Nothing is more important to us than our clients, and everyone at the AC Pepe Insurance Agency strives to support our clients in any way we can. Below you will find some helpful information and frequently asked questions.
Why should I use an insurance agent?
By using an independent agent such as A.C. Pepe Insurance, the policyholder receives more personalized service. We can use our expertise to help you find the right products for your needs and help you with claims.
Why do I need to buy insurance?
o Protects your assets against attachment as a result of a court award.
o Provides for cost of defense when you are sued.
o Allows you to purchase such high value items as a car or a home by insuring the collateral on behalf of the financial institution that lent you the money.
o Provides financial security for your family in the event of your death.
o Provides for the health care of you and your family through systematic payments.
o Allows you to save for retirement while deferring interest payments to a time when your income is lower, thus reducing your tax payments.
o Allows you to remain financially solvent when you're ill and can't work.
o What factors affect the insurance premiums I pay?
o Claims activity including such costs as medical care, auto body repair, construction, legal defense, jury awards, claims adjustment, and insurance fraud.
o Overhead including rent, utilities, employee salaries and benefits, office supplies, equipment, and furniture.
o Investment income.
Which factors affect the cost of my auto insurance?
Factors include car type, reasons for using your car, driving record, credit score, and place of residence. Even your marital status can affect how much your policy will cost. For example, statistics show that married people with children will have fewer and less costly accidents than single people.
How can I lower my auto insurance rates?
Look for discounts that apply to you. Many insurers will offer a discount if you have multiple cars under the same policy, or if you have had a driver’s education class in the last five years. Another easy way to save is to increase your deductible, which can lower your premium, sometimes as much as 5 or 10 percent. Be sure to ask your agent about the insurance company’s discount plans.
What is the difference between collision physical damage coverage and comprehensive physical damage coverage?
Collision is losses you incur when your auto collides with another car or object. For example, if you hit a car in a parking lot, damages to your car will be paid under your collision coverage. Comprehensive covers most other physical damage losses. For example, damage to your car from a hailstorm will be covered under your comprehensive coverage.
Suppose I lend my car to a friend; is that covered under my auto insurance policy?
Whenever you knowingly loan your car to a friend or an associate, he or she will be covered under your policy. Even if you don’t give explicit permission each time a person borrows your car, someone is still covered under your policy as long as he or she had a reasonable belief that you would have given permission to borrow the car.
What should I do at the scene of an accident?
Stop immediately, but do not obstruct traffic
Assist injured. Have someone call police.
Secure names, phone numbers, addresses of other drivers, witnesses, injured persons
Secure make, model, license number of all car involved
Don’t hastily accept claim settlements at scene of accident
Remain calm, courteous and consistent in your version of accident
What does homeowner’s insurance cover in New York?
The typical homeowner’s policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.
How can I lower the cost my home insurance?
The easiest thing to do is request a comprehensive review of your policy and your needs from A.C. Pepe Insurance.
When you shop around for homeowner’s insurance, be careful to make sure each insurer is offering the same coverage.
Another way to lower the cost of your home insurance is to look for any discounts that you may qualify for. For example, many insurers will offer a discount when you place both your car and homeowners insurance with them.
Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Be sure to ask us at A.C. Pepe Insurance about any discounts that you may qualify for.
Another easy way to lower the cost of your homeowners insurance is to raise your deductible. Increasing your deductible from $5000 to $1,000 will lower your premium, sometimes by as much as five or ten percent.
How much homeowner’s insurance should I have?
This is one of those questions asked most often to insurance agents. The unfortunate answer is “it depends”. There are many factors that go into how much homeowners insurance you should have. The coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment will be less than the full cost to replace your home – you’ll have to pay the rest out of your own pocket. You must also decide if the personal property and personal liability limits are adequate for your needs.
Should my small business have business income insurance?
Business income provides reimbursement for lost revenues after a covered insurance loss. Business income coverage is not necessary for every business. However, if you decide to not purchase this coverage, you will not have coverage in the case of a loss.
What does business insurance cover?
Business insurance coverage for a commercial entity can include the following general liability insurance, professional liability and malpractice insurance, product liability insurance, property insurance, commercial vehicle insurance, workers’ compensation, loss of income, key person insurance, and specialty coverage. Call our office today to discuss any of these insurance options.
What does general liability insurance cover?
General liability insurance provides insurance protection for a company’s assets, financial obligations, legal defense, and any settlements or judgments awarded to an injured party. It may also include claims for copyright infringement, false or misleading advertising, or libel and slander. If a patron is injured in some way in the course of doing business with your company, your general liability insurance will provide coverage.
What is a personal umbrella liability policy?
This policy is designed to increase your liability protection over all of your other personal liability policies, which include auto, home, boat, etc. , so that you have a higher liability limit than otherwise available. Think of it as extra liability protection.
Why would I need a personal umbrella liability policy?
We live in a society today where people sue each other over any little dispute. If you don’t have the funds to settle these disputes, you may find yourself not being able to pay for the damages. A personal umbrella policy can help you pay for those damages beyond the limit specified in your auto and home policies.
Who needs to buy life insurance?
Today, a good life insurance policy makes sense for a wide variety of people. We recommend getting life insurance if someone you know (spouse, family member, business member) may suffer financially upon your death.
Life insurance is an important part of your financial strategy. It can
- Provide for your dependents
- Help pay for funeral expenses
- Help pay for college expenses
- Generate an inheritance to leave to heirs
- Pay for estate taxes
Who can take out a policy on my life?
Only someone who has an insurable interest can take out a policy on your life. People with insurable interest generally include members of your immediate family, which could also include a business partner. This means a stranger cannot take out a life insurance policy on your life.
How much life insurance do I need?
There is no standard answer to this question. It depends on your particular situation. To figure out how much life insurance you really need, ask yourself:
· How much money you will need to maintain your standard of living without your financial contribution? For how long will they need your support?
· What expenses will be incurred by your funeral and medical expenses?
· Do you have a mortgage payment or children who have yet to go to college?
To be really sure how much coverage you need, we recommend you speak to one of our licensed life insurance agents.