Courtesy of iii.org How gap insurance works When you buy or lease a new car or truck, the vehicle starts to depreciate in value the moment it leaves the car lot. In fact, most cars lose 20 percent of their value within a year. Standard auto insurance policies cover the depreciated value of a car—in other words, a standard policy pays the current market value of the vehicle at the time of a claim. If, when you finance the purchase of a new car and put down only a small deposit, in the early years of the vehicle's ownership the amount of the loan may exceed the market value of the vehicle itself. In the event of an accident in which you've badly damaged or totaled your car, gap insurance covers the difference between what a vehicle is currently worth (which your standard insurance will pay) and the amount you actually owe on it. When you might need gap insurance It’s a good idea to consider buying gap insurance for your new car or truck purchase if you: Made less than a 20 …
Family Employees & Business Insurance Tips
Courtesy of iii.org One might think that family-owned and operated businesses would be relatively immune from employee lawsuits, but that’s not the case according to a recent Gen Re article. The reasons family-owned businesses get sued include: most family owned businesses employ at least one non-relative; the non-relative is likely to be first to be fired when the business is struggling; and family members are reluctant to discipline each other for bad workplace behavior, especially if the family patriarch is the one misbehaving. The article gives several examples of lawsuits against family businesses and the awards paid out, concluding that a family-owned business would benefit from including employment practices liability insurance (EPLI) as a part of its insurance package. According to GenRe: These workplace scenarios and settlement amounts mirror those we see for all businesses. Discrimination and sexual harassment - as well as wrongful termination, violations of …
Review Your Insurance Coverage-10 Reasons
Courtesy of iii.org Coverage needs change as circumstances in our lives change; an annual insurance review will ensure you have the proper coverage for your needs and budget. Our insurance needs change as circumstances in our lives change, which is why we recommend doing an annual insurance review. When you’re reviewing your insurance coverage, these ten questions can help you figure out whether you may need to talk to your insurance professional about making a change to your coverage. 1. Have you gotten married or divorced? If you have gotten married, you may qualify for a discount on your auto insurance. Couples may bring two cars into the relationship and two different auto insurance companies, so take the opportunity to review your existing coverage and see which company offers the best combination of price and service. If you are merging two households, you may need to update your homeowners insurance. And you may want to consider increasing your …