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.
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.
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.
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.
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.
#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.
#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.
#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.
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!
Ohio BMV Link
Get an Ohio SR22 Quote here if you own a vehicle
Get an Ohio SR22 Quote here if you don't own a vehicle
Hello! This is Dan Lyles with Lyles Insurance. This video is going to go over “When does my Ohio SR22 Auto Insurance requirement end?”
Many of you aren’t even sure whether or not you need to carry an SR22 filing. So we’re going to answer that question also, for those of you who are unsure. And also, if you do need the SR22, how long are you required to carry it? That’s what this video is going to help you solve.
First, let’s cover some background about SR22’s. An SR22 is not auto insurance, contrary to popular belief. Nor is it a bond. It’s simply a state filing that attaches onto an auto insurance policy or an Ohio, what’s known as a Financial Responsibility Bond. The best way to understand how an SR22 works is to think of it as a “tattletale”, meaning that if you ever cancel or lapse on an SR22 attached policy, the auto insurance company is required by law to notify the Ohio BMV. And then once that happens, your license will be suspended again until you put an active SR22 filing in place.
To answer those questions, it’s very simple and easy. It only takes two minutes and it’s free. You just need to visit this webpage: https://services.dps.ohio.gov/BMVOnlineServices/DL/Abstract
And don’t worry about writing it down because I’m going to post a link below the video to make it easy for you to click on. And if you’re watching this on YouTube, I’ll also include it in the description.
So when you click on or type in the web address that I just gave, this is what you should see. And on the next screen I’m going to blow up this part of it because that’s the important part. This is where you find out what you’re wanting to know.
You’ll see here that you have two options. And either one of them will find out your SR22 information. However, the second one is free and so most of you are going to want to click on the unofficial two-year driving record link. Now if you want a three-year driving record of an official copy, you can do so by clicking that top link. But just understand that they charge you five dollars to do so.
So once you click on one of those two links, this is the page you should see. And I recommend if you have your driver’s license number handy, that you fill out section 1 part “driver license information”. You just need your license or state ID number or key number, your date of birth, first letter of your last name, and the last four digits of your Social Security number. If you do not have a Social Security number, just enter 4 zeros. If you do not know your license number, then fill out the number two section, “person information”, and that will get you there also.
So once you enter that information and click continue, here’s what you will see if you do not need an SR22 filing. You’ll notice on the second line your license status says “valid”. And you do not need an SR22 because if you did, below all of this information would be a second box that says “withdrawals”. On the next screen, I’m going to show you what that looks like for a driver who does need to carry an SR22.
This is what it will look like if you do in fact need to carry an SR22 filing. You’ll notice on the second line here that it says “license status is valid”. That’s because that person is actively carrying an SR22 on their auto insurance policy as of now. If you’re needing an SR22 and don’t have one, that would probably say “suspended”. Now here is the important part is the second box “withdrawals”. This little section down here tells you the important date you need to know, and let me blow that up on the next screen.
So here’s what it looks like blown up. The bottom right where it says “FRA End”, that is the date where you will no longer have to carry an SR22. That’s important to know and I’m going to talk about that on the next slide.
And like I said, it’s very important that you know your FRA end date when you’re no longer required to carry the SR22. And here’s why: if you remove the SR22 too early, your license will be suspended again even if you keep your auto insurance policy active. And likewise, if you keep it on there for too long, once you get past your expiration/renewal date of your policy, you’re more than likely overpaying on your premium more than you should be. And one last thing that important to keep in mind, your agent or auto insurance company has no way of knowing when your FRA end date is because of privacy laws. So you must notify them. Let them know to take your SR22 filing off when you reach that FRA end date.
And finally, for those of you who need an Ohio SR22 filing and you’re having trouble either finding an SR22 policy, or can’t find one at a decent price. If you would like for me to personally run you an SR22 auto insurance quote, I’ll be very happy to do so. I’ve included a link for both vehicle owners and non-vehicle owners. Click on one of those and I can run you a quote that will get your license back. Or if you’d simply like to get a quote over the phone, I’ve also posted my phone number. Thank you for watching and have a great day!
Hello! I’m Dan Lyles with Lyles Insurance. In this video, were going to go over the key to auto insurance points that you need to know when buying a car.
Many people when they buy a vehicle, they don’t consider the insurance part of it until later on after it’s too late. They don’t consider coverage levels or the cost that it’s going to be. And as a result, they either end up with lousy coverage, or they have a vehicle that they can’t afford. There are some key points that you need to know about buying a car as to how it affects your auto insurance. And this video is going to go over those points.
Before we get into things, I want to go over a couple misleading terms that leads to a lot of confusion. The term “Full Coverage”, I am not a fan of because it confuses people. “Full Coverage” does not necessarily mean that you have the best coverage you can have. It simply means that you have both comprehensive and collision coverage. Now let’s go over each one of them real quickly. And I’m going to go over them backwards because it’s easier to learn that way. Collision coverage: that covers physical damage done to your vehicle if you’re in an accident. Comprehensive coverage: covers physical damage done to your vehicle for anything other than an accident (Such as theft, fire, vandalism, weather damage, hitting a deer, things like that). “Comprehensive” is another misleading term I don’t like because it again, is confusing the people. It does not mean all inclusive and that it covers everything. Some states even call it “Other than collision” coverage, which I believe is a lot more accurate.
There are five basic parts to an auto insurance policy. And we just covered the last two parts, comprehensive and collision coverage on the last slide. The other three parts to an auto insurance policy are liability coverage, which is required in all states. It pays “the other guy” if you cause an accident which results in the other guy having injuries or property damage. Uninsured or underinsured motorist coverage. This pays if you get hit by someone else not carrying auto insurance or they have insurance but they don’t have enough to cover all of your injuries or property damage. That’s where uninsured or underinsured motorist coverage kicks in. And finally, medical payments. This pays for injuries to you or your passengers if you get hurt in an accident. One thing to keep in mind about these three, they do not have anything to do with full coverage. Like I said on the last screen, full coverage only refers to comprehensive and collision coverage.
I quickly want to go over deductibles because it is important that you understand how they work. Deductibles apply only to comprehensive and collision coverage. They’re your out of pocket expense if you were ever to file a physical damage claim on your vehicle. For example, let’s say you had an accident that caused $2000 worth of damage. If you have a $500 deductible, your insurance policy would pay out $1500 ($2000 of damage minus the $500 deductible). And likewise, if you have a $1000 deductible with $2000 in damage, that would pay out $1000.
Whether you buy your vehicle in full or finance it through a car loan makes a difference with auto insurance. Of course, if you pay for it in full, you’re free to choose whatever coverages you like. But if you finance it through a bank, finance company, or buy here pay here, they’re going to require that you carry comprehensive and collision coverage on that vehicle until you pay your loan off. They will also want to be added as a Lienholder to your policy. And here’s an important part to understand, some banks will let you to go as high as $1000 deductibles on both comprehensive and collision coverage. But there are others which will not allow you to go any higher than $500 deductible. So if you want to go with $1000 deductibles to save some money, make sure it’s ok through your finance company. Make sure they’re cool with that because if not, you’re going to have to go back and redo your policy.
This is for people who are buying brand-new cars or cars that are nearly brand-new. Your auto insurance company should offer you either GAP insurance coverage, or insure the vehicle with what’s known as Total Loss Coverage. Both of them are similar. They apply if you were to total your vehicle. They will pay up to a certain percentage higher than what your vehicle is worth. And this is really important because it helps prevent you from going underwater on a car loan. And by underwater, that simply means that your vehicle is not worth as much as you owe on the car. Either coverage, GAP or Total Loss Coverage is very inexpensive. And I highly recommend you take it out if your vehicle is new enough to qualify.
And finally, this is very important. Make sure you get an auto insurance quote before you buy your vehicle. Don’t make the mistake of buying a vehicle without knowing what the price on insurance is going to be. Some people do that and they end up having a higher insurance premium than what their car payments are. And they find out that they’ve bought a car that they really can’t afford. And this is especially true with young drivers and/or people with bad driving records. It only takes a few minutes to get an auto insurance quote. So make sure you know what you’re getting into before you buy the vehicle.
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’ll get back to you with prices. Or if you would just rather get a quote over the phone, I’ve also posted my phone number. Thank you for watching and have a great day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..