Volunteering and Your Car Insurance

Posted on November 28, 2018April 18, 2019 by admin

Volunteer, risk, insurance for volunteers, do i need to insure volunteers, does my insurance protect volunteers Volunteering in your Fisherville, KY community is a good thing; people should do more of it on a regular basis. That said, being charitable doesn’t change the fact that one still needs transportation to get from point A to point B. You’re going to use your car, covered by a personal policy, and it will raise the question where does a consumer cross the line between personal use and liability protection and being part of a non-profit effort or organization? Remember, the private car insurance policy was crafted based on the assumption the driver is traveling for personal use and nothing else. volunteer insurance, auto insurance for volunteers, will commercial insurance cover volunteer autos, are volunteer's vehicles covered by insurnace Regular volunteering is definitely not in that risk assumption and could give a provider a reason to deny a claim when the insurer asks for details leading up to the accident or damage.

Occasional volunteering in Fisherville, KY is not the issue. Risk assumption is based on regular, overall usage of the vehicle. Regular, especially daily volunteer travel, however, is a risk impact and needs to be declared. The usage will be written into a policy update and the risk assumption updated accordingly. This will avoid claims being denied later on for lack of clarification or even raising questions of insurance fraud, a grave accusation of dealing with. Don’t put yourself in that position when helping out your community.

Give the experts at TruePoint Insurance a call and explain the details of volunteer insurance, ky volunteer insurance, ky auto insurance for volunteers, inurance what your volunteering consists of. We will examine your current policy for what can be changed or find a new policy that meets your needs better. Then, you can get back to helping others instead of putting yourself in a bad spot. Give TruePoint Insurance a call today to find out more.

Kentucky Car Insurance; state auto insurance requirements

Posted on October 23, 2018January 28, 2020 by Brad Smith

Kentucky Minimum Car Insurance Limits

If you own and operate a car in Kentucky, you are required to meet certain financial standards. State mandated requirements protect other drivers using Kentucky’s roads and highways..

For almost all of us, this means that we must have an auto insurance policy. Kentucky and all other states require car owners to meet or exceeds certain limits.

When considering car insurance, the first thought of many is how to replace or repair their car in the event of an accident. For this, you would need to have collision or comprehensive coverage in place. While this coverage is important, it is not the insurance coverage mandated by the state.

Because we live in a no-fault state, Kentucky car owner’s are required to maintain two coverage’s :

• Auto Liability Insurance

• No-Fault Car Insurance

Liability Insurance

If you are involved in an accident and found to be at fault, you can legally be held financially responsible. This is why you buy car insurance! Your auto liability policy protects other drivers. Specifcally it provides coverage for bodily injury and/or property damage that results from your actions.

While you may be held reasonable for the full cost of damages, insurance companies will only pay up to the limits declared in the policy.

What does that mean?

It means that we need to ask what will happen if the cost of damages exceeds our auto liability policy limits. Answering that goes well beyond the abilities of an insurance agent or even a claims adjuster. But it seems logical that an inadequately insured auto owner has opened the door to many potential headaches. Including the possibility of significant financial exposure.

Counting calories? Then ordering the minimum size soda and fry at McDonald’s is a wise decision. Using the same logic with your insurance agent may put you on a course for disaster. Before buying insurance, it is essential that you know the state’s requirements.

Kentucky minimum auto liability insurance requirements are as follows:

• Kentucky motor vehicle liability coverage minimum for bodily injury is unchanged.

o $25,000 for bodily injury liability coverage per person

o $50,000 for bodily injury liability coverage per accident

• Kentucky motor vehicle liability coverage minimum for property damages increased 150%.

o Before 1/1/18, the minimum requirement for auto liability property damage was $10,000

o Kentucky auto owners are now required to carry at least $25,000 for claims made against them as result of damaging the property of others

For years Kentucky Insurance minimums for motor vehicles as:

25/50/10

…or…

$25,000 Bodily Injury (BI) per person / $50,000 BI per accident / $10,000 Property Damage (PD)

Today, Kentucky Car Insurance state-mandated minimums are:

25/50/25 …or… $25,000 (BI) per person / $50,000 BI per accident / $25,000 (PD)

WARNING! Many sites continue to post Kentucky’s minimum required auto insurance limits that were in effect prior to January 1st, 2018.

Before asking an insurance agent for the “Cheapest Car Insurance, you got,” consider the following:

• Cheap car insurance more than likely means you are getting the state-mandated minimums.

• How far will those dollars go if you are the cause of a severe auto accident?

• Settlement cost seldom equal medical cost. Why? For one, pain and suffering. If you want an estimate for total settlement cost, a good rule of thumb is to multiple medical bills by 3. If your negligence was the cause of a car crash and the other party sustained $10,000 in medical expenses you are looking at $30,000 to settle the claim. $5,000 higher than the state minimum!

• How far will $10,000 go in an emergency room today?

• How far will the $50,000 per accident limit go if you hit a car with multiple passengers? What if you are the cause of a multiple car collision or if the other vehicle isn’t a car but rather a bus?

• Kentucky has done a great job by raising the required minimum coverages for property damage. But have you priced a new car lately? Better yet, a new truck? What if you cause damage to property other than an automobile? You may someday depend on your auto insurance to cover damages to a building, utilities, infrastructure, or some other non-auto related properties.

Cheap car insurance can cost you in more ways than you realize. Ever wonder how insurance companies come up with an auto insurance premium for you and your car?

Your premium is the result of a number of factors. Every car insurance companies has their own unique formula. Each aimed at helping them attract clients and make a buck too. What you may find surprising is that many companies will penalize you if your current insurance limits are the state minimums. Never buy the state mandated minimum without first considering the cost of better coverage. It’s likely to be less than you think and it will save you in the long run.

In the end, cheap auto insurance may wind up costing you more than you bargained for. Even if you never have an accident! Consider your options, prepare for the worst and be sure that you find an insurance agent the is willing to spend the time to help you through the process.

Insurance

Personal Auto Coverages

Posted on October 3, 2018 by Brad Smith

Most state financial responsibility laws require proof that you are able to pay for any damage or injury you may cause while driving. Auto insurance is the way that most people comply with these laws. Typically compliance only takes liability insurance at some minimal limit that varies by state. Liability coverages include the following:

Bodily Injury Liability – insures against injury that you may cause to other persons. The key is that it involves you being held financially responsible for injuries to other persons because of your driving, your ownership or other use of your vehicle.

Property-Damage Liability – handles damage that you may cause to another person’s property. Again, the coverage only responds when you are financially responsible for such damage and it has to be related to your use or ownership of a vehicle.

Uninsured Motorist Coverage – This coverage typically pays for injury you suffer from an uninsured motorist, underinsured motorist accident caused by a person who has no insurance; a person who can’t be located (“hit and run drivers”); or a person who has insurance but their insurance company is insolvent.

Important: Payment under this coverage is controlled by various laws that dictate what limit or limits must be sold. In some states, you may have an option to reject the coverage. Typically, the rejection must be in writing.

Underinsured Motorist Coverage – Similar to uninsured motorist, it pays for injuries caused by a driver who is inadequately insured. Example: You are seriously injured by someone carrying a bodily injury limit of $25,000, but your injuries are nearly $50,000. Your Underinsured Motorist Coverage limit is $100,000. In this instance, your policy would pay the difference between $25,000 and $50,000.

Kentucky's No-fault Auto insurance system Cars are expensive to buy and repair, providing great reasons for protecting them. If you borrowed money to buy your car, or if you leased the vehicle, the lender or leasing company was likely to make certain that you had coverage to pay for any damage to the vehicle. Below are typical coverages that apply either to the vehicle or to those operating the vehicle:

Collision coverage – This covers damage to your own vehicle that happens when your vehicle runs into another object, such as other vehicles, trees, light poles, mountains, etc.

Other Than Collision coverage – This also covers damage to your own vehicle that is due to sources such as fire, theft, hitting an animal, vandalism, earthquake, flood or hail.

Collision and Other Than Collision coverages are subject to deductibles (the amount a policyowner must pay). They eliminate the need for an insurer having to pay for very minor losses.

Personal Injury Protection or Medical Expense – This coverage typically handles medical expenses for injuries to you, your passengers or people who are “around” you. It may also cover you and your household if you, as a pedestrian or a bicyclist, are struck by an automobile.

Towing and Labor coverage – This coverage is to help pay for your costs to deal with a disabled car. It could help pay for the car to be towed to a service station or for any repair that occurs at the location of the car’s breakdown. Note that this coverage is for labor rather than the costs of car parts. Available coverage is minimal (often $25-$75).

Rental Reimbursement – This coverage reimburses your expense of renting a car as a temporary replacement. The car being replaced must be an insured car that’s unavailable for use because of it being damaged, lost (stolen) or destroyed in a covered loss.

Important: This is merely an introduction to complex policy coverages. Be sure to contact your agent for detailed insurance information.

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.

Insurance Check-Up: Auto Insurance

Posted on September 9, 2018September 9, 2018 by Brad Smith

As we go about living our lives, insurance seldom crosses our minds. That’s why we buy insurance! Yes, it is. However, what we do and how we live our lives impact our insurance. Getting married, have children, moving are a few examples. There will be no alarm. You will not find a note on your calendar. There may not even be no insurance agent calling to inform you of the need to review your insurance.

There are a few events in life where you will get a friendly reminder to review your insurance. The most obvious; when you buy a new car. Some of you may be thinking that buying a new car shouldn’t trigger an insurance review. The only requirement is that you call your agent and ask them to add your new car to your existing policy. It’s certainly possible that for some, that will suffice. For the rest of us, we are providing an insurance checklist to consider:

Make sure your new vehicle is added to your policy

If you traded in a car, you will need to make sure it is removed from your auto insurance policy.

Your new car may increase your financial exposure if left uncovered. It is important that you review your physical damage coverages, collision and comprehensive. If you didn’t have them on your previous vehicle, you may want to consider it now.

New Car Replacement Coverage: New cars deprecate red to have comprehensive and collision.

New Car Replacement Coverage:

New cars depreciate significantly when you drive them off the lot. That depreciation may impact your settlement in the event of a claim. The best way to avoid this is to add a New Car Replacement endorsement added to your auto insurance policy.

Gap Coverage:

You might find yourself writing a check. If your cars current value is less than the balance on your loan, your insurance may not cover it the difference. You can avoid this nightmare by adding this endorsement.

Return to TruePoint Home Page

Knowledge is King. Be prepared to save money on your next car insurance quote.

Posted on September 7, 2018September 20, 2018 by Brad Smith

When reviewing car insurance quotes, it is critical to consider more than price. Sure price is important. It’s extremely important! But it’s also important to get what you pay for and have protection tailored for your circumstances.

Where to Start

You should start by considering the major components of an auto insurance policy.

Kentucky Auto Insurance

I. Automobile Liability Insurance

Liability insurance reimburses others when your vehicle is involved in an At-Fault. Coverage is assigned to the specified vehicle. This means your insurance will pay when you or any authorized driver are behind the wheel. Auto Liability insurance covers injuries and property damage.

a. Bodily Injury injuries to other individuals

i. per person $25,000 (KY Minimum Limit)

ii. each occurrence $50,000 (KY Minimum Limit)

Before accepting the state minimum you should ask yourself:

· How long will $25,000 last in the Emergency Room?

· How far will $50,000 go if you hit a van or bus and injure several people?

b. Property Damage reimburses others for damages to vehicles or other property.

i. each occurrence $25,000 (KY Minimum Limit)

Again, ask yourself:

· How many cars did you pass on your way to work today worth more than $25,000?

· What will happen if you rear-end someone that leads to chain reaction? What are the chances of $25,000 covering you if your actions total two or three cars? Five cars? Ten?

Higher limits are available. Limits may be increased to as high as $250,000/ $500,000 for bodily injury and $100,000 for property damage.

If you require higher limits:

A personal umbrella policy is a very cost-effective way to transfer excess risk.

II. Personal Injury Protection

or PIP is a product of the No-Fault System. It covers injuries and other related costs for the driver of your vehicle and passengers.

i. each occurrence $10,000 (KY Minimum Limit)

Higher limits are available

III. Physical Damage `

Property Damage coverage for your car

a. Collision

covers your car in the event of a collision with another car or object regardless of who is at fault. If you are at fault, collision coverage reimburses for the cost of restoration. However, the coverage comes with a risk-sharing mechanism known as a deductible. In an At-Fault accident, your settlement will be reduced by the amount of your deductible. If you are not at fault you will be reimbursed by either the at fault parties insurance or by your insurance. In either case, when you are not the party at fault you will not be required to pay a deductible.

b. Comprehensive coverage

protects your vehicle from risk out of your control. Also referred to as “other than collision,” this coverage protects against Mother Nature. Exposures such as wind, hail, hitting a deer or a falling tree are examples of covered causes of loss. The policy goes beyond covering “Acts of God” by also insuring your car from fire, theft, and vandalism.

IV. Uninsured (UIM) and Underinsured Motorist (UNIM)

coverage is also tied to the No-Fault Insurance System. Used in only 21 states, it covers the insured when the AT-Fault Party isn’t insured or doesn’t have enough insurance.

UIM and UNIM are optional coverages, that help pay medical bills and/or the cost to repair your vehicle. This coverage is utilized only when the other parties insurance is insufficient. Coverage limits tied to and capped at the same limit as your auto policies liability limit.

Do you know the percent of uninsured drivers in Kentucky?

Over 15% of Kentucky’s drivers are uninsured. It gets worse, as the number of underinsured drivers is significantly more. It is critical that you consider how UIM and UNIM coverages may impact you.

V. Other Coverages

Include items such as:

Towing

Rental Reimbursement

Loan Gap

New Car Replacement

OEM Endorsement

The above list, while secondary, may include coverages important to your auto insurance. We highly recommend that these, as well as the other car insurance coverages that we have discussed, be reviewed with a licensed insurance professional.

The old adage, ” a penny wise and a pound foolish” must have been first spoken by an insurance agent. The old English saying proclaims that it is rather foolish to save a penny today when it will cost you a dollar at some point down the road. Prudent counsel.

Would you expect to receive that kind of advice today? NO!! What we get today is more along the lines of naming your own price. WHAT!!! Yes don’t bother to worry about managing your risk, just tell us what you want to pay. Our computer will carve up, water down, and eliminate the coverages this best way it can. The end result certainly isn’t a tailored insurance policy, but it does come at the price you want.

Automobile Insurance

Posted on September 4, 2018August 31, 2018 by Brad Smith

Insurance that provides protection or indemnification against losses to the motor vehicles covered. The insurance comes in various forms. The term automobile or auto insurance is most commonly used to describe the mandatory and optional coverages required by each state’s Department of Motor Vehicles (aka DMV.)

The mandatory component, or liability coverage, protects the insured against claims or liabilities that may arise as a result of bodily or property damages where the insured has been found “at fault.” Auto or car insurance can also be purchased to protect the insured’s automobile in the event of physicals damages. Physical Damage coverage or PD provides car owners an insurance vehicle that will protect comprehensive risks (such as weather, animals, etc.), collision (“at fault” accident, damage due to striking another object) or both.

A separate and different form of insurance that at times may be referred to as automobile insurance is a warranty. New and occasionally used vehicles can be purchased with a limited warranty that provides protection against product defects.

Car Insurance Quotes are not a Commodity

Posted on August 17, 2018 by Brad Smith

I’ve heard it said the car insurance quotes are the same, the only thing different is the price. I don’t think that is true but my thoughts are not important. You alone should be the one to decide how to insure the risk that is created by owning an automobile.

Consider the following questions:

Do you know how much liability coverage your current auto insurance policy provides?
Do you think having Kentucky car insurance that includes coverage for uninsured or underinsured motorist is important?
Is your car insured?

The third question is easy. If you answered anything other than Yes, then I certainly hope that it is parked. Unfortunately, there are lots of individuals in Kentucky that are driving cars that do not have insurance coverage in place. The number is alarming; it is estimated that over 15% of Kentucky cars on the road have no insurance.

This is a good segway into question two. If you think that the number of uninsured drivers is alarming, how many underinsured vehicles are on the road. The answer to that is, potentially everyone. The state minimum requirements for bodily injury are $25,000 per individual capped at $50,000 if multiple

Before moving consider the following questions:

Do you know how much liability coverage your current auto insurance policy provides?
Do you think having Kentucky car insurance that includes coverage for uninsured or underinsured motorist is import?
Is your car insured?

This is a good segway into question two. If you think that number of uninsured drivers is alarming, how many underinsured vehicles are on the road. The answer to that is, potentially everyone. The state minimum requirements for bodily injury are $25,000 per individual capped at $50,000 if multiple individuals are injured. Amounts that will not go very far in today’s health care system.

If you answered NO to the second question, I would suggest you reconsider. With over 15% of Kentucky drivers not insured and even more underinsured, your current car insuance is just that. It’s wrong or at least missing a critical component, like the r in insurance.

With that said, I think we have enough information already to say that you the answer to the first question should be YES. I will close with this, If you don’t know how your auto liability insurance limits or if and to what level your covered in the event your hit by an uninsured or underinsured driver, then you’re not making your own risk management decisions, and it’s most likely because you’re not being given the opportunity. The risk associated with your home, auto, business or anything else is yours. Click the link below to learn more about TruePoint’s client-focused approach. You deserve an agency that values educating as opposed to selling.

Give us a call at (502) 410-5089

or click

www.insuringky.com to learn how you can take control of your personal risk management Today!

Perils of Tailgating

Posted on August 8, 2018July 16, 2018 by Brad Smith

High School Football Autumn is noted for the color and delight found in the changing of the seasons! But change also arrives in the form of the colorful masses that gather and celebrate…..around football stadiums. It happens around high school games on Friday nights and on crisp cool Saturdays around colleges and universities. It happens on Sunday afternoons, Sunday Nights, Monday Nights and all the other times that they squeeze in days and times for professional football. From amateur to professional contests, upwards of 50 million people annually enjoy tailgating.

Tailgating refers to the custom of arriving to games many hours before the scheduled event’s beginning, Tailgating, reducing the risk lowering vehicle tailgates and enjoying food, drinks and recreational activities! Tailgating began simply enough with socializing among folks who came to game locations early enough to secure scarce parking. The socialization was enhanced by food and drinks, then the events became more elaborate involving bring your own pitch-ins, barbecues, concerts, recreational sports, etc.

Sadly, most activities that involve large crowds are too frequently accompanied by various dangers. Of course, it makes sense to reduce the chance of injury or loss by taking precautions such as the following:
Avoid using breakable containers for beverages or for any food service items. Dropping items is unavoidable and glass shards can cause serious injuries during a time where getting quick medical assistance can be difficult
Carry a well-stocked, comprehensive first aid kit, especially to handle burns, dehydration, sunburns, cuts, and bruises
Restrict games and activities to larger, clear areas that minimize the chance of injury to non-participants
If games or activities are near high-traffic areas, use spotters, persons situated to warn those passing by such areas.
Be very careful with cooking areas, never leave them unattended, keep them away from pedestrians (especially children) and be sure to have safety gear, such as fire extinguishers
Keep an eye out for thieves who often target unlocked vehicles for valuables

It is also very important to make sure that you are properly insured to handle possible damage or loss of your property. It is far more important to carry insurance coverage to protect you for injury or loss you may cause to others. Tailgating can be enormous fun, but with great fun comes great responsibility. Protect yourself and others.

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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 written consent of Insurance Publishing Plus, Inc.

Kentucky No-Fault Auto Insurance System

Posted on August 7, 2018May 1, 2019 by Brad Smith

What you should consider when buying Auto Insurance in Kentucky

What is No-Fault Car Insurance

Sometime between the First and Second World War, Academia developed the concept of no-fault insurance. Aimed at removing auto claims from the U.S. tort liability system, under a no-fault system, insurance companies could resolve customer claims, What is Kentucky No-fault insurance? Is Kentucky a no-fault state? Why no-car insurance? regardless of fault. The theory behind this was that insurance companies would resolve disputes between themselves more efficiently.

For obvious reasons, this never took off. Over time blended versions of the theory were developed that provided access to the tort system when predefined limits were exceeded. Under this blended approach, no-fault insurance began to get positive support for the states. So much so, that at one point almost half of the states had developed and instituted a no-fault system.

Of the twenty-four states that put a no-fault auto insurance systems in place, only twelve remain. The states that continue to have a no-fault system are; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah.

What Kentuckians need to know about no-fault insurance

You may have heard of PIP, or Personal Injury Protection Coverage. By law, all Kentuckians are required to have a minimum of $10,000 PIP Coverage on motor vehicles (motorcycles are excluded.) Often referred to as Basic PIP Coverage, this can be used for medical and other related costs for injuries sustained by individuals in the insured car, regardless of who is at fault.

Kentucky drivers by default, forgo tort rights as related to damages that occur while operating automobiles until certain minimums have been met. While motorcycles operators and passengers are excluded from the PIP, it is optional. Although PIP is optional, motorcycle operators should seriously consider carrying the optional Basic PIP Coverage. Otherwise, they may find themselves in the difficult position of having no coverage and no rights to sue for damages as, by default, they have accepted the states standard tort limits.

Feel free to give us a call if you have additional questions related to Kentucky’s No-Fault Automobile Liability System.

Instant online insurance quotes in real-time

Posted on July 26, 2018July 16, 2018 by Brad Smith

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