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Learn how Vance will put his experience to work for you.
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Save money.
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Secure your future.
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Secure your family.
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 Who is Vance? |
My
father was a District Manager for John Hancock Life Insurance for 37 years. I hadn't considered a profession in the insurance industry, yet 32 years later I still enjoy the thrill of helping my Clients learn how to purchase insurance to make their insurance premium dollar as efficient as possible.
I began my insurance profession in 1973. My mission statement has always been "To provide my Clients better service then they expect." My Clients come to depend on me for fast, fair, friendly service and always with integrity.
I do not consider myself as an insurance "sales" person. I believe my role is to educate my Clients not sell them insurance. Like most things, insurance needs to be managed. There is a right way to purchase insurance and coverage you should carefully consider. There is a time to submit a claim and a time to use judgment. After years of working with hundreds of insurance companies I am here to help answer questions as well as provide direction when necessary.
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What is auto insurance?
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Let's take a look at the basics of auto insurance. In exchange for an auto insurance policy that provides a specific amount of coverage, you pay an insurance company a premium.How much you pay in premiums is based on a combination of factors, including:
* How much coverage you have
* What kind of coverage you have
* How large a deductible you pay
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Your driving record
* Theft and safety statistics of your auto
* Accident statistics in the area where you live
* How much you drive
* Other drivers on
your policy.
States often require a minimum amount of insurance coverage for certain categories of auto insurance. For example, most states require some amount oflLiability insurance. Some states require uninsured and underinsured motorist insurance, while others require medical payments insurance.
You can often lower your premiums by limiting how much coverage you obtain or eliminating unnecessary coverage. We look at some of the major categories of auto insurance coverage later in this educator.
Insurance is the business of paying for the transfer of risk. Auto insurers will gladly cut you a break on your premiums if you share in the risk. One way to do this is to limit the maximum amount of potential liability the insurer will face.
Another way to share in the risk: Increase your deductible. Paying a higher deductible --- $500 instead of $250, for example -- means you pay more upfront when you file a claim. If you insist on a small deductible, expect to pay a larger premium.
Other ways to lower your premiums include buying a vehicle with a reputation for safety and low theft. You can also drive safely or even drive less. The fewer your opportunities for accidents, the less risky you are from an insurer's point of view.
Auto insurance is regulated by state governments. Each state has its own insurance commission, which regulates rates and handles complaints. An insurer has to have a state license in order to sell insurance in that state. The main umbrella organization of state insurance commissions is the National Association of Insurance Commissioners (NAIC).
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What is covered by a basic auto policy?
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States vary in what they require. Washington State requires minimum
liability coverage of no less then $25/50/10. What this means is
that in the event you injure someone your insurance company will pay the initial $25,000 for one person's injury, $50,000 for everyone's injuries and $10,000 for any damage you may cause to someone's property.
Washington State also requires your insurance company
to offer you Uninsured/Underinsured Motorist and Uninsured Motorist Property Damage. Uninsured motorist coverage will pay for your and your passengers injuries in the event the other driver is at fault and fails to carry
liability Insurance. However, in the event the other driver does carry insurance and due to their negligence your injuries exceed the amount of insurance they carry, then your Underinsured Motorist will stack on top of their liability. Uninsured Motorist Property Damage will pay for the repair or replacement of your car when damaged by an Uninsured Motorist. You would pay a $100 deductible. If the accident is due to a hit and run driver or phantom vehicle, you would have a $300 deductible.
Washington State also requires your insurance company offer you Personal Injury Protection coverage, or PIP. This coverage is Washington's answer to no-fault coverage. Should you and/or your passenger be injured in an accident, this coverage will pay for your medical bills, lost income, loss of essential services and a death benefit.
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Can I drive legally without insurance?
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Washington State is a
Mandatory Liability State. This means every motorist must maintain the minimum amount of insurance.
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What if I lease a car?
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Since the Leasing Agent is the Registered Owner of the car, most will require you maintain liability limits of $100/300/50. The Leasing Agent may also require you provide them a Certificate of Insurance reflecting their interests as an Additional Insured.
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Click here to more FAQ
vance@vancewebster.net
(206) 282-1712
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