I hope all of us have experienced a positive start to 2003.As I sit here writing this article I am convinced that things will improve, I just cannot predict when.The insurance business has never been more challenging in the 20 years of my experience.While the cost of insurance is still going up, it is rising at a much slower pace than 2002.Insurance companies are still complaining that they are still unprofitable, but based on current pricing that will change shortly.Even though insurance is a risk/return business it appears that insurers are looking for high returns without accepting any risk. Unfortunately too many insurance buyers cannot find an insurer to provide adequate insurance protection at any reasonable price.We, at Tri County, are empathetic!We are working extra hard to ensure that the insurance policies we are offering are the most competitive in the marketplace without too many coverage restrictions.At renewal, all policies are subjected to comparative quote shopping to make sure you, our clients, are not overpaying. Business policies are even more rigorously reviewed.We have all read the newspapers regarding what could happen when a claim is presented against your insurance.ometimes technology benefits us and sometimes it is to our detriment.In this case I believe technology has helped the insurance companies to the detriment of the consumer.Insurance companies now have access to a lot of information they were not privy to before.When properties are purchased, losses that occurred to prior owners are now routinely discovered, sometimes making the purchase of new insurance very difficult or more expensive.Because of this, it is very important for property owners to be very careful about how they submit claims.The impact of making claims on your insurance has never been greater so please analyze your situation before presenting a claim. My suggestion would be to maintain your property to the highest standards possible to forestall small claims.Historically, insurance was meant for catastrophic losses, it is important that everyone recognizes and accepts that fact.On a more positive note.I have recently spoken with a few insurance company executives and they expect the insurance market to improve considerably in 2004.They believe that with the increased profits the insurance companies will report in 2003, more companies will increase their appetite for new customers which should drive down the cost of insurance and increase the coverage being offered (Economics 101).Hopefully they are correct.We are here to provide a valuable service for you, our loyal customer.We are here to provide a valuable service for you, our loyal customer. ebossuk@tcinsurance.com
1.Don't get trapped at train crossings. Wait until the car in front of you has left enough room to let you get to the other side safely. 2.Most home insurance policies don't cover floods and mud slides. Call our office for more information on how to get special insurance for these hazards. 3.If there is a young driver in your house who just landed a delivery job (such a pizzas), call us. Auto insurance policies are not intended to cover such work. 4.electrical storms, unplug TVs, stereos and computers to avoid & damage. 5.Make sure your home has at least one smoke detector for each floor and test them monthly.9 out of 10 homes now have smoke detectors but too many of them do not work.
Many entrepreneurs have been successful in building in-home businesses, but face losses because they are not properly insured. According to the Independent Insurance Agents of America (IIAA), many don?t even realize they don?t have the necessary coverage to protect their business from theft, physical damage or other expensive losses. In a new study, IIAA found that at least 60% of in-home businesses are not properly insured with those in the 55 to 64 age group the most vulnerable. The study shows that women are slightly more insurance savvy than their male counterparts, but are still exposed to high levels of risk. Of the home-based business owners without proper coverage, almost half didn?t buy business insurance because they thought it was covered under some other type of policy and very few indicated that money was a factor in their decision to forego the coverage. The U.S. Bureau of Labor Statistics estimate there are more than 18.3 million home-based businesses in the United States.The Small Business Administration estimates that 300,000 women start in-home businesses each year, and the IIAA study estimates that in just a few short months, as many as 3 in 10 Americans will be operating a home-based business. A comprehensive commercial policy can cost as little as $150 a year. For information on protecting your home-based business from devastating losses, please call our office.
You are planning for retirement and your goal is to accumulate a substantial retirement account with no mortgage payments. One of the biggest threats to your nest egg will be the possibility that you will need temporary or long-term nursing care in your home, in an assisted living facility or in a nursing home. More than 50% of the population over age 65 will need help at some point in their lives.Current costs in many areas for a nursing home are $150 - $180 per day. In 15 years, these costs may exceed $100,000 per year with inflation.Medicare covers only 2% of these expenses and Medicaid is only available to those who have virtually no assets. The good news is that this potential financial drain can be avoided with Long-Term Care Insurance, which can cover most, or all, of these expenses. Since rates for Long-Term Care Insurance are based on your age and health when you start a plan, consider these plans early. Starting a policy at age 55 (or sooner), allows you to lock-in quality benefits at drastically reduced rates, even considering the time value of money. For more information on this valuable coverage, ask for Sandi or Glen when you call the office.
Find out about the Agency that you trust to provide the best insurance for the fairest price.You will also find LINKS to the companies we represent as well as other sites worth visiting.Of particular interest is the Insurance Information Institute.Visit our site often as the information is frequently updated.
Many rental contracts hold you responsible for the replacement value of the vehicle.Your auto insurance or credit card covers you for actual cash value. This could leave you responsible for the difference. Neither the Optional Coverages offered by the rental agency nor your own auto insurance or Credit Card Company will protect you if you loan or let someone drive the rental car, unless they are a listed driver on the rental contract. If you rent a car in the United States, the Rental Contract and your own auto insurance do not apply in Canada or Mexico. 4.Optional Coverage you may purchase is voided if you leave the keys in the Rental Car or, in some cases, you don?t have seat belts on at the time of an accident. 5.Optional Coverage may be voided if you Drive under the influence of Alcohol.Read the contract. 6.Most private auto policies and credit cards will not extend to rented vans or pick-up trucks. 7.Do not assume you have automatic protection as long as you rent with a major credit card, as most card companies have removed this coverage. 8.Even if your private insurance protects you for rental cars, your company can deny your claim if the rental agency makes repairs before the car is inspected. 9.You are responsible for downtime and lost rental income if you damage a rental car.This may not be covered by credit cards or private auto insurance. 10. Many rental car companies will charge up to $2,500 deposit on your credit card when you rent a car. Charge this to a low credit limit card. If you have an accident, the rental company can charge the retail replacement cost of the vehicle on your credit card. Make sure you have other credit cards for your vacation. Bottom Line Beware when renting a car.Read the Contract thoroughly.If in doubt, purchase the Optional Coverages offered to you by the rental car company.
In our Personal Lines Department:
Diana Khayan Born in Armenia, she is married with one lovely daughter. Loves to shop and go to the gym. Graduate of Grant HS, has been with our agency for over a year as a licensed CSR.
Shanna Hall Born in the USA, graduated from Chatsworth HS and attended both Pasadena CC and Pierce. She is single and is now studying for her insurance license. Shanna currently handles all the new claims reported to the agency.
Steve Romar Born in the San Fernando Valley is a graduate of El Camino HS.He is attending Pierce College and plans to go on to CSUN. He is married and loves to ski, travel & many other things when time permits.
In our Commercial Lines Department:
Lorette Loy Born in Santa Barbara, California, she is a graduate of St. Monica HS. She has two children, a boy & a girl.She loves making crafts and all types of decorating
We all know that persons between the ages of 16 and 19 have the highest incidence of fatal accidents than that of any other age group.>Did you also know that passengers in this age group also have the highest rate of fatalities?The reason for the large fatality rate for teenagers is that they frequently travel with teenage drivers.Statistics based on the Fatality Analysis Reporting System (FARS) shows that over 60 of all accident fatalities to teenage passengers occurred while being in vehicles operated by teenage drivers. Because of these statistics, California changed its teenage driver rules.A newly licensed sixteen (16) year old cannot have any passengers under age 25 unless there are also one or more passengers over the age of 25 in the vehicle.The increased risk with passengers present is thought to be largely the result of distractions and risk-taking factors.In vehicles with several young occupants, there is often considerable verbal interaction, music playing, and sometimes physical interactions.Young people in the early stages of driving experience are not able to handle the inattentiveness described above.The studies show much anecdotal evidence of inducements to risk taking or showing off in multiple-occupancy crashed involving young people.In a survey of teenagers asked to describe all the dangerous driving situations in which they had participated during the past 6 months, 85% of the reported incidents involved one or more peers as passengers in the vehicle.Recent statistics have shown a decline in fatalities for both drivers and passengers under the age of 19 in California since the passage of the more restrictive driving regulations for teenage drivers. Parents, what can you do to mitigate these circumstances?Make sure your newly licensed offspring adhere to the current regulations in California.If you want your child to drive a younger sibling to school or other activities, strongly advise them to concentrate on that activity and ignore urgings of peers to do other things at the same time. Be a passenger in the car of a newly licensed driver, especially when they are driving after dark or in other hazardous conditions.Here again, experience is a key factor.The more experience a young driver has in driving under different conditions, the more likely that teenager will reach adulthood as a safe and sane driver. What does that symbol really mean? After months of shopping and insurance comparisons, a customer calls to add their brand new car they just purchased. Many quotes were discussed regarding a 2002 Chevy Blazer Xtreme.The endorsement returns with the premium $600 higher than originally discussed. The premium for a 2002 Chevy LS Blazer SR2 Xtreme is much lower than a 2002 Chevy S-10 Blazer Xtreme.How can that be when they sound like they are practically the same car?They both are a Chevy Blazer Xtreme.Well, the Chevy LS Blazer Xtreme is a symbol 7, while the Chevy S-10 Blazer Xtreme is a symbol 15. What is this symbol and what does it mean?The Insurance Services Office, Inc., also known as ISO, is the insurance industry?s leading supplier of statistical, actuarial, underwriting, and claims data. From this information along with the auto make, model, engine and body style, they provide the vehicle rating symbols to the insurance industry.The insurance companies then determine insurance premium rates based on this statistical data - the higher the symbol, the higher the premium.The vehicle symbol may also change in the first three-to-four years as the statistical data changes. Some vehicles that seem like they are the same make and model may have 4 or more style types, and can easily range in vehicle symbols from 8 to 12. Symbols can run as high as a 29. That is why the vehicle identification number is helpful for us to better determine the correct vehicle symbol and offer you a more accurate insurance quote
