Filing a claim on your Albany home or auto insurance is the first thing you should normally do in the event of a loss, but what happens when the loss amount is less than your deductible? Should you still file a claim or is it better to take care of your loss out-of-pocket?
How Deductibles Work
Let’s say your insurance deductible is $500 and you suffer about $2,500 in damages to your home or car. That means you’ll have to pay $500 out of your own pocket before your insurance provider covers the remaining amount.
On the other hand, if your losses total $500 or less, your insurance provider won’t cover anything, since there’s nothing over the $500 deductible to cover. In other words, you’ll wind up paying out-of-pocket to cover that loss yourself. Another common scenario is a loss that’s only a couple hundred dollars more than the deductible amount. Paying $500 out-of-pocket just to have your insurer cover part of a $650 claim doesn’t make much sense
Why Shouldn’t You File a Claim?
Depending on your personal situation and the type of loss you’re dealing with, filing a claim may actually cause your rates to increase significantly. In some cases, it may even cause your insurer to drop your coverage. With that in mind, it might not be worth risking either scenario just to recoup a couple hundred dollars over your deductible. If the loss is significantly less than your deductible amount, it’s usually best not to file a claim at all.
But What If Someone Got Hurt?
When a loss involves bodily injury, it’s best to go ahead and file a claim. Otherwise, the injured party could come back and sue you months or even years later. If that happens, your insurer will be under no obligation to defend you in the lawsuit. For more information, contact us to speak to your New York independent agent today.
Before buying a new motor vehicle, it is important to carefully consider the option that is financially appropriate. A car and a truck are charged differently by auto insurance companies because of the differences in safety features and the risks to other drivers. Recognizing the differences that New York residents will face when it comes to fees and charges will make it easier to decide on the better vehicle for personal needs.
Although a truck is generally safer than a car as a result of the tough materials used to create the vehicle, a key consideration when it comes to insuring the vehicle is safety. Albany residents will find that the truck costs more overall because the vehicle can do more damage to other cars on the road. The materials that make the truck safe for drivers and passengers also cause more injuries and property damage in an accident.
The safety differences are a major consideration for any Saratoga Springs resident. The cost of insuring a car is usually less because the amount of damage and possible costs to the company are reduced.
Schenectady residents will also find that trucks are more likely to face theft than a car. As a result, the insurance costs are usually higher when vehicle owners want to protect against the possibility of losing the truck in a theft.
Obtaining auto coverage is an important part of protecting personal finances. The problem that many vehicle owners will face is that insurance costs will vary based on the vehicle. While it can seem challenging to find the right coverage for a new vehicle, an independent agent can help. Our independent agents can assist you in finding the right company and the discounts that make a truck more affordable.
New York residents in Albany or Saratoga Springs will find that it is sometimes necessary to obtain additional coverage to protect personal assets, savings and property from large losses. Excess liability coverage is a great way to provide more protection in certain situations.
What the Insurance Covers
Most homeowners policies and auto policies will provide some general liability coverage. That coverage will meet or exceed the state standards, but it might not be enough to pay for all medical expenses and property damage that occurs in the event of an accident. Excess liability is the type of coverage that provides a greater amount of protection when an accident is caused by the vehicle owner or the homeowner.
The insurance covers basic liability needs, but offers great amount of funds in case an accident occurs. It will help pay for medical expenses, property repairs or the replacement of property if the cause of the accident was the fault of the vehicle or homeowner.
Who Needs Coverage
Not every resident of Schenectady will need additional liability coverage. While it might not be necessary for every individual or family, it is useful when a basic plan has gaps in protection or when the amount of funds provided in the event of an accident are not enough to pay for basic problems. The state minimum requirements are only a basic protection, but it is not always enough to pay for medical costs, repairs or other expenses that are related to accidents, car crashes or falls on a personal property.
Getting excess liability coverage is useful in certain situations. The key is recognizing when it is appropriate to protect personal assets and when it is not the right coverage for the situation. An independent agent can help if you are not sure about the appropriate amount of liability coverage you need.
If you are new to the Albany area, you may have heard that New York is a no-fault state. If this is your first time living in a no-fault state, it can be confusing distinguishing no-fault coverage from other forms of auto insurance coverage. To clear up any confusion, here is a quick look at the ins and outs of no-fault insurance in the state of New York.
What is No-Fault Insurance?
Most drivers are familiar with liability coverage because it is required in nearly every state. Liability coverage goes into effect when you are responsible for an accident, and it pays the expenses from any medical bills and property damage that the other driver incurs.
However, no-fault insurance goes into effect no matter who is responsible for an accident. If you are in an accident in New York, there is a 30-day period in which you can choose to file for no-fault coverage and receive compensation for medical expenses or for injuries to passengers or pedestrians.
What are the Benefits of No-Fault Insurance?
The main advantage of no-fault insurance is that it protects drivers from lawsuits. No-fault states enact laws that make it very difficult for drivers to sue one another in cases where no-fault insurance can cover the cost of damages.
Because drivers may be able to sue you if the costs of an accident are far beyond your levels of coverage, it is always recommended that you purchase additional no-fault coverage that goes beyond the required minimum.
Where Can I Purchase No-Fault Insurance?
New York drivers are required to carry a minimum of $50K in no-fault coverage on their auto insurance policy. Any licensed car insurance agent in New York and the Albany area can help you add no-fault car insurance to your coverage.
However, no-fault insurance can be one of the most expensive forms of coverage to add to your policy. This is where an independent agent can help. An independent agent carries insurance plans from multiple companies and can help you obtain the best rates on no-fault insurance. Contact us today in order to clarify your doubts about no-fault insurance or any other type of insurance.