Policy Deductible Increases: The Safer Way To SAVE Premium Dollars

Money is still tight for many Americans, meaning most are still looking to save when and where they can. Some people have even turned to their insurance policies as a place to cut costs. Insurance can be expensive, but consumers need to ask themselves where and how they can really save money in this area without jeopardizing the protection offered by their policy coverages.

Two typical places that many insured individuals think they can cut the cost of their premiums are from reducing the dwelling/liability limits on their Homeowners policy and reducing the liability limits on their Auto insurance policy.

In reality, cutting the liability limits on these policies leaves you highly vulnerable to risk and will NOT ultimately save you any money over the long run. Although you might save a few dollars now with such tactics, it really isn’t worth it when you stop to think about just how much you could lose if you were sued after someone was injured in your home.

If you want to decrease your premiums, a much more prudent way to do it is by increasing the deductibles in your auto and/or home policies. A deductible increase from $250 to $500 could save you up to 15% on your Homeowners insurance premiums. You can save 30% or more on your premiums by raising the physical damage deductible on your Auto insurance policy to $500 or $1,000 dollars.

Some consumers get nervous about not having the $500 to cover their newly raised deductible should they need to file a claim. Since the situation doesn’t involve thousands of dollars in difference, it’s likely to be just as difficult for most people to come up with $500 as it would be $250. The only difference will be that the extra premium savings can be saved and set aside to cover the higher deductible from any future claims. In most cases, the additional $250 could be saved in less than 24 months.

If you’re nervous about taking the larger leap to a $1,000 deductible, then you can always take a slow and steady approach. You might increase your deductible to $500 first. You can open a savings account for the premium dollars you’ll save each month from having a slightly higher deductible. Although it might take some time, you can eventually raise your deductible to $1,000 when you have saved $500 to $750 dollars in the account.

Don’t be caught under insured… Unlike lowering limits, deductible raises can save you money without placing you at a greater financial risk.

If you would like to speak with one of our knowledgeable protection coaches about ways you can SAVE on your insurance program, CALL 877-994-6787 TODAY!

Insure Your Boat In And Out Of The Water

Millions of Americans take to the water each year during boating season, traveling the coastlines, rivers, lakes and canals. The watercraft range from simple rowboats to jet skis to small motorboats to luxury yachts. Boat owners spend significant amounts of money buying and maintaining their boats. The need for insurance protection when the boat is on the water is obvious, but many boat owners question the need for it during the off-season. However, insurance is just as important when the boat is in storage as when the owner is using it.

A typical Boat insurance policy provides a package of coverages, including:

  • Damage to the boat, motor, and trailer
  • Damage to portable property used in the maintenance and operation of the boat, including things like anchors, life jackets, oars, tools, skis and surfboards, lights, and fire extinguishers
  • Damage to other types of property, including sports equipment, clothing, and other personal effects
  • Damage to equipment on shore, such as boat covers
  • The cost of recovering a sunk or stranded boat
  • The cost of emergency service and towing
  • Damage to non-owned or substitute boats
  • Loss of fishing tackle
  • Liability coverage for injuries or damages for which the boat owner is legally responsible
  • Coverage for injuries the boat owner or others on the boat suffer in an accident with an uninsured watercraft

A boat owner will need these coverages if their boat gets into a collision with another boat, or if thieves steal scuba gear from it, or if fire damages the motor. However, losses are still possible while the boat is out of the water. Progressive Insurance reports that nearly two out of every 10 boat claims it receives from northern states occur between Labor Day and Memorial Day, when most owners are not using their boats much.

Some examples of losses that could occur:

  • The building which houses the boat during the winter burns to the ground.
  • Vandals damage the boat in the middle of the night while it’s in the owner’s driveway.
  • A neighbor’s child, playing in the owner’s yard, runs into the boat stored there and injures his head.
  • Someone steals the boat and its trailer from the yard at a repair shop.
  • While the boat is stored in the yard, heavy snow melt causes a flash flood that damages the boat’s interior, including the mechanical system and the radio.

One of our Protection Coaches® can provide advice on the types and amounts of coverage a boat owner needs. We can also recommend insurance companies that have expertise in boating, good claims-paying practices, and reasonable prices. Insuring a boat all year round can be expensive, but compared to the cost of a large uninsured loss, it may well be worth the cost.

Here are 4 Easy Ways to Reach Us:

  1. Call 951-600-5751 or 877-994-6787
  2. Fax 951-677-6265
  3. Email – insure@siaonline.com
  4. Visit www.siaonline.com

Drinking and Driving: A Threat to Everyone

U.S. drivers got behind the wheel after drinking too much about 112 million times in 2010. Whenever anyone drives drunk, they put everyone on the road in danger. Choose not to drink and drive and help others do the same.

Though episodes of drinking and driving have gone down by 30% during the past 5 years, it remains a serious problem. Alcohol-impaired drivers are involved in about 1 in 3 crash deaths, resulting in nearly 11,000 deaths in 2009. A recent CDC (Centers for Disease Control and Prevention) report discusses drinking and driving and the proven measures that can help.

A Serious Problem, Happening 112 Million Times a Year

U.S. drivers got behind the wheel after drinking too much about 112 million times in 2010.

    Certain groups are more likely to drink and drive than others.

  • Men were responsible for 4 in 5 episodes (81%) of drinking and driving in 2010.
  • Young men ages 21-34 made up only 11% of the U.S. population in 2010, yet were responsible for 32% of all instances of drinking and driving.
  • 85% of drinking and driving episodes were reported by people who also reported binge drinking. Binge drinking means 5 or more drinks for men or 4 or more drinks for women during a short period of time.

Steps for Safety

Seat belts help keep everyone safe on the road.

Seat belts can protect every passenger on every trip. Just by buckling up, you reduce your risk of serious injuries and deaths from crashes by about 50%.

There are proven steps that people can take to help prevent drinking and driving.

States can:

  • Enforce 0.08% blood alcohol concentration and minimum legal drinking age laws.
  • Expand the use of sobriety checkpoints.
  • Require ignition interlocks for everyone convicted of drinking and driving, starting with their first offense.
  • Consider including strategies to reduce binge drinking—such as increasing alcohol taxes—to reduce drinking and driving, since the two behaviors are linked.
  • Pass primary enforcement seat belt laws that cover everyone in the car.

Employers can:

Definitions of proven measures

  • Sobriety checkpoints are locations at which police stop drivers to judge if they are driving under the influence.
  • The minimum legal drinking age prohibits selling alcohol to people under age 21 in all 50 states.
  • Ignition interlocks are devices that prevent drivers from operating their vehicles if they have been drinking.
  • State primary enforcement seat belt laws allow police to stop vehicles just because someone is not wearing a seat belt.
  • Set policies that immediately take away all work-related driving privileges for any employee cited for drinking and driving while using a company or personal vehicle for work purposes.
  • Use workplace health promotion programs to communicate the dangers of drinking and driving, including information directed to family members.

Health professionals can:

  • Help patients realize that car crashes are the leading cause of death for everyone ages 5-34 and that 1 in 3 of all crash deaths involves a drunk driver.
  • Routinely screen patients for risky drinking patterns, including binge drinking, and provide a brief intervention—a 10–15 minute counseling session—for patients who screen positive.

Everyone can:

  • Choose to not drink and drive and help others do the same.
    • Before drinking, designate a nondrinking driver when with a group.
    • If out drinking, get a ride home or call a taxi.
    • Don’t let friends drink and drive.
  • Choose not to binge drink themselves and help others not to do it.
  • Talk with a doctor or nurse about drinking and driving and request counseling if drinking is causing health, work, or social problems.
  • Buckle up every time, no matter how short the trip. Encourage passengers in the car to buckle up, including those in the back seat.

We hope this article helps keep you safe. If you have any questions, comments or concerns, please feel free to contact us.

Here are 4 Easy Ways to Reach Us: