Interested in what we think about the Insurance industry or tips about keeping your rates low? We'll let you know what we know!
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Written by Marc Petersen
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Thursday, December 03 2009 |
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Q: When should I drop Collision coverage on my vehicle?
A: This is a question that we receive very often. Here are our suggestions:
Each person's situation is different so use your own judgement but usually we tell our clients to look at 3 things in determining if they should drop full coverage: if the value of the vehicle is under $3,000, if it has over 100,000 miles or its 10 years or older.
To determine the value of your vehicle we recommend looking at Kelley Blue Book. The value you find on KBB will not be exactly what the insurance company would give you if your car is totaled out but it will give you a good ball park idea of what its worth.
Lastly you can look at what your deductibles are and the premium you are paying for that coverage. Let's use the following two vehicles as examples:
2004 Chevy Malibu LS - 110,000 miles - Good condition
Kelley Blue Book Value = $3,450
Collision Deductible = $500
Collision Premium = $240
$3,450 - $500 - $240 = $2,710 (amount that the insurance company may pay)
1999 Ford Taurus G - 60,000 miles - Good condition
Kelley Blue Book Value = $1,100
Collision Deductible = $500
Collision Premium = $215
$1,100- $500 - $215 = $385 (amount that the insurance company may pay)
When looking at these two vehicles, it's probably worth paying the $240 of insurance premium to keep the collision coverage on the 2004 Chevy, but not worth the extra cost for the 1999 Ford. Consult with your agent on your specific situation.
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Written by Marc Petersen
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Thursday, November 26 2009 |
What is "Identity Theft"?
The short answer is that identity theft is a crime. Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data. This is done by using someone's name, social security number or other personal information to apply for credit, buy goods and services, or commit fraud.
Many people have reported that unauthorized persons have taken funds out of their bank account, or, in the worst cases, taken over their identities altogether, running up vast debts and committing crimes while using the victim's names. In many cases, a victim's losses may include not only out-of-pocket financial losses, but substantial additional financial costs associated with trying to restore his reputation in the community and correcting invalid information for which the criminal is responsible.
How do I protect myself?
On all homeowners insurance policies you can purchase ID Theft coverage. It usually costs around $25 per year and is a must to include on your policy. In the scenario that your identity does get stolen, this coverage will pay for legal fees usually up to $15,000 to restore your identity. Most insurance companies have a specific fraud team to handle this. Consult with your agent if you have further questions.
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Written by Eric Petersen
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Friday, November 20 2009 |
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Become a Fan of Petersen & Associates on Facebook!
As yet another way to provide information to our clients, we have just added Facebook to our arsenal. Look for our posts in your News Feed.
Click here to become a fan
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Written by Marc Petersen
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Thursday, October 15 2009 |
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In June of 2009, the Wisconsin Budget Bill was signed by Gov. James Doyle. The Budget Bill included a number of significant changes to the Wisconsin Motor Vehicle Insurance Law; many insurance industry professionals made sincere attempts to strike these changes from the budget. Despite those efforts, the budget passed. As a result, auto policies will be affected by the following changes:
What does this mean for me?
These legal changes will affect your renewal policy. Please contact us when you receive your renewal to discuss the changes that have been applied and what can be done.
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Written by Marc Petersen
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Thursday, October 01 2009 |
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Welcome! Petersen & Associates is starting a Blog to keep you current on insurance news and important topics. This is an effort to keep our clients up-to-date in today’s changing society and give them the appropriate knowledge on different issues. Check this Blog every couple weeks to see what we have to say.
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