Three auto insurance myths, debunked

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Purchasing auto insurance can be confusing, especially for first-time buyers. To compound matters, well-meaning friends and family members sometimes dispense outdated or untrue advice about car insurance.

In order to make purchasing auto insurance less daunting, and to avoid making costly insurance mistakes, it’s important to look at the facts.

The following are three common auto insurance myths and the truth behind them.

Myth #1. Red cars cost more to insure.

Some people say that red cars are more expensive to insure because their drivers are typically more aggressive on the road. However, there is no data to back this up and insurance providers agree. Insurance providers do not base the amount of their premiums on the color of a vehicle. What they do base car insurance rates on are the make, model, and type of vehicle, as well as its list price and the year it was made. Other factors insurance providers base their rates on are driving, claims, and credit history.

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Myth #2. Minimum coverage is all that’s needed.

Each state requires a minimum amount of insurance coverage from drivers. While this is better than no insurance at all, the bare minimum might not provide enough protection in the event of an accident. Many car accidents exceed the limits of minimum coverage. If this happens, the injured party can seek damages from the driver until the debt is paid.

Optional collision insurance covers damages from auto accidents, while comprehensive insurance covers damage not resulting from collisions, such as falling branches and vandalism, and replacement if the car is stolen.

Myth #3. Women get into more accidents, therefore they pay higher premiums.

Despite the negative stereotypes, women are statistically safer drivers than men. According to the Insurance Institute for Highway Safety, car crashes with male drivers were typically more severe than those involving female drivers, while the National Association of Insurance Commissioners reports that men are 10 percent less likely than women to wear seatbelts, increasing their risk for serious medical injuries that insurance providers will have to cover.

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As a result, insurance providers consider gender a factor in calculating the amount of premiums. The difference between the amount of premiums paid by male and female drivers will decrease as men age, however, and insurance providers also take into account driving record and claims history when deciding rates.

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Louis Campisano Can Provide You with Quality Renters Insurance

According to the National Multifamily Housing Council, one-third of the US population lives in rented housing. This includes apartments, homes and other types of domiciles. About 42% of the renting population lives in single family units as opposed to apartments. Many of these renters have been doing so for years, often with multiple people. Vulnerability to fire, theft and other losses are at least as high for renters as they are for owner-occupied housing. In fact, the risk is higher in multi-unit dwellings since a fire in one apartment can quickly spread to others. For these reasons, it is important for renters to purchase renters insurance from someone like Louis Campisano, an agent for Farmers Insurance.

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Renters coverage from Farmers Insurance includes coverage for your possessions, liability and your valuables. Possessions include your clothing, appliances, electronics, furniture and other personal items. Often, renters underestimate the value of their possessions. Liability coverage is also important in case a visitor to your house or apartment falls or becomes otherwise injured. For example, if you rent a house and a person slips on the ice on your porch, liability insurance will cover you in case of a lawsuit. Finally, coverage for your valuables is important. Perhaps you own some valuable jewelry, an expensive watch or even some furs. Make sure these are covered in your policy.

Periodically, you should perform an inventory of your possessions and valuables. Create a list of each item and include a photograph or video of it. Your inventory will enable you to prove ownership in the event of a claim and it will maximize the dollar value you receive from Farmers Insurance.

Louis Campisano emphasizes to renters that the cost of insurance is much less than that of a homeowners policy. In essence, renters insurance covers items inside of the units, not the unit itself. On average, the cost for a policy can be as low as twenty dollars a month.

Louis Campisano Will Handle Your Workers’ Compensation Insurance

Every year, thousands of people get injured on the job. Many of these injuries happen in the manual trades, but a surprising number occur in white collar settings. Back injuries from improper lifting, foot injuries from heavy objects falling and repetitive motion injuries from hours of typing at a keyboard occur in office settings. As a manager or owner of a business, you need to protect your company and your workers by making sure that you have Workers’ Compensation Insurance. You can purchase this coverage through Louis Campisano of Farmers Insurance.

By partnering with Farmers Insurance, you tap into a repository of expertise within the industry. If your agent is Louis Campisano, he will explain how to handle an on the job injury. You will receive a list of medical facilities that will help your employee. In addition, you will receive guidance on ways to avoid a lawsuit. You want your employee to return to work quickly and Farmers Insurance wants to minimize its payments to the worker so you both have an interest in making sure that the employee gets well quickly.

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Because of its significant resources, Farmers can help you in many ways. Its experts will review cases to make sure that fraud is minimized. Safety inspectors can visit your workplace to identify hazards and explain how to correct them. They can also provide information to employees on safety practices.

Louis Campisano can tailor a Workers’ Compensation Insurance policy for your particular business. If you run a restaurant or a secretarial service, you do not want to pay the rates for a higher risk business such as manufacturing or construction. Based on the activities of your employees and the degree of risk on the job, your agent will quote you an appropriate rate.

Make sure that your business and your employees are protected.

Totaled or stolen car: When does insurance come in?

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A person who survives a car accident, or one who has had a vehicle stolen but is unharmed, has much to be thankful for. However, there’s no denying the ensuing stress caused by dealing with a totaled or stolen car.

What is total auto loss?

When, after an accident, a car is deemed “non-repairable” by the insurance provider, it is referred to as a total auto loss.

A vehicle is considered “non-repairable” when one of the following conditions exist:
• The vehicle is so damaged that repairs cannot be performed
• The vehicle is so damaged that the cost to repair it exceeds its actual cash value

Most insurance providers consider a stolen car that cannot be recovered as a total auto loss.

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Does car insurance cover total auto loss?

Vehicle owners should identify the type of coverage they carry and whether it pays for total auto loss or not. Most states require vehicle owners to have only liability insurance, which pays for damages and injuries in an accident that the vehicle owner caused but does not cover damages incurred to the insurance holder’s vehicle. Liability insurance does not cover total auto loss.

Collision insurance covers physical damage to a vehicle as a result of colliding against another vehicle, a tree, or other objects. This type of insurance typically covers total auto loss resulting from damage. Comprehensive insurance, on the other hand, covers total auto loss resulting from theft. In most cases, insurance providers will cover the actual cash value of the stolen vehicle minus the deductible.

Collision insurance cannot be added to a vehicle insurance policy on its own: it is bundled with comprehensive insurance and packaged as “physical damage coverage.”

In the event of a total auto loss, an insurance claims adjuster will conduct an inspection of the vehicle and coordinate with its owner to determine its actual cash value at the time of loss. Damages incurred prior to the accident, such as rust, repairs, and replacements, will be factored in to arrive at the value.

It’s important for vehicle owners not to wait until a collision or theft occurs before purchasing vehicle insurance. Choosing the right coverage can be confusing, so it’s best to seek out a licensed insurance agent from a reputable provider for suggestions and professional advice.

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Louis Campisano Can Provide Business Insurance for Your Firm

If you live in northern New Jersey or the New York City area and own a business, you need business insurance. This kind of coverage can span a wide spectrum so it is helpful to understand your options. If you have additional questions, you might call Louis Campisano, an agent with Farmers Insurance.

1. Worker’s Compensation: If an employee gets injured on the job, your business needs to protect itself with this type of policy. It will pay for medical treatment so that your worker can get back to his or her job quickly.

2. Liability Coverage: Anybody can sue your business for any reason. Some of the reasons have a better chance of winning in court. An injured employee could sue you for negligence that caused her injury. A customer could sue for damage resulting from a product or service that was defective or injurious. If your agent is Louis Campisano, he and Farmers Insurance will provide you with attorneys to litigate a liability claim and pay it off if it is awarded.

3. Crime Coverage: If you run a bricks and mortar business, there is always the possibility that a criminal will break in or rob you. But there is also the possibility that an employee can embezzle your funds or somebody can steal your checkbook and try to cash company checks. Farmers will protect you if you have such coverage with them.

4. Property Coverage: Hurricane Sandy decimated properties in northern New Jersey and New York City. If you owned a business but did not have property coverage, the damage from high winds could have wiped out your property and inventory, and caused you to declare bankruptcy. Property coverage would have protected your business.

While it is an added cost, business insurance is a necessity. It can make the difference between staying in business after a calamity and declaring bankruptcy.

More about Louis Campisano can be read on this website.