Do I Need Comprehensive Coverage or Liability on my Car?

Posted on January 22, 2018 by AgentInsure

The law requires all drivers to have either comprehensive or liability insurance coverage. The price difference in these types of coverage can be rather substantial. One big question car owners have is whether or not they need comprehensive insurance or if liability will be enough. These tips from Don Allred Insurance can help Burlington, NC residents determine what type of auto insurance they need.

What’s the Difference?

Comprehensive insurance covers a whole lot more than liability insurance. While coverage levels can vary, if you have an accident, even if it is deemed your fault, comprehensive insurance will, most of the time, cover repairing your car as well as the damage of the car you hit. Because the coverage is greater, the premiums for comprehensive insurance are more costly.

Liability insurance is less expensive but covers much less. If you have an accident, your insurance will pay for the repairs of the other party’s vehicle, but you will have to pay for the repairs to your own vehicle.

Do I Really Need Comprehensive Coverage?

First of all, if you owe money on your car, it is likely that the lender requires you to have comprehensive insurance coverage on it just to protect themselves. However, once your car is paid for you can decide what level of insurance you need.

In some cases, it may make sense to simply pay for liability coverage. If you drive an older vehicle that is not worth very much money, you may be better off saving the money. Often, repairs after an accident may cost more than the vehicle is worth, causing the insurance company to total out the car. If you have an emergency fund in the bank with which you could repair or replace a car that is badly damaged in a wreck, it might make sense to simply have liability insurance on your car. If you don’t have the extra funds saved up, you probably should keep your comprehensive insurance.

In general, a good rule of thumb is that you may want to just have liability insurance if the extra yearly cost of comprehensive insurance exceeds ten percent of the value of the car.

To get more help determining what level of coverage is best for your situation, contact Don Allred Insurance, serving the Burlington, NC area.

Comparing Life Insurance Policies In Burlington, NC

Posted on December 11, 2017 by AgentInsure

Shopping for life insurance is challenging. The goal is to find the most comprehensive coverage at a competitive rate. Learn how to compare life insurance policies in Burlington, NC to find the right one.

The Purpose of Life Insurance

After you die, life insurance provides money to help your beneficiaries take care of living expenses, funeral costs, and bills. Some policies provide benefits when the policyholder is still alive, in the event of a debilitating injury or illness. Factors to consider when choosing life insurance include age, assets, and people who rely on your income for support.

Permanent Life Insurance

Life insurance involves little or no financial risk. Paying the premiums on-time ensures a guaranteed death benefit. Permanent life insurance policies, such as variable, whole and universal, build cash value while the policyholder is alive. Buying a whole life insurance policy at a young age often means paying a lower rate. However, the cost can increase significantly with age.

Term Life Insurance

Term life insurance renews either annually or in term periods of five, 10, 15, 20, 25, 30 or more years. The premiums may increase after each term, based on the policyholder’s age. A term life insurance policy has no cash value. But term life insurance is often less costly than permanent life insurance. There are also policies that are a combination of term and permanent life.

Life Insurance Premiums

Much like any other type of insurance, the level of risk helps determine life insurance premiums. Factors to consider include age, gender, and medical condition. People who use tobacco and engage in risky hobbies or occupations may pay higher premiums.

An insurance professional at Don Allred Insurance can help people find the right level of coverage for their unique budgets and needs. Contact Don Allred Insurance to learn more about comparing life insurance policies.

When is it safe to borrow against your life insurance policy?

Posted on November 20, 2017 by AgentInsure

The agents of Don Allred Insurance offer residents who live in the Burlington, NC area a comprehensive list of insurance policies, including permanent and whole life forms of life insurance. They can help you choose the right type of policy by explaining the benefits of each one. One of the main benefits of these two types of policies is that you can borrow against them once a sufficient amount of equity has been established.

Permanent and Whole Life Policies

Permanent and whole life policies are the only two types of policies that can be borrowed against. A permanent life insurance policy is also referred to as a cash value policy. It will pay out whenever you pass away. It also holds its cash value. A whole life policy also lasts for your entire lifetime. Premiums must be paid until the policy reaches its maturity. Both of these policies build equity that you can borrow against.

The Benefits of a Life Insurance Loan

If you have the right type of policy and have established enough equity, you can borrow against the policy. This type of loan offers many benefits including:

No application
No questions
Doesn’t affect your credit score
Low-interest rates
No repayment plan is needed or required

The only cost of borrowing against your policy is to pay the premiums to keep the policy active.

If you live in or near the Burlington, NC area and have questions concerning your life insurance policy and whether you can borrow against it, call the agents of Don Allred Insurance Agency. They will be able to provide you with the information you need. They can also write policies that are designed to make sure you have sufficient coverage so that your family remains protected at all times.

5 Steps to a Winter-Ready Home

Posted on October 26, 2017 by AgentInsure

Winter is quickly approaching for residents in the Burlington, NC area. Prepare your home to reduce weather-related damage and heating costs.

Plumbing

Shut off your yard’s automatic drip system. Drain the lines to prevent freezing and cracking.
Insulate pipes that come in from the outside, as these can sustain damage from cold temperatures as well.
Teach your family members how to shut off the main water source. Quick action can prevent serious damage from burst pipes.

Heating

Seal up cracks around doors and windows to keep warm air inside. Weather stripping or caulk is easy to apply and can save you loads of money.
Check your basement and attic. Cracks and thinning insulation can rob your house of heat and raise your monthly bills.
Have your fireplace professionally inspected before lighting it for the first time. Dirty or blocked flues can trap toxic gases that make your family ill.

Paperwork

Is your home covered for damage caused by winter conditions? Contact Don Allred Insurance to make sure your home insurance coverage is complete.
Locate warranties for lawnmowers and other motorized equipment that will be stored outside of the home. You may need them if your items stop working due to cold damage.

Outside

Bring garden hoses inside. Roll and store so they’re ready for spring.
Wrap outside air conditioning units in thick plastic to keep them clean and mold and mildew-free.
Prepare snow shovels, blowers, and other winter maintenance tools. Keep them in an easily accessible place.

Indoor Air Quality

Get your HVAC system serviced. Technicians will clean or change the filters and clear the system of harmful bacteria build-up before it ends up in your air.
Consider a humidifier to help combat respiratory issues from dry indoor air.

Need more ideas for prepping your family home for winter? Contact the insurance experts at Don Allred Insurance. We proudly serve the residents of Burlington, NC with insurance products and information to protect the things they love most.

Is My Rental Car Covered Under My Auto Insurance?

Posted on October 12, 2017 by AgentInsure

When you’re asked whether or not you want to get insurance coverage on your rental car, you can be forgiven if the question itself is surprising. After all, you may assume that your insurance policy automatically extends to your rental car without your having to do anything. Don Allred Insurance wants you to know more about how it all works before you say yes or no.

What to Consider

Your auto insurance will almost certainly cover your rental car, but it won’t extend any further consideration to you beyond what your original policy states. In other words, you shouldn’t rent a Ferrari for the weekend if you drive a Honda in your normal life. If you have liability only on your policy, then this is enough to cover someone else’s car and injuries if you’re the responsible party for the accident. However, it won’t cover the cost of the actual rental car itself. If you have liability only, then it’s a smart bet to get the additional insurance if you live in Burlington, NC.

Splitting the Difference

Each rental car company has their own insurance policy should you choose to get the additional coverage. They may work with your insurance company, they may take care of everything on their own, or they may be used as the primary coverage. If they’re the primary insurance, then your insurance company will only be contacted should the damage be extensive enough to surpass the limits of the rental car company’s insurance.

It can be confusing if you’re traveling and just want to make sure you stay safe on the road. If you live in Burlington, NC, and are concerned with your auto insurance, then give Don Allred Insurance a call today to talk about your policy.

Are You Protected against Accidental Home Injuries?

Posted on September 18, 2017 by AgentInsure

Liability insurance coverage protects your family and visitors against the risk of accidental injuries on your property. Good liability coverage is a must if you entertain often or have regular visitors to your home. Here are a few ways in which liability coverage from Don Allred Insurance could protect your interests if an accident causes injury to you or others in your Burlington, NC home.

Bodily Injury

Slips and falls are quite common in a home, causing injuries that range from cuts and bruises to broken bones. Liability coverage will help pay for medical costs of injuries sustained by visitors or live-in family members due to accidents on your property. Depending on your coverage, liability insurance can protect you against such mishaps as dog bites, slips and falls, food poisoning, pool accidents, accidental fire burns and more.

Property Damage

In addition to bodily injury, liability coverage can also protect you against damage you or your family cause to other people’s property. If your son accidentally breaks a neighbor’s window playing ball, your liability insurance policy will help cover repair costs. If you are sued for a bodily injury or property damage claim, your liability coverage will help cover the cost of hiring a lawyer to settle the lawsuit.

Exclusions

There are exclusions to your personal liability coverage you should be aware of. Personal liability insurance doesn’t extend to tenants who are renting space in your home. It also won’t cover injuries or property damage due to intentional acts. If you purposely start a fight with a neighbor, for example, and cause him harm, your liability policy won’t protect you against injury or damages you cause.

To learn more about liability coverage and all that it has to offer, contact a Don Allred Insurance agent in Burlington, NC.

When to Consider Life Insurance

Posted on August 22, 2017 by AgentInsure

Life insurance is typically something that people do not even start to consider until they are older and more established. However, there are some circumstances where you will want to consider life insurance at an earlier age. These are some reasons that you would consider getting life insurance now in Burlington, NC according to Don Allred Insurance.

You have debts. If you have a substantial amount of debt, you may want to consider getting a life insurance policy that would cover those debts in the case of your debt. The last thing you want to do is leave that burden on someone else so this is a great reason to get life insurance.
You have children or a spouse to take care of. If you have dependents that rely on your income for survival, then you will want to make sure that they are taken care of if you are not here to do it. This is a situation where you will want to get a life insurance policy to help them transition.
You want to save money on costs. The earlier you purchase a life insurance policy, the less expensive it will be for you. This is because younger people tend to get lower rates and tend to be in better health. This means you can get a lower rate and may even be able to lock in that rate for the duration of the policy.

As you can see, life insurance is something that can benefit people of all ages depending on their goals and their current situations. There is not a specific age where life insurance becomes a necessity but more of a time in your life. If it is time for you to start considering life insurance, be sure to reach out to Don Allred Insurance serving Burlington, NC.

Good Reasons To Update Your Auto Insurance Policy

Posted on July 31, 2017 by AgentInsure

The basic point of having automobile insurance is to cover your losses in the event of an accident or injury. With that idea in mind, doesn’t it make sense to carry enough coverage to avoid being underinsured? By opting for state minimums or limited optional coverages, you could leave yourself financially vulnerable. At Don Allred Insurance, our professionals are here to work with the good people of Burlington, NC to update policies that provide secure coverage and meet your individual needs.

Minimums Can Fall Short

In North Carolina, every motorist is required to purchase minimum liability coverage with regards to bodily injury and property damage. Drivers must also have uninsured motorist coverage to fill the gap when people don’t follow the rules.

While mandating these coverages is important, the limits are not nearly high enough to meet the prohibitive cost of serious medical care such as surgery, rehabilitation, long-term treatment or a fatality. Even the cost of replacing a new vehicle could far exceed the state’s minimum threshold. Once the auto insurance coverage has been exhausted, you could be looking at costly, protracted litigation. In practical terms, minimum coverage is the equivalent of being underinsured.

Optional Coverage

Many people forgo taking out additional coverages once they’ve satisfied the state’s requirement. Of course, no one expects to get into an accident and you certainly don’t expect to be at fault. By adding these items to your policy, they could keep you from paying out-of-pocket expenses.

Collision: This covers accident-related expenses associated with fixing your vehicle.
Comprehensive: Covers your vehicle for non-crash related damage such as vandalism.
Towing and Rentals: Damaged automobiles may need to be towed a long distance. That can be costly. And, you will still need to travel while it’s being repaired. Again, this optional coverage can save you out-of-pocket expenses.

At Don Allred Insurance, our professionals are available to update existing policies so that you have adequate coverage in the event of an accident or loss. We are here to serve the Burlington, NC community and look forward to working with you.

Do I need Home Insurance If My Landlord Has Insurance?

Posted on July 12, 2017 by AgentInsure

If you are renting a house, condo or apartment, you may not think you need insurance – after all, your landlord has insurance, right? While their insurance covers their investment, it doesn’t protect any of your personal property or cover you or your pet for liability. What would happen if:

Your Burlington, NC rental home was burglarized and your possessions were stolen
A friend or guest slipped and injured themselves in your kitchen
The condo you’re renting suffered water damage
Your apartment building or complex burned down
Your dog bites a guest in your rental home

If you don’t have renters insurance, you don’t have coverage for personal property loss or damage, or personal liability. So, what is the difference between renter insurance and landlord insurance, and why do you need the extra coverage?

Landlord Insurance Is For the Landlord

Your landlord’s insurance is designed to protect their investment property, such as the building, other structures, and equipment used by the management. It covers them in case of an event such as natural disasters, rental damage, vandalism, and liability. Some of the events landlord insurance covers are:

Damage or vandalism by tenants or their guests
Theft or burglary by tenants or their guests
Legal expenses required to evict a tenant
Loss of rent

Renters Insurance Protects You, the Renter

People often think that they don’t have enough personal property to warrant the expense of renters insurance. But, you probably have more belongings than you realize, and it would cost a lot to replace them if need be. Consider what you own, what you’ve got to lose, and what the replacement costs would be on all your:

Clothing, shoes, accessories
Jewelry
Art
Small appliances
Furniture
Television, stereo, or entertainment system
Musical or sporting equipment
Computer, laptop, tablet

What Does Renters Insurance Cover?

Renters insurance coverage protects your personal property in the event that it is damaged, stolen, or destroyed. Your specific renters insurance policy will state exactly what you’re insured against. If you’re not sure how to select a policy, ask your Don Allred Insurance agent what type of coverage would be best for you. Your policy may cover some or all of the following:

Theft
Fire or lightning
Smoke
Windstorm
Accidental discharge of water
Vandalism or malicious mischief

Your renter’s policy will also include liability protection that covers injury and medical expenses to another person who is hurt while they’re on your property and can even pay for your legal defense. Many Burlington, NC landlords require their tenants to buy a renters insurance policy with specific liability limits, especially if you own a pet.

If you are confused about how best to protect your possessions in a rental home, let Don Allred Insurance help. Call us today – our friendly agents can help you determine which rental insurance policy is right for you.

What Are the Basics of Life Insurance?

Posted on June 28, 2017 by AgentInsure

If insurance is something that you do not know a lot about, then you likely have a lot of questions about life insurance and how it works. These are some of the basics of life insurance from Don Allred Insurance serving Burlington, NC. Once you know a bit more about it, you can decide if it is the right option for you.

Who is it for? While you do purchase life insurance for yourself, it is actually a form of life insurance that is designed to help your beneficiaries.
Who are your beneficiaries? You get to choose your beneficiaries for your lie insurance policy. These are the individuals who will receive the life insurance money upon your death. You can choose to have one beneficiary or multiple ones. You can also determine the percentage that each of your beneficiaries get if you have more than one beneficiary designated. You can also change beneficiaries at any time.
How is cost determined? If you are looking into life insurance, you are probably wondering how much you will have to pay for coverage. Rates are typically determined based on age and your health. There are basic rates also depending on when you sign up for insurance. You may be able to lock in rates as well.
Is insurance coverage automatic? If you choose to enroll in life insurance through an employer and during your new hire open enrollment period, then you will likely be automatically approved. However, if you opt for a personal policy, then you will likely have to undergo medical underwriting and there is a possibility that you would be denied coverage depending on your health state.

If you think life insurance is a good option for your current situation, be sure to contact Don Allred Insurance serving Burlington, NC to learn more about your options.

HOW CAN WE HELP YOU?

Don Allred Insurance