Four motorcycle insurance policy features that you should be aware of

Getting the motorcycle insurance features you need can make your life easier. Agency Advantage Insurance offers insurance policies in West Bloomfield, MI. We can provide you with excellent insurance policy features that will give you peace of mind while you’re riding.

Here are four motorcycle insurance policy features that you should be aware of. 

Gap insurance

Gap insurance is important if you are still paying off a loan for your motorcycle purchase.

Gap insurance will cover any difference between the amount you still owe on your motorcycle and the amount you receive on any claim for the total loss of your bike. This way, you won’t end up owing money on a bike that has been totaled. 

Roadside assistance

With roadside assistance, you’ll be able to arrange to have a tow service come to your assistance if your bike brakes down due to a mechanical failure or an accident. Many insurance providers include roadside assistance on motorcycle insurance policies. 

Trip interruption coverage

Trip interruption coverage is important to have if you go on motorcycle trips that are far from home. This feature will cover any costs you face if your bike breaks down or gets in an accident while you’re far from home. 

Trip interruption coverage can cover costs like lodging, dining, and transportation fares. 

Diminishing deductibles

Some insurance providers offer a diminishing deductible feature on motorcycle insurance policies. With this feature, your deductible amount can decrease over time if you go a long period without having to file any claims on your policy. 

Riders in West Bloomfield, MI, can call us to get a policy quote. Give us a call today at Agency Advantage Insurance to learn more about the great features that our insurance policies offer.

Personal vs. Commercial Umbrella Insurance: What You Need to Know

Umbrella insurance is one way to secure additional protection for your home or business. At Agency Advantage Insurance in West Bloomfield, MI, we can help you explore your coverage options.

What is Umbrella Insurance?

Umbrella insurance provides coverage above and beyond the limits of your other policies. Umbrella insurance is especially beneficial for people with assets exceeding policy limits or at higher risk of liability claims. There are two general types of liability insurance: personal and commercial. 

Personal Umbrella Insurance

Personal umbrella insurance supplements your personal policies. You can take out this kind of policy to ensure your home, vehicles, and recreational vehicles are covered when their value exceeds your auto insurance limits. You can also lean on umbrella insurance for additional protection against personal liability claims that exceed other policy limits. 

Commercial Umbrella Insurance

Commercial umbrella insurance supplements your commercial policies. Companies must pay any legal costs, medical costs, settlements, judgments, and damage to other people’s property over their policy limits. Umbrella insurance can cover those amounts, eliminating unexpected – and sometimes astronomical – expenses. 

This kind of insurance works with your other commercial policies, like commercial auto insurance and general liability insurance. If a claim is filed, those plans will pay up to the limit, and then commercial umbrella insurance will kick in, covering any out-of-pocket costs above the limit(s). Common expenses include bodily injury, lawsuits, and property damage. 

If the value of your assets exceeds the limits on your personal or commercial policies, you may need an umbrella policy. The team at Agency Advantage Insurance in West Bloomfield, MI is here to answer your questions. Please stop by or call us today!

Classic Car Insurance for Young Drivers

Owning or driving a classic car is a dream for many young enthusiasts in and around West Bloomfield, MI. However, when it comes to insuring these vintage beauties, young drivers face unique challenges. Classic cars are valuable and have a higher risk profile due to their age and limited availability of replacement parts. 

Classic Car Qualifications

Before considering insurance options, young drivers must understand what qualifies as a classic car. Most insurers classify a classic car as a vehicle that is at least 20 to 25 years old, well-maintained, and retains its original design or has been restored to its original condition. 

Agreed Value Coverage

Unlike actual cash value coverage, which may depreciate the car’s value over time, agreed value coverage establishes a pre-agreed value with the insurer. In the event of a covered total loss, the agreed-upon value is paid out, providing young drivers with peace of mind that their investment is protected.

Limited Mileage Policies

Young drivers who own classic cars often drive them sparingly, using them mainly for car shows, exhibitions, or leisurely rides. Limited mileage policies consider reduced usage, offering lower premiums for those who drive their classic cars less frequently.

Driver Qualifications

Insurers may consider the driver’s age, driving record, and years of driving experience before offering coverage. Young drivers with a clean driving history may qualify for more favorable rates.

Safety and Security Measures

Young drivers should implement safety and security measures for their classic cars to reduce insurance premiums and protect their investments. Installing anti-theft devices, using secure storage, and keeping the vehicle in good working condition can positively impact rates.

Agency Advantage Insurance Can Help You

Here at Agency Advantage Insurance, we can answer all your questions concerning classic car insurance. We assist the West Bloomfield, MI region. Contact us today.

Motorcycle Coverage Options

When it comes to motorcycle and auto insurance, nearly every state in the country requires at least liability insurance to be in place for all drivers, including motorcyclists. A liability insurance policy is required in the state of Michigan for motorcyclists. Still, there are other types of coverage you can opt for to protect yourself and the investment you have made in your bike. The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want you to know about these options to make an informed decision about what types of motorcycle insurance you need.

What Does Motorcycle Insurance Cover?

There is an array of different coverage options when it comes to motorcycle insurance. Below are the four main types you can learn more about to determine if you need them for you and your situation.

Liability Motorcycle Insurance

This type of insurance is required for you to have, and it will help you pay the medical bills and property damage you cause in an accident.

Underinsured or Uninsured Motorist Coverage

The last thing you want to do is be involved in an accident, but it becomes even more difficult if you’re involved in an accident caused by a driver who has no insurance or lacks an appropriate amount of insurance. Underinsured and uninsured motorist coverage will help you repair your bike and pay for medical bills if you are injured.

Comprehensive and Collision Motorcycle Insurance

If you want your motorcycle to have the most coverage possible, consider collision and comprehensive insurance. Collision insurance helps you pay for damages that occur if you collide with something. In contrast, comprehensive insurance will help you pay to repair or replace your motorcycle if it is damaged in some unforeseen event. These types of events that are covered include natural disasters, fires, vandalism, or theft.

If you owe a lender for your motorcycle, you may already be required to have both collision and comprehensive insurance policies in place to protect the interest your lender has in your bike.

Contact Agency Advantage Insurance

The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want to ensure you have the appropriate motorcycle insurance to protect you and your bike. Call today for an appointment.

Motorcycle Coverage Options

When it comes to motorcycle and auto insurance, nearly every state in the country requires at least liability insurance to be in place for all drivers, including motorcyclists. A liability insurance policy is required in the state of Michigan for motorcyclists. Still, there are other types of coverage you can opt for to protect yourself and the investment you have made in your bike. The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want you to know about these options to make an informed decision about what types of motorcycle insurance you need.

What Does Motorcycle Insurance Cover?

There is an array of different coverage options when it comes to motorcycle insurance. Below are the four main types you can learn more about to determine if you need them for you and your situation.

Liability Motorcycle Insurance

This type of insurance is required for you to have, and it will help you pay the medical bills and property damage you cause in an accident.

Underinsured or Uninsured Motorist Coverage

The last thing you want to do is be involved in an accident, but it becomes even more difficult if you’re involved in an accident caused by a driver who has no insurance or lacks an appropriate amount of insurance. Underinsured and uninsured motorist coverage will help you repair your bike and pay for medical bills if you are injured.

Comprehensive and Collision Motorcycle Insurance

If you want your motorcycle to have the most coverage possible, consider collision and comprehensive insurance. Collision insurance helps you pay for damages that occur if you collide with something. In contrast, comprehensive insurance will help you pay to repair or replace your motorcycle if it is damaged in some unforeseen event. These types of events that are covered include natural disasters, fires, vandalism, or theft.

If you owe a lender for your motorcycle, you may already be required to have both collision and comprehensive insurance policies in place to protect the interest your lender has in your bike.

Contact Agency Advantage Insurance

The agents at Agency Advantage Insurance serving the West Bloomfield, MI area want to ensure you have the appropriate motorcycle insurance to protect you and your bike. Call today for an appointment.

How Does Umbrella Insurance Benefit Retirees?

Your retirement years should focus on enjoying your family, hobbies, and activities rather than worrying about money, so retirees need to consider umbrella insurance to protect the assets they worked so hard to accumulate. Although this article covers the value of umbrella insurance for retirees, everyone has unique needs, so consider contacting our team at Agency Advantage Insurance, serving West Bloomfield, MI, to discuss umbrella insurance as part of your insurance plan.

How Umbrella Insurance Benefits Retirees

We buy home and auto insurance to protect ourselves against the unexpected. Still, accidents happen despite our best intentions, and sometimes we are liable for damages that exceed our base policy limits. For example, Michigan’s minimum auto insurance policy covers your liability up to $50,000 per person and $100,00 per accident. If an accident results in liability exceeding your policy’s limits, you are responsible for the difference, potentially making your retirement savings, home, and other assets vulnerable.

The solution to that problem is umbrella insurance, which sits atop your other policies and applies only when you exceed their limits. Thankfully, the liability for most auto and home accidents is handled within your standard policies, so umbrella coverage is seldom needed, making umbrella insurance relatively inexpensive. In addition, since most retirees are past their prime earning years, umbrella coverage provides extra protection for you and your assets.

Working With Agency Advantage Insurance

In a world where anything can happen, umbrella insurance provides a low-cost method of protecting you and your family. So, if you live in or near West Bloomfield, MI, and want to benefit from the protection offered by umbrella insurance, the team at Agency Advantage Insurance stands ready to help. Call us today to discuss a plan that makes sense for you.

Three Benefits to Annually Updating your Health Insurance Plan

Each year, we have to update a lot of things in our lives. One of those things is our health insurance plans. You never know what specific changes could occur from year to year. That’s why keeping your insurance agent informed about these changes is important. Our insurance professionals at Agency Advantage Insurance, serving West Bloomfield, MI, could assist you in updating your plan.

Updating your Plan to Make Contact Changes

The main benefit of annually updating your plan is to make contact information changes. What if you moved? What if your phone number changed? What if your employer changed? You must inform your insurance agent of this new information each year.

Changes in your coverage

Your health is bound to change from year to year. You may need more coverage than last year because of a new health condition. Inform your agent that you may need more coverage. On the other hand, if you have a plan with plenty of coverage, but you hardly use it, contact your agent about a plan with modest coverage.

Add or Remove Recipients

If you have a spouse or children, you probably have them in your policy. However, what if you’ve experienced a new life change, such as getting divorced? A person who is on your health plan could pass away, and you will have to remove that person. These are examples of changes you must indicate in your health plan. Keep your agent updated on these critical changes annually.

Changes are bound to happen to your health, location, or anything else in your life. If you start to experience these types of changes to your health plan, be sure to keep your agent updated. Contact our agents at Agency Advantage Insurance for help in doing this.  

Why Classic Car Insurance is Different Than Standard Auto Insurance

Auto insurance is one of the most common types of insurance purchased on planet Earth. So what makes classic car insurance different? If you live in the West Bloomfield, MI area, you know classic cars are quite popular. The Agency Advantage Insurance team can help educate about what makes classic car insurance unique and assist in the purchasing process.

Classic Car Insurance Coverage

So what is unique when it comes to classic car insurance? Classic car insurance provides you with comprehensive collision coverage on your classic vehicle. The difference here is that the vehicle’s value is something you agree to before signing on with the insurer. You do not want to worry about the vehicle’s depreciation like you would with car insurance. You agree to the value and insure it to that point.

Standard Inclusions

With classic car insurance, you also get standard fares like liability coverage, roadside assistance, and more. The difference with classic car insurance boils down to that value. You could have a classic Corvette that you know is high in value. Agree to that, and get a premium that also factors in how you drive the vehicle and where the storage of it lies.  

Classic car insurance is something you want to strongly consider if you own a classic vehicle. Standard auto insurance will not cut it, nor will it provide you the value you seek. Instead, you need classic car insurance to help get the comprehensive collision coverage necessary to indemnify you if the unthinkable happens. Serving West Bloomfield, MI, Agency Advantage Insurance is in a position to assist with your classic car insurance research.

Safe driving tips for motorcycle riders

Motorcycle riders have a heightened sense of freedom when they hit the open roads in the West Bloomfield, MI area, but that entails taking extra precautions for their safety. Here are some safe driving tips for motorcycle riders from us at Agency Advantage Insurance:

  1. Wear protective gear: It is essential to wear the proper protective gear whenever you are out riding; this includes a helmet, gloves, boots, and reflective clothing. Not only does it provide a cushion in case of an accident, but it also makes you more visible to other drivers on the road.
  2. Check your tires: Before your ride, make sure your tires are inflated correctly and in good condition. This will help reduce the risk of any potential tire blowouts while on the road. 
  3. Drive defensively: Always be aware of what other drivers around you are doing and leave plenty of space between you and them if necessary. This will give you more time to react if they do something unexpected or dangerous on the road. 
  4. Avoid distractions: Put away your phone while driving and focus solely on the task at hand – staying safe on the roads! Texting or talking while riding can significantly increase your chance of an accident occurring. 
  5. Follow traffic laws: Make sure to follow all posted traffic laws and signals when riding; this includes not speeding or cutting across lanes without signaling first. 

Following these simple tips, motorcycle riders can enjoy their rides safely and securely every time they hit the open roads! For more safe driving tips, call us at Agency Advantage Insurance today. We proudly serve the West Bloomfield, MI area and would gladly answer all your questions. 

Umbrella Insurance Takes Over Were Other Coverage Stops

Do you have enough liability coverage in the event of a lawsuit or some other disaster? Do you live in the West Bloomfield, MI area? Agency Advantage Insurance can provide the extra coverage you may need in an emergency.

What exactly is umbrella insurance? It is liability insurance coverage over other policies you may have for losses not covered by them. It is an add-on policy sold in $1 million increments, usually up to $5 million. The more coverage you purchase, the more it will cost. The risk factors you may face will also determine the cost of the coverage.

Umbrella liability coverage protects against the financial fallout that could arise due to certain unforeseen events that lead to injury or property damage for which the policyholder is responsible. When the homeowner’s or auto insurance liability coverage has been exhausted, umbrella coverage takes over.

Are you wondering if you need umbrella insurance coverage? You need this coverage if your net worth is more than $500,000. The more you have, the more you stand to lose. Most insurance policies will not provide enough coverage. If you are on your way to reaching millionaire status, an umbrella insurance policy is for you.

Umbrella insurance is also called personal liability insurance. It is a failsafe way to protect your assets and your savings.

However, some losses are not covered by an umbrella insurance policy:

  • Business losses
  • Criminal acts committed by the policyholder
  • Damage due to war, terrorism, or nuclear radiation
  • Flooding caused by natural disasters
  • Intentional acts or injury by the policyholder
  • Oral or written contracts

So, if you are one of the fortunate people who have built up significant assets, ensure you protect them with the extra coverage that an umbrella policy can provide through Agency Advantage Insurance. Contact our office today.