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    Personal Insurance Blog

    Comprehensive Insurance Coverage

    Posted by Gordon Atlantic Insurance

    Fri, Feb 03, 2017 @ 11:28 AM

    Understand your auto insurance options to cover your vehicle with Andrew Gordon Inc

    Many people don’t know the difference between ‘Collision Insurance’ and ‘Comprehensive Insurance.’ So we’ll give you the basics.

    Collision Insurance

    Collision insurance covers the damage done to your vehicle if you are in an accident, whether you are at fault or not. However when not at fault, some people choose to settle the whole thing through the insurance of whoever IS at fault, meaning that they don’t have to go through their carrier.

    We recommend that you do go through your carrier, even if you are not at fault, for 2 reasons;

    1. If you are not at fault, you generally pay no deductible (an insurance deductible is the amount of money you pay towards repairs before your insurance kicks in; the higher deductible you’re willing to pay, the lower the cost of your policy will be).  So you don’t pay for the repairs to your car if you are not at fault; even if you go through your insurance provider. Ultimately, at the end of the day, your insurance provider is going to be giving the bill to the other company; you just get to deal with the people you know throughout the process.
    2. As a paying customer, you have much more leverage with your insurance company than with the insurance company of whoever hit you.

    Collision insurance is not required by law.  But if you owe money on your car or truck, the bank is going to require it.

    Comprehensive Insurance

    Comprehensive insurance is similar to collision insurance, but it offers protection from damage caused to your vehicle by unknown losses, including any ‘act of God.’  It is also known in some states simply as “other than collision” coverage.

    So let’s say someone breaks into your car, or steals it while you left it parked; these are covered through your comprehensive coverage. Collision with an animal such as a deer or moose are included too, but as always, be sure to check with your agent on the details of your policy to know where your coverage begins and ends.

    Comprehensive also generally covers flood, hurricane, fire, and other damage caused by ‘acts of God.’ Like collision insurance, comprehensive coverage will pay for repair or replacement, up to the fair market value of your car.

    Learn more about auto insurance here.

      INSURANCE QUESTION?  

    Corbin Foucart

    Tags: auto, insurance, coverage, ma, collision, comprehensive

    Mac or PC?

    Posted by Gordon Atlantic Staff

    Thu, Nov 22, 2012 @ 06:00 PM

    The timeless question mac vs pc answered by andrew gordon inc insurance norwell maIt’s almost the holiday season and that can mean only one thing- presents. With high school seniors eagerly waiting acceptance letters and college kids returning for the break, technology is going to be a "must-have." Students flock to Best Buy, the Apple Store, and the internet for the best deal on the best computer. Many people choose different sides of the argument as if they are picking team Jacob or Edward (ok, maybe it’s more like Coke vs. Pepsi). You’re either a Mac or a PC person (remember that ad a few years back?) So, what’s the big fuss about?

    PC (Windows)

    Windows operating systems have been a staple in home and business computers for decades. No one can deny the plentitude of options and variations allows for a custom computer how you want it. Most programs and institutions have their base in PCs, meaning if you have one, you’re probably already compatible. The operating system for Windows is not the issue. Windows 7 is a fine tool and excellent to work with. Now with the launch of Windows 8, there are more options for everyone. However, the most common problem for PCs are the hardware. Dell, Acer, Lenovo, etc. all make the computers that run windows, and most of the problems come with design flaws and issues within these machines.

    Decide mac or pc for your personal insurance with andrew gordon inc norwell ma

    Mac

    Don’t go based on looks. These computers perform very well at a lot of tasks. Options and configurations aren’t as plentiful as the PC counterpart; however, the two have been coming together in the compatible programs and documents department. No doubt, technology is moving to the cloud. Apple utilizes this feature and has made their products integrated with the web base storage and sharing options. Not to mention the ease of use that is associated with Macs. Apple utilizes a vertical integration business model; meaning they own or operate all aspects of the computer build process, meaning if there is a problem, Apple can be held responsible to fix the issue. A major advantage of Mac computers is they can run a windows operating system like Windows at the same time as OS X, so you can literally get the best of both worlds.

    For more on the great debate: visit Intel’s, APC's, Popular Mechanic's, and Apple's pitch for the products. I use both PCs and Macs frequently; my personal preference is Mac for the reliability, speed, and overall appeal.

    Know mac or pc for your personal with andrew gordon inc insurance norwell maInsurance aspect

    There are pros and cons to both models of computer, and inherent risks to owning one. Computers are an investment, no matter which way you roll. Protect your investment and make sure that your new laptop is covered under the parent’s homeowner personal property coverage on the homeowner policy or sometimes there is a computer or electronics endorsement. If the student resides in an off-campus apartment, they may need to buy a renter’s policy as most insurers do not extend coverage to a rented apt from the parent policy. Take photographs and save the receipt of purchase in a safe place.

    Other protection

    See our previous blog about preventing theft in college for a comprehensive list of crime deterrent tips. What about those pictures from last year’s vacation and your sister’s wedding? Back up your files on an external hard drive, or send it to the cloud where even fire, flood, and theft can’t access it.

    Which one?

    So which one are you, blog reader? Are you subscribing to us on a Mac or a PC? Leave a comment below with your opinion.

    Learn about personal insurance here.

      INSURANCE QUESTION?

    Tags: theft, work, computer, insurance, fire, apple, coverage, homeowners, Flood, mac, pc, college, macbook pro, intel, windows, microsoft, personal computer, laptop, tablet, notebook, comprehensive

    Insurance for Investment Properties – DP3 vs. HO3

    Posted by Val Feeney

    Wed, Jan 18, 2012 @ 05:19 PM

    houseInvestment properties are purchased by individuals to make a profit.  That profit is usually realized 5, 10, 15, or 30 years after the purchase date depending on how the financing has been setup.  During this ownership period, the property needs to be adequately insured against fire and other destruction.   Obtaining a comprehensive insurance policy will allow an owner to rent out his or her investment properties with confidence.  It’s “sleep easy at night” coverage. 

    If the property is a multi family (2-4 family) and you, as the owner, live in one of the units, then you can use the tried, true, and tested HO-3 homeowners policy (with a few tweaks) to cover the entire building, its contents, and your liability exposure. 

    However, if you, as the owner, do not live at the property, you will need the proper Dwelling & Fire Policy to cover the building properly.  The most popular of the policies is the DP-3. 

    The DP-3 is an “open Peril” policy that covers losses to the home’s structure, loss of use or rental coverage, and personal liability.   

    If the multi-family owner has an HO-3 on the property and lives elsewhere, they will NOT be covered for any losses by the insurance company.  This is considered a material misrepresentation of facts.  Most rental properties that are not owner-occupied must be insured under a DP-3. 

    Here is a comparison:

    Homeowners’ Policy

    (HO-3)

     Dwelling & Fire Policy

    (DP-3)

    The HO-3 has been the most common homeowner’s policy for 60 years and is adequate for the majority of homeowners and their insurance needs. 

    The DP-3 is for rental properties that the owner does not occupy. It only covers the basics of the house.

    Coverage A. Dwelling. The amount of money your policy will pay to rebuild your home if it is destroyed.

    Coverage A. Dwelling. The amount of money your policy will pay to rebuild your home if it is destroyed.

    Coverage B. Other Structures. The amount of money your policy will pay to rebuild other structures on your property such as sheds & patios.

     

    Coverage C. Personal Property. The amount you have to replace all of your “stuff” in the event of a loss.

     

    Coverage D. Loss of Use.  The funds you will have to rent another place while your damaged home is fixed or rebuilt.

    Coverage D. Loss of Use or Fair Rental Value.  The funds you will have for the tenants to rent another place or stay at a hotel while your damaged house is fixed or rebuilt.

    Personal Property Replacement Cost.  Ensures you get the full price to fix or replace any lost personal items in a total loss.

     

    Coverage E. Personal Liability. In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 Million is coverage.

    Coverage E. Personal Liability. In the event that you become a defendant in a lawsuit, the insurance company will provide up to $1 Million is coverage. Especially important for rental properties.  Not all DP-3 policies offer Personal Liability and the insured may have to get a separate Liability Policy for this protection.  

    Coverage E. Medical Payments to Others. If someone falls and is injured on your property, the medical payments will be covered up to this amount.

    NOTE: If the insured owns a primary home and has personal liability on that homeowner’s policy, he/she can extend the liability to cover the rental (multi-family) property.

    Optional Coverages & Endorsements.  There are many additional coverage items you can add to your HO-3 such as sewer backup, personal jewelry, identity fraud coverage, business pursuits, etc. 

     
      Investment Properties &  Insurance eBook  

    Val Feeney

    Tags: policy, insurance, fire, DP3, HO-3 vs DP-3, financing, open peril, investment, destruction, homeowners, rental, properties, multi-family, HO-3, ho3, DP-3, HO3 vs DP3, comprehensive

    Understanding Your Auto Insurance Policy

    Posted by Val Feeney

    Thu, Dec 01, 2011 @ 04:17 PM

     A Breakdown of Each Coverage on Your Policy

    Chances are if you look at your Massachusetts auto policy and don’t understand what the coverage amounts mean, you are not alone.  However, you should familiarize yourself with your coverage so you can determine if you have enough financial protection.  So get out your policy and follow along as I describe what each coverage means below.

    Understand your auto insurance options to cover your vehicle with Andrew Gordon Inc Norwell MAPart 1. Bodily Injury to Others. 

    This pays for medical expenses and other damages to anyone injured or killed by your car.  This required amount is $20,000 per person and $40,000 per accident (max).  Meaning, the total amount paid out to the people you hit is $40,000 combined ($20,000 for 1 person, $10,000 for 2 other people, or $10,000 for 4 people, etc).  This only covers accidents in Massachusetts.

    Part 2. Personal Injury Protection (PIP).

    Pays up to $8,000 in medical expenses for you or anyone who is driving your car (legally) during an accident.  It also covers any passengers or pedestrians for medical expenses once the individual’s own health care expenses reach $2,000.   

    Part 3. Bodily Injury Caused by an Uninsured Auto.

    Protects the driver and passengers (unless covered by their own auto policy) against medical expenses caused by an uninsured or unidentified driver.  This covers any “hit & run.”  The minimum limit required is $20,000 per person and $40,000 per accident.  Recommended Amount: $100,000/$300,000

    Part 4. Damage to Someone Else’s Property. 

    This amount pays for damage you cause to another person’s property such as an automobile or building.  The minimum limit is $5,000.  Recommended Amount: $100,000

    Part 5. Optional Bodily Injury to Others.

    This optional amount is added onto the Part 1 minimum of 20K/40K to extend your liability against injury to others.  This coverage also protects you against damages suffered by guests in your car during the accident.  This covers accidents in the entire United States and Canada.  Chances are, if you get into a serious accident, you will owe more than $20,000 per person and $40,000 total, leaving you on the hook for the difference.  Recommended Amount: $250,000/$500,000 or $100,000/$300,000

    Part 6. Medical Payments. 

    Medical expenses for you and your passengers over and above the amounts covered by Part 2, no matter who is at fault in the accident.  Recommended Amount: $5,000

    Protect your automobile from a car accident by driving safely and understand your auto ins policy with Gordon Insurance Norwell MAPart 7. Collision.

    Collision coverage pays for the damages to your car when involved in an accident, regardless of fault.  You may need to pay the deductible. Recommended Amount: $500

    Selecting Your Deductible.

     The deductible set under Part 7 and Part 9 is your choice.  The standard deductible is $500.  You can save on your premium by selecting a $1,000 deductible.  This is the amount you will have to pay in the event of an accident which is your fault or if the other driver is unidentified (“hit & run”).

    Waiver of Deductible. 

    Having a “Waiver of deductible” means that you will not need to pay the deductible if the accident is caused by another driver that is identified. 

    Part 8. Limited Collision.  

    This coverage is for people who do not wish to carry full Collision coverage, Part 7, but still want to be covered if they are hit by an identified driver who was at fault.  If you are at fault, you will not be covered.  Recommended Amount: Get full Part 7 Collision

    Part 9. Comprehensive.  

    Pays for damage to your vehicle resulting from non-collision events such as theft, fire, striking an animal, or falling tree damage.  You will be responsible for the deductible.  Recommended Amount: $500

    Part 10. Substitute Transportation. 

    Reimbursement for a car rental or transportation while your vehicle is being repaired (after a breakdown or accident).  You will receive a daily stipend and total stipend that cannot be exceeded.  Options are $15 a day up to $450 (30/900. 45/1350. 1000/3000).  Recommended Amount: 15/450 if you have AAA.  30/900 if you do not have AAA. 

    Part 11. Towing and Labor.  

    Pays up to a certain amount to get your car towed from the accident/breakdown scene or fixed at the scene (parts not included) so it runs again.  Options are $50, $100, $150.  Recommended Amount: $100

    Part 12. Bodily Injury Caused by an Underinsured Auto.

    Protects the driver and passengers (unless covered by their own auto policy) against medical expenses caused by an underinsured driver.  The accident must be caused by someone without enough bodily injury coverages (Part 1 & Part 5). Recommended Amount: $100,000/$300,000

    If you do not have any of the recommended coverage amounts above, you are putting yourself at financial risk every time you get behind the wheel.  It may be time to have your policy quoted with the proper amounts.  Send us a copy of your policy today, and we will quote it with several different carriers, ensuring you get the best product at the best price.  Go to our website www.agordon.com for more insurance resources. Learn more about your auto insurance options here.

    Read another staff member's article Property Damage for Auto Insurance: Should I Increase My Limit?

      INSURANCE QUESTION?  

    Val Feeney

    Tags: auto, policy, insurance, coverage, accident, massachusetts, car, crash, collision, comprehensive, deductible, medical expenses, bodily injury, property damage, transportation, uninsured

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