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Rental Car insurance - Know your coverage

2/26/2014

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Long distance travel for business or pleasure usually includes the need to rent a car. If you've ever been at the rental car counter wondering if you need that extra insurance coverage they are offering, you are not alone. 

Jeanne M. Salvatore, Senior Vice President and Consumer Spokesperson for the Insurance Information Institute, has said, "Faced with a number of choices, some [vehicle] renters either purchase all of the coverage or they decline the insurance without knowing if they are covered by other policies. This can result in either wasting money by purchasing unnecessary coverage or having gaps in coverage, making the driver dangerously uninsured."

This is the first tip that will help ensure you have sufficient insurance coverage while avoiding costly mistakes:


1. KNOW YOUR CURRENT COVERAGE

Before renting a car, the I.I.I. suggests making two phone calls: the first one to your insurance agent or company representative to establish what coverage you already have through your auto and/or homeowners/renters policy.
  • Find out how much coverage you currently have on your own car. In most cases, whatever coverage and deductibles you have on your car will apply when you rent a car, providing you are using the car for personal use and not for business.
  • If you have dropped either comprehensive or collision on your own car as a way to reduce insurance costs, you will not be covered if your rental car is stolen or damaged in an accident.
  • Check to see if your insurance provider pays for administrative fees, loss of use, or towing charges. Some companies may provide an insurance rider to cover some of these costs, which would make it less expensive than purchasing coverage through the rental car company.

Your second call should be made to the credit card company you will be using to pay for the rental car. You can find out this information by calling the toll-free number on the back of the card you plan to use.
  • Insurance benefits offered by credit card companies can vary widely, and can be determined by the company and/or bank that issues the card, as well as the level of credit card used (a platinum card may offer more coverage than a gold card).
  • Credit cards usually only cover damage to or loss of the rental car, not for other cars, personal belongings, or the property of others. There may be no personal liability coverage for bodily injury or death claims. Card company policies can change over time, so you may not have as much coverage as you initially planned on.
  • In most cases, credit card benefits are secondary to either your personal insurance protection or the insurance offered by the rental car company.


Our next post will highlight the coverages offered by rental car companies, and when you should accept or decline their insurance coverage.

For any questions regarding rental car insurance, or any other auto, home, business, or life insurance coverages, please contact us at ALINK Insurance Services. We can help! 
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Do You Need Life Insurance?

2/20/2014

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Old or young, if you’ve ever wondered if a life insurance policy is right for you, it’s a good idea to look into it. Here are a few tips from the number-talking experts (source):

{5 groups that really DO need life insurance}

Although married couples and parents are among the best candidates for a life insurance policy, the single or childless shouldn’t automatically count themselves out.  “The reality is most people need life insurance,” says Stephen Rothschild, chairman of the Life and Health Insurance Foundation for Education. “A simple rule of thumb is that if someone will suffer financially when you die, you should be covered by life insurance.”

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1.      Empty Nesters.
  • An increasing number of retirees are caring for their grandchildren, which often includes assuming complete financial responsibility.
  • Your spouse could outlive you by 10 to 30 years; a policy can insure that they can maintain their standard of living.
  • Life insurance offers the ability to leave money to your children and grandchildren.
  • A permanent life insurance policy that builds cash value can give you extra financial security for future unexpected needs or opportunities.

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2.       Singles without children.
  • Many singles end up taking care of elderly parents; as people live longer, this could become more and more likely.
  • Life insurance can cover your funeral costs and debt obligations so your loved ones don’t get stuck with the bill.
  • If you have a charity close to your heart, life insurance can help you leave it a legacy; by paying a little each month, you can donate significant dollars upon your death to a cause you are passionate about.
  • If you are young and healthy, you are likely to qualify for a lower rate and lock in the premium. This approach makes sense if you anticipate marriage and family in the future and want to keep costs low during those years.

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3.       Small business owners.
  • As a business owner, you most likely have a team of employees depending on you. If you have life insurance, you could fund a retirement plan for them. This kind of perk can help retain good workers.
  • If you buy a permanent life insurance policy, you can borrow against the cash value for business expenses.
  • You can join your business partners in purchasing a policy that would pay out if one of you dies. Those funds could then be used to buy out the deceased owner’s share of the business.
  • You could consider a “key person” insurance policy if you have a valuable employee whose death could have a major negative impact on your business. These types of policies pay money to the company in the event of that person’s death.

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4.       Retirees.
  • Even if your house is paid off and you and your spouse are set with retirement income, you may need life insurance to protect your heirs. A policy could provide funds for your family to pay estate taxes and other expenses associated with your death.
  • Life insurance can be used as “estate equalization.” For example, if a small business owner has two sons and a daughter, he can purchase insurance to provide his daughter with an equivalent share of the value of the business that will go to the boys.
  • With an insurance policy to help provide an inheritance, retirees can spend the money they have saved over their lifetime, knowing that they will be leaving a legacy in the form of a tax-free death benefit to their heirs.

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5.       Stay-at-home parents.
  • If one parent works while the other looks after the children, often they purchase a life insurance policy based on the working spouse’s income. Don’t forget to account for the stay-at-home parent’s value.
  • Life insurance could help pay for the services the stay-at-home parent currently provides, including child care, transportation, cooking, and cleaning.

At ALINK Insurance Services, we can help you with your life insurance questions, and offer a full array of products for you to choose from. Give us a call or visit http://www.alink2insurance.com/ today!

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States:
877-643-6148
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All That Sparkles - Insuring Your Jewelry Investment

2/13/2014

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The day of love is upon us. 

If you are on the receiving end of the National Retail Federation's projected 19 percent who will gift jewelry for Valentine's Day (3.9 billion dollars worth), it's a good idea to review how to protect your true love's financial investment.

According to the Insurance Information Institute, jewelry is one of the most claimed losses in home content related insurance claims. The Bureau of Justice Statistics reports that the largest percentage of completed burglaries involve the theft of personal items, with jewelry (including watches) being among the top items stolen. Although the sentimental value of a special piece of jewelry can never be recovered, there is security in knowing the monetary value is protected.


The Insurance Information Institute has provided four simple steps to ensure adequate protection for sparkling valuables:

1. Contact your insurance professional immediately.
Find out how much coverage you already have and whether you will need additional insurance. Most standard homeowners and renters insurance policies include coverage for personal items such as jewelry, however, many policies limit the dollar amount for the theft of high-value personal items, usually from $1000 to $2000. These policies would cover a loss if the item were destroyed by disasters listed in the policy (fire or hurricane, for example), but if your expensive new gift is lost or stolen, you would need separate insurance to be covered.

2.  Obtain a copy of the store receipt.
Forward a copy of the receipt to your agent so that your insurance company know the current retail value of the item. Keep a copy for your records and include it in your home inventory. If the item was purchased on sale, it's a good idea to get a copy of its appraised value.

3.  If you receive an heirloom or antique piece of jewelry, have the item appraised.

4.  Add the item to your home inventory.
A current inventory of your personal possessions can ensure you have adequate coverage and speed up the claims process if you have a loss. If you don't have a home inventory, there is no better time to start than now. The I.I.I. offers free web-based Know Your Stuff® Home Inventory software and apps, so creating one is easy.


A note to renters:
A 2013 I.I.I. poll found that 96% of homeowners had insurance coverage but only 35% of renters had renters insurance. This insurance provides important financial protection in the event your belongings are lost or stolen.

For any of your insurance questions or needs, contact us at ALINK Insurance Services.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Greeley: 970-475-0900
Surrounding States:
877-643-6148

We can help!
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Winter Weather Safety Tips

2/4/2014

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Just over a week ago, thousands of Atlanta students were stranded all night long in their schools before being reunited with their parents. Rescuers rushed to deliver blankets, food, gas and a ride home to countless shivering motorists stopped cold by a storm that paralyzed the business capital of the South with less than 3 inches of snow. Here in the Rocky Mountain region, 3 inches of snow is merely an inconvenience, however, a lesson can be learned about the need to be prepared for severe weather in any region.

Our partners at The Hartford shared that severe winter weather can occur in many forms:  rain, sleet, ice, snow, and hail or any combination. A change of only a few degrees can often make the difference between a rainy winter day and a severe winter storm.

Severe winter storms can be local or cover large areas of the country; they may vary with intensity, depending on location. Their residual effects can hamper local or distant services critical to you. Store shelves can be wiped out of food and supplies within hours.

Winter storms can knock out power, heat and communication to your home or business, sometimes for many days. A severe storm can immobilize an entire region.

Storms can also occur back-to-back in quick succession, providing little time to recover from one storm before the next one strikes.

In addition to a 2-week supply of food and water, the Federal Emergency Management Agency (FEMA) recommends that you take the following winter weather safety steps to prepare for storms:

  • Add these supplies to your emergency kit: rock salt or other ice-melt, sand to improve traction, snow shovels and other snow-removal equipment, sufficient heating fuel, and adequate clothing and blankets to stay warm.
  • Make a family communication plan. In case you’re not together when a storm hits, you need to know how to get in touch with each other and come up with plans, just in case.
  • Pay attention to local TV and radio station for important updates from the National Weather Service and be alert to changing weather conditions.
  • Minimize travel. If travel is necessary, keep a disaster supplies kit in your car.
  • Bring pets inside during bad winter weather. Move other animals to sheltered areas where they have access to non-frozen drinking water.

You can take the Pledge to be Prepared on the FEMA website here.

Keep your eye on the weather, be prepared, and stay safe!
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