rental car whether or not you have comprehensive and collision coverage. This is part of the New York Rental Coverage Endorsement.
The liability coverage on your policy automatically extends to the rental vehicle on your behalf. But that's not all. The endorsement also covers you for actual damages to the rental vehicle (collision, theft, vandalism, etc.), including loss of use and diminution of value claimed by the rental car company.
The rental term must not be longer than 30 consecutive days and applies anywhere in the United States, its territories or possessions, and Canada. It is great coverage at no additional cost to you, and is automatically included in your New York personal auto policy.
There are a few reasons why one would purchase the rental insurance. These include renting a car outside of your policy's operating territory, and also not using your own insurance for any rental vehicle claims.
ollision and comprehensive coverage offer you protection when your vehicle is damaged either in a collision or other-than-collision. Comprehensive is the term used for other-than-collision.
With basic liability coverage, your auto insurance policy will only cover damage to other people and their property in a collision. It does not cover the cost of repairing your own vehicle. It does not include collision coverage and New York does not require you to carry collision coverage. Basic liability coverage is the bare minimum you are required to purchase in New York.
What is Collision Insurance?
Collision insurance covers the cost of repairing or replacing your vehicle if it is damaged in an accident. It will cover you for accidents where you are at fault as well as for accidents that were the fault of the other driver. Situations that collision insurance would cover include:
What is Comprehensive Insurance?
Comprehensive insurance includes incidents that are not categorized under collision insurance. These include:
Should I Buy Both?
You pay more when you carry collision and comprehensive on your policy, but you also get significantly more coverage than with just basic liability. When you purchase both, you are fully covered in all situations. You can relax knowing your car is fully covered.
Many people do not purchase either for an older vehicle. The older vehicle might not be worth much money and repairs to fix the car might not be worth the extra cost.
You Might Be Required to Buy Both
If you finance or lease your vehicle, then the loan company will require you to add both collision and comprehensive to your vehicle. In this situation, you don't fully own the vehicle. The lender is protecting the collateral that secures the loan. Once your loan is paid off, the lender can be removed from your policy and you have the option to remove collision and comprehensive insurance.
Welcome to our new insurance agency blog!
This is our very first post. We're not quite sure what we're going to write about here, but the plan is to create helpful content for customers and prospective clients about information that is relevant to you.
We hope you'll come to view this as a top resource for keeping your family and your finances safe.
Here are a few of the topics we may be writing about: