Ridesharing and the Insurance Risks

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Ridesharing has become a very popular way of getting around. It is an easy, reasonable, and very convenient way of getting around. However passengers and drivers may not be aware of the insurance risks involved.

What is Ridesharing?

In case you haven’t heard of ridesharing,  it is not the same as using a taxi or limousine. It is a way for vehicle owners to transport passengers in their own cars for a small fee. Passengers can connect with a driver through a website or a smartphone app.

Not Enough Coverage

Taxi drivers are licensed by the state and are required to carry a certain amount of insurance coverage. Transportation companies such as Uber or Lyft are not subject to the same requirements. Although these companies provide some insurance coverage, it is usually not enough. In fact, consumer alerts have been issued to warn the public about the risks of using the ridesharing app as a passenger.

Personal Auto Issues

Many people do not realize that once they sign up to use their vehicle in a business manner or in the form of a delivery service they loose coverage under their personal auto policy. Even though your personal auto policy may have 100,000 in liability, when you sign up as a driver you may only have 30,000 in coverage under Uber or Lyft.

Contact An Agent

Ridesharing can be a very convenient tool when traveling around. Yet before using these companies as either a passenger or a driver, verify what auto insurance coverages you have. If you have questions concerning your auto policy give Barrick Insurance a call at (717) 632-7270.

Ridesharing and the Insurance Risks

Personal Property Coverage for College Students

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Preparing for college can be very exciting! It can also be a little daunting trying to make sure you have everything covered. There is so much to prepare for that some details including insurance coverage, can be overlooked. Before an auto accident or a theft should occur, it is important to review your insurance needs.

Personal Property Coverage for a Dorm

Most Homeowners policies (HO) only cover a certain amount of personal property, usually about 10%. Depending on what your child is taking to college, that limit may not be enough, especially when you start talking about electronics. It may be a good idea to increase your personal property limit on your HO policy.

Personal Property Coverage for Off-Campus Housing

Personal belongings for students living in off campus housing, are not covered under homeowner policies. Even the landlords insurance won’t cover your personal belongings. If your child is not living on campus it is best to purchase a renters policy.

Auto Insurance

Make sure to inform your insurance agent that your child is going to college. If the student is not taking the vehicle with them, a premium discount may apply. If the student is taking the vehicle, depending on the college location, rates may change as well. If your child maintains a certain GPA, you may receive a “good student discount”.

Let us give you some peace of mind! 

There are a lot of decisions to be made when your child goes to college and it can be very overwhelming. Give our office a call a (717) 632-7270 and we will answer any questions you have. We can also help you find an affordable renters policy if necessary.

Personal Property Coverage for College Students

Is State Minimum Coverage Enough?

Many states, including Pennsylvania, require that a driver has a certain amount of car insurance. Sometimes though, the minimum a state requires you to have, may not be enough liability coverage in the case of an accident. Having the right amount of coverage can prevent the potential for financial loss.

Liability Limits

Auto liability covers injuries to  another driver, their passengers, and your passengers. State minimum limits refer to the absolute minimal liability and property coverage required by state law, in order for you to legally own and operate your vehicle.

In Pennsylvania the minimum liability amounts are 15/30/5. This means you would have up to $15,000 per person injured in any one accident, up to $30,000 for all persons injured in any one accident, and up to $5,000 for property damage in any one accident. So if you cause $30,000 in property damages and you only have coverage up to $5,000, you will need to come up with the extra $25,000. This could put your assets at risk!

Recommended Coverage

Every circumstance and situation is different among drivers. Most insurance companies would recommend at least 100/ 300 for liability and 100,000 towards property damage. To speak with a knowledgeable agent about your liability limits feel free call Barrick Insurance at (717) 632-7270.

One person died in this three-car crash. (KATU News photo)

 

 

 

Is State Minimum Coverage Enough?

Understanding Uninsured & Underinsured Motorists Coverage

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Usually when you get into an auto accident you swap insurance information and the at-fault driver’s insurance pays the claim. What if though, if you are involved in an accident with someone who does not have enough insurance to pay the damages? Maybe they don’t have insurance at all! This is where Uninsured and Underinsured motorists coverage would step in.

Underinsured Motorist Coverage 

In Pennsylvania everyone who owns and operates a vehicle is required to have insurance. Still though, not everyone has adequate coverage. This could be if a driver only carries state minimum limits, which sometimes is not nearly enough to cover injuries or medical expenses. Your underinsured motorists coverage would then pay when the other driver’s insurance is not sufficient.

Uninsured Motorist Coverage

 According to DMV.org it is estimated that 1 out of every 7 drivers are uninsured. Uninsured motorists helps to cover cost incurred after being in an accident with a driver carrying no insurance. You and your passengers would also have protection if you are involved in a hit-and -run accident.

Adequate Coverage

No matter what state you live in or what the required limits are, you should always make sure you have adequate coverage. Save yourself some stress by reviewing your policies regularly. If you have questions call Barrick Insurance at (717) 632-7270. Remember to protect yourself not only with enough insurance but also by being a safe, alert driver.

Understanding Uninsured & Underinsured Motorists Coverage

Choose The Right Life Insurance Policy

Life Insurance 2Does your family depend on your income? What would happen if you were to pass away suddenly? How would your family survive? The answer: life insurance. It can help replace your income in the event of your death, help pay your funeral and burial costs, create an inheritance for your children, pay estate taxes, and much more. But there is one problem with life insurance. Choosing the right life insurance policy can be confusing. Fortunately, we are here to help!

Choosing the Right Life Insurance Policy

  1. Term Life Insurance: You should consider term life insurance if you need life insurance for a specific period of time. This is because term life insurance is exactly what it sounds like. You can purchase this type of life insurance for a specified term. This type of insurance pays only if you die during the term of the policy.
  2. Permanent Life Insurance: You should consider permanent life insurance if you need life insurance as long as you are living. A permanent policy pays a death benefit whether you die tomorrow or live to be over 100. Because of this, premiums for permanent life insurance policies are generally higher than those of term life insurance policies.

Life Insurance Hanover

You’ve worked hard to obtain financial security. You understand the importance of protecting that financial security and the livelihood of your family. That is why you should choose Barrick Insurance. Feel free to give our office a call at (717) 632-7270.

Choose The Right Life Insurance Policy

Full vs. Limited Tort

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In the case of a personal injury claim, one of the first questions an attorney may ask is what tort coverage does a person have on their auto policy. When you buy car insurance, providers are required to give you the choice between limited or full tort. Many people do not fully understand what these options include and how they differ.

 The Difference

Limited Tort limits your right to sue for pain and suffering, except in cases of serious injury. There are other certain circumstances that you may have a right to sue. An example might be if the responsible driver was driving under the influence of alcohol or another substance. Remember that this applies to your right to sue. It does not provide protection from being sued if you are the at fault driver.

Full Tort does not limit your right to sue regardless of the extent of injury, as long as the accident was not your fault.

What is Considered Serious Injury?

The law defines serious injury as death, serious impairment of body function or permanent, serious disfigurement. If you have elected limited tort yet your injury is determined to be serious, you will still have a right to sue for non-economic damages.

Counting the Costs

Selecting limited tort can save you money on your premium, up to 40 percent in some cases. Although you are saving money it is important to keep in mind what the future could hold. It is hard to anticipate the long term affects that an accident can have on your health. It is important to discuss with your agent the coverage you have and what your options are. The team at Barrick Insurance would be glad to answer any question that you may have. Give us a call at (717) 632-7270.

Full vs. Limited Tort

What is a Personal Umbrella Policy?

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A Personal Umbrella Policy is pretty much what it sounds like, an umbrella over and above your existing insurance policies. It acts as an extension of coverage for your homeowners, auto, motorcycle, renters, and condominium policies. A Personal Umbrella Policy (PUP) provides protection against devastating claims and judgements.

Why the Need for Extra Protection

Although you already have insurance for your home, auto, condominium, or etc.., it may not be enough in some instances. For example, you may have coverage up to $250,000 on your personal auto policy but say you are sued for $1 million dollars. How will you come up with the other $750,000?  Consider the following examples where a PUP may be necessary:

  • You have a backyard BBQ this summer and a guest leaves the party intoxicated. On the way home that person is involved in a car accident, injuring himself and others.
  • Someone falls down the steps at your home and sues you, costing you all of your retirement funds, savings, etc.
  • You are on a family vacation at the lake and decide to rent a jet ski. You hit someone that was swimming in the water causing severe bodily injury.

Policy Options

An umbrella policy is rather inexpensive and is written in million dollar increments. Policy limits are largely based on income and any additional assets that someone may have. You can speak with an agent as to what would fit your personal needs and circumstances.

Is a Personal Umbrella Policy Right for You?

Having a Personal Umbrella Policy protects your home, retirement, bank account(s), investments, and much more. It is your personal decision as to whether you want to purchase the extra coverage. As an independent insurance agent, Barrick Insurance can explain available options and answer any questions that you may have. If you already have a Personal Umbrella Policy you should make sure that it is up to date. Feel free to give our office a call at (717) 632-7270.

What is a Personal Umbrella Policy?