Transcription

Slide 1:
​
Hello! I’m Dan Lyles with Lyles Insurance. In this video, we’re going to go over whether or not you should add or increase deer coverage on your auto insurance policy.

Slide 2:

First, let’s go over some statistics. The peak months for deer related crashes occurs between October and January, with November being the peak month. And in the United States nearly 200 people are killed and 10,000 people are injured every year. And the average cost of a claim keeps going up. It is now at $4314.  There are 1.5 million deer related crashes every year, with most of them occurring here in the Midwest. This video is going to go over your options, and tell you what you need to know about maybe adding or increasing deer coverage on your policy so you can make an informed decision.

Slide 3:

There are five major parts to an auto insurance policy. And the specific part that covers deer related crashes is what’s called Comprehensive coverage. In other states it’s known as “other than Collision” coverage, which I think is a better description. “Comprehensive” is a little misleading in this case. But anyways, Comprehensive covers you for hitting animals, and it also covers you for things such as theft, fire, vandalism, weather damage, things like that.

Slide 4:

So if you have Comprehensive coverage, and you hit a deer, how much exactly is it going to pay out? And the answer is, it pays for the cost of the damage up to the value of the vehicle minus whatever your deductible is. Remember, the deductible is your out of pocket expense if you ever have a claim. So for example: let’s say you have a vehicle that is worth $10,000. And you hit a deer and it causes $4000 worth of damage. If you had a $500 deductible, then your policy is going to payout $3500 ($4000 for the damage minus the $500 deductible). That’s how it works.

 Slide 5:

So the question is, should I add deer coverage on my policy or not? And really there is no right or wrong answer. You simply need to find out how much extra it will cost you to add or increase coverage. And then decide for yourself whether or not it’s worth it. Many of you may already have Comprehensive coverage on your policy, but a lot of you don’t. Whether you have coverage or not, the following slides are going to show your options, as far as adding or increasing coverage.

Slide 6:

So let’s start with those of you who don’t already have Comprehensive coverage, which covers your vehicle in case of damage done by deer. All you need to do is make a call to your agent. It only takes a few minutes, and ask “how much more will it cost me to add comprehensive coverage to my policy?” And also, you need to look into adding collision coverage as well. There are a couple reasons why that I’m going to go over on the next slide. But although deer crashes fall under Comprehensive coverage, sometimes they can be caused claims to fall under Collision coverage as well. So let’s get into that.

Slide 7:

Here’s a strategy that some drivers use to protect them from hitting deer.  Just during the fall months, they will add Comprehensive coverage to their policy without adding Collision coverage. And that saves them quite a bit of money as opposed to buying Collision coverage with it. And that’s fine to do, but there’s a couple things you need to be aware of. First of all, only about half of auto insurance companies will allow it. The other half, they want you to choose either both of them together or neither one. They won’t allow you to just go with Comprehensive coverage. So that limits about half of you from that option. But here is the major drawback and this is something I want to make sure you are aware of: when you hit a deer it is under comprehensive coverage. But if you swerve and miss a deer, but hit something else, then it becomes a Collision claim. So, let’s say a deer jumps out in front of you, you swerve and miss it and hit a tree telephone pole, another car, mailbox, whatever, that falls under collision coverage. So, you could end up getting nothing if you only select Comprehensive coverage. That’s the downside to this strategy. It does save you money, but you need to be aware, if you go with that, make damn sure you hit the deer or you’re not covered!

Slide 8:

And for those of you who already have Comprehensive coverage which covers you hitting a deer. There’s only two ways to increase your coverage but they’re worth looking into. Number one of course is to add Collision coverage if you don’t already have it. And I explained on the last slide why that is. If you already have Comprehensive and Collision coverage, then what you would need to do to increase coverage is lower your deductibles. All it takes is a simple phone call, and say “hey. How much more will it cost me to lower my deductible (let’s say from a $1000 down to $500, or $500 down to $250)? Well you will know that’s the amount extra would get in a claim. See how much it cost, crunch the numbers and make a decision.

Slide 9:

For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you an auto insurance quote, I will be very happy to do so. I’ve posted a link from my website  where you can get an auto insurance quote. And I’ll also post that link below the video to make it easy for you to click on. Or, if you would rather just call me for a quote, I’ve also posted my phone number. Thank you for watching and have a great day!
 

 
Get an Auto Insurance Quote with Lyles Insurance

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Video Blog: Basics of an Auto Insurance Policy

​Transcription
 
Slide 1:
 
Hello! I’m Dan Lyles with Lyles insurance. This video is about understanding the auto insurance policy expiration and renewal process.
 
Slide 2:
 
When you approach the expiration date on your auto insurance policy, usually within a month from the expiration date, companies will re-evaluate your status and then make you a renewal offer for the upcoming policy period. Becoming familiar with this process not only gives you a better understanding of how things work, but it can also help you save money. And this information applies whether you have a six-month auto insurance policy or a 12 month policy.
 
Slide 3:
 
So what do companies look at when they determine renewal prices? Well here’s four of the major things. Number one: driving record. Have you picked up any accidents or tickets since your policy period started? If so, that’s going to count against you and probably raise your premium. And likewise, has anything fallen off of your record since the policy period started? Remember that companies, some of them go back three years, others go back five years. But once you hit that anniversary date of one or the other, you’re going to see a drop in price, or should see a drop in price, at your next renewal. Number two is credit history. Has your credit score went up, down or stayed the same? Not all companies look at this, but some of them do. So keep that in mind. And also, due to the new law, this will not apply to Michigan drivers. This only applies to my customers in Ohio, Indiana, Pennsylvania, Virginia and West Virginia.
 
Slide 4:
 
Number three is payment history. For those of you who pay every month as you go on your policy, are you making your payments on the due date or before? Many companies will lower your rate if you make your payments on time when you come up to your next expiration/renewal period. Versus some companies on the other hand will raise your rate if you have a habit of paying late or lapsing. And on top of all of that, late fees can get very costly. So always try to make your payments on time by the due date or earlier. Number four: excessive number of changes to your policy. Now companies don’t mind making changes to your policy. For example if you moved, changed vehicles, needed to add or delete a driver, those kind of things. That’s fine. That’s what they’re there for. But if you’re constantly making changes, companies frown on that and they may slightly raise your rates because of it.
 
Slide 5:
 
One last thing I’d like to mention is that companies make rate adjustments all the time. So if you’re looking at your renewal offer and the prices are considerably higher or lower than what you were paying, and you looked at the previous four things and thought “well that doesn’t explain why”, just understand that sometimes it’s because companies adjust their prices. Sometimes they go up, sometimes they go down. You have no control over that, of course. This has more to do with whether or not your company is making or losing money in your area. But just understand, if you can’t figure out why your prices have changed drastically, this could be a reason.
 
Slide 6:
 
Before we finish there are three more key points that you should understand. Number one is flying under the radar. When you first start a new auto insurance policy, companies are always going to run your driving record initially. However, when you come to those expiration/renewal periods every six to twelve months, they’re not going to run your driving record every time. They only do them on a random basis because it saves them money. So consider yourself very lucky if you picked up a speeding ticket and you are not being dinged for it on your renewal offer because it doesn’t happen very often.
 
Slide 7:
 
Number two is prior insurance discount. And this one can save you a lot of money because companies give big discounts when you’ve had prior insurance. So when you shopped around, if you didn’t have prior insurance before, once you have a renewal offer, you now have six months at least of coverage (if not 12). And so this qualifies you for a discount. So if you don’t see a drop in price on your renewal offer, this is a great time for you to shop around again for lower rates. Because some companies give bigger discounts for it than others.
 
Slide 8:
 
Number three: Avoid the one day lapse trap. Now what I mean by this, this applies to those of you who have found a cheaper rate with a new company. And at your expiration you’re ready to switch to a new company and you want to set the start date to where there are no gaps in between or no overlap either. So to do that, what you need to do, is make sure that the start date of the new policy is same as the expiration date on the old policy. And the reason is, on the old policy, let’s say that it expires on July 15th. They mean 12:01 AM of that day. So really, your coverage expired at 11:59 PM on July 14th. So don’t make this mistake because you’re actually leaving a 24 hour gap to where you don’t have insurance.
 
Slide 9:
 
For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you a quote, I will be very happy to do so. I’ve left a webpage from my site to where you can get an online quote. I’ll also post that link below the video to make it easier for you to click on. Or, if you would rather get a quote by phone, I’ve also listed my phone number. Thank you for watching and have a great day!
 

Transcription
 
Slide 1:
 
Hello! I’m Dan Lyles with Lyles Insurance. This video is going to cover frequently asked questions regarding Virginia FR44 auto insurance.
 
Slide 2:
 
If the Virginia DMV has suspended your license, they might require you to carry an FR44 filing on your auto insurance. This is usually the last step that you need to take before having your driver’s license reinstated. And this video is going to go over what you need to know and answer some questions about how to set up a policy.
 
Slide 3:
 
So let’s start by answering the question, what is an FR44 state filing? Contrary to popular belief, an FR44 filing is not auto insurance or any other type of insurance. It’s just a state filing that attaches onto an auto insurance policy. And what it does, it’s a guarantee to the Virginia DMV that you’re keeping this policy active during the time period that you’re required to carry an FR44.
 
Slide 4:
 
What does an FR44 state filing do? The best way to think of it is like a “tattletale”. If you ever cancel or lapse on your policy that has an FR44 attached to it, the auto insurance company is required by law to notify the DMV.
 
Slide 5:
 
Once this happens to where your auto insurance company notifies the Virginia DMV, your license will be suspended again until you either reinstate your policy or start a new one with another FR44 attached. And also keep in mind, if this happens, you may also get hit with another reinstatement fee. Virginia is very strict about that. And if you have a habit of canceling on your policy, that’s going to really get costly and add up.
 
Slide 6:
 
What coverage do I need? Well this is very simple. There’s only one coverage requirement for an FR44. You need to carry at least double the state minimum liability coverage required. In Virginia, the state minimum liability requirement is 25/50/20. So you need to carry at least double that, which is 50/100/40 in liability coverage. That is all that the DMV cares about. You are free to choose whatever levels of coverage you want for the other parts of your policy.
 
Slide 7:
 
What type of policy do I need? Again, this is very simple also. If you own a vehicle or have a vehicle registered in your name, you simply need a regular auto insurance policy with an FR44 filing attached to it. For those of you who do not own a vehicle, you need to take out what is called a named operator auto insurance policy, and attach the FR44 filing onto it. It’s that simple!
 
Slide 8:
 
Where’s the best place to find an FR44 attached policy? Your best bet is to go through an independent insurance agent, preferably one that specializes in FR44 and SR22 auto insurance. You’re going to find that many companies either won’t write FR44’s, or if they do, they charge an arm and a leg for it! There are plenty of companies however that will rate FR44’s that are much more price friendly. I happen to carry a few myself. And when you go through an independent agent, you get an added bonus because you can get quotes from multiple companies at once, which gives you a much better chance of finding an affordable rate.
 
Slide 9:
 
If you would like for me to personally run you a quote, I will be very happy to do so. I’ve posted two links directly to my website where you can get an online quote. I will also post those links below the video to make it easy for you to click on. Or if you would rather get a quote by phone, I’ve also listed my phone number. Thank you for watching and have a great day!

​Transcription
 
Slide 1:
 
Hello, I’m Dan Lyles with Lyles Insurance. In this video, we’re going to go over how auto insurance companies differ in how they calculate auto insurance rates.
 
Slide 2:
 
I’m sure you already know that auto insurance companies calculate rates differently from one another. But what will probably surprise you is how much differently they calculate rates from one another. In this video, we’re going to go over the five biggest differences.
 
Slide 3:
 
So number 1: Your credit score. 92% of all companies use credit at least to some degree in calculating your rates. But to what degree is where the big difference lies. On one extreme some companies won’t sell you auto insurance at all if you have bad credit. Others will but they will charge a high premium for it. On the other extreme, you’ve got companies that go very easy on credit. So if you have a good credit rating, that will probably help you get a low rate. But if you don’t have a good credit rating, don’t sweat it because there are companies that take it very easy on drivers with bad credit. You just need to shop around and look for them. *** And one quick note, as of this coming July 2, 2020, for those of you who live in the state of Michigan, credit will no longer be a rating factor in calculating your rates. But this will still apply to my customers in Ohio, Indiana, Pennsylvania, Virginia and West Virginia.
 
Slide 4:
 
Number 2 is driving record. There are two ways in which companies factor in driving records differently. The first part deals with how far they go back. Some companies go back only three years, while others go back five years, and you also have companies that do somewhere in between. And the second part, how each company treats an accident or violation varies greatly as far as each different type of violation. For example, companies decide which violations are more severe than others, and they charge that premium accordingly.
 
Slide 5:
 
Number 3: Age. While prices are usually expensive for drivers who are 25 and under, and older drivers who are over 75, there are companies that go easy on those age groups. So if that applies to you, it’s extra important that you check with as many companies as you can in order to find your lowest rate.
 
Slide 6:
 
Number 4 is prior auto insurance coverage. There are a few companies that will not sell you insurance if you haven’t had liability coverage for the past six months, but most companies will. They just won’t offer you a discount like some companies do. And there are some companies that offer big discounts for having prior coverage. Now to get this discount, you’ve had to have liability coverage at least for six months. And you can get bigger discounts if you’ve had it longer or if you have higher levels of liability coverage. And keep in mind, it doesn’t have to be with the same company. It just has to be consistent with no lapse in between.
 
Slide 7:
 
Number 5: Liability only versus liability plus comprehensive and collision coverage. This is what most people refer to as having “full coverage”, when you have comprehensive and collision coverage added onto your policy. I don’t like to use the term “full coverage” because it is misleading. But whenever you’re increasing or decreasing your level of coverage, it’s important that you know how much differently companies look at liability only policies versus liability plus comp and collision. And some go easy on liability, not so much with comprehensive and collision and vice versa. So any time that you change your level of coverage whether it’s increasing or decreasing, now’s a great time to check prices with other companies, or at least by your next renewal date.
 
Slide 8:
 
So I’m sure you’ve noticed a common theme in the last several slides. Companies weigh differently the major factors that go into calculating your auto insurance premium. And so the key point to take away here is that it’s very important to shop around with other companies. It’s recommended that you do so at least once every two years, and I would add in there also after any time that you make a major change to your policy. And the most efficient way to shop around for auto insurance is to go through an independent agent like myself. That way, you only have to enter your quote information once, and you get prices from multiple companies.
 
Slide 9:
 
For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you a quote, I’ll be very happy to do so. I’ve posted a page from my website where you can get an online quote, and I will get back to you with prices. Or if you would rather just get a quote over the phone, I’ve also posted my phone number. Thank you for watching and have a great day!


Related Blog Articles: 

 Video: Should I add/increase deer coverage on my auto insurance
​
​Video: The best way to buy auto insurance online

Transcription
 
Slide 1:
 
Hello! I’m Dan Lyles with Lyles Insurance. In this video, we’re going to cover seven frequently asked questions regarding auto insurance and older drivers.
 
Slide 2:
 
There are many questions that older drivers have when it comes to auto insurance. And in this video, were going to focus on seven questions that relate to how you can save money.
 
Slide 3:
 
Number one: How do older drivers rank in terms of price? Well, from the age ranges of 50s and 60s, you pay the lowest rate of any age group. And then once you hit your lower 70s to mid 70s, that’s a middle gray area that varies from one company to the next. Some will continue to pay low rates, others may start to see gradual increases on their policy premium. Then once you hit your upper 70s to mid 80s, then those increases get sharper over time. And by the time you’re in your mid-80s and older, you’re paying high rates, about the same as what a newly licensed 16-year-old driver would.
 
Slide 4:
 
Number two: Do older drivers get a price break for driving less miles? The answer is Yes they do, but more indirectly because that’s automatically figured into their rate anyways. However, most older drivers aren’t taking full advantage of new technologies that can lead to further discounts. You’ve heard of these things that basically observe your driving habits, and they reward those who score well. Some of these devices you plug into your diagnostic port. There are some you can download an app on your phone. A lot of older drivers are hesitant to try this. I highly recommend you do. In fact, I’ve done this myself and saved 11% on my own auto insurance.
 
Slide 5:
 
Number three: how much does my credit score affect rates? The answer to this depends on the company. Because some companies rely heavily on credit scores when they calculate your premium, where other companies barely use it at all. But overall, 92% of all companies do run credit at least to some degree. So having a higher credit score definitely helps. But it doesn’t mean you can’t find a good rate if you have a bad credit score. *** And just for my customers in Michigan, as of this coming July 2, 2020, you will no longer have to worry about credit scores because the new Michigan law is banning companies from using credit as a rating factor.
 
Slide 6:
 
Number four: does the payment option you choose matter? Yes, it certainly does! There are basically three options you have when you pay for your auto insurance. Option one is the cheapest way to go, it’s to pay the whole six-month policy in full. The second option is to make monthly payments automatically through either your bank, or some companies will allow you to use a card. The third option is to just pay monthly manually as you go. This is the most expensive way to handle things. But not surprisingly, it’s the most popular method of the three. Just understand that you’re paying more money this way then you would with options one and two.
 
Slide 7:
 
Number five: Should I or drop comprehensive and collision coverage on my policy? This question is tricky because there is no right or wrong answer. It’s just a matter of personal preference. But drivers need to know the numbers in order to make that decision. And many don’t even bother to crunch the numbers beforehand. What you need to know is, number one, what is the market value of your vehicle? And number two, how much extra premium are you paying for comp and collision on your policy compared to if you lowered coverage down to just liability? What are those differences in price? And then you can make a decision based on that. How long would it take for the extra premium to add up to the market value of the vehicle minus the deductible? You’ve got to know this to actually crunch the numbers. And you’d be amazed at how many people do not do it. Don’t make this mistake. At least know the value of your vehicle and how much you’re paying extra for comprehensive and collision coverage. Otherwise, you don’t know if it’s a good idea or bad idea to drop or keep your coverage.
 
Slide 8:
 
Number six: Does staying loyal with the same auto insurance company help my rates? And with many companies, it does a little bit. However, you’ve got to understand that this is mostly a marketing gimmick. It’s no different than if you saw the same two items in a store, and one says $75, the other says $100 with a 25% off “on sale” tag. It’s the same price, same item. That’s basically the way auto insurance companies handle company loyalty discounts. And also understand that you can still shop around before you leave your current auto insurance company. So don’t ignore the competition because you can be missing out on some big savings.
 
Slide 9:
 
Number seven: What’s the single best way for older drivers to lower their auto insurance rate? The answer is to shop around! Absolutely! If you only remember one thing from this video, make this it. Because companies are constantly adjusting their rates. Some go up, some go down. They constantly change. And it’s recommended that you shop around at least once every two years. Older drivers are usually the worst at not doing that. And you’ve got to keep an eye on other prices because if not, you may be way overpaying on auto insurance and not even realize it.
 
Slide 10:
 
For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you a quote, I’ll be very happy to do so. I’ve posted a page from my website where you can get an online quote, and I will get back to you with prices. Or if you would rather just get a quote over the phone, I’ve also posted my phone number. Thank you for watching and have a great day!

​Transcription
 
Slide 1:
 
Hello! I’m Dan Lyles with Lyles insurance. In this video, were going to go over the new law changes made in Michigan regarding auto insurance.
 
Slide 2:
 
This new law was actually passed about this time last year. But the changes don’t go into effect until this July 2, 2020. And were going to go over the basics of what you need to know about these law changes.
 
Slide 3:
 
Why are changes being made? Well basically, the unlimited lifetime medical benefits part of an auto insurance policy made the entire policy far too expensive for many drivers. In fact, Michigan ranked one of the highest states in the country as far as highest auto insurance rate. And also, the city of Detroit ranks number one nationwide. And also, because people couldn’t afford the auto insurance premiums, Michigan also ranks very high as far as the percentage of drivers on the road who are uninsured. So these changes had to be made and were long overdue!
 
Slide 4:
 
So what’s changing? Well, starting in July, you will no longer be required to pay for unlimited lifetime medical coverage on your auto insurance. You will now have options of choosing lower levels of coverage if you want it. And there’s some other changes that are going to be made that I’ll get into later.
 
Slide 5:
 
So now you will be given five coverage options. Option one is to keep everything like it is and still have unlimited lifetime medical benefits coverage. Just because you’re no longer required to keep it doesn’t mean you have to get rid of it. If you are happy with what coverage you have, you can stay with it. Option two is 500,000 and 1 million dollars in medical benefits coverage. What that means is, $500,000 would be the most that it would pay any one person for their injuries. But if you have passengers in your vehicle, the number on the right, the 1 million, would be the most in total it would pay for everybody. And then if you look, option three is half that amount, 250,000 and 500,000. Option four is quite a bit lower: $50,000 and $100, 000. Option five is to do away with medical benefits coverage altogether. So, for options one, two and three, they’re available to anybody. Options four and five depend on what health insurance coverage you have or don’t have. And we’re going to get into that on the next screen.
 
Slide 6:
 
So for those of you who do have health insurance, whether it’s an individual plan or it’s a health insurance plan sponsored by your employer, as long as it does cover you for injuries in an auto accident and your deductible is not higher than $6000, then you’re good to go with any of those five options. If you have health insurance coverage with Medicare, you’re also available to choose from any of the five options. If you have health insurance coverage with Medicaid, you can choose options one through four, but you can’t choose option five where you opt out of medical coverage altogether. And for those of you who have health insurance that don’t qualify, or if you don’t have health insurance coverage at all, you can choose between options one through three, but not options four and five.
 
Slide 7:
 
So to simplify the last two screens I showed you, here’s a quick little reference chart. Makes it easy for you to see where you stand with which options you can choose.
 
Slide 8:
 
Here are some other significant changes to the new law. The good news is the MCCA fee is going to go down from $220 to $100 for anybody who chooses option one, and go away completely for any other option you choose. That’s going to save a lot of money, especially those of you who have multiple vehicles on your policy. Number two, the bodily injury liability part of your coverage is going to increase. It’s going to go from $20,000/$40,000 up to $50,000/$100,000. That will make a minimal impact on your rate, but it won’t hurt you as bad as you might think. And one thing to keep in mind, the default rate is set at $250,000/$500,000 for this, but you can choose lower levels as long as you sign a waiver. And finally, there are major changes in how auto insurance companies will be allowed to use certain rating factors in calculating your auto insurance premium. Many common rating factors will no longer allowed to be used. This includes gender, marital status, credit score, residential status, zip code, etc..  For many of you, this may cause your auto insurance premium to change drastically. Some drivers rates will go up and others will go down. So when you reach the expiration date on your policy, it would be a great time for you to check rates with other companies before you renew your policy.
 
Slide 9:
 
If you would like for me to personally run you an auto insurance quote, I will be very happy to do so. I’ve posted a link from my website where you can get a quote online. I will also post this link below the video to make it easy for you to click on. Or if you’d rather just get a quote by phone, I’ve also posted my phone number. Thank you for watching and have a great day!

 Get a vacant rental policy quote with Lyles Insurance


Call me for a quote

​Transcription:
 
Slide 1:
 
Hello! I’m Dan Lyles with Lyles Insurance. In this video, we’re going to go over the Foremost vacant rental properties insurance coverage for landlords.
 
Slide 2:
 
If you're a landlord and have had one of your rental properties remain vacant longer than two months, you understand the frustration and aggravation it can be trying to find dwelling fire insurance coverage on that property. Once you go past that two month mark, it’s very difficult. But the good news is there are some companies that will insure your property. And for those kinds of situations, I have found Foremost Insurance to be the most helpful and most flexible regarding a landlord’s needs.
 
Slide 3:
 
Here are some of the features of a foremost insurance policy for vacant rentals. You can insure any age home. And you have the ability to insure multiple properties on a single policy as opposed to having to write a separate policy on each one if you own multiple properties. It offers higher liability limits. You can choose between low or high amounts of coverage depending on your needs. And you can have up to five paid claim losses and still get insurance coverage. And they also cover manufactured homes. And they will take a named insured that can be listed as an LLC. And one of the best things about it is, you can easily convert to rental coverage once the occupancy status changes without having to write a whole new policy. And it’s also structured as a “build your own policy”. That gives you a lot of flexibility, and we’re going to talk about that more on the next screen.
 
Slide 4:
 
With the “Build your own policy” model from Foremost, the landlord has full control over their property as far as which coverages they want and which coverages they don’t. Now of course, if you look at the bottom there, coverage A, insurance coverage on the dwelling itself, of course every policy has that. But if you look at the second and third layers, those are all optional coverages: other structures, personal property, vandalism and malicious mischief, premises liability coverage and medical payments coverage. So any one of those, you can take that coverage or pass on it.
 
Slide 5:
 
The policy features with Foremost vacant rental coverage: These policies are written as a Dwelling Fire One policy on a named peril basis. And in the event of a total loss, coverages are offered on an agreed value basis. In the event of a partial loss, coverages are offered on an actual cash value basis. And another thing is, it offers pro rata cancellations, meaning that you won’t be penalized if you sell the property before the expiration date of the policy.
 
Slide 6:
 
There are a few requirements in order to qualify for one of these policies. The dwelling must be vacant or unoccupied for less than 24 months prior to the policy effective date. As I mentioned before, most companies won’t let you go beyond two months. The property must be completely secured with intent to sell, rent or occupy within the next two years. You’ve had to have insurance at least within the past year prior to the policy effective date. And as far as condition, at minimum the property must be in marginal condition and exhibit at least minimal maintenance on both the dwelling and grounds.
 
Slide 7:
 
Although Foremost has generally broad acceptance in what they will take, there are a few properties that are not acceptable. That includes any building that houses more than four families. A building can’t have any current unrepaired damage. A land trust cannot be listed as the named insured. A property management company can be listed as a named insured, but only if they’re also listed on the deed. And for those of you who have a pool or pond on the premises, you can still get coverage but you won’t be able to get liability coverage. That’s it! Those are the only exceptions, everything else they’re very flexible about.
 
Slide 8:
 
If you would like to get a quote, just contact a Foremost insurance agent that’s licensed in your state. For those of you who live in the six states that I work in, which are Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you a quote, I’ll be very happy to do so! I’ve listed a link on my website where you can get a quote online. I’ll also post that below the video to make it easy for you to click on. Or if you’d rather get a quote by phone, I’ve also posted my phone number. Thanks for watching and have a great day!

Transcription:

Slide 1:
 
Hello! I’m Dan Lyles with Lyles Insurance. This video is going to go over 10 additional coverages offered on a good boat insurance policy.
 
Slide 2:
 
While many boaters just want basic liability coverage on their boat, and maybe physical damage coverage on their boat, that’s fine. But there are other people who may want a little more coverage than just the basics. And that’s what we’re going to cover here. And I also want to point out there are some lousy boat insurance policies out there. But there’s also some very good ones, and we’re going to go through that.
 
Slide 3:
 
There are two major ways that most people buy boat insurance. One is to simply attach the boat onto their homeowners insurance policy. And while this is a pretty easy and convenient way to do things, attached boat insurance policies tend to not have all the great coverages. And can be very limited in even basic coverages. That’s why a standalone boat insurance policy is usually better 9 times out of 10.
 
Slide 4:
 
Before we get into the 10 additional coverages, it’s important that you have a firm knowledge about the five basic coverages: liability, uninsured motorist, medical payments, comprehensive and collision. Those are the same five basic coverages that you will see on an auto insurance policy, a motorcycle insurance policy or any other motor vehicle. I’m not going to go over them here because I’ve already wrote dozens of articles about all of them. So visit my blog if you’d like to learn more about them. But it’s important that you understand them before we move on into the 10 additional coverages.
 
Slide 5:
 
OK, so let’s get started on the 10 additional options. And # 1, we’ll start off with accessory coverage. This is anything that is permanently attached to your boat, such as stereo or navigation equipment. And most companies will offer that free up to a certain dollar amount, usually around $3000 (give or take $500). But they also offer you the option of purchasing more if you need it. Also #2, personal property coverage. This includes things like lifejackets, fishing equipment, skis and inner tubes. We all know how expensive those can be. And so it’s really good coverage to have, and it’s usually for a very low price depending on what level of coverage you choose. #3, trailer coverage. Almost any boat gets hauled with a trailer. And if you want coverage on the trailer itself, it’s usually very inexpensive in comparison to the value of the trailer.
 
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#4, Agreed value coverage. If you can get this on your boat insurance policy, it is great to have. Basically, if you totaled your boat, it tells you the exact amount that your boat is covered for in the event of a total loss. And most boat insurance policies only go by actual cash value basis, which only pays up to the market value of the boat. So if this is offered, the extra cost is very little and well worth it. #5, Increased mileage coverage. Some of you may want to go farther than what your policy allows you to. A good policy will give you the option to increase that radius for a very reasonable price. #6, roadside assistance coverage. This is usually good coverage to have, although they vary a lot between one boat insurance company and the next. So make sure you know exactly what is covered and for how much.
 
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#7, Total loss coverage or GAP coverage. Boat insurance companies will offer one or the other, and they’re very similar to one another. This only applies if you bought a brand-new boat or have a boat that’s almost brand-new. And what it does is help prevent you from being underwater on a loan in case of a total loss. If this applies to you, this is a no-brainer to add this coverage. You’d get paid a lot more if you happen to total your boat.  #8, Hurricane haul out coverage. Now in the six states that I sell boat insurance in, this probably only applies to those of you in Virginia and some of you in Eastern Pennsylvania. But it reimburses you for half the cost of having to move your boat out of the water when a hurricane is on the way.
 
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#9, liability coverage for fuel spillage and debris removal. This kind of thing can get expensive if you cause an accident. So make sure that it’s either included with your liability coverage, or if not, check to see if it’s offered as an additional optional coverage. And finally #10, propulsion plus coverage. This is for lower units of outboard motors and upper and lower units of inboard/outboard motors in case you have a mechanical breakdown. Also great coverage to have for a low price. So that’s it! Those are the 10 additional options that you should look into before you buy a boat insurance policy.
 
Slide 9:
 
For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia, if you would like for me to personally run you a boat insurance quote, I’ll be very happy to do so. I’ve posted a quote page on my website that you can click on. I’ll also leave this in the description below and get an online quote. Or if you’d rather get a quote by phone, I’ve also posted my phone number. Thank you for watching and have a great day!