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What to Know When You Get an Insurance Policy for Your First Car

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Do you have plans to purchase your first vehicle, or have you recently done so? Before you drive it, you’ll need to have an adequate auto insurance policy in place. It would be helpful to visit an independent agent such as those at North Coast Insurance Services of the Lexington, MI area for assistance with this to know what you’re getting and what you can expect from your first policy.

Michigan State Minimum Requirements for Auto Insurance

In the state of Michigan, it’s necessary that you have minimum liability coverage in your auto insurance. In addition, some automobile lenders do ask that you have other types of coverage such as collision and comprehensive. It’s a good idea to know what is and isn’t covered by your provider for each of these categories so that there are no surprises. A qualified insurance agent will be able to explain this to you in detail.

Bodily Injury and Property Damage Liability

Two common types of coverage are for bodily injury and property damage. With a bodily injury, your insurance will at least partially cover medical bills, lost wages, and legal fees in the instance that someone else is injured in an automobile accident that you are responsible for causing. As the name implies, property damage includes other individuals’ property such as a fence, their mailbox, or a part of their home, such as their garage door. Both of these help tremendously since it means you can likely avoid having to pay out-of-pocket expenses.

North Coast Insurance Services of Lexington, MI and beyond strives to secure the best possible solutions for each customer’s insurance needs. Contact us with your questions, and we won’t steer you wrong.

Myths about Commercial Insurance

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To make sure your business in Lexington, MI, is protected, it helps to know more about commercial insurance so you don’t give in to these myths.

  • Home Insurance Covers Home-Based Business: Your home insurance is not enough to protect your home-based small business. It would be best if you had proper business insurance that meets your business’s needs to ensure that your operations are protected against a variety of claims. An agent at North Coast Insurance Services can get you started.
  • General Liability Covers Every Possible Risk: General liability is needed, but it’s not a one-size-fits-all solution for all business-related risks.
  • Employees Drive Their Own Cars So You Don’t Need Commercial Auto Insurance: Many personal auto insurance policies don’t cover any losses when a vehicle is being used for business purposes. As a business owner, your employees must know what personal policies cover and don’t. There are different advantages to commercial auto insurance, including coverage for GPS equipment and rental vehicles.
  • The Business Is Too Small for Insurance: Even if your business is small in Lexington, MI, it’s not just businesses with deep pockets that should be concerned about being sued. Anyone can be sued. If you are found liable for damages and can’t pay, wages can be garnished, and bank accounts and assets seized.
  • Property Insurance Isn’t Needed if Operations Are Done in the Client’s Area: Some owners think the work is in the client’s area, using the client’s equipment and tools, that they don’t need property insurance. Coverage for property insurance varies. Companies should find a policy that suits their needs.
  • You Don’t Need an Insurance Agent: Some owners don’t get professional advice when choosing their business coverage. Since there are so many different coverage variations, it’s best to speak with a qualified agent to find the right coverage for your business.

Contact North Coast Insurance Services to get a quote on commercial insurance. 

Does Home Insurance Cover Theft?

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A standard home insurance policy will cover your belongings if they are stolen outside or inside your home. The most important thing to determine is if your belongings are covered for Replacement Cost Value (RCV) or Actual Cash Value (ACV). With ACV, you get the amount your item is currently worth. RCV will give you the amount it costs to replace the same product at the current economic value. For example, if you got your TV five years ago, it may not be worth much now due to depreciation with ACV.

Those listed under your policy will have their belongings covered by your policy. This includes your children, spouse, and those you have identified on your policy. It will extend coverage to these people living in different places. For example, if your child is living in a dorm room on campus, then your policy protects them if their belongings are stolen.

Your home insurance policy in Michigan will cover most everything that can be stolen with some exceptions. Some items cost a higher amount to replace, and this means standard insurance policies will limit the amounts you will be reimbursed if these certain items are stolen. Jewelry and cash are two examples. If your car is stolen, it won’t be covered under your home policy but instead can be covered by a comprehensive auto policy. If you do have jewelry or items that are high in value, you may need to consider a personal floater. This coverage is added to the standard policy to help insure high-value property. You can go over your policy limits with an agent at North Coast Insurance Services in Lexington, MI.

Your home insurance will generally cover losses from break-ins. The first loss is of possessions, such as TVs. The second can be damage to the physical structure, and insurance can also cover those repairs. Discuss this further with your agent if you have questions.

Contact North Coast Insurance Services in Lexington, MI to get a quote on home insurance.