Archives May 2022

Many individuals don’t fully understand  their auto insurance policy, which can leave them exposed to significant financial problems in the event of an accident. Searching for the ideal insurance company and policy for you and your unique financial situation can be an overwhelming task.

However, it is a very important undertaking, as auto insurance is mandatory in nearly all states. It can also be the difference between financial hardship and a minor inconvenience if you are ever in an accident.

The following four rules of thumb can help you simplify the process and gain a better understanding of auto insurance.

#1 Know the Standard Types of Auto Insurance Coverage

While many take it for granted, auto insurance is a contract between you and your insurance company. In exchange for paying a premium, your insurance company is committing to pay for losses as defined in the policy you select.

Understanding your options for insurance coverage is important when you are purchasing a new car or shopping around for insurance. Auto insurance covers a variety of issues that can occur on or off the road, and coverages vary by state. However, these are the standard coverages on most policies:

Liability

Auto liability coverage is required in 49 states. Liability coverage can pay for damage to other vehicles, damage to objects, injuries to other drivers and their passengers, and lawsuits, if you’re sued due to an accident.

Comprehensive

Comprehensive coverage is important for vehicle damage due to fire, vandalism, theft, and other events that are out of your control. If you have an auto loan or lease, your lender may require this coverage, though it is optional in all states.

Collision

Collision coverage is optional in every state and covers your vehicle if it overturns or collides with another vehicle or stationary object.

Medical Payments/Personal Injury Protection

Personal injury protection is a broader coverage that is available only in certain states that require it, while medical payment coverage is available in most states. These coverages help pay for medical bills if you or your passengers are injured in a car accident in which you are at fault.

Uninsured and Underinsured Motorist

As the name implies, uninsured or underinsured motorist coverage pays for your loss if a driver with little or no insurance coverage hits you.

#2 Know What Auto Insurance Does Not Cover

A basic auto insurance policy won’t cover typical wear and tear, mechanical failures, or routine maintenance. For example, oil changes or replacement of sensors on your vehicle are not covered by auto insurance. You may choose to add a warranty to the purchase of your vehicle, which may cover such maintenance needs.

Auto insurance will likewise not cover any items or belongings stolen from your vehicle. Standard policies only cover injury to you, your passengers, or the vehicle itself.

#3 Know How Much Auto Insurance Costs

The price of auto insurance will vary between insurers depending on the types and amounts of coverage and deductibles you choose, along with several other factors. One such factor impacting rates is decided by where you happen to live. For example, it typically costs more to insure a vehicle in areas with higher rates of theft or accidents. The cost of auto insurance is also impacted by gender, driving record, and the value of your vehicle, among other factors that vary by state.

#4 Know Where to Get the Best Auto Insurance for Your Needs

There are a few different avenues for selecting the best auto insurance policy. The option that is best for you depends on your personal preferences, but there are helpful ways to approach your search.

Sure, you could begin by contacting individual insurance companies and comparing rates. Rates and policies can vary significantly by insurance company, so you’d want to get multiple quotes, which can be extremely daunting and time consuming.

Why spend all that time and energy yourself when the trusted and experienced agents at GWK Insurance can do the work for you and get you the best possible quotes?

Shop the Best Auto Insurance for You

Having reliable and proper insurance coverage is an important component of auto ownership. Finding the best auto insurance policy can save you money, frustration, time, and regret. The first step is choosing an agency you can trust.

At GWK Insurance, we know shopping for auto insurance can feel overwhelming, and we are here to help you select and purchase the best auto insurance policy for your protection. Contact us today to help you find the best auto insurance for your needs.

While it may not be an enjoyable topic, life insurance is an important element of your financial plan, as it can provide financial stability to your loved ones upon your passing. In simple terms, this type of insurance is an investment in the future for those who you choose as beneficiaries.

Life insurance can be a confusing topic, as policies can differ quite significantly. Here are the answers to 5 frequently asked questions (FAQs) associated with life insurance.

#1 Why Invest in Life Insurance?

Perhaps the most important reason to secure life insurance is to gain peace of mind. Because it is a contract between you and your insurance company, you can feel confident in the knowledge that your beneficiaries will be relieved of financial hardship in the event of your death.

#2 At What Age Should You Buy Life Insurance?

It is generally recommended that life insurance be purchased in your younger years. An important advantage to buying life insurance when you’re young and healthy is the ability to lock in a good rate. Life insurance increases in cost as your age increases, so consider securing life insurance earlier in life rather than later.

#3 How Much Life Insurance Do I Need?

When determining how much life insurance you need, first take a look at your current and future financial obligations. What does your monthly cost-of-living equate to and who is involved? Then, consider your future expenses like college tuition, medical needs, and end-of-life expenses such as those associated with a funeral. Once you’ve compiled all these expenses, you will be able to better estimate your life insurance needs. One simple guideline that many industry leaders recommend is to aim for 5 to 10 times your current annual salary.

#4 Who Can Be a Beneficiary of Life Insurance?

As the owner of a life insurance policy, you can name any person of your choosing as a beneficiary. Many people choose their spouse or life partner, but it is possible to name more than one person as a beneficiary. For example, you could leave a percentage to your spouse and divide the remaining percentage amongst your children.

It is a good habit to review your beneficiary choices frequently to avoid unwanted outcomes. As your life changes with age, consider those life changes that may impact your choice of beneficiary.

#5 What are the Main Types of Life Insurance?

Life insurance typically falls into two main categories, referred to as term insurance and permanent insurance.

As the name suggests, term insurance covers you for a period of time and includes a guaranteed death benefit. While there is no savings component, term policies typically offer the lowest monthly premium and are usually the best option if you have a limited budget.

On the other hand, more expensive, permanent life insurance provides peace of mind with life-long protection that never expires. Permanent life insurance premiums go toward both maintaining the policy’s death benefit and allowing the policy to build cash value. The potential for increasing cash value, or equity, is one of the more attractive elements for those who select permanent life insurance coverage.

Need Help Selecting the Proper Plan for You?

Life insurance can provide peace of mind and security for all stages of life.

At GWK Insurance, we take the needs of our clients as seriously as if they were our own.  We are experts in helping you make the right insurance choices to protect the financial future for those you care about most.

Contact us today to start evaluating life insurance policy options that can help provide financial security for your family’s future.

More people are renting in the U.S. than ever before. According to the Statista Research Department, in 2021, there were approximately 45 million renter households. However, only 57% of renters have renter’s insurance, leaving more than half of renters at risk.

If you are one of the millions of people currently renting, consider these top 4 reasons for minimizing your personal risk with renter’s insurance.

#1 Your Landlord’s Coverage Does Not Protect You

A common misconception is the belief that the landlord’s policy will cover your losses as a renter. Your landlord’s policy covers only the physical structure of the rental property and will not protect you or your personal belongings. The landlord is responsible for fixing any structural damage caused by weather or a catastrophic event. For example, if a tornado were to strike your apartment, your landlord would rebuild the structure. However, the cost of replacing your personal belongings would likely fall on your shoulders without renter’s insurance coverage.

#2 Protect Your Personal Possessions

In general, renter’s insurance covers what you own, and your possessions are likely worth more than you may think. The higher ticket items you may own, such as TVs, furniture, and computer equipment are included and can be replaced in case of a loss. Renter’s insurance is not only affordable, but its biggest value may be the peace of mind it provides when it comes to covering your personal belongings.

#3 Protect Your Guests

Liability coverage is included in standard renter’s insurance policies. When you invest in renter’s insurance, it doesn’t just protect your home and property–it will also protect you and any guests you may have. This provides protection if someone is injured while in your home or if you accidentally cause injury to another person.

#4 Prepare for the Unexpected

Sometimes the unexpected happens, and your renter’s insurance can help you manage the unknown. In the case that a named peril occurs such as vandalism, fire, wind, or lightning damage, and you can’t stay in your home because of a covered loss, you would be provided reimbursements for temporary housing and additional living expenses. Being prepared for the unexpected means never having to worry about where you will live should the worst happen.

Finding the Best Coverage for Your Needs

Life takes many twists and turns and having renter’s insurance can make dealing with a potential traumatic event much more bearable.

When you work with GWK Insurance, you can rest easy  knowing that we will help you navigate your options to determine the best coverage for you and your family.

Contact us today to help get the best coverage for your specific needs.