Financing a car? Beware...

My brother came in today excited about the deal he got on a pre-owned Kia today. Good mileage, nice clean SUV for a good price. He handed me the envelope they sent him home with to make the changes to his car insurance policy and I saw caught the only problem. There was a whole page contract for the purchase of GAP Insurance. Don't get me wrong, GAP Insurance is an important coverage because it pays the difference between the loan value and the value of the car if you have a total loss. It can be important if the value of the car drops faster than your balance owed. The problem is the cost that was wrapped up in the loan amount at the time of the sale - $795!! That would cover him for 75 months however buying GAP coverage through his car insurance policy was only $13 a year, basically a 90% savings! Some companies the rate can be as much as $30 a year but even that is a huge savings compared to what the company was charging through the dealership. The good news for my bro was at the bottom of the contract it gave an option to cancel within 30 days to get a full refund. Before he even left my office I helped him prepare the signed cancellation request for the $795 refund and we processed his policy change to include the Gap Protection with his car insurance.

Potholes everywhere!

Drivers, Local Authorities Deal with Tough Winter’s Potholes

Trusted Choice^® survey shows about 50% of U.S. car owners report vehicle pothole damage.

Johnstown, OH March 17, 2015— Poor road conditions have cost consumers and the insurance industry at least $27 billion over a five year period, according to a 2014 survey commissioned by Trusted Choice^® and the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”). The survey also reveals that from 2009 to 2014 half of car owners experienced damage to their vehicles as a result of potholes. As millions of Americans encounter potholes as the rough winter wraps, Trusted Choice^® urges drivers to be cautious now and as repairs continue.

“The snow, ice and freezing rain during the rough winter months left their mark on our roads in Johnstown, Ohio and across the country,” says Alison Speck of the MVP Insurance Agency in Johnstown, a Trusted Choice^® agency. “Severe potholes have led to accidents which may impact insurance rates, as premiums are determined by past claims, accidents and driving violations. Potholes and poor road conditions aren’t just an inconvenience, they are an expensive and dangerous result of harsh winters.”

The pothole survey also found that 31% of car owners who reported pothole damage to their vehicles filed a claim with their insurance company. A surprising 65% of respondents who needed repairs said they (or a third party) paid out of pocket for the vehicle to be fixed. Only about 3% said local authorities stepped in to foot the bill. For about 40% of respondents, that bill was more than $500.

“This survey highlights how widespread the pothole problem is on our roadways and that the costs are enormous to both the insurance industry and to consumers,” adds Speck “And now, local authorities are struggling to keep up with the extensive road repairs.”

While motorists in the Midwest, Northeast and North Central regions of the country reported the most pothole damage, surprisingly the numbers were not that different even in the Southern and Western regions which typically experience milder winters.

“Drivers rely on their auto insurance coverage and their own pocketbooks to deal with unexpected expenses,” continues Speck. “A Trusted Choice^® independent insurance agent can help you select the coverage that best suits you and your vehicle by helping you evaluate your insurance needs and risks.”

 

Trusted Choice^® independent agents offer the following tips to motorists to help avoid costly damage from potholes and stay safe as they hit the roads after a tough winter:

Pothole safety tips:

• Keep an eye on traffic patterns. A number of cars that slows down or move quickly to other lanes may be a sign of major potholes or road damage ahead.
• Avoid the urge to swerve out of the way of a pothole at the last minute. You may swerve into the path of an oncoming vehicle. Risking damage to your car is wiser than risking the loss of your life or that of another person.  
• Report potholes to your state or local transportation department. Some states and localities have pothole hotlines. Motorists who think their state or local government will pay for damage to their cars may be out of luck. Laws in this area vary by jurisdiction and, even where such remedies are available, conditions may apply such as a requirement that the jurisdiction had notice of the pothole.
• If you hit a pothole and suspect damage, pull over as soon as it is safe. If you notice damage, record details and specific damage—just as you would in the event of a collision with another motorist—in case you need to file an insurance claim.
• Check in at least annually with your independent insurance agent to ensure that you have the right coverage.

 

MVP Insurance Agency is a local Trusted Choice^® agency that represents multiple insurance companies, so it offers you a variety of personal and business coverage choices and can customize an insurance plan to meet your specialized needs. This firm adheres to a pledge of performance, committing them to providing excellent customer service. You can visit MVP Insurance Agency online at www.themvpagency.com or call it at 740-966-3180.

The pothole survey was conducted for Trusted Choice^® and the Big “I” by MFour Mobile Research, Inc. using MFour’s Surveys on the Go^® Smartphone Application Panel which includes Apple and Android mobile device users. MFour is an independent research company headquartered in Costa Mesa, California. Interviews of a nationally representative sample of 2,565 U.S. car owners were conducted in June 2014 and weighted by age and gender to represent the general U.S. population over age 18. More information about MFour can be obtained at www.mfour.com.

Are you ready for the snow to melt?

Maintaining your sump pump for when you need it most

When a severe storm hits, homeowners may experience excess water in their basements, or the lower levels of their home. A sump pump can help protect your property by controlling water and keeping your home dry.

Sump pumps are used primarily in the northern United States. They are typically found in the lowest part of a house, such as a basement. A sump pump is usually installed by a professional in a specially constructed sump pit. The sump pump’s primary job is to pump water outside and away from the home.

Once installed, it is important to consider the following maintenance tips to help ensure your sump pump is ready when you need it.*

• Check the pump at least once a year to make sure it is still in good working condition.
  • Is the sump pump plugged in? 
  • Is the power cord in good shape?
  • Is the drain hose connected properly?
  • Is there any debris in the area that could clog the pump and prevent it from working properly?
• Occasionally, pour water into the sump pit to test if the sump pump starts up automatically and quickly drains the water.
• Since sump pumps run on electricity, consider installing a battery backup so your sump pump will not fail, even in the event of a power outage.
• If your sump pump is not working properly, contact a professional.

Most homeowners policies do not cover water in the basement. If you own a sump pump, consider obtaining optional coverage for water backup or sump discharge or overflow.