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    Personal Insurance Blog

    Insurance Statistics

    Posted by Gordon Atlantic Staff

    Thu, Sep 05, 2013 @ 04:03 PM

    Learn your personal insurance statistics with Andrew g gordon incYou might think the idea of insurance is great, but maybe you don't want to take part in it. Many people suffer from an "invincibility complex" in which they think that certain laws and scenarios don't apply to them. For example, a man who has had a little bit to drink and then goes out driving believes that he can drive just as well when slightly drunk versus when he is completely sober. He doesn't understand his own mortality and believes himself to be free of the possible consequences of driving drunk. He considers himself separate from the statistics and probability laws that apply to everyday life.

    Sorry to burst his bubble, but those laws do apply.

    Statistics is a study related to both mathematics and English; it contains elements from both realms. Statistics is when data is collected, organized, analyzed, interpreted, and presented. While statistics sounds simple enough, many things are considered when doing proper statistics, such as outliers that may affect the data and a proper sample to represent the entire population. From this sample, which is representative of the entire population, people like yourself are included. So whether you're an outlier or smack dab in the middle of the ever-so-famous bellcurve, statistics apply to you. So here are some important ones:

    • 1 in every 3 people will be in a car accident during his/her lifetime
    • There are about 40,000 car accident related deaths per year
    • Motor vehicle crashes are the number one cause of death for teenagers and young adults
    • 1 in every 20 homes with home insurance file a claim each year
    • 1 in every 50 homes with home insurance will file a claim each year for property damage caused by storms
    • Often enough, the state minimum requirements for insurance are not enough when you need to file a claim- by trying to save money you might end up losing it- not a real statistic, but useful information nonetheless (Read our blog on why you might want to consider increasing your limits here)

    Good news though! Massachusetts is the state with the lowest death rate when it comes to car crash fatalities. However, that 0.6% chance is still too high for me, and every driver should always make a conscious effort to drive as safely as possible so we can eventually reach that desired number: 0.0%

    Insurance statistics are not meant to frighten you, just inform you of your likelihood of actually filing a claim and using your insurance. The numbers may seem scary, but with them there should also be a sense of comfort because you have insurance, and we will protect you from loss.

    For more insurance statistics, check out these links:

    If you have any other insurance questions or are interested in us shopping around for you, feel free to contact us. We'll certainly help you out with any of your insurance needs, and we hope you stay safe. Learn more about personal insurance here.


    Tags: insurance, claims, home claims, auto claims, property damage, insurance math, car crash, stats, statistics, probability, likelihood, state minimum damage, fatalities

    Redefining Risk

    Posted by Gordon Atlantic Staff

    Fri, Feb 01, 2013 @ 08:00 AM

    Learn about risk with andrew gordon inc insuranceRisk. Danger. Peril. Hazard. These words certainly do not have the best connotations. In fact, it's next to impossible to use these words to express something positive. After all, risk is a possibility of loss.

    Did you know that every single action you do carries some form of risk? Whether it's walking up the stairs, folding some laundry, or eating a bite of that delicious ice cream sundae (see right), each and every action has some possible form of risk.

    Severity of Risk

    Ok, so the examples above are pretty mild when it comes to risk. If you are an optimist, I encourage you to think of the positives. If you are a pessimist, try not to get too paranoid. But here are several outcomes that can happen when walking up the stairs:

       1. You walk up the stairs safely with no issue.

       2. You stub your toe on the steps. (Ouch!)

       3. You trip and fall up the stairs, embarrassed and slightly injured.

       4. You fall backwards and break something important (like an arm).

    Ok, so we only have four of any number of possible outcomes that can occur while walking up the stairs. While, if you walk up stairs often, the first outcome is the most likely (let's say 99% of the time), you cannot ignore the other 1% of possible outcomes.

    Likelihood of Risk

    So now that you've opened your mind to some of the several possibilities that could happen to you when walking up the stairs, turn your attention to other things, like car accidents and hurricanes.

    If you are a licensed driver, how often do you drive? How good of a driver are you? How long is your commute, what type of roads do you drive on, and what type of drivers drive around you? All these (and more) are essential factors to determine your risk of driving on the road.

    We've all heard the statistics about car accidents, and in recent years storms have gotten a lot worse (Katrina, Sandy, Irene, etc.) causing billions of dollars worth of damage. Has that damage happened to you? No? Will it happen to you? Maybe.

    You can't predict when loss will occur. All you can do is know that you are always at risk. Will you live a risk-free life? The odds say that no, sometime in your life you will most definitely face loss. We don't know when that one (if it's only one) time will be. And depending on your lifestyle, you could be facing multiple instances of loss within a few years. You won't know until it happens.

    Reducing and Redefining Risk

    Here at Andrew G. Gordon, Inc., our job is risk management. We want to reduce the risk of your loss, and we have many ways for you to do so. For starters, we have a wide variety of checklists - (hurricane preparation, homeowner's) of steps for you to follow to reduce your loss. We also post a wide variety of blogs, which include several different safety tips and guides (ranging from pumpkin carving safety to motorcycle safety to skiing safety). For a more interactive experience, we also have our famous whiteboard videos.

    If you subscribe to our blog, watch a video every now and then, or check our website out once in a while, you are reducing your risk by educating yourself. However, to effectively reduce risk, what you learn must be put into action (i.e. actually stopping at a stop sign vs. knowing that you should stop at a stop sign).

    Unfortunately, risk can never be completely eliminated. However, reducing it to the smallest amount possible is by far the best option. By preparing, we redefine risk as something that even if it happens, there is minimal (if any) loss.

    If you have any other questions, feel free to click the button below to contact us directly. Learn more about personal insurance here.

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    Tags: risk, personal, insurance, definition, redefining, prevention, loss, math, statistics, probability

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