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Auto and Motorcycle Insurance: Are You Getting All of the Discounts You Deserve?

The old saying “you don’t know what you don’t know” rings true when it comes to automobile and motorcycle insurance discounts. You may qualify for discounts that you didn’t even know existed – especially if neither party in the insurance procurement process asks. At Beck Curry, we are advocates for YOU, the client. For that reason, addressing potential discounts is standard practice when speaking to our clients.

Whether you insure with us or someone else, we are here to help you become an educated insurance consumer and manage your insurance proactively by demonstrating some discounts you may qualify for:

Good Student Discount
For those parents who are paying for automobile insurance for a new driver – you know every discount helps. Students who have a 3.0 GPA and higher may qualify for a Good Student Discount which can discount the new driver’s rate by 5-20%. Most insurance providers occasionally ask for updated GPA report to verify that they still qualify – but it’s generally a small task that’s worth the financial savings!

Driver Training
If a new driver attends a certified driver training program, discounts similar to the good student discount (although usually a bit smaller) will apply. Be prepared to bring certificate of completion and proof that you passed to your independent broker or to scan to your provider.

Motorcycle Safety Course Certification
If you purchase a motorcycle or three-wheeler, you may be privy to insurance breaks for attending a motorcycle safety course and getting certified. In Indiana, the essential training program is called “Ride Safe Indiana” and is conveniently scheduled at a variety of times and at locations on all sides of Indianapolis.
Upon completion of the courses, insurance providers may provide discounts of up to 20% on your policy.

Safe-Driver Discount
Discounts offered to the insured when no accidents or tickets have occurred over a certain period of time. Some companies start the discounts after only 6 months.
New “safe driver apps” you may be seeing or hearing about in the media are typically referred to as “telematics” programs. When you sign up for a telematics program, there is normally a small discount up front (usually around 5%) just for signing up. Once the program is completed, you can qualify for up to another 25-30%. The great news is that they can’t use any of the data to increase your rate. It can only be used to discount your rate.

Accident Forgiveness
While accident forgiveness is not an upfront discount, it can be packaged as a benefit that you may or may not want to take advantage of. Simply put, accident forgiveness affords clients one accident without any hike in your insurance rate. If you decide to go with an “accident forgiveness” coverage clause, it’s important to know that it is an endorsement that companies typically charge for – so it may not be “free”.

Different insurance providers may or may not provide the fore mentioned discounts – and it may substantially benefit you to find one who does. If you would like assistance sourcing an insurance provider where you can take advantage of these discounts, please call us at 317.272.0800 so we can review your policy and get these potential price breaks working for you!

Decoding Your Automobile Insurance Coverage: What Do You REALLY Need?

Auto insurance is an enigma to most and because we are mandated by law to have it; it is often approached as a duty and not an opportunity to both protect yourself/your family…or the chance to save money. The largest pitfall a consumer can make when securing auto insurance is to go into the process without a solid understanding of the critical coverage they need; and the extras that they don’t.

Most people tend to think of coverage in two terms:  They either need “full coverage” or just “liability”.  But there are many variances that lie in between the two; levels of each with different options that can be added or deleted.

So what coverage am I REQUIRED to have?

While the answer to that is unique to each driver, the law requires the following:  25/50/25

DECODED:

  • $25k in bodily injury liability per person
  • $50k in bodily injury liability per incident
  • $25k in property damage liability

When costs exceed the minimum coverage, the insured would then be responsible for both the difference in damage costs as well as lawyer and court filing fees. You can easily see why this would bring discontent to the insured – as the average consumer couldn’t afford that kind of financial setback.

For this reason, Beck Curry Insurance Group does not write state minimum policies. Why? Because 16 years of experience has demonstrated that with today’s medical premiums, the odds of exceeding your state minimum policy limits are high. (The same applies to hitting a car worth more than $25k!)

Understanding Automobile Insurance Coverage Types

Collision coverage doesn’t just envelop the coverage of your car when you hit another vehicle; it is the physical damage coverage applied to your vehicle when damage is suffered while the vehicle is in motion. This includes the instance where you may be hit by an uninsured or underinsured vehicle. Collision coverage does not cover physical damage by an accident involving an animal, nor does it cover damages caused by weather or instances of theft. For the latter, you will need comprehensive coverage. Comprehensive coverage envelopes everything outside of collisions that may damage your vehicle.

Is your vehicle financed? If so, the finance company will require both comprehensive and collision coverage. The two together is often what people refer to as “full coverage”. If your vehicle is not financed, you can decide to carry comprehensive and collision coverage, or opt not to.

Additional considerations in coverage:

Because every policy should reflect the “thumbprint” of each unique driver’s needs, here’s some additional considerations to help you choose the best coverage that’s custom fit for YOU:

  • Is your vehicle driven back and forth to work, or used strictly for pleasure use?
  • If your vehicle is financed? If the car is worth less than what you currently owe on it, you may want to consider “loan gap” insurance which will cover the difference if the vehicle is totaled in an accident or collision.
  • If your car is damaged in an accident, would you need a rental car for transportation until your car is repaired?
  • If your car breaks down on the side of the road, would you like to have coverage to pay for the towing? 

BECK CURRY RECOMMENDATION:

At Beck Curry Insurance Group, we have a suggested starting point of $50k/$100k/$50k. The difference in cost to increase to $100k/$300k/$100k (or even $250k/$500k/$250k) is generally minimal and well-worth the difference in protection for you/your family.

It takes very little time to run your current policy through us to examine your current coverage and shop out your rates to ensure you are both receiving the best coverage for your individual needs – and receiving the best rate for your auto insurance. If you’d like the peace of mind in knowing your policy is right for you, please contact us at 317.272.0800 or info@beckcurryinsurance.com and we’ll respond to your needs right away.