Author Archives: Colbie McRae

About Colbie McRae

In February of 2015, I started insureCAL Insurance Agency from scratch. Now in our 2nd year, we will have 5 licensed agents and an awesome partnership with a number of great insurance carriers. insureCAL's main focus is the agriculture industry, it's what all of us grew up knowing and loving.

3 Reasons To Properly Insure Your Classic Vehicle

Your classic car, truck, motorcycle, or boat are usually treasured items that you would have a hard time replacing. Now imagine, your insurance company is only wanting to pay you for what THEY think your classic vehicle is worth. This happens to many classic vehicle owners, as they do not realize their classic would be better covered on a policy separate from their regular vehicle insurance.

Here are the 3 reasons you want to properly insurance your classic vehicle:

   1.Your normal auto insurance policy only offers coverage on an actual cash value basis.

The standard auto insurance policy that we all have for our daily drivers is on an actual cash value basis (ACV) – Actual Cash Value = The price of the vehicle less depreciation

The insurance companies that specialize in classic’s, primarily, offer agreed value. Agreed Value means that the policy holder and the insurance company agree to insure the vehicle for an exact amount and that is what the vehicle is insured for on the policy.

   2. Classic Vehicle Insurance Companies KNOW Classic Vehicles

Your standard auto insurance company handles claims all day for Old Honda’s-New F150’s. Vehicles that depreciate, not appreciate. They generally don’t know classic’s or collector vehicles, as that is not what they specialize in.

Insurance companies that specialize in classic vehicles, KNOW classic’s. They generally, only handle claims for classics and collector vehicles. There’s no guess work at the time of a claim, as you determined the value of the vehicle up front.

   3. Its CHEAPER!

Most of the time it’s less expensive to have your classic insured on a classic vehicle policy anyways! These specialty insurance companies know that the owners drive these vehicles less and are much more cautious with their prized classic.

Hard to beat better coverage and less insurance premiums!

If you aren’t sure of the value of your classic vehicle look it up with Hagerty’s Valuation Tool. You can even plug in your old VIN# and they will populate the info! (If its stock…)

Personal Injury – Homeowners Insurance

In today’s world of social media and online presence, by everyone in a household, it is important to make sure we are careful when sharing on the internet. Sites such as Yelp, Google +, Facebook Reviews, etc. encourage us to share our positive and sometimes not so positive experiences.

What does this have to do with insurance?

It is becoming very common for a business or person to file a lawsuit against someone for libel/slander. Example, A student posts something negative on Facebook about one of their teachers. The news spreads and the teacher ends up being fired and harms the teachers reputation. Whether, the information was true or false the teacher could possibly bring a lawsuit against the student/student’s family.

This family may have coverage to defend themselves against this lawsuit, IF they have personal injury coverage on their homeowners or renters insurance policy.

A standard homeowners insurance policy does not come with this coverage. The Personal Injury endorsement to a homeowners policy is one major add-on that is a must.

 

Find out if your policy has personal injury coverage: http://www.turlockinsurance.com/contact-us/

Real World Case Study – Personal Umbrella Insurnace

Nathan was on spring break and rented a car so he could meet up with his friends at Coachella.

As he was driving through the desert, strong winds began to blow dust causing decreased visibility.

On the same highway, Roger, a recent retiree familiar with these conditions, slowed his car below the speed limit for safety.

Nathan didn’t see Roger until it was too late. Roger’s car overturned on impact and he was taken to the hospital where he ultimately succumbed to his injuries.

Since Nathan was a listed driver on his parents’ policies, their standalone personal umbrella covered Roger’s medical expenses and ongoing litigation once their underlying auto was exhausted.

Claim: $875,000

This is a real world case study. Have you thought about an umbrella insurance policy?

Find out how a $100-300/yr policy could protect you, info@insurecal.com – (209)250-0269

Case Study from: https://www.personalumbrella.com/

California – 3rd Highest Homeowners’ Insurance

According to Property Casualty 360, California is the third highest state for homeowners’ insurance costs in the Nation. The median homeowners’ insurance policy is $1,678 a year.

Insurance costs vary widely depending on the risk and the location. California is no exception to this. Areas vary from rural farm, to mountain towns, to large cities, and beach front property.

 

If you want to see a list of the highest and lowest homeowners’ insurance rates by State, check out:

http://www.propertycasualty360.com/2017/02/22/10-states-with-the-highest-and-lowest-homeowners-i?eNL=58adabd9160ba0364354867f&utm_source=PC360_NewsFlash&utm_medium=EMC-Email_editorial&utm_campaign=02222017&page_all=1

Mini Storage/Self Storage: Insurance Tip

One of the most overlooked coverage’s on self storage/mini storage companies insurance policies, is also one of the most crucial.

Customer Goods and Sale/Disposal Liability

This coverage is a must for self storage companies to have on their insurance policy. While most proper insurance packages will include this coverage, it is important to consider having higher limits as it may be a great return on your investment.

Recently, we were working with a client that felt they only needed $100K for both customer goods and sale/disposal coverage. We provided two proposals, $1m VS $100K, the difference was less than $100. That is 10X the coverage for only $100!

So, what does it cover?

Definitions courtesy of StorageFirst:
Customers’ goods legal liability coverage provides protection for an insured when they are legally liable (or alleged to have been liable) for damage to storage customers’ goods including property stored in the open.  For mobile self-storage operations, coverage extends to legal liability for customers’ goods off premises or in transit.  Defense costs are outside of the limit. No deductible applies to traditional self-storage accounts.  A $1,000 deductible applies to mobile self-storage and records/document storage operations.
Sale and disposal liability protects an insured for claims arising from negligent acts in connection with the lock-out, sale, removal or disposal of customers’ property. Typically, these claims occur when an insured sells the goods of a customer who is delinquent with regard to payment. The cost of defense is included. A $1,000 deductible per customer applies.

Ranch Insurance

Ranchers Insurance – What You Need To Know

When it comes to insurance needs, there is probably no single group more at risk than the California Rancher. When a ranch owner selects coverage, he is literally securing his livelihood, business, home and future. Being covered in the state of California carries certain legal responsibilities, that the insurance company can assist with. But it is more than that. The ranch provides food, shelter, income and stability. An unexpected event for the rancher can mean becoming homeless and put him out of business. It is absolutely necessary to make sure he has adequate coverage to allow him to survive and to put his ranch back in order.

Natural disasters

It is important to consider where your ranch is located. Are you in a flood zone or an area prone to wildfire? Of course, as with all insurance, you want to make sure your home, external structures and contents are covered. It is important to review your policy annually with your agent. People tend to buy insurance and forget it. Ranchers are busy and accumulate as they go, sometimes forgetting to call their agent about new equipment. It is critical that your coverage is ample to cover all your losses.

Livestock

Livestock coverage could be the single point where ranchers are most under covered. Livestock are living breathing creatures and as such they will wander. If your livestock wanders off the ranch and causes an accident, are you covered? What if the person in the automobile dies? The additional premium for livestock accidental death is minimal and the protection is extremely important.

There are additional policies available for your protection against the death of livestock. This can mean your own or livestock that you do not own, but are allowed to be on your property (and under your care). If there is a death due to malfunction, causing suffocation or temperature related issues, you should have coverage that pays for the replacement of your livestock.

Crops

Crop insurance is also an important consideration. The types of coverage available vary depending on the crops planted. This is another area where a good relationship with your agent is important. Making sure you have proper coverage in place before you have a crop issue will make your life much easier.

Vehicles

Ranchers have many types of vehicles that may be used on the ranch. Your truck or car as well as another vehicle used for your business needs to be insured. This is not the place to cut corners. Your ranch is only producing if you can work.

Workers

If you employ people to work on your ranch, whether they are farm hands or relatives, you should have workers’ compensation insurance. A law suit from an employee being hurt on the job could cost thousands of dollars.

Protecting your family, home, business and investments are the very reason you purchase insurance. Making sure you are properly covered is the reason you have an agent.

Peak Season Endorsement – Fluctuating Inventory

Hannah’s Retail Store does 70% of their sales from Thanksgiving through Christmas Eve. This means that they must stock up on inventory during the last two months of the year, to prepare for the increased sales. From January through October, they have $50,000 in inventory. November and December, inventory is closer to $150,000.

Should they pay for $150,000 in insurance coverage for the whole year? No. Is there some magical way that they only pay for the increased insurance during the time they need? Yes!

The “Peak Season Limit of Insurance” Endorsement (ISO Form: CP 12 30) increases the policyholders business personal property limit for specified periods to take care of seasonal increases in value.

Peak Season Endorsement - CP 12 30

CP1230 – Peak Season Endorsement

“Full Coverage” Auto Insurance

The term “full coverage” when referring to the insurance on your vehicle is very common. However, it is not a technical term. Full coverage can be misleading, as there are so many different coverage options on an auto insurance policy. When it comes to liability, how do you determine if you are fully covered?

For the most part “full coverage” is referring to physical damage on the auto insurance policy. This is the coverage that insures your vehicle for both comprehensive and collision damage. What? Lets break them down:

Comprehensive: Per IRMI comprehensive is the coverage under an automobile physical damage policy insuring against loss or damage resulting from any cause, except those specifically precluded. It covers losses such as fire, theft, windstorm, flood, and vandalism, but not loss by collision or upset.

Collision: Per IRMI collision is a form of automobile insurance that provides for reimbursement for loss to a covered automobile due to its colliding with another vehicle or object or the overturn of the automobile. This covers only damage to the automobile itself as “auto” is defined in the policy.