The garage insurance form is a specialty form used only for the automotive industry, specifically motor vehicle repair and motor vehicle sales. Because of this, many insurance agents don’t fully understand this policy form. And if the insurance agents are often confused, you can imagine what the business owners in the motor vehicle industry might feel. Here’s a short explanation to help you understand this policy a little bit better.
Garage liability insurance is the term used to describe liability insurance protection for both repair shop owners and new and used car dealers. This is the part of the policy that essentially protects the business from liability claims for bodily injury or property damage as a result of an at fault accident in a vehicle covered by the policy. Which vehicles are covered by this garage liability section is determined by the symbol code showing on the policy itself. For a complete list of possible symbol codes, please read my previous article about garage insurance symbols by clicking here.
Garage Keepers insurance is also part of the garage policy. However, this coverage is not for liability insurance and this coverage would not be appropriate for a car dealer unless the dealer is also repairing vehicles that are not owned by the dealership. That is because garage keepers is designed to protect against physical damage losses to vehicles that are in the care, custody or control of the repair shop. So, for example, if you are repairing a customer’s vehicle and you test drive that vehicle, you have an exposure for garage keepers collision insurance while you are out on the road with that vehicle. Likewise, if your clients leave their vehicles with your overnight, you have an exposure for fire, theft or even windstorm or hail damage to these vehicles. You would need garage keepers comprehensive coverage to protect against these types of losses.
The garage insurance policy is an unusual form and if you are in the business of buying, selling or repairing motor vehicles, you are best served purchasing your garage insurance policy through an agent who specializes in this type of policy form. At Clinard Insurance Group in Winston Salem, NC, we specialize in helping used car dealers and automotive repair and body shops all over North Carolina, South Carolina, Georgia, Tennessee and Virginia. If we can help you with a second opinion on your garage insurance needs, please feel free to call us, toll free, at 877-687-7557 or visit us on the web at http://www.clinardinsurance.com.
The source information for this article was pulled from information at http://www.insuranceanswerguy.com.
Thursday, May 28, 2009
Monday, May 25, 2009
Contractors: Your General Liability Policy Might Be A Source of Funds For You
Recently, times have been hard for many different types of building contractors. With jobs more scarce, many have had to lay off workers or they simply haven’t been able to keep people on full time. At Clinard Insurance Group, in Winston Salem, NC, we have seen our contractor clients’ payrolls shrink dramatically and while that indicates hard times, it also presents an opportunity for these businesses. If you are a contractor in the building industry with shrinking payrolls, then your general liability and workers compensation insurance policies could now be a source of ready cash for you.
To understand just how this works, remember that both the North Carolina general liability policy and the NC workers compensation policy are rated based on payroll. What this means is that the building contractor estimates his payroll for the coming policy year at the beginning of the policy term. Many of these estimates are based on the actual amounts of payroll found on the previous year’s audit. With that in mind, many construction contractors are carrying payroll levels on their policy many times greater than the actual payrolls they are running in this down cycle of our economy.
If you are a business owner in this situation, you can wait until the final audit of this policy term and receive your refund then. The problem with this approach is that you will have to wait for the policy term to end, and then you will have to wait several more months for the final audit to be completed. In addition, you might have to continue to make monthly or quarterly payments on your policies that are overcharging you now because your payrolls are overstated.
But there is a better way. Take a look at your general liability policy and your workers compensation policy and look up the payrolls that you are being charged for on each policy. Now estimate what your total payroll will be for the full policy term. You can request that the insurance company reduce your payrolls on your policy to this new level and that will generate an instant refund check to you, or it will reduce the amounts of your remaining installments. Voila, instant cash flow.
One word of warning here. Be sure that you leave enough payroll on your policy so that you don’t generate an additional premium due after the final audit. Doing that can put a huge crimp on your cash flow as I explained in an earlier blog. I call that problem “the audit trap” and you can read that entire blog by clicking here.
At Clinard Insurance Group in Winston Salem, NC, we specialize in helping all types of North Carolina based building contractors from Graders to Painters and everyone in between with their general liability and workers compensation insurance needs. If you would like help with your construction related insurance policies, please call us, toll free at 877-687-7557 or visit our contractors helper site at http://www.thecontractorshelper.com.
The source material for this article was pulled from http://www.insuranceanswerguy.com
To understand just how this works, remember that both the North Carolina general liability policy and the NC workers compensation policy are rated based on payroll. What this means is that the building contractor estimates his payroll for the coming policy year at the beginning of the policy term. Many of these estimates are based on the actual amounts of payroll found on the previous year’s audit. With that in mind, many construction contractors are carrying payroll levels on their policy many times greater than the actual payrolls they are running in this down cycle of our economy.
If you are a business owner in this situation, you can wait until the final audit of this policy term and receive your refund then. The problem with this approach is that you will have to wait for the policy term to end, and then you will have to wait several more months for the final audit to be completed. In addition, you might have to continue to make monthly or quarterly payments on your policies that are overcharging you now because your payrolls are overstated.
But there is a better way. Take a look at your general liability policy and your workers compensation policy and look up the payrolls that you are being charged for on each policy. Now estimate what your total payroll will be for the full policy term. You can request that the insurance company reduce your payrolls on your policy to this new level and that will generate an instant refund check to you, or it will reduce the amounts of your remaining installments. Voila, instant cash flow.
One word of warning here. Be sure that you leave enough payroll on your policy so that you don’t generate an additional premium due after the final audit. Doing that can put a huge crimp on your cash flow as I explained in an earlier blog. I call that problem “the audit trap” and you can read that entire blog by clicking here.
At Clinard Insurance Group in Winston Salem, NC, we specialize in helping all types of North Carolina based building contractors from Graders to Painters and everyone in between with their general liability and workers compensation insurance needs. If you would like help with your construction related insurance policies, please call us, toll free at 877-687-7557 or visit our contractors helper site at http://www.thecontractorshelper.com.
The source material for this article was pulled from http://www.insuranceanswerguy.com
Friday, May 22, 2009
Homeowners – Before That Contractor Starts Work, Get The Insurance Certificate
At Clinard Insurance Group in Winston Salem, NC, we make it a top priority to help our friends and clients with information that helps them protect their assets. One mistake many homeowners make is to let a contractor begin work at their home without first checking to be sure that this contractor has the right insurance protection for his or her business. There is a quick and easy way to do this and this practice is standard in most business to business (B2B) type transactions.
Before you let that plumber or landscaper or any type of repair worker begin a job at your home, you should first determine that they have insurance protection so that if someone is injured, or your property is damaged, you don’t have to file anything under your homeowners insurance policy. Simply ask them to have a certificate of insurance sent to you. This is a simple task, all the contractor will have to do is ask his insurance agent to email, fax or mail you a copy of this certificate.
Once you receive the certificate of insurance, what then? Well, there are a couple of things you want to look at closely. First of all, make sure that your name and address is .listed in the certificate holder section. And make sure that the certificate came from the contractor’s insurance agent and not from the contractor himself. This will increase the odds for you that the certificate is genuine and that the listed insurance coverage is actually in force. Believe it or not, there is an active market selling fake insurance certificates, I have even seen them for sale on ebay.
These certificates break down the insurance protection by policy type, so there will be a section for General Liability Insurance, Workers Compensation Insurance, Business Auto Insurance and Umbrella Insurance. Next you want to check and be sure that there is a policy number showing in the General Liability Insurance Section and in the section for Workers Compensation Insurance. These are the policy types that will be most important to homeowners..
Once you have verified that your contractor has these two types of policies in place, take a quick look at the limits of coverage. A North Carolina workers compensation policy will pay claims based on the statutory regulations so you won’t really need to worry about the limits there. But in the general liability insurance section, you want to be sure that the amount of coverage showing is high enough to satisfy you. Think about the worst case scenario of damage that this contractor could do to you, your family or your property and make sure there is enough of a limit there to pay for that loss.
Many homeowners just hire contractors to work in their home without giving insurance any thought at all. But some contractors cut corners and may not have enough insurance or any insurance at all. If they cause you a large loss to your health or your property, you may find yourself with no recourse. At Clinard Insurance Group in Winston Salem, NC, we want all of our homeowner clients to be safe from an un-insured contractor. If you have a certificate of insurance and are not sure how to read it, please contact us by calling, toll free 877-687-7557 or visit us on the web at http://www.clinardinsurance.com/ and we will help you understand exactly what the certificate your contractor gave you covers.
The source information for this article was pulled from http://www.insuranceanswerguy.com/.
Before you let that plumber or landscaper or any type of repair worker begin a job at your home, you should first determine that they have insurance protection so that if someone is injured, or your property is damaged, you don’t have to file anything under your homeowners insurance policy. Simply ask them to have a certificate of insurance sent to you. This is a simple task, all the contractor will have to do is ask his insurance agent to email, fax or mail you a copy of this certificate.
Once you receive the certificate of insurance, what then? Well, there are a couple of things you want to look at closely. First of all, make sure that your name and address is .listed in the certificate holder section. And make sure that the certificate came from the contractor’s insurance agent and not from the contractor himself. This will increase the odds for you that the certificate is genuine and that the listed insurance coverage is actually in force. Believe it or not, there is an active market selling fake insurance certificates, I have even seen them for sale on ebay.
These certificates break down the insurance protection by policy type, so there will be a section for General Liability Insurance, Workers Compensation Insurance, Business Auto Insurance and Umbrella Insurance. Next you want to check and be sure that there is a policy number showing in the General Liability Insurance Section and in the section for Workers Compensation Insurance. These are the policy types that will be most important to homeowners..
Once you have verified that your contractor has these two types of policies in place, take a quick look at the limits of coverage. A North Carolina workers compensation policy will pay claims based on the statutory regulations so you won’t really need to worry about the limits there. But in the general liability insurance section, you want to be sure that the amount of coverage showing is high enough to satisfy you. Think about the worst case scenario of damage that this contractor could do to you, your family or your property and make sure there is enough of a limit there to pay for that loss.
Many homeowners just hire contractors to work in their home without giving insurance any thought at all. But some contractors cut corners and may not have enough insurance or any insurance at all. If they cause you a large loss to your health or your property, you may find yourself with no recourse. At Clinard Insurance Group in Winston Salem, NC, we want all of our homeowner clients to be safe from an un-insured contractor. If you have a certificate of insurance and are not sure how to read it, please contact us by calling, toll free 877-687-7557 or visit us on the web at http://www.clinardinsurance.com/ and we will help you understand exactly what the certificate your contractor gave you covers.
The source information for this article was pulled from http://www.insuranceanswerguy.com/.
Thursday, May 21, 2009
Contractors – Don’t Forget Those General Liability Insurance Certificates
I work with contractors every day, helping them with their general liability and workers compensation insurance policies and I am struck by how many of them have heard of insurance certificates but how few really understand why they need them. If you have anyone working on your job site without first having given you a certificate of insurance, you are probably increasing both your insurance costs and your liability exposure. Here is a quick guide on what you need and why you need it when it comes to certificates of insurance.
As you probably know, your general liability and workers compensation policies are both rated based on the payroll your contracting business generates each year. And if you don’t know it already, you will soon: That payroll is audited each year and your insurance policy premium is adjusted to reflect the actual payroll you incurred that year. So, the last thing you want to do is have that payroll number inflated by a subcontractor that you hired to help you out with a job that was a little bit outside of your specialty.
Let’s take an example. Let’s say you are a carpenter. You are hired to handle a kitchen remodeling job for one of your clients. In the process there is some minor plumbing work to be done and to help out your client, you find the plumber and just sub the work to him and you bill your client for his services. That’s all good business but you must remember to get that certificate of insurance from you plumber before he sets foot on your job site. Why? Two reasons really.
First of all, that certificate of insurance will tell your insurance company that your subcontractor (in this case the plumber) did have insurance so the cost of the plumbing work won’t be added to your total payroll at audit time. This will save you a lot of money in insurance premiums.
Secondly, you can take a moment to make sure that this plumber has the correct coverages with high enough limits to protect you. Look at the certificate carefully and make sure that your subcontractors are carrying limits at least as high as yours. Next, make sure that the certificate is showing both workers compensation and general liability insurance coverage. If not, you will be on the hook for the premiums for the missing insurance policies for your sub contractor. Last of all, take a moment to make sure that there are no exclusions or policy coverage limitations spelled out in the certificate. If your subcontractor has an excluded coverage and your policy covers it, you might find yourself on the hook for extra premium at audit time.
Many contractors remember to ask for certificates from the other contractors working on their job site. But a large number don’t take the time to read the certificate and check to make sure that it meets all the criteria they need to protect themselves from an extra premium at audit or a large loss charged to their own policy. If you are a small contractor and would like help understanding your insurance certificate or your insurance coverage, be sure that you are dealing with an agent who specializes in contractors liability and workers compensation insurance policies. At Clinard Insurance Group in Winston Salem, NC, we insure many, many artisan contractors all of North Carolina and we can help you understand how to set up your policy correctly and keep your insurance audit premium surprises to a minimum. Feel free to call us for help, toll free at 877-687-7557 or visit us on the web at http://www.clinardinsurance.com/.
The source material for this article was pulled from http://www.insuranceanswerguy.com/.
As you probably know, your general liability and workers compensation policies are both rated based on the payroll your contracting business generates each year. And if you don’t know it already, you will soon: That payroll is audited each year and your insurance policy premium is adjusted to reflect the actual payroll you incurred that year. So, the last thing you want to do is have that payroll number inflated by a subcontractor that you hired to help you out with a job that was a little bit outside of your specialty.
Let’s take an example. Let’s say you are a carpenter. You are hired to handle a kitchen remodeling job for one of your clients. In the process there is some minor plumbing work to be done and to help out your client, you find the plumber and just sub the work to him and you bill your client for his services. That’s all good business but you must remember to get that certificate of insurance from you plumber before he sets foot on your job site. Why? Two reasons really.
First of all, that certificate of insurance will tell your insurance company that your subcontractor (in this case the plumber) did have insurance so the cost of the plumbing work won’t be added to your total payroll at audit time. This will save you a lot of money in insurance premiums.
Secondly, you can take a moment to make sure that this plumber has the correct coverages with high enough limits to protect you. Look at the certificate carefully and make sure that your subcontractors are carrying limits at least as high as yours. Next, make sure that the certificate is showing both workers compensation and general liability insurance coverage. If not, you will be on the hook for the premiums for the missing insurance policies for your sub contractor. Last of all, take a moment to make sure that there are no exclusions or policy coverage limitations spelled out in the certificate. If your subcontractor has an excluded coverage and your policy covers it, you might find yourself on the hook for extra premium at audit time.
Many contractors remember to ask for certificates from the other contractors working on their job site. But a large number don’t take the time to read the certificate and check to make sure that it meets all the criteria they need to protect themselves from an extra premium at audit or a large loss charged to their own policy. If you are a small contractor and would like help understanding your insurance certificate or your insurance coverage, be sure that you are dealing with an agent who specializes in contractors liability and workers compensation insurance policies. At Clinard Insurance Group in Winston Salem, NC, we insure many, many artisan contractors all of North Carolina and we can help you understand how to set up your policy correctly and keep your insurance audit premium surprises to a minimum. Feel free to call us for help, toll free at 877-687-7557 or visit us on the web at http://www.clinardinsurance.com/.
The source material for this article was pulled from http://www.insuranceanswerguy.com/.
Wednesday, May 20, 2009
You Just Erased Your Memory Card – Relax, All Is Not Lost
Uh Oh, I just accidentally erased my photos on my memory card. I had this experience recently and I want you to know that you can probably still recover your photos. In my case my wife and I had driven over to my daughter’s friend’s house where 7 teenage couples were gathered in full evening dress for their prom. An entire row of parents stood in front of the kids for 15 minutes cameras clicking and flashes going off. If you have had teenagers you probably know the ritual. So wiping out these photos is pretty bad. You’re not going to get those teenage boys to dress up in suits and stand in front of the camera again for you. But if you know what to do and in the right order, you can usually recover your lost photos.
A week or so later my came to me distraught that she had accidentally erased all the photos on her camera memory card, including these precious prom photos. I searched the internet and found to my surprise that these photos were not lost forever.
To understand why you just need to understand how the memory space on these cards works. Generally, when you delete a photo or file from a memory card, the space is made available for another photo or file to be stored there. But, until you take more photos to cover over this space, you can still recover those deleted files and photos. To do so, you will need to purchase a software program on the internet and download it to your computer. There are many services out there and below I have listed some web sites that I found that sell these programs. The one I used was Card Recovery which is the first on this list but you may find one that does the job better and is cheaper. In our case we saved the prom photos and since that time my daughter has made the same mistake with her camera memory card and she was astonished that Dad could miraculously save the day for her. It’s good to be the hero every now and again, especially with teenagers.
Here are a few sites that can help you recover erased files from a memory disk.
www.CardRecovery.com
www.pctools.com
http://www.powerdatarecovery.com
At Clinard insurance we love to help make our client heroes and this is why we offer this type of information. You can find our full lifestyle tips and tricks blog online at http://www.clinardinsurance.com/lifestyle/tabid/32965/default.aspx . If you would like any help at all with your insurance policies, please call us toll free at 877-687-7557 or visit us on the web at http://www.ClinardInsurance.com. We can give you expert help with your home insurance, your auto insurance, your life insurance or even you business insurance coverage. Whether you are a small contractor or a used car dealer or a auto repair shop owner or vitually any other business, you can find the help you need at Clinard Insurance Group in Winston Salem, North Carolina.
The source information for this article was pulled from the Clinard Insurance Group tips and tricks blog.
A week or so later my came to me distraught that she had accidentally erased all the photos on her camera memory card, including these precious prom photos. I searched the internet and found to my surprise that these photos were not lost forever.
To understand why you just need to understand how the memory space on these cards works. Generally, when you delete a photo or file from a memory card, the space is made available for another photo or file to be stored there. But, until you take more photos to cover over this space, you can still recover those deleted files and photos. To do so, you will need to purchase a software program on the internet and download it to your computer. There are many services out there and below I have listed some web sites that I found that sell these programs. The one I used was Card Recovery which is the first on this list but you may find one that does the job better and is cheaper. In our case we saved the prom photos and since that time my daughter has made the same mistake with her camera memory card and she was astonished that Dad could miraculously save the day for her. It’s good to be the hero every now and again, especially with teenagers.
Here are a few sites that can help you recover erased files from a memory disk.
www.CardRecovery.com
www.pctools.com
http://www.powerdatarecovery.com
At Clinard insurance we love to help make our client heroes and this is why we offer this type of information. You can find our full lifestyle tips and tricks blog online at http://www.clinardinsurance.com/lifestyle/tabid/32965/default.aspx . If you would like any help at all with your insurance policies, please call us toll free at 877-687-7557 or visit us on the web at http://www.ClinardInsurance.com. We can give you expert help with your home insurance, your auto insurance, your life insurance or even you business insurance coverage. Whether you are a small contractor or a used car dealer or a auto repair shop owner or vitually any other business, you can find the help you need at Clinard Insurance Group in Winston Salem, North Carolina.
The source information for this article was pulled from the Clinard Insurance Group tips and tricks blog.
Tuesday, May 19, 2009
Garage Insurance – Used Car Dealers and Repair Shops Watch Those Symbols
Garage insurance is a much misunderstood policy form. Very few insurance agents understand exactly when to use it and more importantly exactly how. You can use a garage liability policy to protect a used car dealer, often referred to as dealer’s insurance, or you can use this same form to protect an automotive repair shop or to set up body shop insurance. The trick is to know the symbols. At Clinard Insurance Group in Winston Salem, NC, we specialize in garage insurance and we understand the difference in how to set up used car dealers insurance and auto repair shop garage insurance.
As I mentioned earlier, both types of businesses, auto repair and or body shops and used car dealers both need the garage policy. But what is covered in these policies is driven by the symbols on the policy. This is very important. If you your business is automotive repair or body work but your policy is set up with symbols that would apply to a car dealership, you could find yourself without coverage in the event of a liability loss.
So how do you know if you have the correct symbols and thus the correct form? Pull out your garage policy and look at the first page. Beside each type of coverage, usually to the left, there will be a least one two digit number between 21 and 31. These symbols will describe what is protected by the coverage described beside the number. Here is a list of the most common symbols and what each one protects:
21 Any auto
22 All owned autos
23 Owned private passenger autos only
24 Owned autos other than private passenger
25 Owned autos subject to no fault laws
26 Owned autos subject to Uninsured Motorists law
27 Specifically described autos
28 Hired autos only
29 Non-Owned autos used in the Garage Business
30 Autos Left for Service/Repair/Storage
31 Autos on Consignment
As you have probably figured out, if you are an automobile dealer and you have code 30 on your policy, you would find yourself without coverage. So why not just put code 21 on all coverages? Well, since code 21 is the broadest coverage, you would have to pay more for this insurance policy and in some cases you might be purchasing insurance protection that you didn’t really need.
Take some time to look at your policy carefully and review the symbols for each line of coverage to make sure that they are appropriate for the work you do. If you need help with this process, please feel free to call Clinard Insurance Group, toll free, at 877-687-7557 or visit us on the web at http://www.clinardinsurance.com/.
The source material for this article was pulled from http://www.insuranceanswerguy.com/.
As I mentioned earlier, both types of businesses, auto repair and or body shops and used car dealers both need the garage policy. But what is covered in these policies is driven by the symbols on the policy. This is very important. If you your business is automotive repair or body work but your policy is set up with symbols that would apply to a car dealership, you could find yourself without coverage in the event of a liability loss.
So how do you know if you have the correct symbols and thus the correct form? Pull out your garage policy and look at the first page. Beside each type of coverage, usually to the left, there will be a least one two digit number between 21 and 31. These symbols will describe what is protected by the coverage described beside the number. Here is a list of the most common symbols and what each one protects:
21 Any auto
22 All owned autos
23 Owned private passenger autos only
24 Owned autos other than private passenger
25 Owned autos subject to no fault laws
26 Owned autos subject to Uninsured Motorists law
27 Specifically described autos
28 Hired autos only
29 Non-Owned autos used in the Garage Business
30 Autos Left for Service/Repair/Storage
31 Autos on Consignment
As you have probably figured out, if you are an automobile dealer and you have code 30 on your policy, you would find yourself without coverage. So why not just put code 21 on all coverages? Well, since code 21 is the broadest coverage, you would have to pay more for this insurance policy and in some cases you might be purchasing insurance protection that you didn’t really need.
Take some time to look at your policy carefully and review the symbols for each line of coverage to make sure that they are appropriate for the work you do. If you need help with this process, please feel free to call Clinard Insurance Group, toll free, at 877-687-7557 or visit us on the web at http://www.clinardinsurance.com/.
The source material for this article was pulled from http://www.insuranceanswerguy.com/.
Monday, May 18, 2009
Coupon Clipping Is Going High Tech, Forget About Scissors
With the recession in full swing, most of us are looking for ways to save a little money. And one of the old tried and true methods, coupons, is getting a real makeover.
These days you can scour the internet for coupons before you go shopping and print them out on your printer, or better yet, have them added to your grocery store shopping card or your smart phone.
Currently online coupons account for 1% of all coupons offered nationwide, but their use is growing at an astronomical rate. Manufacturers love them because they have a 13% redemption rate compared to just 1% for printed coupons. And now large grocery chains are getting in on the act. In January, Kroger announced that it would be rolling its free text messaging coupon program out nationally. Each Sunday, members enrolled in this program can view coupons on their phone and click on the ones that they want added to their Kroger loyalty card. When they purchase the product in the coupon, the register automatically applies the coupon to that sale.
If you still like to put your hands on the coupons, try www.coupons.com, a site that lets you print out online coupons from large food manufacturers and national grocery chains. Last year people printed coupons worth over $300 million from this site alone.
Word to the wise. Coupon deals have got chintzier over the past several decades. In 1990 the average expiration date on coupons was 4.9 months, while the average now is only 2.5 months. Also, in 1995 only 13% of coupons required shoppers to purchase two or more items while in 2008 that number jumped up to 27%.
Check with your local grocery store chain to see what types of paperless coupon options they are offering. You just might find an easy way to get your piece of that $300 million pie.
At Clinard Insurance Group in Winston Salem, NC, we want to help our clients and others as much as possible. If you would like help with your insurance policies, please give us a call, toll free at 877-687-7557 or visit us on the web at www.clinardinsurance.com. We specialize in personalized insurance programs for your auto insurance, home insurance, life insurance as well as business insurance for used car dealers, garage and repair shops, small contractors and other small businesses. We’d love to help you, please give us a call.
The source information for this article was pulled from the Clinard Insurance Group tips and tricks blog.
These days you can scour the internet for coupons before you go shopping and print them out on your printer, or better yet, have them added to your grocery store shopping card or your smart phone.
Currently online coupons account for 1% of all coupons offered nationwide, but their use is growing at an astronomical rate. Manufacturers love them because they have a 13% redemption rate compared to just 1% for printed coupons. And now large grocery chains are getting in on the act. In January, Kroger announced that it would be rolling its free text messaging coupon program out nationally. Each Sunday, members enrolled in this program can view coupons on their phone and click on the ones that they want added to their Kroger loyalty card. When they purchase the product in the coupon, the register automatically applies the coupon to that sale.
If you still like to put your hands on the coupons, try www.coupons.com, a site that lets you print out online coupons from large food manufacturers and national grocery chains. Last year people printed coupons worth over $300 million from this site alone.
Word to the wise. Coupon deals have got chintzier over the past several decades. In 1990 the average expiration date on coupons was 4.9 months, while the average now is only 2.5 months. Also, in 1995 only 13% of coupons required shoppers to purchase two or more items while in 2008 that number jumped up to 27%.
Check with your local grocery store chain to see what types of paperless coupon options they are offering. You just might find an easy way to get your piece of that $300 million pie.
At Clinard Insurance Group in Winston Salem, NC, we want to help our clients and others as much as possible. If you would like help with your insurance policies, please give us a call, toll free at 877-687-7557 or visit us on the web at www.clinardinsurance.com. We specialize in personalized insurance programs for your auto insurance, home insurance, life insurance as well as business insurance for used car dealers, garage and repair shops, small contractors and other small businesses. We’d love to help you, please give us a call.
The source information for this article was pulled from the Clinard Insurance Group tips and tricks blog.
Thursday, May 14, 2009
Car Insurance – Are you both under insured and over insured?
At Clinard Insurance Group in Winston Salem, NC, we handle NC car insurance for thousands of clients and in that time we have had clients come to us with policies written by other agents that just don’t make sense. Yes, it is possible and in fact common for people to be both under insured and over insured with their auto insurance policy.
Let’s start with the over insured problem. With the down economy, more and more people are keeping their cars longer and that means that they are driving cars that have less and less value. Yet few people call their insurance agent to update their policy to account for this. Since the collision coverage is going to cover the depreciated value of the vehicle in an accident, over time they are paying more to insure less. This results in over insurance and is quite often a waste of your valuable insurance dollars.
Now let’s take a look at the under insurance problem. This one is extremely common and much easier to understand. In North Carolina, car insurance is required by the state in order to obtain and keep your license tag. For this reason, many people buy the insurance just to be able to license the vehicle without thinking carefully through what they are buying. You should ask yourself, how much will it cost if I cause a severe, multi-vehicle accident? Then check your policy to see if you have enough liability coverage to pay for it all. Another way to view this might be to just ask yourself, “If I cause an accident that runs up a $450,000 (you pick the number) bill, how much of that do I want to pay for myself?”
Now to take my point to the next level, consider the dollar for dollar cost of liability insurance verses collision insurance. An average auto insurance policy in NC would cost $125 for $100,000 per person of liability insurance. That means each $100 of insurance protection would cost you about 12 cents. But collision insurance is much more expensive. If you are driving a car that is worth $10,000 and you are paying $140 a year for collision insurance with a $500 deductible, then your cost of insurance is $1.68 for each $100 of insurance. Which of these types of protection is more expensive? Collision of course and by a wide margin. Which one of these coverages is more important? I would argue that the liability insurance is more important. Here you are protecting yourself from a large, unknown amount of loss. If you get this one wrong you could lose your home, your retirement, your savings and your kids’ college fund. If you miss on the collision coverage, yeah you could lose your car but it ends there.
If you are unsure about your car insurance and would like some help understanding how best to spend your insurance dollars, please give us a call. At Clinard Insurance Group in Winston Salem, NC, we specialize in helping people all over NC with their NC auto insurance policies. You can reach us, toll free, by calling 877-687-7557 or visit us on the web at www.ClinardInsurance.com.
The source information for this article was pulled from the insurance answer guy
Let’s start with the over insured problem. With the down economy, more and more people are keeping their cars longer and that means that they are driving cars that have less and less value. Yet few people call their insurance agent to update their policy to account for this. Since the collision coverage is going to cover the depreciated value of the vehicle in an accident, over time they are paying more to insure less. This results in over insurance and is quite often a waste of your valuable insurance dollars.
Now let’s take a look at the under insurance problem. This one is extremely common and much easier to understand. In North Carolina, car insurance is required by the state in order to obtain and keep your license tag. For this reason, many people buy the insurance just to be able to license the vehicle without thinking carefully through what they are buying. You should ask yourself, how much will it cost if I cause a severe, multi-vehicle accident? Then check your policy to see if you have enough liability coverage to pay for it all. Another way to view this might be to just ask yourself, “If I cause an accident that runs up a $450,000 (you pick the number) bill, how much of that do I want to pay for myself?”
Now to take my point to the next level, consider the dollar for dollar cost of liability insurance verses collision insurance. An average auto insurance policy in NC would cost $125 for $100,000 per person of liability insurance. That means each $100 of insurance protection would cost you about 12 cents. But collision insurance is much more expensive. If you are driving a car that is worth $10,000 and you are paying $140 a year for collision insurance with a $500 deductible, then your cost of insurance is $1.68 for each $100 of insurance. Which of these types of protection is more expensive? Collision of course and by a wide margin. Which one of these coverages is more important? I would argue that the liability insurance is more important. Here you are protecting yourself from a large, unknown amount of loss. If you get this one wrong you could lose your home, your retirement, your savings and your kids’ college fund. If you miss on the collision coverage, yeah you could lose your car but it ends there.
If you are unsure about your car insurance and would like some help understanding how best to spend your insurance dollars, please give us a call. At Clinard Insurance Group in Winston Salem, NC, we specialize in helping people all over NC with their NC auto insurance policies. You can reach us, toll free, by calling 877-687-7557 or visit us on the web at www.ClinardInsurance.com.
The source information for this article was pulled from the insurance answer guy
Tuesday, May 12, 2009
What Would You Do With An Extra $343 In Your Pocket?
Our research indicates that on average we save our new clients $343 on each policy that that bring to us when they switch from their current insurance company. We specialize in helping people with their home insurance and their car insurance of course, but we also help small contractors and small businesses with their general liability and workers compensation insurance as well as helping automotive repair shops and used car dealers with their garage insurance. So we got to thinking. What will all of these clients of our do with the $343 that they each saved?
Here are a few ideas. Let’s say you are a gadget person. You could get yourself a new iphone and still have about $40 left over for dinner. Of course you would use one of those tricky new iphone apps to pick out the restaurant you want to visit. Already have an iphone? Well besides oozing with cachet, you could now purchase about 150 or so cool apps for your phone.
Not into electronic gadgets? I know, you can visit your nearby retail clothing store and pick out 4 or 5 tops and 4 or 5 cool pants or skirts to go with them. And still have a little money in your pocket to share with those pesky teenagers of yours.
Are you a golfer? Well if so, you could purchase 11 dozen Calloway golf balls with your personal name engraved on each one. I’m a terrible golfer and lose balls on every outing but that would last someone like me a couple of years! And hey, if you do play golf, don’t forget to up your liability on your homeowners policy in case one of those golf balls hits someone as it careens out of bounds.
At Clinard Insurance Group in Winston Salem, NC, we work hard to provide all of our clients with the very best insurance coverage at rates that give them a chance to spend some money on things that they enjoy. We know paying for insurance is unpleasant and we want to do our best to make sure that you have the protection you want and need without overpaying for it. If you would like top notch, professional advice with no fee at all, give us a call at 888-787-6557 or visit us online at www.clinardinsurance.com.
The source information for this article was pulled from www.insuranceanswerguy.com.
Here are a few ideas. Let’s say you are a gadget person. You could get yourself a new iphone and still have about $40 left over for dinner. Of course you would use one of those tricky new iphone apps to pick out the restaurant you want to visit. Already have an iphone? Well besides oozing with cachet, you could now purchase about 150 or so cool apps for your phone.
Not into electronic gadgets? I know, you can visit your nearby retail clothing store and pick out 4 or 5 tops and 4 or 5 cool pants or skirts to go with them. And still have a little money in your pocket to share with those pesky teenagers of yours.
Are you a golfer? Well if so, you could purchase 11 dozen Calloway golf balls with your personal name engraved on each one. I’m a terrible golfer and lose balls on every outing but that would last someone like me a couple of years! And hey, if you do play golf, don’t forget to up your liability on your homeowners policy in case one of those golf balls hits someone as it careens out of bounds.
At Clinard Insurance Group in Winston Salem, NC, we work hard to provide all of our clients with the very best insurance coverage at rates that give them a chance to spend some money on things that they enjoy. We know paying for insurance is unpleasant and we want to do our best to make sure that you have the protection you want and need without overpaying for it. If you would like top notch, professional advice with no fee at all, give us a call at 888-787-6557 or visit us online at www.clinardinsurance.com.
The source information for this article was pulled from www.insuranceanswerguy.com.
Tuesday, May 5, 2009
Used Car Dealers Insurance – Watch Those Limits
At Clinard Insurance Group we specialize in helping Used Car Dealers with their Garage Liability and Dealer Open Lot Insurance Coverages. We insure over 300 dealers in NC, SC, GA, TN and VA. With that kind of exposure to this industry, we see the policies that a lot of dealers have before they come to us and we see some real messes. One of the scariest mistakes dealers make when buying garage liability insurance is how they set up their liability limits.
Let’s face it, garage liability insurance is a real specialty product. This is an insurance policy written for just one industry. As a result, most agencies only have a couple of these types of policies on the books, if any, and they rarely understand the form completely. If you are a used car dealer and you are trusting your business to an agent who doesn’t currently handle 25 or more dealers just like you, then chances are you are not using a specialist and this could cost you big in many ways. Just because an insurance agent can write the insurance for your dealership doesn’t mean her or she really understands what he or she is doing.
So now what is the liability limit trap? Well in some states, and North Carolina is a classic example, the state government has set up a reinsurance facility. This is a place of last resort where people with bad driving records can still get insurance. The reason this is a problem for dealers is that most insurance companies don’t understand used car dealers and don’t want to insure them. They just assume that these dealers are letting everyone and anyone drive around with the “moveable” dealer tag. They don’t understand your business so they don’t want to write you. So if you call an agent that doesn’t specialize in car dealers and ask him for a quote, the only option he may have for insuring your dealership is the reinsurance facility. So what?
Well here’s the problem. Most of these reinsurance facilities, and NC is one of them, have a very low highest liability limit available. In NC that is $100,000 per person and $300,000 per accident bodily injury. So that is all that you could buy from this inexperienced agent. And if you didn’t know better you might believe that this is all you need or all you could ever buy. Nothing could be further from the truth. These limits are very low in terms of the types of claims I have seen incurred by auto dealers. As a dealer, you need to more accurately assess exactly how much insurance you need and then be able to purchase the liability limits that will protect you, your business, and your personal and family assets.
If you are looking for an insurance agent that understands how to insure used car dealers and will take the time to listen to you and help you develop an insurance program that meets your needs and does so for the lowest possible cost, then I suggest you call Clinard Insurance Group, toll free, at 877-687-7557, or visit us on the web at www.ClinardInsurance.com.
The source information from this article was pulled from an article at www.insuranceanswerguy.com.
Let’s face it, garage liability insurance is a real specialty product. This is an insurance policy written for just one industry. As a result, most agencies only have a couple of these types of policies on the books, if any, and they rarely understand the form completely. If you are a used car dealer and you are trusting your business to an agent who doesn’t currently handle 25 or more dealers just like you, then chances are you are not using a specialist and this could cost you big in many ways. Just because an insurance agent can write the insurance for your dealership doesn’t mean her or she really understands what he or she is doing.
So now what is the liability limit trap? Well in some states, and North Carolina is a classic example, the state government has set up a reinsurance facility. This is a place of last resort where people with bad driving records can still get insurance. The reason this is a problem for dealers is that most insurance companies don’t understand used car dealers and don’t want to insure them. They just assume that these dealers are letting everyone and anyone drive around with the “moveable” dealer tag. They don’t understand your business so they don’t want to write you. So if you call an agent that doesn’t specialize in car dealers and ask him for a quote, the only option he may have for insuring your dealership is the reinsurance facility. So what?
Well here’s the problem. Most of these reinsurance facilities, and NC is one of them, have a very low highest liability limit available. In NC that is $100,000 per person and $300,000 per accident bodily injury. So that is all that you could buy from this inexperienced agent. And if you didn’t know better you might believe that this is all you need or all you could ever buy. Nothing could be further from the truth. These limits are very low in terms of the types of claims I have seen incurred by auto dealers. As a dealer, you need to more accurately assess exactly how much insurance you need and then be able to purchase the liability limits that will protect you, your business, and your personal and family assets.
If you are looking for an insurance agent that understands how to insure used car dealers and will take the time to listen to you and help you develop an insurance program that meets your needs and does so for the lowest possible cost, then I suggest you call Clinard Insurance Group, toll free, at 877-687-7557, or visit us on the web at www.ClinardInsurance.com.
The source information from this article was pulled from an article at www.insuranceanswerguy.com.
Monday, May 4, 2009
How To Avoid Unnecessary Bank Fees.
With the current economic crisis in which we now find ourselves, look for your local bank to be increasing fees for services. In fact, I recently spoke with a banker friend of mine and he said that with the new FDIC insured deposit limit being increased to $250,000, the banks’ costs of that insurance will nearly double. The only way for them to get that money back is to increase their fees. With that in mind, here are a few tips to help you avoid some of these fees.
Many of these fees come from “courtesy” services that banks offer on overdraft policies. These services allow the bank to clear your check that might otherwise bounce when you don’t have sufficient money in your account to cover the check. Worse still, many banks simply use software to handle these situations without regard to the account holders ability to pay back the overdraft and it’s associated fees. If you have teenagers with checking accounts, you probably know just what I am talking about. I have had my kids essentially borrow less than a dollar and have to pay over $100 in fees for the privilege.
Here are some of the ways your bank might trip you up with pricey overdrafts:
Debit and ATM cards
Many people mistakenly believe that using a debit card will prevent them from overdrawing their account. In fact, debit card use triggers 46% of all overdrafts according to the Center For Responsible Lending. Most banks will allow the debits to go through even when no money is available in the account.
How do you avoid this? Ask the bank to set the debit-overdraw limit on your account to zero. Transactions that would put your account in the red will now be rejected.
Reordered Debits and Deposits
Banks often change the order in which debits and deposits occur in your account. Some banks pay daily transactions in order from highest to lowest, while others use any order they choose. Banks will try to justify these practices as a way to ensure the most important debits get paid but in fact this is simply a way to increase the overdrafts. Let me give you an example. Assume you began your day with $200 in your account. You get a coffee ($5) and then gas ($50), then purchase an mp3 player ($130) and then get lunch ($8) and finally stop for groceries on the way home ($35). If these are processed chronologically, only the last item will trigger an overdraft. But taken from largest to smallest triggers 3 overdrafts. Voila, more money for the bank.
How do you avoid this? Buffer your account with an extra $100 or so that you never dip in to.
Time Is Of The Essence
If your bank pays a courtesy overdraft, then they have essentially loaned you money. You should expect the interest rate on this type of loan to be very high. Worse still, they can add processing fees as more time goes by. Some banks add another $35 after 7 days on each overdraft! The worst part of all is that you may not know about it until your statement comes in at the end of the month. This is how my teenager spent over $100 to borrow 65 cents one time.
How do you avoid this? Set up another line of credit from a savings account to immediately pay off any courtesy overdrafts. Also, if possible, ask your bank of the fastest way they can notify you of an overdraft and make sure your agreement stipulates that form of notification.
They Keep On Lending
Only 30% of the major banks have a limit of courtesy overdrafts. This means that many small items can keep on upping the ante for you as they come in. Worse still, many banks have a tiered system that increases the fees for each additional overdraft. You can get into some pretty serious money pretty quickly over one small mistake.
How do you avoid this? If the cause of the problem is one mistake, go to the bank and ask them to waive the fees. If you can show that it all evolved from one item and that your account has not had overdraft issues in the past, you may be successful.
At Clinard Insurance Group in Winston Salem, NC, we help thousands of people living in NC with their personal insurance needs such as auto insurance and home insurance as well as their business insurance and life insurance needs. We are an independent agency and our trained professional agents will take the time to listen to your needs and then find you the protection you want and need at the lowest possible price. Give us a call, toll free, at 877-687-7557 or visit us on the web at www.ClinardInsurance.com.
The source information for this article was pulled from the Clinard Insurance Group lifestyle tips and tricks blog.
Many of these fees come from “courtesy” services that banks offer on overdraft policies. These services allow the bank to clear your check that might otherwise bounce when you don’t have sufficient money in your account to cover the check. Worse still, many banks simply use software to handle these situations without regard to the account holders ability to pay back the overdraft and it’s associated fees. If you have teenagers with checking accounts, you probably know just what I am talking about. I have had my kids essentially borrow less than a dollar and have to pay over $100 in fees for the privilege.
Here are some of the ways your bank might trip you up with pricey overdrafts:
Debit and ATM cards
Many people mistakenly believe that using a debit card will prevent them from overdrawing their account. In fact, debit card use triggers 46% of all overdrafts according to the Center For Responsible Lending. Most banks will allow the debits to go through even when no money is available in the account.
How do you avoid this? Ask the bank to set the debit-overdraw limit on your account to zero. Transactions that would put your account in the red will now be rejected.
Reordered Debits and Deposits
Banks often change the order in which debits and deposits occur in your account. Some banks pay daily transactions in order from highest to lowest, while others use any order they choose. Banks will try to justify these practices as a way to ensure the most important debits get paid but in fact this is simply a way to increase the overdrafts. Let me give you an example. Assume you began your day with $200 in your account. You get a coffee ($5) and then gas ($50), then purchase an mp3 player ($130) and then get lunch ($8) and finally stop for groceries on the way home ($35). If these are processed chronologically, only the last item will trigger an overdraft. But taken from largest to smallest triggers 3 overdrafts. Voila, more money for the bank.
How do you avoid this? Buffer your account with an extra $100 or so that you never dip in to.
Time Is Of The Essence
If your bank pays a courtesy overdraft, then they have essentially loaned you money. You should expect the interest rate on this type of loan to be very high. Worse still, they can add processing fees as more time goes by. Some banks add another $35 after 7 days on each overdraft! The worst part of all is that you may not know about it until your statement comes in at the end of the month. This is how my teenager spent over $100 to borrow 65 cents one time.
How do you avoid this? Set up another line of credit from a savings account to immediately pay off any courtesy overdrafts. Also, if possible, ask your bank of the fastest way they can notify you of an overdraft and make sure your agreement stipulates that form of notification.
They Keep On Lending
Only 30% of the major banks have a limit of courtesy overdrafts. This means that many small items can keep on upping the ante for you as they come in. Worse still, many banks have a tiered system that increases the fees for each additional overdraft. You can get into some pretty serious money pretty quickly over one small mistake.
How do you avoid this? If the cause of the problem is one mistake, go to the bank and ask them to waive the fees. If you can show that it all evolved from one item and that your account has not had overdraft issues in the past, you may be successful.
At Clinard Insurance Group in Winston Salem, NC, we help thousands of people living in NC with their personal insurance needs such as auto insurance and home insurance as well as their business insurance and life insurance needs. We are an independent agency and our trained professional agents will take the time to listen to your needs and then find you the protection you want and need at the lowest possible price. Give us a call, toll free, at 877-687-7557 or visit us on the web at www.ClinardInsurance.com.
The source information for this article was pulled from the Clinard Insurance Group lifestyle tips and tricks blog.
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