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.  

Should I continue full coverage auto insurance even though I’ve recently paid off my auto loan?

Auto insurance provides financial protection against liability claims and coverage for repairing or replacing your car. Most states require drivers to carry auto liability coverage as a minimum insurance requirement. However, drivers may still be required to purchase more auto insurance based on specific circumstances. Our team at Agency Advantage Insurance is dedicated to educating West Bloomfield, MI residents about the benefits of auto insurance.

What is Auto Insurance?

Auto insurance provides protection from liability claims if you’re found at fault for an auto accident. Auto liability insurance will cover the repair or replacement of another driver’s car as well as any personal injuries they suffer as a result of an accident. Auto liability insurance covers the repair of another driver’s car and their personal injuries resulting from an accident. Legal fees and medical coverage are covered by auto liability insurance. However, drivers can purchase more auto insurance to cover the repair or replacement of their own cars as well as their own personal injuries that occur as a result of an accident. Sometimes, drivers are required to purchase more auto insurance due to an auto loan.

Should I continue full coverage auto insurance even after recently paying off my auto loan?

Maybe. If you can’t pay for the repair or replacement of your car if you’re in an auto accident, it may be wise to continue with car insurance. If your car’s value is equal to or less than your insurance premiums, car insurance may not be worthwhile. You may not recoup much money if your vehicle is considered a total loss. In situations like this, bypassing full coverage auto insurance may be an excellent move. If you have questions about auto insurance, call us. We can answer your questions. 
 

Do you need home insurance in Michigan?

Investing in yourself by acquiring your own home continues to be a good idea. When you do so in the West Bloomfield, MI area, you will find there are long-term benefits, including value appreciation and housing stability. When buying a home here, you need to get the right insurance. You will need to have a home insurance plan in this region for various reasons. 

Cover Dwelling

A reason you will want to have home insurance in this area is so you can cover your dwelling. If you choose to buy a home here, you will want to know that your long-term investment is protected. The best way this can be done is with a home insurance plan offering support if you are a fire victim or in other situations that cause damage. This coverage is also necessary if you have a mortgage, as it will protect the bank’s collateral. 

Reduce Liability Concerns

All people need to be aware of various personal liability risks that they take on. These risks can include if you are found liable for damages from an accident on your property. Continue to carry home insurance at all times. It will provide the ongoing support needed to mitigate this concern, as the policy will include a provision for liability coverage. 

When you are going to buy a home in the West Bloomfield, MI area, it will always be vital that you get proper insurance for it. There are many choices to make when looking for coverage, and calling our team with Agency Advantage Insurance can help. Our professionals at Agency Advantage Insurance know the value of this coverage and can help you build a plan that will meet your needs and protect your dwelling. 

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.

Four considerations when you purchase auto insurance

There are quite a few different considerations you’ll need to consider when purchasing auto insurance. At Agency Advantage Insurance, we can help you address this when trying to find a policy to meet your needs as a driver in West Bloomfield, MI. 

The following are four considerations you need to make when you want to purchase auto insurance. 

How much do you want your deductible to be?

Auto insurance providers will typically give you a few deductible options to choose from. If your priority is getting lower premiums, you should choose a higher deductible option. If your priority is minimizing costs when you have to file a claim, you should choose a lower deductible option. 

What types of coverage do you purchase?

The three main types of insurance coverage are liability, collision, and comprehensive coverage. While you will be required to have liability insurance in Michigan, you can add collision and comprehensive coverage to your policy. 

How high do you want your liability coverage limits to be?

In Michigan, you’ll need to purchase at least $40,000 in injury coverage per accident and $10,000 in property damage coverage for out-of-state accidents. You can go beyond these limits to enjoy more financial protection.  

Do you need to have additional drivers covered?

You will need to notify your auto insurance provider if anyone else, such as your spouse, son, or daughter, is regularly driving a vehicle you’re insuring. 

Call us or explore our website for more information about auto insurance from Agency Advantage Insurance. We’re here for West Bloomfield, MI motorists looking for insurance coverage to protect their finances and give them peace of mind when they’re behind the wheel. 

Is Home Insurance a Mandatory Requirement in Michigan?

Home insurance is a worthwhile investment if you want to protect your home. However, before purchasing home insurance in West Bloomfield, MI you may ask: is umbrella insurance mandatory in Michigan? If you want to find out, please keep reading as Agency Advantage Insurance answers.

Is home insurance mandatory in Michigan?

If you want to purchase home insurance in Michigan, you may wonder whether it’s a legal requirement. The reality is that no law in the Great Lake State requires homeowners to invest in home insurance. However, if a mortgage finances your home, your lender may require you to purchase home insurance.

It’s wise to remember that your lender’s insurance requirement is just a minimum. Mostly, your lender only wants dwelling coverage equivalent to or more than the outstanding loan. But what about your assets? How about the expensive liability claims? You can’t rely on your lender’s insurance requirements if you want to enjoy all-rounded protection.

Why home insurance is more than compliance

Unlike auto insurance, home insurance isn’t required by your state. But does that mean it’s optional? Home insurance is a worthwhile investment because it protects you, your loved ones, and the dwelling structure when the unthinkable happens.

Whether mandatory or not, all homeowners must invest in home insurance to enjoy protection in the areas below:

  • Dwelling coverage — it cushions your home against fire, falling objects, natural perils, and other risks in your policy
  • Personal assets coverage — home insurance covers your furniture, electronics, and other personal belongings
  • Loss of use — home insurance covers additional living expenses when your home is rendered unlivable
  • Liability coverage — home insurance protects you when accused of bodily injury and property damage

Would you like to invest in home insurance in West Bloomfield, MI? Please talk to Agency Advantage Insurance for an affordable quote.

How to Choose the Best Classic Car Insurance Coverage for You

For many of us, our car is more than just a mode of transportation- it’s a classic. Whether it’s a ’57 Chevy or a ’70 Mustang, a classic car is a treasure that deserves to be protected. But you can’t just go with the standard policy when it comes to insuring your classic car. You need coverage that is specifically designed for classic cars.

Here are a few tips to follow if you want to choose the best classic car insurance policy for you:

Your Car’s Value

The first thing you need to consider is the value of your car. Your standard insurance policy will not provide enough coverage for a classic car. You must ensure enough coverage to replace your vehicle if it is totaled in an accident or stolen. This means getting an appraisal of your car’s value and then insuring it for at least that much.

Your Driving Habits

Another essential factor to consider is how you use your car. If you only drive your classic car on special occasions, you can get the insurance that reflects that. Some policies will only cover your vehicle when it’s stored and not driven. This is the most basic and cheapest type of policy you can get, but it will not provide any protection if your car is involved in an accident or stolen. If you drive your classic car regularly, you will need a policy that covers you whenever you are on the road. Remember, the more time your vehicle spends on the street, the more likely it is to be involved in an accident. You must decide how much protection you want and what type of deductibles you are comfortable with.

The Type of Coverage You Want

There are a few types of classic car insurance coverage to choose from. The most common is agreed-upon value coverage, which means that you and the insurer agree on a value for the car ahead of time. In the event of a total loss, you will receive that agreed-upon amount. There is also actual cash value coverage, which considers the car’s depreciation. With this coverage, you will receive the actual cash value of the vehicle when it is totaled. Finally, there is stated value coverage, similar to the agreed-upon value but with a little more flexibility in terms of what you can receive in the event of a total loss.

Bottom Line

When insuring your classic car, you need to ensure you have the right coverage. Agency Advantage Insurance in West Bloomfield, MI can help you find the perfect policy for your needs. Give us a call today to get started!