How Over the 50's Can Save on Car Insurance

By being less likely to make a claim, it should come as no surprise that you'll likely be rewarded by insurance companies with lower costing policies. One key group that consistently has lower policies are drivers over the age of 50. However, it is important to keep in mind that at times this group is actually seen as being more likely to claim, which can in turn boosts the cost of the driver’s policy.

With this in mind, a driver who is over 50 must source a policy that works in their interest.  Another option available to this set of drivers is to become knowledgeable about the different things that they can do to lower the cost of their auto insurance policy.

The reasons that insurers tend to offer drivers over 50 lower rates include,

• They usually have a reliable car,
• Their level of road experience,
• Their level of maturity,
• They tend not to live in high-crime areas.

Exceptions to the rule do sometimes arise. For instance, when an older driver is the owner of a powerful vehicle or an expensive car, their policy may still be costly. Vehicles such as these are more likely to be the target of thieves and vandals. The cost of repairs and replacement parts would also be high, and because of this, so will the cost of insurance.

As stated, most policies that cover a niche group like this one do offer a discount, but if they do not, there are other things that you, as a driver who is over 50, can do to get the cost of your premiums down. One such option is to pay your premium annually in one lump sum. Spreading the cost over many months will see insurers adding interest to each payment. Another option if married is to buy your policy as a couple. Married couples pay a lot extra simply by having individual policies. When one policy is bought and two names included, the saving is quite significant.  Agreeing to a limited mileage is another option, as is highlighting the presence of your 'No Claim Bonus' and using it to your advantage.

Car insurance policies aimed at people who are over 50 will enable you to save money, especially if combined with the cost-cutting measures mentioned above. If you are 50 plus and want to save on your Colorado Car Insurance policy, call a Premier Group Insurance agent today at 877-430-0092, and we will advise you on how this can be done.

Limited or Full Tort?

Whether you’re getting auto insurance for the first or fifth time, the hardest choice to make is whether you would have limited or full tort. The choice between limited and full tort is made even harder with the confusing definition available on most insurance companies websites. Ultimately, it’s important to fully understand this concept in order to choose the option best for you and your family

What is tort?
According to Merriam Webster, tort is “a wrongful act, other than a breach of contract, [through] which relief may be obtained in the form of damages.” For motorists, that means this type of insurance essentially pays damages to the insured after an accident. Specifically, tort covers injuries you may receive from a run-in with another vehicle. The other party must be at fault, otherwise the tort option doesn’t come into effect.
With full tort, you retain the right to sue the at-fault party for more than medical expenses and other accident-related expenses, such as pain and suffering. In essence, full tort is a security blanket for your family. If injuries from an accident force you to rack up medical bills, rehab bills and remain out of work, your ability to sue for damages, including pain and suffering, can greatly ease the burden.

Which is right for me?
The main appeal of limited tort is the price. It’s considerably cheaper than full tort, and property damages and injuries are still covered. Limited tort, however, restricts what policy owners can include in a civil suit. Some major exceptions exist, which may allow for some compensation beyond medical under limited tort. For the most part, policy owners lose only the right to sue for pain and suffering, but that can be a devastating if the accident severely injured you. 

Although full tort is considered the best option, choosing what’s right for you should be determined by your own needs and beliefs. One important question to ask yourself is whether or not you would sue the other party for damages. Although you would have the right to sue, you are never required to. If it goes against any beliefs you may have to pursue a suit, limited tort is just what the doctor ordered to help limit the cost of auto insurance. On the other hand, full tort provides the best security for your family, as it helps insure an accident doesn’t cause serious financial harm.

The truth is, there is no right or wrong answer. You have to decide whether or not you need the extra coverage of full tort, and if you can handle the extra expense each month on something you (hopefully) will never need to use. For more questions and to get a great rate on Colorado Car Insurance, contact an agent at Premier Group Insurance today.

Understanding Your Insurance Policy Stipulations and Conditions

In the past few years, one-time Disney star Lindsay Lohan has had a lot of trouble driving without incident. As such, she’s become pretty high risk in the eyes of the insurance companies. On her most recent movie set, the insurance company temporarily insuring her for the movie stipulated that in order to be covered, she must not drive during the months and weeks that she was working on the film. Unfortunately, she did not comply with this rule and—after getting behind the wheel of a rented Porsche—had yet another incident.

Luckily for Lohan and the movie company, the insurer did not cancel her policy, but because she was out of compliance with the stipulations and conditions of the policy, they certainly could have. It’s never a good idea for you to push the boundaries of your insurance coverage and test the limits of the insurance company’s patience. Instead, it’s best to have a full understanding of the stipulations and conditions in your policy, which can include things like:

• A liability insurance policy might require a certain course of action in specific situations.
• A home insurance policy may state that it is for a primary residence only, meaning that you can’t use it for a property that you rent out.
• An auto policy might stipulate that it’s for personal use—which makes using it for commercial purposes completely uncovered.
• All insurance policies can stipulate that the insured is not to hide any details of the claims from the insurer or otherwise commit fraud.
• A health policy could stipulate that a pre-existing health condition is not covered.
• An auto insurance policy may stipulate that unlicensed drivers are not covered.

The key to understanding the conditions and stipulations of your Colorado insurance policy is to actually read them. If you want to discuss how your policies work and any specific conditions that you’re concerned about, give us a call at Premier Group Insurance today.

How is my Homeowners' Insurance Premium Calculated?

How insurance premiums are determined will vary from insurance company to insurance company, however, most companies will apply the following factors when deciding what to charge you for your home insurance.

Locality - Insurance companies will weigh how safe your neighborhood is, how near your house is to a fire station, and the chance for "act of God" claims.

Building materials - Is your home made of wood, stucco siding, brick, or stone?

How old is your house? - newly constructed houses can usually receive a lower rate

Coverage amount - the total coverage you have on your house, your house's belongings, and the liability cap are all figured in the amount of your policy.

Assessment of loss - what your homeowner's policy will cover in the occurrence of a claim, if it will pay the actual cash value or the cost to replace missing or destroyed contents.

Deductible - what is the dollar amount you are going to pay before your insurance takes over.  If you have a homeowner's loan, the max limit of your deductible will typically be greater than the amount set by your lender.

Call us at 877-430-0092 for a comprehensive Denver homeowners insurance quote.

Commercial Property Insurance Basics

If you own commercial property that you rent out to other business owners or use for your own business, then you need commercial property insurance. Commercial property insurance is used to cover real property, like buildings, factories, etc. It is not to be confused with business personal property which is used to cover the contents of a business like electronics, stock and furniture.

What does commercial property insurance cover?

This coverage covers the exterior and interior walls, roof and ceiling of your property. In addition, it covers additions, outbuildings, outdoor fixtures, and more. In some cases it covers machinery, appliances, and floor covering—generally only if these items are a built-in, permanent part of the property.

Commercial property insurance does not cover the contents of any of your buildings or the vehicles around it. In addition, it does not cover any additions that are currently under construction. These can be covered by builders risk coverage.

Lastly, this insurance does not cover injuries and losses of others on the premises. Commercial property insurance is intended to cover losses that affect the building itself, not liabilities that occur inside or outside of it.

Is commercial property insurance similar to other property insurance coverages?

Yes. Commercial property insurance has deductibles and limits just like any other type of property insurance coverage. In addition, your policy may have certain exclusions that you should pay close attention to. Reading your policy once you receive it will help you better understand what is and isn’t covered.

Are additional coverages obtainable?

Yes. You can also choose to have coverage added to your policy for the following:

Pollutant cleanup and removal: If you have pollutants present in the land or water of your business due to an insurable incident, this coverage may pay for their extraction.

Debris removal: If an insurable incident cause’s debris to be deposited on your commercial property, this additional coverage will pay for its removal, provided it exceeds the deductible.

Outdoor property: This covers outdoor items like fencing, plants, signs and satellite dishes in the event of an insurable incident.

Commercial property insurance is a vital protection for any real business property owner to carry. It helps protect the bulk of your investment from the losses that fires, storms, vandalism and other insurable incidents can create and protects your savings from being accessed to pay for repairs that make your business property usable again.

Make sure you have the best options for your Colorado Business Insurance needs with Premier Group Insurance today!