Why Classic Cars Require Special Insurance

Classic cars require special insurance because they are more than a vehicle that takes a person from Point A to Point B. These autos are often refurbished and are worth more as a collector’s item rather than as a means of transportation. Whether you have a furbished classic car or a kit car that you’ve bought or assembled yourself, it’s vital that you get your insurance from an agent that understands the unique factors that come with insuring these vehicles. The team at Everett Insurance Group is proud to serve all of the insurance needs of the residents in the greater Las Vegas, NV area, including the protection of classic cars. 

Special Insurance for Classic Cars

There are a lot of factors that are considered when a policy is written for a classic car. For instance, the main concern is how much the vehicle is driven and used. Typically, these cars are driven to car shows or other events and are rarely utilized for everyday uses such as grocery shopping. In addition to the miles driven, the storage situation is another factor. If your car is kept at a temperature-controlled facility that has round-the-clock security, your policy details will differ from someone who keeps their classic car in the garage at home. Owning a classic car is a labor of love and also represents a significant investment in time and money.

If you are a classic car collector or are considering getting into the game, make sure that you talk to an agent who understands these vehicles. Residents in the greater Las Vegas, NV area can rely on the expertise of the team at Everett Insurance Group — give us a call today and find out more about the classic car policy options that are available!

Top Ten Insurance Terms You Need To Know

Have you ever wondered what the terms your insurance agent reads to you means? What are you to make of terms like coverage, deductible, liability and comprehensive? We believe every car owner has a minimum of one form of insurance policy laden with key terms that should be fully understood. Well, in the next five minutes, let’s go through EIG’s Top 10 Insurance Terms.

Coverage – Your coverage is the amount of risk or liability covered for you by an insurance company. To break it down, your coverage is everything that your insurance provider is responsible for, in the event of an accident or loss. Insurance coverage helps consumers recover financially from unexpected events, such as car accidents, loss of wages and property damages. Depending on the type of insurance you are getting, there are different types of coverage you can get. Talk to your agent to figure what is the best option for you.

Auto/Car Insurance – This is the most common type of insurance due to the fact that most states demand that you have some form of insurance in order to own and drive a car. It covers cars, trucks, motorcycles and other road vehicles. Auto Insurance pays for your loss in the event your car is crashed, stolen, vandalized, or destroyed by fire. However, the laws that require car insurance are designed to protect other drivers and pedestrians from you. For instance, if you knock down someone on the streets, your car insurance will pay their hospital bill and if it is a collision with another car and you are at fault, this insurance is designed to pay for any costs that the other driver incurred. Auto insurance has different policy types and coverages. We will be addressing some of these policies below.

Full Coverage – You have full coverage when you get the mandatory liability coverage which pays for the damage you inflict on other people and property. It also gets you comprehensive and collision coverage. Comprehensive cover protects you from out of pocket payments due to accidental damages to your car. It covers things like theft, vandalism, glass and windshield damage, fire, and the weather and other acts of nature. Collision, on the other hand, helps pay to repair or replace your car if it’s damaged in an accident with another vehicle or object, such as a fence, tree or animal.

Liability – If you cause an accident or someone is injured on your property, you could find yourself legally liable for the resulting expenses such as medical and legal fees. Liability coverage helps you take care of all these expenses without paying out of your own pocket. Liability coverage only pays for the costs incurred by a third party. For instance, in the case of a car accident where you are at fault, this coverage will only pay for any damages, medical and legal fees the other driver will incur up to your policy’s limits.

Limits of Liability – For every insurance policy, there is a limit of liability. This simply means the maximum amount of money your insurer is liable to pay when an incident occurs or when you make a claim. For each coverage type specified in your policy, your insurance company will indicate the limit of liability which is how much they’re willing to pay you if something happens. It is crucial therefore well, to read your policy to understand what the limits of your policy are in case you need to make a claim in the future.

Gap Insurance – When you buy or lease a new car, it starts to depreciate in value the minute you drive it out of the lot. Guaranteed Asset Protection, commonly known as 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. This insurance is recommended for users who buy new vehicles on lease or financial plans or make a down payment of less than 20%.

Homeowners Insurance – Homeowners Insurance as the name implies is an insurance type that protects homeowners from financial ruin due to accidental damages to houses. This package pays for losses and damage to your property if something unexpected happens, like a fire or burglary. Most mortgage lenders require you to have homeowners insurance before they lend you money to cover the purchase of your home.

Renters Insurance – This type of insurance is designed to help protect you and your belongings. Renters Insurance includes liability coverage, protection for your belongings and coverage for additional living expenses, should the home you’re renting become temporarily uninhabitable. It also protects you from being liable when a visitor gets injured in your home. The policy will cover medical and legal fees up to the limits specified in the policy.

Landlord Insurance – This insurance is to protect you from unforeseen losses when you rent out a home you own. This type of insurance typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect you, the landlord, from financial losses. This policy typically helps cover physical property related to the home you’re renting out. This may include the dwelling itself and any equipment you keep on-site to help maintain it.

Uninsured/Underinsured Motorist Coverage – Sometimes we are in an accident where the driver who hit or caused the accident has a very low liability coverage or just simply takes off without stopping. This is where this type of coverage comes in handy, Uninsured/underinsured motorist coverage is there to protect you from irresponsible drivers. This type of coverage protects you if you’re in an accident with an at-fault driver who, either doesn’t carry liability insurance or if they do, their limits are too low to cover medical expenses. This is usually an add-on to your auto insurance to ensure that you are covered in every scenario and that no peril sets your pocket back.

So there you have it for our top ten insurance terms. We will be taking each of these terms and dive deeper in our upcoming posts. Which one do you want us to tackle first? Do you have a suggestion for us? Let us know!

Understanding Full Coverage and Liability Coverage in Auto Insurance

Mike Johnson
Mike Johnson, Insurance Broker at EIG

With auto insurance, it is easy to ignore the nuance involved and go for the required minimum per State when it comes to auto insurance. But spending the minimum could come at a cost because the different insurance packages have different coverage and limits spelled out in the terms. We should pay attention to these terms before making an important decision. Our producer, Mike Johnson, breaks down what the coverage and limits of the term are and how auto insurance shoppers can make informed decisions when picking a policy.

Mike starts his conversations with a client or potential client by trying to understand the policy which would best suit them; be it full coverage or liability coverage, he goes ahead to explain the differences. “Often, the clients are unaware of the differences with the coverage types, and so I simplify the language to help them make the right choice.”

As stated earlier, there are two types of Auto Insurance; full coverage and liability coverage. Each type comes with different tiers and premiums.  

“Full coverage” is when you get the mandatory liability coverage which pays for the damage you inflict on other people and property plus comprehensive and collision. Comprehensive cover takes care of damages to your car caused by events that are out of your control. It covers things like theft, vandalism, glass and windshield damage, fire, weather/acts of nature. Collision, on the other hand, helps pay to repair or replace your car if it’s damaged in an accident with another vehicle or object, such as a fence, tree or animal. Ideally, full coverage means you have insurance in the types and amounts that are appropriate for your income, assets and risk profile. The point of all types of car insurance is to keep you from being financially setback by an accident or incident. Making the right choice may be one of the most crucial decisions you would make in your life.

To explain further, Mike added that “full coverage pays for the damage you do to others, up to your liability limit. It also pays for your car, up to its fair market value, minus your deductible in case of a total loss, if you are at fault or if the car is destroyed by a natural disaster or is stolen.”

Full coverage also pays for your injuries as well as your passengers’ injuries, if you are at fault, up to the amount of your bodily injury limits. It also covers these injured people if you are hit by an uninsured motorist, up to the limits of your uninsured motorist coverage.

Liability coverage, on the other hand, is meant to protect you from having to pay huge amounts to people in case you are sued for an accident which was your fault. According to Mike, your policy and coverage depends on the value of your assets, or what your combined savings and property are worth.

 Liability covers bodily injury liability protection and helps to pay for the medical expenses of the other party if you are found at fault in the accident. In some circumstances, it may even cover lost wages and/or legal fees if the injured party files a lawsuit depending on the policy limits.

It also pays for damages to property resulting from a covered accident in which you’re at fault. It covers the other party’s vehicle repair or replacement costs, as well as other property that may have been damaged in the accident, such as fences, structures, phone poles and other types of property.

“Liability insurance is highly dependent on your financial situation and the property being insured, so be wary of generic liability coverage recommendations you might see. The more you own, the more liability insurance you should have.”

For Mike, it is not just about selling policies, it is about making sure the client is getting the best value that fits their specific needs. “Every client is unique, some of them know what they want. Others don’t, and it is up to me to assess their needs and recommend the best policy for them. For us at Everett Insurance Group, the needs of our customers come first!”

How Does Renters Insurance Protect Me?

Renters insurance is designed for those who may not own their own property in Las Vegas, NV, but who still want to protect themselves from unnecessary expenses. If the physical structure of your home is damaged, it’s not your responsibility to make the repairs. However, your landlord is not responsible for any of your belongings.

Your landlord is also not responsible for certain liability claims that may be filed against you. Everett Insurance Group wants everyone to know the risks of foregoing renters insurance and the rewards of having it. Consider the following before you dismiss its importance. 

You Own More Than You Think 

Many renters don’t consider what it would really mean to replace some of the most expensive items in their apartment. From a laptop to a diamond necklace, stolen or damaged property can add up quickly. One thing renters can do is make a list of their property and consider what they would have to do if they lost it. Those with Ikea furniture and thrift-store clothes may not mind replacing everything, but most people will realize that their things more valuable than they first thought. 

You Protect Yourself from Liability Claims 

If a guest breaks their leg at a party you throw because another guest spilled a drink and it was never cleaned up, you can technically be held liable for that person’s injuries. Renters insurance can protect you from liability claims so you don’t have to be dragged into a serious lawsuit. 

The right renter’s insurance policy can assist you with any number of potential issues. Everett Insurance Group is here to help those in Las Vegas, NV get the coverage they need. If you want to learn more about how renters insurance can benefit you, give us a call today to learn more. 

I Lent My RV – Is My Pal Covered?

We Love Using Our Recreational Vehicles in Las Vegas, NV. We live here too. The agents at Everett Insurance Group are encouraged to help people learn about and acquire the very best recreational vehicle insurance policy that they can get. You are generous, you let your friend and his family use your RV for the week. You weren’t using it so you figured why not? – right? Find out a few things about your pal. He owes you big time and should be forthcoming with the information that may help both of you.

Is He Covered?

The answer is not a simple one. Yes, your RV is covered for theft no matter who is in possession of it. It is a much different situation when it comes to liability if something like an accident happens. 

Speak With An Agent

Make certain your RV is protected in the event your friend borrows it. Your agent will be able to give you priceless information that will be worth more before any problems occur.  Your friends driving record will be critical information for your insurance agent. If your friend has infractions or a horrific driving record, it’s possible that the insurance will not cover any liabilities that may occur while your friend is in possession of the RV.  If you lend your recreational vehicle frequently you may want to write that into your policy. Your agent will work with you to ensure that you are protected in how you use you specifically use your vehicle. 

Contact Us Today

Everett Insurance Group, serving the Las Vegas, NV area as well as all of Nevada, California, Colorado and Oregon, we strive to assist our clients in every way possible. In addition to RV insurance, we also offer automobile, home, life, condo, classic car, renters, boat/watercraft,  and commercial insurance products. 

Motorcycle Insurance For A Rental Fleet

Motorcycle rental is a big deal in Las Vegas, NV because lots of people enjoy exploring the desert. If you plan on renting these fleet vehicles soon, you should contact us at Everett Insurance Group to learn more about how these coverage policies help you. 

Liability Requirements Protect You 

When you rent motorcycles out to riders, you are liable for their health if the motorcycle malfunctions and you are to blame. For example, you are not responsible if they drive poorly and crash but will be if an easy-to-fix problem affected the motorcycle and which you should have caught. 

Rental fleet insurance for motorcycles will protect you by paying for any liability issues that you experience. This benefit is huge and will often spread to include various other factors of your fleet, including mistakes in repairs made by your repair and maintenance crew. 

Damage Collision Protects Everyone 

Although you won’t be liable for any accidents your customers cause off your property, you may be responsible for on-property accidents. For example, you may be moving a motorcycle from one side of the lot to the other and get in an accident that damages the bike.

This type of physical damage is often covered in many kinds of rental fleet policies. And it also usually covers any damage caused by your customers while they are on your property or even while they are off. Talk to your provider to find a policy that works for your unique needs and rental requirements. 

Get Help From Experts 

So if you live in or near Las Vegas, NV and plan on renting a lot of motorcycles this year, please contact us at Everett Insurance Group to learn more and to get the coverage that you need to be safe.

Insurance for Classic Car Owners

The community of Las Vegas, NV is often displaying classic cars and car shows that are appreciated by many people visiting the area. Tourists and fans of classic cars can enjoy the restored classic cars and the all original “stock” cars from the classic eras. Classic car ownership is one of the most thrilling for car enthusiasts, hobbyists, and professionals in the industry. Understanding insurance is smart for planning with classic cars. The parts industry with classic cars also includes large numbers of companies involved with restorations and reconditioning of the stock items. Chrome detailing is part of the industry with supplies and services available for car owners.

Classic Car Restorations

One of the providers for classic car insurance is Everett Insurance Group. Serving Las Vegas, NV, the experienced company can help you prepare for your insurance coverage.   The car restorations are also something to discuss. Insurance for classic cars is nicer as you understand the simpleness of the process.  The valuation of a classic car is something to determine and really important for the conversation with the insurance company. Improving the vehicle with restoration can be an enjoyable process for car owners and the Internet has helped with a simpler process for finding parts and supplies.

Insurance for Classics

Parts are often valuable with a rare classic car and many of the larger cars had impressive amounts of chrome and interior items that are sought after by those restoring their vehicles. Classic cars with the stock parts could be considered as rare and valuable in the industry.  Insuring classic cars is easier and the industry support of valuable collector vehicles is helping the vehicle owners. Insurance talks with an experienced company such as Everett Insurance Group can be part of your smart planning. 

Will My Recreational Insurance Cover a Passenger if They Are Injured While Riding My ATV?

At Everett Insurance Group, the residents of Las Vegas, NV can get all of the answers they need when it comes to ATV and recreational vehicle insurance. Everyone loves to have fun riding the trails, but it’s important to be fully protected from financial loss if an accident occurs and a passenger or spectator is injured.

Liability Insurance

Having liability insurance is an essential part of operating your ATV. Your ATV insurance not only pays for damages to your ATV, but the liability insurance protects you from extensive financial loss if a spectator or passenger on your ATV or other recreational vehicle is injured while the machine is in operation. Medical care can be costly. Having liability insurance will ensure that the injured person is able to receive the care they need.

Proper Gear

Before allowing anyone to ride on your ATV, make sure they are wearing the proper gear. This includes a DOT approved helmet, gloves, long pants, and boots. Wearing the right clothing and a proper helmet will do wonders for protecting against injuries if an accident occurs. As the owner of the ATV, it is your responsibility to make sure all passengers have the appropriate gear before engaging the vehicle.

In Las Vegas NV, the agents at Everett Insurance Group are always ready to answer any questions you may have concerning ATV insurance and what your responsibilities are as an owner/operator. Always make sure you have the insurance coverage you need before setting out on an adventure. Call and schedule an appointment today to find out if you are fully covered by your existing policy!

 

Will Renters Insurance Protect You?

Renters insurance is for many people. Whether you are renting a townhouse, single-family home, or an apartment, you should consider purchasing renters insurance. Many people believe that their landlord will have enough insurance to cover any losses that may happen, but this is simply not true. At the Everett Insurance Group in Las Vegas, NV, you can speak with one of the qualified independent agents that can help you if you are a renter.

What is Renters Insurance?

Renters insurance is coverage that is available to protect renters from damages to their property which is not protected by landlord insurance. A landlord would have insurance that covers damages that could occur to the property that they are renting. This includes the building or any appliances that were part of the original rental agreement. Items that belong to you, such as clothes, televisions, or small appliances would not be covered without your own renter’s insurance.

What Will Renters Insurance Protect?

  • Personal Property – any of your property can be repaired or replaced up to your policy limits. This could include furniture, clothing, or electronics.

  • Liability – is coverage that provides protection for you if you are at fault. If you are responsible or cause injury to another person or their property. This could include large medical bills or property damage.

  • Living Expenses – if your home is damaged and you are unable to live there until repairs are made, renters insurance could pay for you to stay in a hotel until you’re able to move back in.

The independent agents in Las Vegas, NV at the Everett Insurance Group are available to help you navigate a renters insurance policy before you sign a lease. You should also consider reaching out to them if you are interested in purchasing homeowners, auto, or commercial insurance too.

RV insurance skyrocketing in demand within Las Vegas market

If you own an RV, then you know that vacation liability, in today’s times, has no longer remained a mere commodity. It is now an essential need, just as regular insurance is on your car or home. It’s a "must have," and nothing less, at that. And here’s why:

If you primarily live within your RV, for instance, $500,000 CSL will be the minimum amount of coverage you’ll be expected to retain while continuing to live in Las Vegas, NV. This helps cover for any kind of emergency or other ongoing premium need you may face, and in the city of money and pleasure, as some call it, you’ll be wise to have even more coverage than that. As Las Vegas’s overall population and consumer attractability further grows, drawing in more commerce and residents from outside, its main premiums on "luxury assets" like RV’s will only continue to soar. More mainstream types of insurance essentials tend to remain in place or not change too drastically. Yet those who can afford the Vegas lifestyle, and are more affluent than the crowd, don’t mind the major premiums.

Also consider getting $50,000 in medical RV coverage, which is a very low number. It’s the "bare bones minimum" you need to have, legally speaking, though more is always recommended due to traffic and parking shortages, the rise of crime in the city, and even the skyrocketing cost of living rates. In addition, it would not be unwise to procure a minimum of $5,000 to cover a storage unit and asset protection charges. Theft, natural disasters, and more are generally covered here. And also, if you’re the policy holder, get $100,000+ in collision coverage, too.

Need some insurance for your RV? Everett Insurance Group loves Las Vegas, NV. Call us for more information and a quote.