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When an old insurance policy expires, it might be tempting to throw it out and replace it with the new one. However, according to several risk management experts, you should hold on to your expired policies for at least several years after they expire. According to the Nonprofit Risk Management Center, which provides insurance advice to nonprofits, you should hold on to expired policies indefinitely.
While you might think that expired policies are useless once you renew your insurance, they are actually extremely important, especially for liability coverage. Liability claims might arise years after the incident, and your current policy might have different terms than the expired policy that was in place during the incident.
For this reason, it is always a good idea to have expired policies on hand. While state law generally mandates that insurance agents keep their clients’ expired policies for 6-7 years after expiration, policies can occasionally be lost or misplaced. For peace of mind, you should keep your own expired policies. If you don’t want the clutter of paper policies many policies are now available electronically, or you can always scan your hard-copy policies to create computer files for easy and convenient access in the future.
If you have any other questions about your expired insurance policies, please feel free to contact your broker at Tegner-Miller Insurance Brokers. We can be reached at 310-828-9662.
Accidents can be scary experiences. The crush of metal, the shatter of glass, and the squeal of tires can all be jarring stuff. Just as terrifying, however, are the 4 words you dread to hear after an accident: “I don’t have insurance.”
While auto insurance is compulsory in the US, based on a February 2012 report from the California Department of Insurance, nearly 25% of all California drivers are not insured. When an uninsured driver gets into an at-fault accident, the other driver can find himself or herself footing the bill.
In order to help protect yourself from bearing the cost of accidents caused by uninsured motorists, you should purchase uninsured motorist coverage. This type of coverage will help pay for vehicular damage and bodily harm caused by an uninsured motorist. Importantly, this type of coverage can help cover damage caused by a hit-and-run collision (some specific requirements apply to this coverage). While your collision coverage might cover some of the damage to your car caused by an uninsured driver, uninsured motorist coverage will help ensure that you are better protected after an accident.
While uninsured and underinsured motorist coverages are often lumped together in the insurance policy, they actually do different things.
Uninsured motorist coverage will protect you from vehicles that are not insured, while underinsured motorist coverage is important when the at-fault driver does not have enough insurance to pay for the damage. If the other driver’s coverage limits aren’t high enough to cover the damage to your car or person, underinsured motorist coverage can help pick up the difference.
So how much uninsured and underinsured motorist coverage should you buy? It’s a tricky question that depends on your risk tolerance, assets, and state in which you are purchasing insurance. Consult with your knowledgeable broker at Tegner-Miller Insurance Brokers for more information on uninsured and underinsured motorist coverage, and for guidance on how much coverage to buy. Call us at 310-828-9662.
The Olympics are one of the most anticipated sporting events in world, with hundreds of millions of viewers. We at Tegner-Miller Insurance Brokers are looking forward to the excitement, suspense and pride we feel in watching athletes compete for the gold medal.
The International Olympics Committee has added 12 new sports (and an extra day of competition) to the schedule. Below are three new events to watch out for in the 2014 Sochi Olympic Games.
- Women’s Ski Jumping: After lobbying hard for inclusion in the 2014 Olympic Games, women’s ski jumpers will finally have the opportunity to compete on the global stage. Ski jumping was one of the last sports to exclude women, along with the 4-man bobsled. Watch as former World Champion from the US Lindsey Van goes for gold!
- Men’s and Women’s Ski Halfpipe: One of several X Game style extreme sports added to the Olympics in order to appeal to a younger audience, the ski halfpipe is similar to the snowboard halfpipe (made famous by American Shaun White), only on skis.
- Biathlon Mixed Relay: which combines exhausting cross-country skiing with marksmanship. The new event will include teams of men and women, a first for the biathlon at the Olympics.
We hope you enjoy watching the Olympics as much as we do. The opening ceremonies begin Friday, February 7th.