Transcription: Slide 1: Hello! I'm Dan Lyles with Lyles Insurance. And in this video, we're going to go over what you need to know before you buy boat insurance. Slide 2: It's important to understand that not all boat insurance policies are alike. Some are good, some are very lousy. And some things you need to watch out for include crazy policy restrictions. And I've included some examples here where some policies won't even cover your boat while it's moored at a marina, or cover you while you're participating in things such as fishing tournaments, regattas or poker runs. Are you kidding me? That's the reason we buy boats in the first place. What good is boat insurance if they're not going to cover you during those events? And also watch out for crazy mileage restrictions. Make sure you're covered wherever you're planning on taking your boat. And also remember that some companies don't offer all the same coverages that a good boat insurance policy does. And I'm going to get into that more here in just a little bit. And also keep in mind that the difference in premium between a good policy and a bad one is, you'd be amazed sometimes very close to one another, like pennies on the dollar. So it's always worth it to spend a couple extra bucks just to get much better coverage. Slide 3: I can't stress this enough, but please! Do yourself a favor, and do not buy boat insurance directly online from an insurance company. When you do this, you leave the agent out of it. And it's very hard, if not impossible to tell a good policy from a bad one that way. In fact, many companies won't even let you see the terms until after you've paid for the policy. What good does that do? You need an agent who can review coverage on a policy before you buy it. Slide 4: There are two major types of boat insurance policies. This is where they kind of fall into two categories. Number one, exclusive standalone boat insurance, meaning, it's not attached to anything. It's just boat insurance. This is usually where you find the best type of boat insurance coverage. The second is boat insurance that is attached to a homeowner's insurance policy. A lot of homeowners do this when they buy a boat. They just simply attach it onto their homeowners insurance policy because it's simple and easy. However, you got to watch out with that because not all homeowners insurance policies cover boats the way a standalone policy usually does. Sometimes, it only offers minimal types of coverage, plus some have those crazy policy restrictions I mentioned earlier. Slide 5: I quickly want to go over the five basic parts of a boat insurance policy. These are the basic meat and potatoes parts of your policy. Any good boat insurance policy should offer at least all five of these. Number one is liability coverage. That's if you're at fault in a boating accident and you caused damage or injury to others. It pays the other guy. Number two is uninsured and under-insured motorist coverage. That's if another boater hits you, and they either don't have liability coverage, or don't have enough liability coverage to cover all the injuries they caused. That's when this part kicks in. Number three is medical payments coverage. That's for injuries from a boating accident for you or your passengers regardless of who would be at fault. And number four and five kind of go together. Comprehensive and Collision Coverage. They’re the actual physical damage coverage on your boat. And I like to learn it backwards. A collision will cover you for any boating accident. Comprehensive coverage will cover your boat for anything else. Slide 6: Here are some other secondary coverages that you'll find only on a good boat insurance policy, usually only on the stand-alone policies. Number one is contents and accessories coverage. That covers you for things such as fishing equipment, navigation equipment, stereo equipment, things like that. You'll normally be offered this for free up to a certain amount, and then have an option of purchasing more coverage if you need to. Number two is trailer coverage. The trailers you use to haul your boat with… The coverage on them are very inexpensive and worth looking into. Number three is personal property coverage. This is things such as life jackets or life vests, flotation devices, skis, inner tubes, wake boards, things like that. Number four, total loss or gap coverage. This only applies to brand new or nearly brand new boats. But it's excellent coverage to have if you have a newer boat, especially if you're financing it. And finally number five, roadside assistance and towing. There, I can't give you a thumbs up or thumbs down because each policy is so different from the next. You just got to read what is actually covered, see what the price is, and decide for yourself whether or not you think it's worth having. Slide 7: Finally, let me give you a quick tip about helping you find the best rate. One thing you do not want to do is shop one company at a time because that's very time inefficient. You're much better going through an independent insurance agent who can quote you with multiple companies at once. And let the agent do the shopping around for you. Plus they'll be able to answer your questions of some of the things I've mentioned earlier about the quality of your policy. You won't get that if you're shopping online or calling directly to a customer service rep. So I hope this has helped you understand the basics of buying a boat insurance policy. Thanks and have a great day! Link from video: Boat Insurance Page Related Blog Articles: Video: 10 Additional Coverages offered on a good Boat Insurance Policy
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Get a Virginia FR44 Auto Insurance Quote with Lyles Insurance Get a Virginia FR44 Named Operator Quote with Lyles Insurance Call me for a Quote Transcription – FR44 Slide 1 : Hello! I'm Dan Lyles with Lyles Insurance. And in this video, I'm going to help you in understanding Virginia FR44 auto insurance filings. We're going to go over what an FR44 filing is. The type of auto insurance policy you need to attach it to. And also, I'll give you some pointers about how to find the best rate. Slide 2: First of all, what is an FR44 filing? You probably haven't seen too much about it because Virginia's only one of two states that have FR44’s. But an FR44 is not auto insurance. It simply attaches onto an auto insurance policy. And what that filing does. It's a guarantee to the Virginia state DMB that you're carrying at least double the state minimum in auto insurance liability coverage, which is 50/100/40. So if you need an FR44 filing, you're going to have to choose a liability level of coverage at least that high. Slide 3: When it comes to Fr44 filings, there's good news and bad news. Here's the good things it does for you. Once you take out an auto insurance policy with an FR44 attached, the company will notify the Virginia DMV electronically that you've taken out an auto insurance policy that contains at least double the state minimum liability limits. Once the DMV processes your FR44, your license will then be reinstated (assuming you've paid all your fines and met other reinstatement requirements that you may have had). Slide 4: But now, here's the bad news about an FR44 filing. It acts as what I call a “tattletale”. That's the easiest way to understand it. Once your policy is no longer active, the auto insurance company is required by law to notify the Virginia DMV that your policy has either lapsed, cancelled or expired. Once this happens, your license gets suspended again until you reinstate your old policy, or start a new one with another FR44 attached. Slide 5: Now this is the part that's really important about how to set up your policy. And it's very simple. If you own a vehicle or have a vehicle registered in your name, you need to attach your FR44 filing on to a regular auto insurance policy. Now, for those of you who are trying to get your license back but don't yet own a vehicle, what you'll need to do is take out what's called a Named Operator's auto insurance policy. It's also known as a non owners policy. Either one will attach an FR44 filing and get your license back. Slide 6: Finally, let me give you a quick pointer about how to find the lowest rate regarding FR44 filings. When it comes to FR44’s, you're going to find that auto insurance companies tend to fall into one of three categories. Number one, they don't write FR44 filings at all. Number two, they will write FR44 filings, but they charge you an arm and a leg for it. Or the third category, which is what you're looking for, is the companies that tend to go easy on FR44’s and drivers who have dings on their driving record. The most efficient way to find this is to quote with an independent agent that specializes in high-risk auto insurance. That way you can get quotes with multiple companies at once instead of quoting with just one company at a time. So I hope you've learned what you need to know about the basic understanding of an FR44 filing. Thanks and have a great day! Link from video: SR22, FR44 Insurance Page Related Blog Articles: Video: Virginia FR44 Auto Insurance FAQ's Transcription: Hello! I’m Dan Lyles with Lyles Insurance. And in this video, we’re going to go over 8 common auto insurance tv advertising pitches, and more importantly, I’ll go over the details that the commercials don’t tell you. It’s not that these sales pitches are false. It’s just that they don’t tell you the whole story. 1. “Cut rate auto insurance won't cover this”. You see plenty of these commercials where vehicles get damaged in these crazy freak accidents. The spokesperson loves to mention how cut-rate auto insurance wouldn't cover your vehicle for such a freak accident. But here’s what they don’t tell you: What he's referring to regarding cut-rate auto insurance simply refers to the level of coverage you have selected. In particular, Comprehensive and Collision coverage. However, these commercials seem to imply that “cut-rate auto insurance” has more to do with the quality of an auto insurance company. But the fact is, it has to do with the coverage you select, not the company. Comprehensive and Collision coverages are both optional. No matter which auto insurance company you decide to go with, you make the decision of whether or not to add those coverages on your vehicle. So it's not a situation of where one company can offer you better coverage than anyone else can as the commercial implies. 2. “15 minutes could save you 15% on your auto insurance”. It is recommended that you should shop around for better auto insurance rates at least once every two years. But very few drivers do so. So as the pitch says, “15 minutes could save you up to 15% on your auto insurance”, it is very possible that this is true. But here’s what they don't tell you: The same would be true with any auto insurance company you shop around with. Not just the company pitching the commercial. So why just shop one around one company at a time? It’s not time efficient. 3. Get an “Anonymous” auto insurance quote. I can see where this ad is very attractive to people. Because people are sometimes really hesitant about giving personal information online. But here’s what they don’t tell you: “Anonymous” quotes are almost NEVER accurate! 92% of auto insurance companies use credit at least to some degree as a rating factor. And so if they don’t know who you are, there is no way they can accurately gage your credit score. And therefore your quote’s going to be off. If you’re not giving your real information, then you’re not going to get an accurate quote. And you’re wasting your time. 4. Accident forgiveness. Accident forgiveness is actually a good thing to have on your policy. But here’s what they don't tell you: There are plenty of auto insurance companies who will offer accident forgiveness, not just the companies you're seeing the TV ads for. And also, your driving record has to be completely clean besides the accident. After that, if you get even one minor violation, they will nail you on it! And you’ll find out they’re not as forgiving as they claim to be. 5. Disappearing deductibles. Deductibles are your out-of-pocket expense for those of you who carry Comprehensive and Collision coverage on your policy. And some companies will offer “Disappearing Deductibles”, in which you pay a little extra each month, and your deductible will decrease by a certain percentage each time you complete a policy period without filing a claim. Until eventually, you get down to a zero deductible. But here’s what they don't tell you: If you do the math, you’re probably better off selecting a lower deductible to begin with. Now there may be an exception if you have a high deductible, such as a thousand dollars or more. But in most cases, disappearing deductibles really isn’t worth the extra premium. 6. Discount double-check It's always a good idea to occasionally review your policy to see if you qualify for any more discounts that you're not currently getting. But here’s what they don’t tell you: You can do this with just about any auto insurance company. I don’t know any auto insurance company that you couldn’t do that with. So really, discount double-check is more of a marketing buzzword than anything else. 7. New car replacement coverage. This refers to brand-new vehicles or nearly brand-new vehicles. If you select new car replacement coverage, you will be paid more than simply the market value if you happen to total your new car. This is great coverage to have for a new vehicle. In fact, it prevents you from going underwater on a car loan should you total a new vehicle. But here’s what they don’t tell you: Most auto insurance companies have this coverage offered anyways for newer cars. Some may call it gap insurance, other companies call it total loss replacement coverage. But they all mean about the same thing. 8. “Save up to $789 per year on your auto insurance by switching to ______ “. It’s possible to save that much in some rare cases (and sometimes even more). But here’s what they don’t tell you: Much like I just picked that 789 figure at random, many auto insurance companies are simply pulling those figures out of their ass! They know very well that only a very small percentage of drivers will ever come close to seeing that much savings. They use those padded savings numbers just to reel you in, hoping they can beat your current rate by $10-20 a month or so. Also, the ad calls for you to shop one auto insurance company at a time. That is a very time consuming and inefficient way for you to shop for auto insurance. You’re much more likely finding your best rate through an independent agent who can quote you with multiple companies at once. Summary: So there you have it! You probably noticed a common theme with many of these sales pitches, in that the auto insurance companies seem to imply that their company is the only one who offers such a benefit or a discount or whatever. And a lot of those same companies, they like to use star athletes, actors, cute little animals. Just understand that it's all a game of marketing. That's all it is. I hope you learned something from this. Thanks, and have a great day! Link from video: Auto Insurance Page Related Blog Articles: Video: Understanding the Auto Insurance Expiration/Renewal Process Video: How Auto Insurance Companies Differ in Calculating Rates Video: Key Auto Insurance points to know when buying a car Transcription: Slide 1: Hello! I'm Dan Lyles with Lyle's Insurance. And in this video, we're going to go over the basics of a snowmobile insurance policy. Slide 2: There are five major parts to snowmobile insurance, and they're the same five components as what you would see in an auto insurance policy. They are liability coverage, uninsured and under-insured motorist coverage, medical payments coverage, comprehensive coverage, and collision coverage. We're going to go over each one. Slide 3: Liability coverage is required on nearly every snowmobile insurance policy, plus many states require liability coverage on snowmobiles. This applies when you're at fault in an accident and caused injuries and/or property damage to others. So in other words, liability coverage pays the “other guy”. Slide 4: Uninsured and Under-insured Motorist coverage applies when another driver hits you, and they are at fault, and they either do not have liability coverage like they're supposed to be carrying, or they don't have enough liability coverage to cover all of your injuries or property damage. That's where either one of those kick in. Slide 5: For medical coverage, different states use different terms. Some states call it medical payments Coverage. Some states call it medical benefits coverage. And other states call it personal injury protection. Just remember they all mean about the same thing. They cover you and your passenger for injuries in an accident regardless of who was at fault. Slide 6: The last two parts of a snowmobile insurance policy kind of go together. Comprehensive and Collision coverage, you hear many people refer to having both as having “full coverage”. I personally don't like that term because it's misleading. But when you hear somebody say they have full coverage, what they mean is they have both comprehensive and collision coverage on their policy. They’re the actual parts that make up the physical damage coverage on your snowmobile. And the best way to learn it is to remember it backwards. Collision coverage pays for damage when you're in an accident. Comprehensive covers everything else. Examples of comprehensive: theft, fire, vandalism, weather damage, hitting a deer, things like that. Slide 7: If you choose to take out comprehensive and collision coverage on your snowmobile, it's important that you understand how deductibles work. Deductibles are your out-of-pocket expense if you ever have to file a comprehensive or collision claim. And the way it works is, it pays for damages up to the value of your snowmobile minus whatever deductible you took out. So for example, let's say you have a claim that's two thousand dollars worth of damage, and you have a five hundred dollar deductible. Your claim is going to pay out fifteen hundred, the difference. And so deductibles have an inverse relationship with price. Meaning the lower deductible the higher the premium, and vice versa. Slide 8: Finally, here's a quick tip about helping you find the best snowmobile insurance rate. It's going to be very time consuming if you try to get a quote one company at a time. What I would suggest is to go through an independent agent who has multiple snowmobile insurance companies. That way, you can get several prices at once. This is the most efficient way and probably your most likely way to find the best rate. I hope this video has taught you what you need to know about the basics of snowmobile insurance. Thanks and have a great day! Link from video: Snowmobile Insurance Page Transcription: Slide 1: Hello! I'm Dan Lyles with Lyle's Insurance. And in this video, we're going to go over the basics of a motorcycle insurance policy. Slide 2: There are five major parts to motorcycle insurance, and they're the same five components as what you would see in an auto insurance policy. They are liability coverage, uninsured and under-insured motorist coverage, medical payments coverage, comprehensive coverage, and collision coverage. We're going to go over each one. Slide 3: Liability coverage is required on all policies in all states. It applies when you're at fault in an accident and caused injuries and/or property damage to others. So in other words, this coverage pays “the other guy”. Slide 4: Uninsured and Under-insured motorist coverage applies when another driver hits you. And they are at fault. And they either do not have liability coverage like they're supposed to be carrying, or they don't have enough liability coverage to cover all of your injuries or property damage. That's where either one of those kick in. Slide 5: For medical coverage, different states use different terms. Some states call it medical payments coverage. Some states call it medical benefits coverage. And other states call it personal injury protection. Just remember that they all mean about the same thing. They cover you and your passenger for injuries in an accident regardless of who was at fault. Slide 6: The last two parts of a motorcycle insurance policy kind of go together. Comprehensive and Collision coverage, you hear many people refer to having both as having “full coverage”. I personally don't like that term because it's misleading. But when you hear somebody say they have full coverage, what they mean is they have both comprehensive and collision coverage on their policy. They’re the actual parts that make up the physical damage coverage on your motorcycle. And the best way to learn it is to remember it backwards. Collision coverage pays for damage when you're in an accident. Comprehensive covers everything else. Examples of comprehensive: theft, fire, vandalism, weather damage, hitting a deer, things like that. Slide 7: If you choose to take out comprehensive and collision coverage on your motorcycle, it's important that you understand how deductibles work. Deductibles are your out-of-pocket expense if you ever have to file a comprehensive or collision claim. And the way it works is, it pays for damages up to the value of your motorcycle minus whatever deductible you took out. So for example, let's say you have a claim that's two thousand dollars worth of damage, and you have a five hundred dollar deductible. Your claim is going to pay out fifteen hundred, the difference. And so deductibles have an inverse relationship with price. Meaning the lower deductible the higher the premium, and vice versa. Slide 8: Finally, here's a quick tip about helping you find the best motorcycle insurance rate. It's going to be very time consuming if you try to get a quote one company at a time. What I would suggest is to go through an independent agent who has multiple motorcycle insurance companies. That way, you can get several prices at once. This is the most efficient way and probably your most likely way to find the best rate. I hope this video has taught you what you need to know about the basics of motorcycle insurance. Thanks and have a great day! Link from video: Motorcycle Insurance Page Get a Golf Cart Insurance Quote with Lyles Insurance
Call me for a quote Transcription: Slide 1: Hello! I’m Dan Lyles with Lyles Insurance. And in this video, we're going to go over the basics of a golf cart insurance policy. Slide 2: There are two primary ways to insure a golf cart. The first way is to insure a golf cart all by itself in an exclusive standalone golf cart insurance policy. And as you will find out on this video, this is a much better idea than the second option, which is insuring a golf cart onto your homeowners policy. Slide 3: Now I want to go over some of the reasons why attaching your golf cart to a homeowners insurance policy is a bad idea. The most important one being the unreasonable coverage restrictions that some of those policies have. That's not to say that all of them are lousy, but quite a few have some really silly restrictions on them. For example, some policies won't cover your golf cart off of your property, some won't cover your golf cart as you're crossing a country road or a rural highway or whatever, and some won't even cover you when you're playing golf on a golf course. Now obviously those type of activities are why people buy golf carts in the first place. So look out for those crazy coverage restrictions. You'll never see anything like that on a standalone golf cart insurance policy. And finally, standalone golf cart insurance offers both higher levels of coverage, and some different coverages that aren't offered on an attached homeowners policy. We're going to get into that in just a minute. Slide 4: For the most part, golf cart insurance has a broad range of acceptance. However there are certain types of golf carts that cannot be insured under a personal golf cart insurance policy. Number one, a golf cart can not go over 20 miles an hour. Now there are a few companies who will stretch that out to 25, but most companies set the limit at 20 miles an hour. Number two, your engine can't be modified or souped-up in any way. And of course with any personal policy, you can’t be using this golf cart for commercial or business purposes, including renting or leasing to others. You need commercial insurance to do that. Slide 5: Here’s some other benefits as to why stand-alone golf cart insurance policies are better than attached golf cart insurance policies… Number one, they offer higher levels of coverage. Number two, for those of you who like to put accessories onto your golf cart, you’ll get free accessory coverage up to a certain amount with an option to purchase more if you want to. Number three, there is medical and uninsured motorist coverage offered. You won't see these very often on an attached policy. And believe it or not, people do get hurt while operating golf carts. And finally, more than a half of golf carts get transported with a trailer. You can also add coverage on the trailer with a standalone policy. Slide 6: It's important to quickly cover an issue regarding golf carts that are licensed for Road use. There are some small towns who are passing local laws that make it legal for you to register your golf cart as a street-legal vehicle, meaning you'd get a license plate just like a regular automobile. There's where an issue comes in regarding your personal golf cart insurance policy. With most standalone companies, there is coverage when you cross on roadways, and that is okay. But understand that if you go as far as to actually register your golf cart to where it's licensed for road use, your companies become limited. Not very many companies will insure a golf cart that's licensed for Road use. However there are a few, in fact I have a couple. But you're going to find out your choices become limited once you switch over to an actual registration on your golf cart. Slide 7: When you compare the prices between a stand-alone policy versus an attached policy, you'll find that the prices are pretty much about the same. They're both very inexpensive compared to other types of recreational vehicles. The difference between the two is the added value that a standalone Golf Cart insurance policy brings we've already covered these but quickly I'll go over it again, more coverage flexibility, higher levels of coverage, and more types of coverage added. Slide 8: Where’s the best place to look for golf cart insurance? What I suggest you do is go to an independent insurance agent who has more than one golf cart insurance company. That way it's more time efficient. And that you get multiple quotes at once, instead of having to shop around one company at a time. So, I hope this video has taught you what you need to know about shopping for golf cart insurance. Thanks and have a great day! Link from video: Golf Cart Insurance Page Related Blog Articles: Video: Tips for buying Golf Cart Insurance Transcription Slide 1: Hello! This is Dan Lyles with Lyles Insurance. And in this video we're going to go over a classic car insurance policy. And why classic car insurance is better than just attaching a classic car onto a regular auto insurance policy. Slide 2: As far as qualifying for an exclusive classic car insurance policy, it's very easy. There's only three things: Number one, the vehicle must be at least 25 years old (unless it's an exotic vehicle, they'll make exceptions for those). Number two, it can't be a regular everyday use Vehicle. They do understand you're going to drive a classic car on occasion (parades, car shows, things like that) …. That's fine. What they don't want to see is you using the car every day. And number three, you can't have any serious violations on your driving record. The minor tickets, that's okay. But they don't want to see anything like a reckless op, a DUI, something more serious like that. Slide 3: Now let's go over the reasons why your classic car should be insured under a classic car insurance policy instead of a regular auto insurance policy. Slide 4: One of the biggest advantages of classic car insurance is how they value the vehicles compared to regular auto insurance. With classic car insurance, they use what is called “agreed value” coverage. Which means the coverage amount is stated right on your policy. So if you get in an accident, there's not going to be any surprises. You know exactly how much coverage there is. Whereas with a regular auto insurance policy, they go by what's known as “actual cash value” basis, which simply means the market value of your vehicle. And as you can imagine, some classic cars, it can be very difficult to assess a market value to. That's where regular auto insurance companies can short you on the value. So you got to be careful with that. It's always good to have a classic car insurance coverage because of that agreed value. Slide 5: Another advantage is the zero deductible option. As you know, deductibles are your out-of-pocket expense if you ever have to file a damage claim on your vehicle. Whether it be Comprehensive or Collision. Most auto insurance companies do not offer a zero deductible. They require at least some out-of-pocket expense. Now, there are a few that will, but they charge a lot of premium for it. Whereas on a classic car insurance policy, zero deductibles are pretty much the standard. And it doesn't save you a lot of money to go with a higher deductible. And that's why zero deductible option will save you a lot of money on a classic car insurance policy if you ever have to file a claim. Slide 6: This benefit only applies to drivers who own multiple classic or antique cars. But for those of you, this is a money saver. If you've ever noticed on a regular auto insurance policy, if you've ever had more than one vehicle insured on it, you got a liability premium charge for every vehicle insured on your policy. However with a classic car insurance policy, you only have one liability charge that applies to any car insured on a classic car insurance policy. And again, this is a big money saver. Slide 7: I can't stress this one enough. If you ever have damage done to your classic vehicle, you're going to have a much better claims experience if your vehicle is insured under a classic car insurance policy than a regular auto insurance policy. And there's two reasons for that. Number one, claims adjustors for classic car insurance companies specialize in repairing classic and antique vehicles. So they know exactly what it takes to repair a classic vehicle properly. Versus regular auto insurance claims adjusters, who have little to no experience handling claims involving classic vehicles. The second reason is just the same. Body shops aren't always equipped to repairing classic vehicles. And with classic car insurance, they give you much more flexibility in choosing body shops. Slide 8: And finally, something that's going to surprise you, is how the premium can balance out between classic car insurance versus regular car insurance. Remember that on a classic car insurance policy, they only accept the classic cars that only drive occasionally. And because of the less use, there's less risk, which equals lower premium. And that balances out the fact that there's higher coverage on a classic car policy. So the rates are almost about the same. And in many cases, I've seen where classic car insurance is actually less than regular car insurance, even though it has higher coverage. Slide 9: I hope this video has given you a better understanding of why it's important to insure your classic vehicle with a classic car insurance policy instead of a regular auto insurance policy. Thank you and have a great day! Link from video: Classic Car Insurance Page Get an SR22 Auto Insurance Quote with Lyles Insurance Get an SR22 Named Operator Quote with Lyles Insurance Call me for a Quote Transcription: Slide 1: Hello. This is Dan Lyles with Lyles Insurance. And in this video we're going to talk about SR22 filings. We're going to go over what an SR22 filing is. The type of auto insurance policy you need to attach it with. And also give you some pointers about how to find the best rate. Slide 2: What is an SR22 filing? Well, first let me explain what an SR22 isn’t. An SR22 is not auto insurance. Nor is it any type of bond. It is simply a state filing that attaches onto some type of auto insurance policy. It lets your state BMV know that you're carrying at least state minimum liability auto insurance coverage. Slide 3: An SR22 filing attached onto an auto insurance policy basically does two things: Number one, it lets your BMV know that you have taken out liability auto insurance. And here's the important part. It also lets the BMV know if you ever lapse, cancel or expire on your policy. Slide 4: To better understand how an SR22 works, think of it as a “tattle-tale” clause. That is, when you have a policy that has an SR22 attached to it, if you ever cancel, lapse or expire on your policy, the company is required by law to notify the State DMV. And once that happens, your license gets suspended until you either reinstate your policy, or start a new policy with another SR22 attached. Slide 5: It's very important that you set up your SR22 filing properly. And to do so it is very simple….. If you own a vehicle or have a vehicle registered in your name, you'll want to attach an SR22 onto a regular auto insurance policy……. If you do not own a vehicle, you need to take out what's called a named operator's. It's also known as a non owner's auto insurance policy. And it works just the same as regular auto insurance, as far as your SR22 filing reinstating your license. It's designed for people that need insurance but don't own a car. And also for drivers in the state of Ohio, another option besides the named operator policy is a Financial Responsibility Bond. You can choose either one. The financial responsibility bond is more popular in Ohio because it's cheaper. But either one will be fine as far as getting your license reinstated. Slide 6: Quickly, I want to go over two special types of auto insurance filings, the FR44 and the SR50. These only apply to my customers in Virginia and Indiana. The FR44 is just a Virginia thing only. I believe the only other state that has FR44s is Florida, and of course, I don't sell in Florida. But in Virginia, it works exactly like an SR22 filing does. The only difference is you're required to carry double the state minimum liability auto insurance requirement. In Indiana, no other state has the SR50 besides Indiana And it's no longer used. It's obsolete. It's been replaced now by the SR22 filing. However drivers that were charged before the law changed, they still get grandfathered into the old SR50 requirement. Just remember that an SR22 substitutes just fine for the SR50. In fact, you're much better to do so because most companies no longer write SR50 filings. Slide 7: Another thing that comes up once in a while is out-of-state SR22 filings. This is for drivers that need an SR22 filing in one state, but have since moved to another state. What you need to do is purchase the policy from the state you're currently living in, and find a company that's willing to write out-of-state SR22s for the state that you need it in. Now, I can tell you right now that this is frustrating. It's hard to find companies that will do it, but it is doable because there are companies that will. In fact, I have several of them. For those of you who live in Ohio, Indiana, Michigan, Pennsylvania, West Virginia or Virginia…. I can help you with that. And also, between your former and current states, you have to go with whichever state has a higher level of state minimum auto insurance liability requirement. Slide 8: Finally, let me give you a couple pointers about helping you find the lowest rate. You're going to find out, if you haven't already, that many auto insurance companies won't even write SR22 filings. And there are also some companies who will write SR22’s, but they charge a fortune to do so. So what you need to look for is to find an independent agent that specializes in high-risk auto insurance like myself. The companies that we carry, they go easy on drivers with SR22 requirements, even if they have dings on their driving record. And the good thing about it is efficiency. You get multiple quotes at one time instead of going to each company one at a time, which can take a long time to do. So let the independent agent do the dirty work for you, and do all the shopping around. And you'll find probably your lowest rate that way. I hope this has helped you understand how SR22 filings work. Thanks and have a great day! Link from video: SR22 Auto Insurance Page Transcription: Slide 1: Hello! I'm Dan Lyles with Lyles insurance. And in this video we're going to go over a named operator auto insurance policy, also known as a non owners policy. Slide 2: A named operator policy is simply a special type of auto insurance for drivers who need to carry personal liability auto insurance, but they do not own a vehicle. Slide 3: Why would someone need a named operator policy? Well, there are several reasons. But there's three that are most common. The first being for drivers that's had their license suspended, and they need either an SR22, FR44 or SR50 (filing) to get their license reinstated. A named operator policy can take care of all of those. And the second reason is because many employers require their employees to have liability auto coverage. Well, if you don't own a vehicle then this is your only option. And third, this is kind of what I call a secondary cover-your-ass policy. In other words, if you borrow someone's vehicle, like your friend or neighbor’s…. When you're driving, you're actually insured under their auto insurance policy. But what if they're not carrying auto insurance like they're supposed to? This policy will kick in as a cover-your-ass type of thing. Slide 4: On a named operator policy, there are only three coverages that it offers: Number one being liability coverage, number two being uninsured motorist bodily injury coverage, and the third being medical coverage. That is the only coverages a named operator policy offers. Slide 5: It's also very important to keep in mind what coverages are not offered under a named operator's policy. The main being physical damage coverage on the vehicle you're borrowing. That includes Comprehensive and Collision coverage. So if you're borrowing someone's vehicle, the only way you have coverage on that vehicle is if the person you borrowed it from has Comprehensive and Collision on their regular auto insurance policy. Otherwise, there's no coverage on the vehicle you're driving at all. And also this is important to keep in mind. These policies do not cover you whatsoever if you're driving any vehicle that you own, or a vehicle owned by anyone living in your household. So remember that will not work for you if that's the case. And finally, just like a regular auto insurance policy, this provides no coverage whatsoever for any commercial or business use. The reason employers sometimes ask for it is just because they get discounts on your commercial auto policy. Slide 6: Also, this situation comes up quite often. So it's important to know how to handle it. Let's say that you've already taken out a named operator/ non-owners policy, and then buy a vehicle later on…. The beauty of these policies are that they can easily convert to a regular auto insurance policy in just a matter of a few minutes. All it takes is a call to your agent to make a change. But it's very important that you do this before you drive the vehicle. The reason being is like I mentioned on the last slide named operator policies do not cover vehicles that you own. Slide 7: It can be frustrating sometimes trying to find a named operator policy, or finding one at a reasonable price. What I suggest is that you contact an independent agent, preferably one that deals in high-risk auto insurance. An independent agent will have multiple companies to quote you with. And that will save you the trouble of shopping around for the lowest rate. If you need any help looking for a named operator policy, I'll be glad to help any of you living in the states of Ohio, Indiana, Michigan, Pennsylvania, Virginia or West Virginia. Just give me a call or an email or fill out a quote form, and I'll be happy to run a quote for you. I hope you've learned what you need to learn about a named operator policy. Thanks and have a great day! Link from video: Named Operator Auto Insurance Page Transcription: Slide 1: Hello! I'm Dan Lyles with Lyles Insurance. And in this video we're going to go over the basics of an Ohio Financial Responsibility Bond. Slide 2: We're going to go over what this bond is, and what it covers, and what it doesn't cover. We're also going to go over the similarities and differences between a financial responsibility bond and a regular auto insurance policy. But first, let me just go over something real quick about how a financial responsibility bond is also known as an “SR22 bond”. This is common terminology that you hear every day. Just keep in mind it's a little bit misleading, because a bond can come with or without an SR22 filing attached to it. I'll get into that more later about it, actually what this bond does. But I just wanted to let you know that this is a little misleading to call it an “SR22 bond. Slide 3: A financial responsibility bond is a special type of coverage similar to an auto insurance policy, except for three major things. It only insures a single driver. It never puts any coverage on any vehicle. And it only provides state minimum liability coverage to the insured driver. Ohio is the only state that has these type of bonds. Other states do have what's called a financial responsibility bond, but they are completely different from what this is here. You only find this in the state of Ohio. This bond is intended for drivers who do not own a vehicle, but they need to carry at least state minimum liability auto insurance coverage for whatever reason. Usually that reason is to attach an SR22 filing to either keep their driver’s license valid, or to reinstate a suspended license. Slide 4: The financial responsibility bond is the absolute bare minimum coverage you can have and still drive legally in the state of Ohio. It is intended as secondary coverage, meaning if you borrow someone's car and get into an accident, the owner’s regular auto insurance policy is going to be the primary insurer. And they have to pay the damages. Secondary coverage only kicks in if needed. If there was no primary insurance, or if the primary insurance paid out to its maximum limits, and there's none left. That's the only time secondary coverage kicks in. And also unlike regular auto insurance, the financial responsibility bond never uses credit as a rating factor. 92% of all auto insurance companies use credit at least to some degree. But they do not use credit on a financial responsibility bond. Slide 5: Let me quickly explain how an SR22 filing works. It is something that the Ohio BMV requires some drivers to keep active in order to keep their license valid. It can be attached easily to either a regular auto insurance policy or a financial responsibility bond. You will find that there are a lot of auto insurance companies who will not write SR22 filings. You'll find other auto insurance companies who will write SR22’s, but they charge you a fortune for it. But believe me there are companies that go easy on SR22 filings. An SR22, the best way to think of it, is as a “tattletale”. In other words, if you have a policy that has an SR22 attached, if you ever cancel, lapse or expire on that policy, the insurance company is required by law to tattle on you to the Ohio BMV. And once that happens, your license gets suspended again until you have another active SR22 filing. Slide 6: Let me quickly go over the coverage that a financial responsibility bond pays out in case you were to cause an accident. Since only liability coverage is offered with this bond, it only pays the other guy when you cause an accident. And it only pays the state minimum liability coverage, which in Ohio is 25/50/25. And to break that down and explain how that works, if you cause an accident and injure someone, $25,000 is the maximum this bond will pay any one person for their injuries. And if you injured multiple people, $50,000 is the most it would pay in total for everyone. And it also pays up to $25,000 in property damage. Slide 7: It's important that you understand what a financial responsibility bond doesn't cover, or offer as coverage. First of all, this bond covers no other drivers besides the person named on the bond. And unlike regular auto insurance, a bond does not offer uninsured motorist coverage, medical payments coverage, or comprehensive and collision coverage. (which together is known as physical damage coverage, or “full coverage” on the vehicle you're driving). This is very important to keep in mind. Also, you're not covered on a motorcycle. And just like a regular auto insurance policy, no personal auto policy covers you at all using your vehicle for business and/or commercial use. Slide 8: I quickly want to go over a common problem that I see happening regarding people who own vehicles. And instead of having regular auto insurance, just carry a financial responsibility bond instead. Remember that these bonds are only intended as secondary coverage. Whereas regular auto insurance is primary coverage. If you own a vehicle or have a vehicle registered in your name, you really need regular auto insurance instead of a bond. Slide 9: And one last thing to go over before we close out here. This is an option that applies to drivers who need regular auto insurance, and they also need an SR22 filing. What some people choose to do is have two separate policies, versus just having the SR22 attached to their auto insurance policy. Now, this is okay to do. And there's no problem with doing that. In fact sometimes I recommend it for a small percentage of people. But for about 80 to 90 percent of you, you're going to find it's much cheaper to just carry one policy, the regular auto insurance policy with the SR22 attached on to it, versus having to pay for two separate policies. So, I hope you've got a better understanding now of how financial responsibility bonds work. Thanks and have a great day! Link from video: Ohio Financial Responsibility Bond Page |
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia.. Archives
March 2021
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