How Having an Electric Vehicle Affects Insurance Rates

Did you know that your auto insurance rates can be different if you own an electric vehicle? In fact, in most instances, your insurance will be higher for an electric vehicle. Let’s take a look at some of the reasons why this is the case from TruePoint Insurance in Fisherville, KY.

Higher Costs of the Vehicle

On average, electric vehicles cost a great deal more than the more conventional automobiles. They can cost around 70 percent more on average, according to studies conducted by Nerd Wallet. The higher price tag means that the insurance company has to pay more if the vehicle is stolen or damaged.

High Repair Costs

It tends to cost more to conduct repairs on an electric automobile. This is because they have expensive battery systems and you have to bring the vehicle to a specially trained mechanic. Though these vehicles usually don’t need repairs as often, this definitely has an effect on how much its insurance is going to cost. 

Size of the Car

Electric vehicles typically are smaller than other automobiles. Since smaller cars often don’t offer as much protection in the event of a collision, they are sometimes deemed as higher risk vehicles. This can increase the amount you’ll be asked to pay for your car’s insurance coverage.

Even with the fact that you’ll almost certainly have to pay more for insurance, there are many benefits that come along with owning an electric vehicle. Your car may qualify for a federal tax credit of around $7,500, a big plus as it will offset what you pay for insurance. 

Be sure to ask plenty of questions to understand insurance for your electric vehicle. The team at TruePoint Insurance, serving the greater Lawrence and Fisherville, KY area, can answer your questions to make signing up for auto insurance less of a stressful experience.

 

Signal Your Intent


Accidents associated with failure to use a turn signal are over twice
Each year 2 million accidents are due to the failure to use turn signals

Auto risk mitigation organization “SafetyFirst,” noticed some important statistics from its database of calls into its hotline. They discovered that a significant percentage of its calls involved drivers who did not use their turn signals. That issue was significant, especially since nearly half of their complaints involved:

  • Improper Lane Change;
  • Failure to Use Signals
  • Failing to Yield Right of Way
  • Weaving in Traffic
  • Failure to Stay in Lane;
  • and Improper Passing

A common trait in all of these behaviors is that they significantly increase the likelihood of an accident.

There are several trends that are occurring simultaneously on U.S. Roads. One, we’re driving faster, two there are more vehicles, we’re driving more frequently and a significant portion of drivers (Baby Boomers) are becoming senior operators with age-related, diminished driving skills.

In light of these trends, does it make sense that many drivers either forget to or refuse to use turn signals?

Drivers do themselves and others a tremendous favor by signaling their intent. Much of our driving activity depends on being able to rely upon and anticipate what is being done by other drivers. Signaling consistently and appropriately allows others to adjust their actions in order to reduce the chance of accidents and to maintain traffic flow.

Help yourself, help others. Whenever you are about to do something that can be indicated by a turn signal……signal your intent!


COPYRIGHT: Insurance Publishing Plus, Inc. 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.

Proof that your car insurance IS TOO HIGH?

Buying car insurance in Kentucky is expensive.  Only five states pay more to insure their autos.
Kentucky is one of the most expensive states for auto insurance.

If you live in Kentucky and own a car, then you’re paying too much for Automobile Insurance.

If someone is telling you otherwise, I’ve got some excellent advice for you. Stop listening to that person!  They obviously don’t have a clue about the cost of auto insurance in Kentucky.

.

Kentucky has the 6th highest car insurance in the US.
Proving that the cost of Kentucky Auto Insurance is High

The Proof

Which states would you expect to pay the most for insurance? States with bigger cities, and heavy traffic? Commonsense would lead most of us to expect to find New York, California, and New Jersey at the top of the list.  Using the same logic we can also add Massachusetts, Illinois, Florida, and Connecticut.  And while not a state, I would also expect to see Washington D.C. on a list of states with higher auto insurance premiums. 

Six states have average auto insurance rates that range from $1,750 to $2,500.  Starting with the most expense:

1. Michigan

2. Louisiana

3. Florida

4. Connecticut and,

5. New York  

6. Kentucky

For the most, this likely seems appropriate. But for many it  will be eye-opening to find how high car insurance is in the Commonwealth of Kentucky.  Surprisingly the residents of Kentucky pay more for auto coverage than California.  The same is true for Washington D.C., Maryland, New Jersey, Massachusetts, and Illinois.

Who is this person that says you’re car insurance is not expensive?

Kentuckians on average spend $1,752 annually for auto insurance. That’s almost 30% more than the national average.  It is a fact; your auto insurance is expensive.

  • If you are a good driver in Kentucky, you pay too much for insurance.
  • If you’re a bad driver you pay too much.
  • Kentucky car owner’s that drive too fast, pay to much.                                                                     

 Compared with most other states, Kentucky auto insurance cost more.  While this is true for most residents, not everyone in Kentucky overpays.  Uninsured and underinsured drivers clearly don’t pay too much for car insurance.  But don’t read that to say that this group doesn’t have a hand in cost of car insurance in Kentucky.  Their contribution is significant.  Those that drive with inadequate auto coverage, raise auto premiums for everyone.  This increase in state demand for uninsured and underinsured motorist coverage. Which in turn places upward pressure on the overall cost of auto insurance premiums.

Where you live has a big impact on how much your insurance cost.  Take a look at Kentucky.  Their very high auto insurance rates significantly impact home and auto packages.
It’s a fact that Auto Insurance is higher in Kentucky than it is in most states

The price for car insurance in Kentucky is high.  Some may try to argue this.  Beware of those that argue against the facts. 

Kentuckian plays about $400 a year more than the U.S. Average. Why is Kentucky auto insurance so expensive? 

How does Kentucky compare to other states in our region? To the north, Kentucky borders, Illinois, Indiana, and Ohio. Each of these states is ranked as one of the ten least expensive U.S. States for car insurance. The average auto premium for the three is $973. Compared to these three Mid-Western states, Kentuckians are paying almost $800 a year. 

Why are we still listening to the nuts that still think we aren’t paying too much to insure our personal auto?

If you would like to have an insurance agent look you in the eye and tell you:

 “Yes, you are paying too much to insure your car,” then try TruePoint.

Want to learn about factors that make Kentucky auto insurance the 6th highest in the U.S.?

Give us a call at (502) 410-5089.

Serious about lowering your auto insurance cost?  Then get your insurance documents together.

Call or drop by, and we will do our best to help you reduce the value of your home and auto insurance.

Exchange Students – Homeowners Coverage

This article briefly discusses how a homeowner policy responds to coverage for exchange students. Please be sure to read the companion article, “Exchange Students – Automobile Coverage.”

Opening your Eyes, that's about to happen for your family with your new exchange student.  But waiting until they get here to open your eyes is a big risk.  Find out before hand the changes that you will need to make to your insurance.
You have an Exchange Student, Now What?

Note: Check with your exchange student program coordinator to see what kinds of coverage are automatically provided for the child. But don’t take anyone’s word; get copies of documents that prove the coverage situation.

An exchange student in your care who is younger than 21 years is automatically insured under a homeowners policy, treated as if the child were a relative. An exchange student’s property is covered while located at or away from your home. Off-premises coverage is normally limited to 10% of your policy’s Personal Property limit, subject to a minimum of $1,000. On-premises, the policy’s full content limit is available. If your homeowner’s policy had a $70,000 limit for Personal Property, up to $7,000 would be available to handle damage or loss to an exchange student’s property while it’s away from your home, say while at a summer camp. Liability coverage that applies to your family also applies for damage and bodily injury caused by an exchange student who is younger than 21 years of age.

Do you know how to prepare for an exchange student?  You need to!
how to prepare for an exchange student.

If the exchange student is older than age 21, then the policy treats the student as a guest. A policy owner can volunteer to extend his insurance coverage to include a guest’s property while at your residence premises or even while you and the guest are at some other location. However, it is sometimes difficult to determine whether an older exchange student is a guest or a tenant – someone who is paying you a reasonable rent for staying in your home.

Hosting an exchange student creates questions you should discuss with an insurance professional who can help make sure your coverage needs are met.


COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

The “Other” DUI


Driving under the influence of drugs or alcohol is a crime that will cost dearly.
Drinking and Driving, everyone losses

DUI! What does that term conjure up? Do you think of:

  • A person staggering out of a bar, car keys in hand and stumbling toward a car?
  • Some woman, standing alongside a police car while an officer watches her attempt to touch her nose? 
  • A sober friend arguing with a drunken companion to surrender his or her keys?
  • A patrol officer sidling up to a car with sickly sweet smoke rolling out of a car as an obviously “high” driver lowers a car window?
Impaired driving is serious, but in many states simply driving with an open container is a crime.
DUI or DWI, the results are the same

Whether the term used is DUI or DWI, the assumption is usually that a driver is unable to safely operate a car because of alcohol or illegal drug use. Another assumption is that such drivers are fairly easy to identify. Unfortunately, there is another type of impaired driving that causes serious problems for everyone….Driving Under the Influence of prescribed drugs.

The proper use of prescription drugs is a good thing. However, the problem is that prescription drug users overlook an important consideration. Besides using the right dosage and the correct intervals of use; instructions often include another item that is ignored – avoiding driving after the legal use of medicine.

Driving impaired by prescription drugs has serious legal consequences.  Drives may be subjected to the same laws that govern DUI or DWI.
Impaired by Prescription Drugs?
Don’t Drive!

Prescription drug labels include a warning not to operate vehicles or machinery when using the applicable drug. The warning is necessary because many medicines cause drowsiness, sleepiness or decreased awareness or reaction time. Naturally, being behind the wheel of a vehicle under such circumstances is dangerous to the driver, any passengers, other drivers, and pedestrians.

Drivers who are impaired by prescription drugs are subject to the same serious legal consequences as persons caught driving while drunk or under the influence of illegal substances. However, they’re not as easily identified or caught. Being drunk or high is typically accompanied by obvious signs, such as slurred speech or impaired movement. The influence of prescription drugs is not as obvious; even though the level of impairment is similar. Drivers influenced by prescription drugs often lack the judgment and response levels necessary to safely drive on public roads.

Operating a vehicle while legally drugged does not have the stigma of the influence of either alcohol or illegal drugs; yet it has the same, potentially lethal consequences. It is dangerous and irresponsible to endanger ourselves and others by driving a vehicle under less than ideal conditions……and doing so after taking powerful, prescription drugs are the antithesis of what is ideal. So take drugs as needed and as instructed and that includes following any orders to stay away from driving!


COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

Kentucky Personal Auto Insurance Insights

What is Personal Auto insurance?  Is it the same as Car Insurance?  Read on and learn more about Kentucky car insurance.

What’s your biggest risk

I remember when auto insurance came in two flavors, state-mandated liability insurance or full coverage car insurance.  Of which the latter, I am told, no longer exist.

Teen drivers.  When your children start driving two thing happen.  Fully understanding one is critical.  
First, your auto insurance is going to skyrocket.  The critical event is your risk you expose your kids to when you hand them the keys.  TruePoint can help, (502) 410-5089
25% of accidents due to texting and driving

Changes in the law, insurance options, and technology have significantly altered how we buy car insurance.  But the combined impact of these factors pales in comparison to the litigious state of America. 

It seems every time you turn around, another legal exposure pops up.  In the US, cars are the leading cause of injuries.  With that said, it is easy to comprehend that for individuals in Kentucky, the vast majority of our exposure comes from our cars.    

Kentucky car liability insurance seems to be more critical than ever before.   And it’s not going away anytime soon.  In the meantime, there are only a few things we can do to reduce our risk.  The biggest impact will come by having a better understanding of insurance and how consumers can best acquire car insurance in Kentucky

Kentucky Auto Insurance Law

Most Car Accidents: It’s the other dude’s fault

While the requirements vary from one state to the next, every state requires car owners to have auto liability coverage.    A handful of states, including Kentucky are No-Fault states.  As a No-Fault auto insurance state, auto owners in Kentucky must approach risk management differently than many of their neighbors.  To start, Kentuckians must deal with Personal Injury Protection or PIP.  Click here for more information on Kentucky’s No-Fault Insurance Program.

Kentucky Minimum Auto Liability Insurance Limits (Required Coverage)

Like other states, Kentucky has mandatory minimum auto liability limits, with minimum limits for Bodily Injury and Property Damage.  In 2018 Kentucky raised the requirement for auto liability insurance.  Additional information can be found at:

kentucky-car-insurance-state-auto-insurance-requirements/

Kentucky Base Car Insurance Coverage

Base auto insurance is composed of the mandatory liability coverages above and the following three optional coverages.

•    Collision:            The result of a vehicle colliding with a car or other object

•    Comprehensive:        Other than collision

•    Uninsured motorist and underinsured motorist: pay for your injuries when the at-fault driver has no insurance or has insufficient insurance limits.

For additional information related to Kentucky required and base auto coverage.

Optional Kentucky Car Insurance Coverage

Some of the coverages below may be beneficial to you.  Others may eliminate significant gaps in your current insurance policy.  This list intends to generate discussions.  These coverages vary among insurance companies.  Make sure to understand the coverages and limits

•    Road Side Assistance

•    Rental Car

•    Rental Car Gap Coverage:       

•    Additional Expense

•    Loan Gap/ Lease Gap

•    New Car Replacement

•    Reduction in Value

•    Identity Theft

•    Re-Keying

•    Cell Phone Coverage:           

•    Non-Owned Trailers

•    Trip Interruption Coverage

•     …and more

TruePoint Auto Insurance Insights

Your insurance company, Mother Nature, and you; each have an impact on your insurance premium.   But before you can have an impact on your car insurance premium, it’s vital that you understand the factors you need to address.

Stop leaving money on the table

Insurance companies are perpetually reconsidering the nature of every risk that they insure.   Accounts flagged as high risk will experience more rapid premium increases and in some cases, may be non-renewed. 

Clients deemed conservative or lower risk experience the opposite as insurance companies make every effort to retain that business.  If you seriously want to stop leaving money on the table, then this is important to you.  The first step is to understand the characteristics of a low-risk account, then mimic them. 

Factors that influence auto insurance premiums

Life Happens, and when it does it can Impact Auto Premiums

•    Age:        Younger and older drivers pay more for car insurance

•    Household:     More drivers in the home can lower rates

•    Location:    State, city, zip.  Each impact premiums

•    Education:    Education is a factor in some states (Prohibited Practice in Kentucky)

•    Financial:    Insurance Score, which includes Credit Score, is a significant component

•    Vehicle:        The type of vehicle, sports cars may lead to a higher premium, vehicles with a high GVW will!

•    Tickets:        DUI’s & Reckless Driving create substantial problems, but minor violations add up

•    Accidents    Impact varies due to cause, severity, past driving record, and other factors 

#Your Actions Matter    Protect everyone in your home, and save money on your auto insurance

•    For insurance companies, Conservative is King!  Avoid anything that appears radical or aggressive.  Think Mr. Rogers.  Gen X, think Barney.

•    Check tire pressure, tread and sidewalls regularly

•    Confirm that headlights work on both dim and bright

•    Regularly check taillights, brake lights and turn signals

•    Encourage drivers education and safety for all household members

•    Zero Tolerance for Distracted Driving

Stop leaving money on the table    Take advantage of discounts offered by Insurance Companies

•    There are several ways to reduce the cost of auto insurance.  Program availability and savings vary based on Insurer.

•    Some of the most significant discounts are available to those that can qualify for any of the following: Safe Driver, Multi-Policy, Continuous Insurance, and Good Payer discounts

•    Don’t worry if you didn’t qualify for any of the previous programs. There are still a lot of ways to save.  Savings associated with this group range from the high single digits to low double digits.    Early Quote, Multi-Car, Driver Training, Good Student, and Paid in Full Discounts

•    New Car, Home Ownership, Student at School, and Hybrid Vehicle Discounts:

These are a few of the more commonly offered discounts

What is Comprehensive Insurance?

Deer, Hail, Vandalism and all other than collision claims can be covered with comprehensive coverage added to your KY car Policy.
Comp Claim

There are two coverages that protect your vehicle if it is damaged.  Collison coverage covers accidents that occur when your vehicle collides with another vehicle or object such as a fence, mailbox or tree.   Comprehensive insurance covers your vehicle when the damages result from other than collision. Comprehensive coverage may be referred to as other than collision coverage.

Examples of Comprehensive Coverage

If your auto insurance has comprehensive insurance then you will be protected in the event your car is stolen or vandalized.  Comprehensive or Comp coverage will also protect you from Mother Nature.  Damages caused by wind or hail storms are covered by Comp.  The coverage will also protect you from fire, flood and wildlife, such as deer.     


Comprehensive is not a standard feature

While not included with a standard car insurance policy, the coverage can be included.  While many drivers choose to include this coverage, adding it should be a decision for the insured.  We advise clients to consider the cost of the coverage relative to the value of the car before decided to add or waive the option.

Louisville, Kentucky…..Instant Online Insurance Quotes

Louisville, Kentucky home to the fastest two minutes in sports

Louisville, Kentucky is known around the globe for being home to the fastest two minutes in sports. Similarly, TruePoint Insurance in Kentucky is known for rapid real-time, online, insurance quotes.

TruePoint, home of the most enjoyable five minutes in insurance

We often find ourselves boasting that our real-time online quotes are the most enjoyable five minutes in insurance.  While this may sound like hype, we can support our claim.  Typically online quotes are anything but online quotes.  If you don’t believe me, go ahead and give it a try.  Take the next 10 to 15 minutes of your life and complete the online form.  When you have reached the final page, what do you see?  Or should I ask, what don’t you see?  Probably not a quote.

What makes our quotes different? 
Online insurance quotes in real-time
Insurance Quotes:
Online and in Real-Time

You have set your self up for 4, 8, maybe even 12 calls over the coming days.  Insurance agents all hoping to give you what the original ad promised; an insurance quote. Why did you go online for your insurance quote? 

  • Convenience, the promise of information at a time that fits into your busy day. 
  • Insurance Agents, If you have ever tried to buy insurance, you get this one.

Odds are, you were trying to avoid talking with an insurance agent.  You are going to get pretty frustrated.  Now, instead of one insurance agent, there will be a dozen. 

TruePoint online quotes recognize your needs and time constraints.  When you finish our online form you will have a quote for your car insurance, home insurance or maybe a quote.  More importantly, we’ve made the agent disappear. 

Ok, so the thing about the agent disappearing is our Hype!  But the truth is, the ball is in your hands.  To issue a policy you will need to talk with an agent.  

What horse won finished first in the 2019 Kentucky Derby?

Ok, maybe we are not as well known as the derby,  but we give you real-time home and auto insurance quotes without a Racing Steward.  That doesn’t make us the best insurance agency for everyone, but with our customer-focused approach, the number two agent isn’t going to beat us.  

While others are spending their time trying to make insurance interesting, we are making every effort to simplify the process by putting information at your fingertips.  Instead of trying to make insurance exciting, our client portal places all your important insurance information in one convenient location giving you more time for things that are a little more exciting than insurance.

While some might disagree, we know that insurance is ready for  Prime-Time and our clients can attest to that.  While others are taking time away from their work or otherwise busy schedule, our clients are interacting with us through our online client portal.  While others are watching Dancing with the Stars, our clients are online adding their new car to their insurance policy.

It’s that simple.  Our client-focused approach is how we Justify asking you for your business.

Motorcycle Safety Starts With Motorcycle Insurance

Fisherville, KY is known for its beautiful weather. Whether you’re visiting or living in the area, you are sure to enjoy any of the four seasons. During the warmer weather, there’s nothing better than exploring Fisherville by taking a motorcycle ride. Regardless of the time of year that you’re riding, though, it’s pertinent to be as safe as possible. TruePoint Insurance is here to keep you as safe as possible when riding your motorcycle, which is why we’d like to share a few safety tips with you. 

Always look both ways

Motorcycle drivers and riders have to be extra careful when coming to intersections. Even when all other drivers on the ride are being safe, it’s still quite easy not to see a motorcycle. This is why you as the motorcycle driver should take extra precaution when going through an intersection. Even if you have people behind you waiting to turn or go through, make sure to take an extra second or two to look both ways several times before you go through the intersection. 

Get motorcycle insurance

Motorcycle safety also includes having proper insurance. To hold insurance on your motorcycle, you will need to provide proof that you have a legit motorcycle driver’s license or permit. It’s during your training to get a motorcycle driver’s license that you will learn the ins and outs of motorcycle safety. 

If you would like to learn more about the many ways you get to stay safe on a motorcycle, make sure to contact TruePoint Insurance serving the Fisherville, KY area. Our agents are ready to keep you safe while meeting all of your motorcycle insurance needs. 

 

No-Fault Insurance

Insurance term, definition, deductible, insurance deductibe, what is a deductible,

How auto accidents are resolved vary by State

State auto insurance systems fall into one of two general approaches.  The majority (38 states) operate under Tort laws.  Tort law enables wronged parties the ability to seek compensation from the people or parties responsible.  

The remaining 12 states use an approach that is referred to as the No-Fault insurance system.  No-Fault does not mean that no one is at fault.  Providing additional insights into the no-fault system is more of a challenge.  In its purest form, no-fault insurance means that regardless of fault, each party or their insurance company are responsible for the loss.  A more accurate representation is that each party is required to cover their own losses up to a threshold.  The system was initially adopted by 22 states under the premise of reducing litigation cost and ultimately the over cost to consumers.

Kentucky operates under a no-fault insurance system.  The Kentucky no-fault process is sometimes referred to as a choice no-fault insurance system. Kentucky no-fault system applies to both personal vehicles as well as business vehicles written on a commercial insurance policy.