Month: September 2018

3 Common Mistakes to Avoid When Buying Auto Insurance for Your Teen

Posted on by AgentInsure

For many parents in Little Falls MN, having a new teen driver in the house can be an exciting, yet stressful event. It’s only natural that you worry about their safety. As the parent of a teen driver, it is your responsibility to teach them how to be responsible and safe drivers. One of the most important things to do to ensure your teen is a responsible driver is to maintain auto insurance on their vehicle. To make sure you get the best coverage for your teen, here are 3 common mistakes to avoid when it comes to insurance for your teen driver.

Carrying a Low Deductible

The deductible is the amount paid before a claim with the insurance company will kick in. In most situations, carrying a higher deductible lowers your premium costs. The rates for teen drivers are generally higher, so having a high deductible also means high savings on the cost of your teen’s auto insurance premium.

Carrying a Policy Separate From Parents

One of the first options you will have when insuring your teen is whether or not to get a policy that is separate from yours. Many parents think that if they purchase a separate policy for their teen, the rates for their vehicles will not go up. While this is partially true, the rate for a teenager’s policy will be significantly higher for several reasons. First, they will have single policy coverage, which means there will not be a discount for multiply cars on the policy and in many situations; you will have to buy a high risk policy. In the long-run, it will cost more to purchase a separate policy than to include your teen on your policy.

Not Taking Advantage of Discounts for Teen Drivers

One of the most costly mistakes to avoid is by not doing your homework. By simply talking with your insurance provider about the discounts your teen may qualify for, you can have a significant amount of savings on the premium. Some of the discounts your teen may qualify for include:

  • Good student discount (for getting good grades)
  • Driving a vehicle with both driver and passenger air bags
  • Automatic seatbelts discount
  • Safe driver (no violations for a specific period of time)
  • Take a driver’s education class

When it’s time to insure your teen’s vehicle, be sure to take your time and compare your options. Talk with your current insurance provider about optional policies. Along with ensuring your teen is properly insured, it is also important to talk with your teen about the rules of road and being a safe driver.

Residents of Little Falls, MN who want to review or upgrade their current insurance policy should contact Hanneken Insurance Agency Inc.

 

Special Considerations for Valuable Items in a Home

Posted on by AgentInsure

Standard home insurance policies typically have limits for the coverage of expensive items in a home. Homeowners that have valuable items such as family heirlooms, jewelry, artwork, expensive electronics, home theater systems and more, benefit from getting extended coverage to protect them. Talk with your agent at Hanneken Insurance Agency Inc. serving Little Falls, MN and the surrounding area to better understand any limits under your existing home insurance or new insurance that you are considering.

Here are some tips about what to do to make sure valuable items have adequate protection and insurance coverage under a home insurance policy and/or extended coverage:

  • Make a Home Inventory: A home inventory is a list of all the valuable items in the home with any information that is available about the purchase price or replacement costs. Take photos of the items and record a video walkthrough of the home showing the placement of the valuable items in the home.
  • Appraisals: Have valuable items appraised by a qualified appraiser. Keep this information about the appraisal in a fireproof safe or off-site to avoid losing the information when it is most needed.
  • Install a Home Security System: Home security systems with video monitoring of the premises are a good deterrent to help prevent home burglaries.
  • Safeguard Valuables: Along with a home security system, having a home safe makes it more difficult for burglars to steal smaller personal items such as jewelry.
  • Update Coverage When Necessary: When things change and valuable personal items are acquired or sold, update insurance coverage appropriately. Often overlooked, are valuable items that are received from an estate as part of an inheritance.

The easiest way to make sure insurance coverage is adequate is to work with your agent at Hanneken Insurance Agency Inc. in Little Falls, MN. Make an appointment to go over the coverage offered by an existing home insurance policy and to add or update extra coverage for valuable personal items as needed.