When speaking to our clients about their auto insurance, we are often asked what determines their premium and what opportunities they may have to help lower it without jeopardizing their coverages. In the interest of offering helpful information, we have one potential solution for you.
We’d like to share the benefits of taking a defensive driving course. Completion of a New York DMV-approved Point & Insurance Reduction Program will result in a 10% reduction of a driver’s liability, no fault and collision premiums. The discount extends over a three year period and applies to each vehicle for which you are considered the primary operator. In addition, it could result in up to a 4-point reduction on your driving record if you have previously received a traffic ticket. The course would also be a good opportunity for young drivers who have recently received their licenses and/or more experienced drivers to benefit from a refresher, all while lowering their rate at the same time.
There are two different ways to take the course. We offer this course online via our website to easily fit into your busy schedule. If you prefer the in-person engagement, there are also classroom-sessions available. You can click here for a full listing of New York state locations offering this type of option.
This is just one of the ways you can work on lowering your premium. Feel free to contact your agent for more suggestions and/or information about your auto policy. We would be happy to answer your questions and review your options!
With the warmer temperatures and sunny skies near, boating season is officially here! As you prepare your boat and look to embrace the summer season, do you ever wonder if you have adequate coverage or what else determines your insurance rate? Let us share some boating information with you.
Your basic boat policy will include Physical Damage, Liability, and Personal Property coverages. Physical Damage covers the boat in the event of collision, sinking, fire, and/or theft. In some cases, it may also cover your motor, auxiliary and fishing equipment. Liability protects you in the event of personal injury and/or damage to someone else’s property. Personal Property coverage extends to the personal belongings on the boat, including your clothes, entertainment equipment, etc.
Other characteristics that could factor into the pricing of a policy may include:
- Age of Boat — how old is your boat?
- Length — What is the size of your boat?
- Value – How much is your boat worth?
- Speed/Horsepower – How fast is your boat?
- Type — Is your watercraft an Inboard, Outboard, utility, cruiser, bassboat, saltwater fishing, or performance boat?
- Territory/Usage — Will you sail your boat on an ocean, lake, bay, or river? Are you using this boat as a primary residence? Is it being used for racing purposes?
Valuation methods also factor into pricing and determine how much you will be paid in the event of a loss. The two most common valuation methods are Agreed Value and Actual Cash Value. “Agreed Value” is based on the boat’s value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat. On the other hand, “Actual Cash Value” will only pay up to the value of the boat at the time the boat was lost or damaged. These policies cost less up front, and depreciation is factored into the valuation.
Have more questions about your rate and the opportunities you may have to increase/upgrade your coverage? Feel free to contact us so that we can review your options. Otherwise, it’s time to sit back, relax, and enjoy your time in the sun on your boat!
Mother’s Day is a day to reflect on the lives of the special women who have impacted your world like no one else. They may be your mom, a relative, a friend, a neighbor, a doctor, a teacher. She is any woman that has the gift to help you realize your potential and worth, help you through the tough days, share your joys on the awesome days, and simply help you love and be yourself.
On this Mother’s Day, I celebrate and honor the amazing woman in my life, my Mom. Her soft voice and encouraging words help to always keep me grounded and focused during my busy days leading our Petschauer team. She truly is like a mother to each of our team members in the office. During those care free days we spend together, she makes me laugh and helps me feel so loved and relaxed. There are no words to express how grateful I feel for her constant love and support throughout my life.
I wish you a very Happy Mother’s Day filled with love and laughter, as you are being celebrated and honored for all you do.
For those of you whose special women are no longer present, may the memories of their lives and love fill your hearts and your Mother’s Day with smiles and joy, as they are with you in spirit.
Happy Mother’s Day!