What typically has lots of muscle, is made of American steel and goes fast?

A Classic Car!

Hey classic car owners!  Schreib Insurance now offers American Modern insurance products!!

We’re talking collector car insurance here!bella

What’s great about this coverage is Agreed Value.  That’s the amount you say the car is worth when you start your policy.  That way there’s no depreciation and in the event of a total loss that’s the amount paid.

No one more than you knows how much has gone into keeping your classic in top-notch shape or even the amount of blood, sweat and tears it’s taken.  Not to mention the cost to do so.

The next best thing is the cost. It’s very affordable and because you might still be investing disposable cash into your project they have flexible payment options.

Vehicles that qualify:

  • Muscle cars
  • Classic cars
  • Antiques
  • Street Rods
  • Kit cars / Replicas
  • Race Cars
  • Motorcycles
  • Restorations in progress
  • Exotics
  • Customs
  • Trucks

Garage WorkDid you know that while your project or completed classic is in your garage your homeowners policy does not cover it?

Here’s a real world scenario:  A fire destroys a  home but the automobile (classic or not) sitting in the garage is destroyed.  Without auto coverage your vehicle is NOT covered.    How many of us car guys and gals know someone with a project in their garage that’s at risk?  Feel free to share this article with them.

A friend of ours is putting together a ’67 Camaro is his garage.  Although, it will be worth more when completed he has it insured for about $10,000 while it’s sitting their waiting on parts and work.  Based on the agreed value, he’s paying in the neighborhood of $200 a year which protects it from fire and provides coverage if he goes on a test drive.  It just makes sense to protect what we love.

If we can be of any service and answer questions about protecting what you love, give Schreib Insurance a call at 253-365-6466.

 

 

 

 

My car is totaled – How does my insurance reimburse me?

This is a very important thing to now about your insurance policy and something most of us never consider.   What if my car a total loss, how does my insurance reimburse me?

Policies and terms are different between insurance companies so consider this just a guide:

Actual Cash Value or ACV is very common on auto, homeowners, renters, motorcycle and RV insurance.   ACV is calculated by subtracting wear and tear and depreciation from the replacement cost.   Example:  if your car was worth $10,000 on a used car lot before it being totaled, but would cost $20,000 to replace with a new one of similar style and size, the ACV of your vehicle would most likely be around $10,000 – not $20,000.   Rock Chips, scratches, dents, etc. can all be considered into wear and tear.

Replacement Cost – is not common with auto insurance but some carriers have been creative with options in their polices to help their insured who opt in for an additional cost.  You will more often see Actual Replacement Cost with homeowners, renters and some motorcycle insurance policies.   Discuss this with your insurance agent / broker to improve your policy before you’re faced with a total loss.  Actual replacement cost does not calculate an items depreciation, age or wear and tear.  If your insured item has this coverage, if available, and it was worth $2,000 as a used item before it was damaged but would cost $10,000 to replace brand new the actual replacement cost of your item would be around $10,000.

Discuss the options available with your broker.  None of us plan on a total loss or even an accident but that’s why most of us have insurance in the first place, to cover the unexpected and worst case scenario.

We hope this helps.  If we can be of any help we would welcome the chance to.

Call Schreib Insurance Group at (253) 365-6466cropped-cropped-capture3.jpg

How do we save money on our Car Insurance?

Ever wonder how an insurance agent saves money on their car insurance?   Because we live and breathe the stuff we must have a special hook up or get it at cost right?   Nope, not here.  At our agency we pay the same amount as our clients do with all things being equal.  The difference for us and our clients is we do the research for us both resulting in the right coverage at a fair price.

Tip #1:  Find an Agent / Broker you can trust.

Tip #2 : See Tip #1 and add, one that will work for you. 

What do I mean by “work  for you”?   Have you ever thought about buying a particular vehicle and  had your agent see what it would cost you to insure that car?   Most of you reading this are saying “yes” because that’s what an agent does.   Think about expanding on that.

For example: you now have a teen driver and need to insure them.   Getting a quote is easy but how many agents would offer you several as a teachable moment to your teen?

Quote 1 – add your teen driver to the policy = premium goes up by $
Quote 2 –  your teen gets a speeding ticket = Premium goes up by even more $$
Quote 3 – your teen is responsible for a fender bender = premium goes up $$$

This is an example of an agent that works for you.  Another simple way he or she can do that is to show their work when you buy or renew a policy.  Trust but verify that they went to several markets to find the best option for you.

  1. Hire an agent that accesses several markets (broker) and have them shop around.
  2. Don’t just copy the same coverage from your old insurance policy – talk with your agent about how much you need.
  3. Research car insurance costs before you buy a car.
  4. If you’re OK self insuring some of the coverage,have your agent run multiple quotes with higher deductibles.
  5. This tip involves a deep dive consideration but ask yourself if you need collision coverage.  If your car has little monetary value, is paid off and you can afford to replace it or fix it yourself *, having collision coverage may not be of value to you. *Note – damage to your car due to colliding with another car, fence, building, etc.

There are many ways to improve your coverage while making sure you are getting a fair price.   Talk to an agent broker to see multiple options learn more how insurance works for you.

Last month we wrote about why insuring your car costs so much.  To read that article just click on car insurance cost.

Schreib Insurance Group was founded on putting the needs of clients and community first.   We serve the greater Puget Sound area and reside in our home office of Bonney Lake.  We look forward to working for you.


Schreib Insurance Group

 

 

What Credit Info Insurers cannot use

Insurance Credit - Off LimitsEver wonder why or how your personal credit information is used when you apply for home or car insurance?

We wrote about how it’s used in May’s post Learn how credit info is used by insurers but I wanted share specifically what they can’t use.

    Directly from the Washington State Insurance Commissioner:

They cannot use your credit history alone to deny you coverage or cancel your policy.  Also they cannot use any of the following factors to deny you or set your rates:

  • Number of credit inquires
  • Collections identified as medical bills
  • Initial buy or finance of a vehicle or home that adds a new loan to your existing credit
  • Use of a particular type of credit or debit card
  • Your total available line of credit

If credit info was the reason you didn’t get the best rate, your insurance company must tell you in writing. They can list up to four reasons.

They cannot use absence of credit to deny you coverage.  However, they can use that reason to set rates if they have data showing that people without credit histories are more likely to file claims.

If there’s a mistake in your credit history, contact the credit reporting agencies and once corrected, tell your insurance company in writing. They must reissue or re-rate the policy back to the policy effective date.

Schreib Insurance Group, Bonney Lake Washington

The data above is on April 4 2014 information provided by the office of the Washington State Insurance Commissioner.

Why does my Car Insurance cost so much?

questionInsurance carriers consider a variety of factors when setting the car insurance rates.   This applies to motorcycles, boats and RVs as well.

Your premium is the amount you pay for your policy coverage.  The rate makes up the premium and is the amount the insurance carrier charges.

Regardless of how much you pay the good news is that insurance companies can’t just make up rates as they go.   They must file their rates with the Washington State Insurance Commissioner’s office.  They make sure that rates are not excessive inadequate or unfairly discriminatory.

Here’s are some of the factors they consider when setting rates:

  • Your gender
  • Your age
  • Martial Status
  • Where you live
  • Your car, truck, motorcycle, etc.
  • How much you drive
  • Your driving record
  • Past insurance claims
  • Your credit history (maybe)

At Schreib we shop around for you as rates for the same coverage vary from company to company.   It’s what we do.

 

National Moving Month – Verify Insurance Before Moving

boxesCollege students and many families move during this time of year.   While in transit your belongings breaking has been the biggest risk but with recent trends in moving trucks being stolen right from under those moving it’s time to know what’s covered.  The Bonny Lake Courier-Herald posted a good read this morning for anyone looking to move.  Here’s their article:

Verify Insurance Coverage Before Moving

This is a popular time of year to move and May is National Moving Month. College students are moving for the summer and many families opt to move this time of year as well. Seattle media recently reported the theft of two fully loaded U-Hauls that contained the entirety of the consumers’ possessions.
Here are some tips for moving, whether you hire a mover or do the move yourself:
  • Inventory your belongings. If need to make a claim, you will expedite the process if you know what you lost. The National Association of Insurance Commissioners has an iPhone app, an Android app and a printable PDF form.
  • Contact your insurance company to find out if your homeowner or renter insurance covers your belongings while you are in transit and to transfer your coverage from your old residence to your new residence.
  • If you rent a moving trailer or vehicle, make sure your auto policy covers your use of the vehicle before you decline the rental company’s insurance. Some auto policies exclude vehicles that exceed a certain weight.

If you have questions about coverage give us a call.

Schreib Insurance Group
Bonney Lake, WA
253-365-6466

Learn how credit info is used by insurers

Insurance Credit ScoreMost insurance companies use credit info to decide if they want to insure you and what rate to use to calculate your price.  This is not in the hands of your agent as he or she can’t influence it either way.  If your agent is a broker they can find the best insurance company for you as each weighs credit info differently, varying your score from company to company.

In Washington, our Insurance Commissioner believes this practice is unfair.  However, at present Federal and State laws allow insurance companies to look at your credit history.  Your broker does not see your credit report, score or history.

Because insurance companies believe there is a direct relationship with between how applicants mange finances and the likelihood of claims they consider this info in quoting home, auto and car insurance. Influencing whether they issue a policy or renew one and what rate to charge.

Most use credit history to decide an Insurance Credit Score.  Most use recent history more heavily than old credit and consider:

  • Bankruptcy, liens, collections and foreclosures
  • Payments on time
  • Length of time with credit
  • Number of open lines of credit
  • Outstanding debt

Regardless of quality, your credit history a broker accesses several carriers as an advocate for you.

Here are a list of resources they may help:

  1. Talk to a broker agent
  2. Correct errors on your credit report / Federal Trade Commission
  3. Free credit report / Federal Trade Commission

Schreib Insurance Group is a personal lines broker specializing in car insurance, home and life.  For more information visit our site by clicking on our office link below.
Bonney Lake – Main office