As individuals age, they may need to move in with family members. They may be unable to afford to live on their own, may be lonely living on their own, or may need help with daily activities and medical care. Moving in with their adult children can be beneficial in all of these regards. However, if you take one of your parents in, one of the questions you may have is whether you should add them to your auto insurance policy. At NY Twin Bridges Insurance Agency, serving Albany, NY, we want to help you determine when you should and shouldn’t add them. Here is some information you should consider.
If They Will Be Driving Your Car
The most important factor to consider when deciding whether to add an elderly family member to your car insurance policy is whether they will be driving your car or not. If they have permission to drive your cars, you should add them to your auto insurance policy. If they will never be driving your car and do not drive at all, you do not need to add them.
What Their Driving Record Is
Another important factor to consider before adding them is what their driving record is. If they have accidents or tickets, adding them to your policy may increase your rates. If they have a poor driving record, you may need to preclude them from your policy and not allow them to drive your cars to prevent your auto insurance rates from increasing.
When an elderly family member moves in with you, trying to decide whether to add them to your auto insurance policy or not can be challenging. At NY Twin Bridges Insurance Agency, serving Albany, NY, we would love to help you figure it out. Contact us today and let’s sit down and discuss your auto insurance needs.
Many residents of Albany, NY and the Capital District welcome the arrival of spring. The annual spring cleaning ritual is more than a time to decide if you want to keep grandma’s hat. For many of us, it is also an opportunity to document family treasures that have monetary as well as sentimental value.
The agents at NY Twin Bridges Insurance Agency encourage you to take stock of your valuables. Here are some important steps to follow:
- 1. Create a Video of Your Valuables. Record them on the video and describe them as well. You can use the video functions on your smartphone or laptop.
- 2. Take Pictures. Photographs allow you to show details from your valuables, such as intricate jewelry patterns. Take pictures in the area of the home where the items generally reside.
- 3. Keep an Inventory of Valuables You Wish to Insure. You can create a handwritten list or simple spreadsheet. Capture as much information as you can, including serial numbers or other unique identifiers. Scan a copy of this list or save a digital file offsite. This information should accompany any video or photographic images you have taken.
- 4. Consider Professional Appraisals for Exceptionally Rare and Valuable Items. Appraisals cost money, but they may provide important information that explains why an item has great value. Check the policy limits available on your plan and consider an optional rider if necessary.
- 5. Keep Backup Copies of Documentation Offsite. Place content on a thumb drive or other digital media and store copies offsite, such as in your safe deposit box and another backup location. Be sure that you have more than one physical or electronic copy in case the original is destroyed or no longer functioning.
Contact NY Twin Bridges Insurance Agency in Albany, NY if you need to modify your homeowner’s policy.