Author: AgentInsure

Do Insurance Needs Differ When You Own Your Vehicle Outright?

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Typically, when we buy a car it is through a financing plan and that firm holds the title to the car. Once the car is owned outright the lienholder’s rights are no longer relevant to your insurance coverage and decisions. In fact, it is possible to drop both collision and comprehensive coverage and carry liability insurance only. While this is something that is possible and completely legal, it is by no means the best route to take in every situation. JC Demo Insurance Group is here to guide their clients in the greater Matthews, NC area through the insurance-buying process; whether they own their vehicle outright or not. Insurance needs will vary between the two situations.

Drivers often drop their collision and comprehensive policies immediately once they own their vehicle outright. In many instances, it may make sense to lower the coverage amounts, but there are many reasons to keep collision and comprehensive coverage in place. We recommend that remain aware of the depreciated value of your auto as that is what is typically used as the replacement value of the car in the event that it is totaled. Lowering the limits of your coverage will keep you protected, with insurance in place, but you will not be over-insured. Ultimately, the key decision is finding the coverage levels that make the most sense for your vehicle and your personal situation.

If you are unsure what the appropriate coverage levels are now that you own your vehicle outright, it’s time to sit down with one of the knowledgeable insurance agents at JC Demo Insurance Group. We are proud to serve the auto insurance needs of our friends and neighbors in the greater Matthews, NC area and look forward to working with you soon!

How to Calculate Replacement Cost of Your Home

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Most homeowners benefit from having home insurance that covers the replacement cost of rebuilding a home and restoring its contents if it is completely destroyed by a major catastrophe. Talk with your agent at JC Demo Insurance Group, serving Matthews, NC, and the surrounding areas, to make sure your home insurance provides sufficient coverage. Here are some helpful things to understand about how to calculate the replacement cost of your home.

What is included in the replacement cost of a home?

The replacement cost should include the amount needed to rebuild the home back to the same quality and similar style of the home before the calamity. Replacement value is not the same as the market value of the home because the market value also includes the land. Replacement value is also not the same as the mortgage on the home either. The mortgage may be more or less than the replacement value.

An estimate of the replacement value of a home can be made by using public data about average construction costs along with special considerations for the neighborhood and the quality of the home. Insurers usually use these calculations, unless special circumstances apply.

Special Features and Personal Items

If the home has special features, these need to be considered as additional replacement costs. Personal items in the home can be valued by taking an inventory and checking the current prices for similar things. The replacement value is not what the things are worth as used items. Instead, it is what it costs to buy a similar new one. For example, a ten-year-old television may not be worth much, yet to buy a new one, of the same size, would cost a considerable amount more. The insured replacement value of personal items is the cost of new items.

Conclusion

Call your agent at JC Demo Insurance Group in Matthews, NC for a review of home insurance coverage to get help with the calculations of the replacement value and discuss any special considerations about your home that differ from the average homes in the same area.

Even Single People Need Life Insurance

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If you are like a large number of other people in Matthews, NC – and around the country – you may believe the misconception that only married couples and individuals with kids need life insurance. However, this couldn’t be further from the truth.

There are several reasons why – even if you are single – need to contact JC Demo Insurance Group for life insurance, with some of the most important listed here.

You Have Accumulated Student Loan Debt

Do you think that your debt is going to die with you? Unfortunately, this isn’t always the case. Even though the loans given through the federal government are forgiven if you die, a personal loan with a cosigner won’t be.

As a result, if your parent or someone else co-signed the loan, they are going to be saddled with the debt even after your death. A life insurance policy can help ensure this is paid off.

You are Currently Living with Your Partner/Significant Other

When you are living with someone, you also share financial responsibility. In most cases, you will need both of your incomes to cover important debts – such as the mortgage. If you were to die, would they be able to continue living in your home? Paying for the vehicle you share? A life insurance policy can help ensure this person is taken care of if you were to pass away.

You have Your Health and Youth

Health and age are two of the main factors considered when determining how much you are going to have to pay for your life insurance. If you choose to buy a policy now, you can lock in a lower rate than if you waited another 10 or 15 years.

If you are ready to purchase life insurance, contact our team at the JC Demo Insurance Group serving Matthews, NC for more information.

 

You’re the Victim of a Hit and Run: What to Do Next?

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Car accidents, regardless of how bad they may be, can be both traumatic and stressful. If you are ever involved in an accident, you may wonder what to do next. While this is normal, if you are a victim of a hit and run accident in Matthews, NC, the situation can even be more confusing.

While the insurance policy you purchased from JC Demo Insurance Group should provide you with some assistance, there are other steps you should take in this situation, as well. Learn more about what these steps are, here.

Record All the Important Information

If the driver of the vehicle that hit you leaves the scene, you need to work to gather as much information as you can to give the police. This is the information that the police can use to find the other driver and make sure you don’t have to cover the damages they caused. Some essential things to try and get include:

  • The make, model and license plate number of the vehicle

  • Approximate year and color of the vehicle

  • Location and time the accident occurred

  • The direction that the driver went

  • The contact information of possible witnesses

  • Pictures of the damage to your car and the accident scene

Contact the Police

It is imperative that you call the police as soon as you can after an accident occurs. Provide information about the names of witnesses, the location of the accident and which way the driver went.

Once you have done all this, contact your own insurance company in Matthews, NC. Companies such as JC Demo Insurance Group will help each step of the way.

If you need new insurance, you can also contact this company for more information and to get the policy you need.

What Your Commercial Insurance Agent Can Teach You

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When you have a business, you need good insurance. But if it’s a new business, or you’re not used to owning a company of any kind, you might not know what type of policy you really need. That’s where your insurance agent comes in. They can not only get you a policy that works for your needs, but they can teach you about the policy options you have. Then you can make an informed decision as to how you want to cover your Matthews, NC business the best way. When you work with JC Demo Insurance Group, you get the type of guidance you need to get the best policy for your company.

Commercial insurance policies aren’t all the same. They are very different depending on the type of company you have, since the insurance needs of a factory are very different from the insurance needs of an office, for example. Whether customers come to the location also affects the type of insurance you have, because there are higher liability levels when customers are present. No matter what type of insurance you’re looking for to protect your business, a knowledgeable agent can give you options that will help you get what you need.

By choosing the JC Demo Insurance Group, you can get your Matthews, NC business protected and work with an agent who is able to answer all your questions and advise you about the different policy options you can choose from. Then you’ll have peace of mind, and a policy that will keep your commercial endeavor protected for the long term. As your business needs change, you’ll also want to work with your agent about updating your policy so you are always ready for any challenges your business might face where your coverage is concerned.

5 Things Your Home Insurance Policy Probably Won’t Cover

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Although a home insurance policy is necessary to help protect your home from an array of damages, there is no such thing as ‘full coverage’ with regards to home insurance. This is largely due to the fact that there are too many unforeseen issues that can arise as the result of things such as natural disasters and failing to keep up with regular maintenance, among other things. That said, the following is an overview of 5 things your home insurance policy probably won’t cover. 

Fine Art/ Jewelry

If you have excessively expensive items in your home, you may need to purchase a separate policy to protect those items specifically. The average home insurance policy will likely not pay for excessively priced items unless explicitly stated in the policy. 

Termite Infestation

One of the most unpredictable issues with regards to owning a home, people hardly ever purchase a home with the expectation of it becoming infested by termites. Nevertheless, termite infestations can be very costly and in extreme circumstances, can even leave a home inhabitable. 

Stolen Cash

If you have a large amount of cash lying around your home, you likely have your reasons. Nevertheless, physical cash can be very hard to keep track of so, your insurance company likely won’t just take your word for it that someone broke in and stole your millions. 

Mold

According to experts, mold coverage is typically limited to basic home insurance policies if not outright excluded. This is because mold can be both deadly and costly and there is no real way to anticipate the extent of the damages. 

Floods

Similar to mold, flood coverage is often limited or excluded for the same reasons. While you certainly have the option to purchase separate flood coverage, your basic home insurance policy will likely do little to protect your home from flood damage.

Overall, for those living in Matthews, NC the JC Demo Insurance Group is a great option for purchasing a home insurance policy. A premier insurance company in Matthews, NC, simply call, email, or stop by the JC Demo Insurance Group office to get a quote and start your policy at once. 

Renting a Car and Auto Insurance

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It’s easy to forget how many benefits come with an auto insurance policy if one gets a comprehensive coverage plan for their vehicle. However, it becomes really clear what one is missing if instead, a driver chooses strict liability coverage just to meet the North Carolina insurance requirement minimums for public roads. Comprehensive coverage auto insurance doesn’t just protect from a variety of vehicle-related risks, it also tends to extend coverage to other vehicles a person drives, including rental cars.

Normally, if one goes to a rental car agency in Matthews, NC or elsewhere, the company will push its own coverage plan for temporary protection of the car or then hold the driver personally responsible for any damage. And if you think that’s avoidable, just a windshield crack from a flying pebble can be a $100 to $200 is costs to repair. So drivers end up having to take out a plan. However, if one has it included in his comprehensive coverage already in place, then the claim just goes to the personal auto insurance policy to address. And that can avoid a big, sudden expense at the end of a trip.

On the other hand, if your coverage for personal driving is the bare minimum, then it is unlikely that your auto insurance addresses coverage with a rental car as well. Such plans tend to be vehicle specific, but this is not a fast and solid rule. According to the folks at JC Demo Insurance Group, it varies from company to company, so the sure way to know is to read the terms of a coverage policy before renting a car.

For those in Matthews, NC who travels a lot by car, rental cars may just be a necessary fact of life. In that case, you should talk with the folks at JC Demo Insurance Group to make sure your coverage is inclusive of rental car use. You don’t want to be surprised after the fact.

Can You Insure an Inoperable Vehicle?

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At JC Demo Insurance Group, serving the Matthews, NC area, one of the questions that we have been asked multiple times is whether you can insure an inoperable vehicle. Here is the information you need to know about this topic. 

What an Inoperable Vehicle Is

An inoperable vehicle is a vehicle that currently cannot be operated on the roadways. It may be unable to pass smog or emissions testing, it may have been involved in a car accident, or it may need parts repaired. 

If an Inoperable Vehicle Can Be Insured

An inoperable vehicle can be insured. Most insurance companies do offer insurance specifically for inoperable vehicles. This takes into account the fact that the car is sitting and not be driven, which greatly reduces the liability costs associated with the car. However, some companies do not differentiate between operable and inoperable cars when providing auto insurance, so be sure to ask whether the company offers inoperable vehicle insurance or not. 

The Benefits of Insuring an Inoperable Vehicle

There are many benefits to insuring an inoperable vehicle. The top benefits are that your car is covered from theft, fire and vandalism when you have comprehensive or full auto coverage on the car. While your car is not being driven, and as such, is not likely to be involved in an accident, these other factors are much more likely to happen. Insuring the car helps to ensure that you are financially covered in the event one of these elements occurs. 

If you are looking to insure an inoperable vehicle, JC Demo Insurance Group, serving the Matthews, NC area, is here to assist you. Call us today to get answers to any of the questions you may have or to get a free estimate for auto insurance. 

How Long Should Life Insurance Terms Be

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People in Matthews, NC are living longer than they ever have before. The most recent analysis of life expectancy calculated by the state of North Carolina has shown that the average person in Matthews, NC is expected to live to be 80 years old.

Better health care, advances in disease prevention, new medicines, more attention to healthier living, exercise, and living in a great part of the country are considered to be contributors to the increase in long life.

At JC Demo Insurance Group we feel that a longer life makes life insurance more important. The length of the terms of a life insurance policy is not as important as the aim of the policy. The terms of any policy should be determined by the reason that a person has for taking out the life insurance policy.

Naturally, age does play a part in the decision about how long life insurance terms should be. We would never think to give a 70-year-old a 40-year term. This is unethical and illegal.

Our view of life insurance is asset protection. The term should be long enough to guarantee that your survivors are provided for financially. Everything that you worked to give your family should be covered and paid for so that your family does not have to worry about money if you die unexpectedly.

JC Demo Insurance Group has been helping people make decisions about how long life insurance terms should be for over 20 years.

We offer our clients an advantage because we are an independent agency. We have relationships with the best life insurance companies in the country. This allows our clients to pick the coverage that best suits their aims. We provide experienced personalized help through each step of the process. Your peace of mind is our goal.

Call us at 704 541 5155 and we will explain how long life insurance terms should be for your goals.

 

What Businesses Require More than Standard Commercial Insurance in Matthews, NC?

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Basic commercial insurance covers property, liability and workers’ compensation. Yet, if you work in the housing, construction or demo business, you need an insurance policy that covers incidents specific to your industry. Your JC Demo Insurance Group agent can provide more information about the types of coverage that would benefit your Matthews, NC business. In the meantime, here is a primary of the types of policies available beyond basic commercial insurance.

Additional Commercial Insurance Coverage

Property Insurance covers losses to real or personal property. Boiler and Machinery Insurance, or "equipment breakdown," covers the breakdown of boilers, related coverage can be written to include debris removal after a fire or flood, glass insurance, and other industry-specific coverages. Talk to your JC Demo Insurance Group to find out what coverage would best protect your business. Meanwhile, business Interruption Insurance reimburses lost income or expenses caused by property damage and loss.

Ordinance or Law Insurance has you covered for costs associated with demolishing and rebuild for a partially destroyed building. (Usually 50 percent coverage) Tenant’s Insurance provides the coverage required by commercial lease agreements. 

Crime Insurance reimburses your business for loss due to theft, burglary, and robbery, and Fidelity Bonds pay for losses caused by a bonded employee’s theft of business assets. Errors and omissions insurance protects your business from damages awarded for mistakes that cause injury to another person. Meanwhile, malpractice insurance covers injuries to third parties when it’s determined the level of care fell below industry standards. Also, Directors’ and Officers’ Liability Insurance-covers the legal of lawsuits filed against directors and officers.

Commercial automobile policies cover your business fleet of vans, trucks, and cars, while Workers’ Compensation Insurance-pays for an employee’s on-the-job injuries. 

Contact Us

Contact JC Demo Insurance Group today to set up an appointment for a free quote or to purchase additional commercial insurance to protect your Matthews, NC business.