Personal
Insurance
with Old Man Rivers.
Auto Insurance.
When you buy an auto insurance policy, you are buying a package that could include protection against a variety of things. Once you understand the various coverages, you can decide which ones to include in your personal insurance package. You can also determine the limits of coverage you will need. The following are some common coverages found in an auto policy. NOTE – Your policy may not contain all of these coverages.
-
Bodily Injury (BI) Liability Coverage pays, up to the coverage limits, for damages due to injury or death of others in a vehicle accident for which you or the operator of your vehicle are legally responsible. It also pays your legal defense costs. In most states this coverage is mandatory.
-
Property Damage (PD) Liability Coverage pays, up to the coverage limits, for another individual’s vehicle or property that has been damaged in an accident for which you or the operator of your vehicle is legally responsible. In most states this coverage is also mandatory.
-
Medical Payments Coverage pays, up to the coverage limits, for reasonable and necessary doctor, hospital and funeral expenses for you and your passengers injured or killed in an accident, regardless of who is at fault. Payments are usually limited to one to three years after the accident. This coverage is optional in most states without no-fault insurance systems.
-
Uninsured/Underinsured Motorists (UM/UIM) Coverage pays up to the coverage limits for pain and suffering which is not covered by medical, disability and PIP. Underinsured motorist coverage pays for bodily injury to you or your family resulting from the negligence of someone whose liability insurance limits are insufficient. The definition of an underinsured motorist varies from state to state.
-
Collision Coverage pays, up to the coverage limits, for damage to your vehicle or a vehicle you are operating caused by a collision or rollover. This coverage is usually required if you have a vehicle loan.
-
Comprehensive Physical Damage Coverage pays, up to the coverage limits, for damage to your vehicle or any vehicle in your custody resulting from theft, fire, vandalism, flooding, hail or other perils (but not damage by collision or overturning). It is usually required if you have a vehicle loan.
-
Rental Reimbursement pays up to a specified amount for rental vehicle charges while your vehicle is being repaired for damage covered under your policy. If you prefer not to incur the cost of renting a vehicle yourself and cannot be without a vehicle while yours is being repaired, you might consider this coverage.
-
Towing and Labor covers some costs incurred for services rendered at the place of breakdown or for towing to a repair shop. It covers the delivery of gas, oil or a battery, but not the cost of these items. If you lock the keys in the vehicle or need a tire changed, this may also be covered. These services are often included in auto club memberships, which can result in unnecessary duplicate coverage.
Home Insurance.
For many of us our home is our most valuable possession. If your home were damaged or destroyed, insurance can help you repair or rebuild your home and replace damaged possessions.
The main purpose of insurance is to protect you against losses you cannot afford. Few people have the financial resources to rebuild their homes. In addition to protecting your home and possessions, homeowners insurance also provides liability coverage to protect you from financial ruin if someone is injured on your property and sues for damages. You can also buy several types of additional insurance for property that is not listed in your homeowners policy or for perils not covered, such as water damage caused by floods, for which you need a separate policy. You do this by either buying a separate policy or by adding an endorsement or rider to your policy.
Tips for Keeping Your Rates Low
There are some simple steps you can take to reduce your homeowner’s premiums.
-
A deductible is the amount you pay before the insurance starts to pay for your loss. Since the purpose of insurance is to pay for the losses you cannot afford, raise your deductible to a limit that you could handle in case of a loss.
-
If your home is less than 10 years old, you may be eligible for a new home discount.
-
You may be eligible for a discount if you have a burglar and fire alarms systems and/or sprinkler systems. Monitored systems will earn a bigger discount than unmonitored systems.
-
When you buy a home, look for fire-resistant construction, such as brick, masonry or rock. You may pay a lower premium for hail-resistant roofs, such as those made of concrete tile, while wood roofs may bring a surcharge. Check the location of the nearest fire department, and avoid buying in flood-prone areas.
Renters Insurance.
The owner of your apartment or your home that you are renting most likely has insurance that covers only the building of where you live. Their policy will not cover your belongings or your liability for accidents. Please ask your landlord or property owner about the items that may or may not be covered on their policy.
Why have it?
You need renters insurance to protect your valuables in case they are stolen during a break-in or damaged by fire or sever weather conditions. A renters insurance policy gives you an opportunity to recover their value.
If someone is injured in your home while you are renting, renters insurance can help protect you in the event a lawsuit is brought against you.
Motorcycle Insurance.
Motorcycle Insurance typically offers a combination of collision, liability, theft, and related coverage designed specifically to meet the needs of motorcycle owners. If you own a motorcycle, whether you ride it or not, you need coverage to protect you from theft, collision, and other common exposures.
Some of the items that may affect premiums:
Your driving record
Where you keep your cycle (in the open or in garage)
Your credit record
How many years you have been driving a motorcycle
Your age
Previous Cycle Coverage
Anti-theft devices
ATV Insurance.
Most states don’t require ATV insurance and you may have limited coverage if you have a home owners policy. If you have an ATV we urge you to contact us and let us review your specific policy to determine whether you need a separate ATV Policy.
Many insurance companies offer discounts to help lower your premium such as:
Discounts for completing and approved ATV safety course
Discounts for owning and insuring multiple ATV’s
A discount for being a member of associations such as the Harley-Davidson Owners Group (HOG), American Motorcyclist Association (AMA) or the Honda Rider’s Club of America (HRCA)
Personal Watercraft Insurance.
You glide across the water on your PWC that is part boat, part motorcycle – and definitely all fun! Wave Runner, Jet Ski, and Sea-Doo, are just a few names of these inboard engine craft that water sports enthusiasts call PWCs – or personal watercrafts.
Don’t get thrown overboard by an accident that leaves you and your ride high and dry. Get covered with a personal watercraft policy from Yates & Associates. A PWC insurance quote is fast, easy and above all – free.
If you have any questions concerning watercraft coverage, give us a call at (830) 816-6601 or go to the “Contact Us” page of this site.
Because insurance needs differ depending on the type of watercraft you own, read the details in your policy to see what is covered and what is specifically excluded.
-
The most important part that’s covered is you. A PWC policy typically insures you against many common liability losses regardless of whether you operate it yourself or loan it to another person. In situations like these, you may be covered for:
damage to another craft or dock
bodily injury or death to another person due to your negligence
the negligence of another driver while using your PWC
towed water skiers or wake boarders who become injured using your craft
physical damage to the hull, machinery, and equipment
injury to you caused by an uninsured water craft operator
towing assistance if you break down on the water
-
You should read each and every line in your policy to get the facts on excluded items. Typical examples of what’s not covered are:
any craft that has been modified to enhance speed and performance
operation of a PWC after dark – dusk to dawn
operating a PWC when you don’t have a valid driver’s license
Personal Umbrella Insurance.
Since no one can predict how much a judge may award an injured person, umbrella insurance is not just for the wealthy anymore, but a needed protection for every policyholder.
Umbrella insurance is designed to give one added liability protection above and beyond the limits on homeowners, auto, and watercraft personal insurance policies. With an umbrella policy, depending on the insurance company, one can add an additional 1-5 million in liability protection.
This protection is designed to “kick-in” when the liability on other current policies has been exhausted.
-
Liability insurance is the portion of a homeowners or auto policy that pays for expenses such as the injured persons medical bills, rehabilitative therapy, and lost wages due to the negligence of the at fault person. The liability portion of an insurance policy also covers a legal defense representative if the negligence would happen to land the at fault person in the court room.
-
After adding up all of the medical expenses for the injured and the legal fees of the negligent person, the standard liability in one’s homeowners or auto policy is often not enough.
Almost every state has financial responsibility laws that will hold drivers accountable for bodily injury and property damage resulting from car accidents and the- at fault driver could be sued for the damage. Personal assets from the at-fault driver could be seized resulting from a lawsuit. Similar laws are also in force for home and watercraft owners.
-
There is good news. A personal liability umbrella insurance policy can give one added liability protection without a large added cost. Additional liability insurance is often inexpensive, especially compared to the added coverage one gains.
Furthermore, liability insurance covers one’s non-business activities anywhere in the world. Having the added protection of a liability umbrella policy is coverage no one should go without.