Coppell, TX Car Insurance Requirements

Posted on by AgentInsure

If you live in Coppell, TX you need to adhere to the minimum car insurance requirements for the state of Texas. While only certain coverage is required, you might want to obtain extra types of insurance coverage to be sure you are protected as fully as possible. This article will explain both the required minimum coverage and the optional coverage types for residents of Coppell, TX.

Required Coverage for Texas Residents

Liability coverage is required for all drivers in Texas. The levels of liability are as follows:

-$30,000 for accidents involving one other driver

-$60,000 for accidents involving two or more other drivers

-$25,000 in property damage in any accident where another person’s car is damaged.

Typically, you will see the above coverage referenced as 30/60/25 liability coverage by insurance providers. Due to the ever rising costs of quality medical care and the high cost of having vehicles repaired or even replaced, the above liability minimums are not always adequate to cover all damages that might happen during an accident. For this reason, you may elect to purchase insurance above the minimums stated above.

Non-Required (But Highly Advised) Insurance Coverage for Texans

The other types of auto insurance coverage are not required by law, although if you are financing your vehicle the lender may require you to carry these coverage types as well as the minimum liability insurance. These insurance types include:

-Collision Coverage: Collision insurance fulfills the same purpose as liability does, but it works for you rather than only working for others. If you are hurt in an accident and it’s your fault (thus, the other driver’s insurance won’t pay for the damages) you need collision insurance so your coverage will pay for repairs or replacement.

-Comprehensive Coverage: Comprehensive coverage is there for all the damages which do not happen due to accidents. This can include theft of your car, natural disaster damage to your car, and much more.

The law requires that everyone have at least the state minimum auto insurance coverage. However, you can easily work with your The Select Insurance Agency agent to determine which types of additional coverage will provide the full protection you need for when disaster strikes!

Read more : http://www.ehow.com/list_6324201_texas-auto-insurance-requirements.html

Summer Fun in Coppell

Posted on by Jeri McShan

There is lots of fun this Summer being enjoyed by my kids and many others here in Coppell! This week at FUMC Coppell is The Workshop of Wonders Vacation Bible School. The Coppell Library has kicked off the Summer Reading Program, and when it’s not raining, the Aquatics Center is a great place to have a blast and cool off!

Get out there and find out what’s happening in your community and have a fun Summer!

What percentage of tax exemption can one get by purchasing commercial insurance for a mid-sized company?

Posted on by AgentInsure

Purchasing the insurance you need for a commercial business can provide a tax benefit. However, it is not as much a percentage exemption as a deductible business expense.

To qualify for a deduction, an expense for a business must be ordinary and necessary. Ordinary refers to an accepted or common expense. Necessary does not have to be required, but something that is reasonably needed. Insuring a business, the property and the products is services common and needed.

For the purpose of taxes, insurance for your business is a business expense, as compared to a capital expense. However, you cannot include your insurance costs in the cost of the goods or services you sell. This would create a double deduction.

IRS publication 535 covers the requirements for business expenses. In most cases, you are allowed to deduct the full amount of this type of expense. Exceptions are made if you recover a part of the costs or trade services for the costs. Limitations may also be placed on the amount you can deduct. Businesses that operate at a loss are affected by this rule.

Your accounting method may also play a part in your situation. If you use the cash method for accounting, you would take the deduction for the year or quarter that you pay your insurance premium. If you use accrual accounting, your method may be different. However, if you pre-pay your insurance premiums, you cannot take the deduction in advance. You may only deduct the amount of insurance that applies to the term of your taxes.

When it comes to tax issues, especially business taxes, you should consult a tax professional. When it comes to commercial insurance, we are ready to help you with all of your needs. As an independent agency, we can offer you quotes from a variety of national insurers. We will also be available to answer any insurance related questions that you have.

How is RV insurance different from other coverages?

Posted on by AgentInsure

RV insurance is designed to provide coverage on a variety of recreational vehicles. Policies purchase with this classification can provide protection for camper vans, motorhomes, bus conversions, and any other type of vehicle that is classified by the manufacturer as a recreational vehicle.

A common question asked by many individuals is how does this type of insurance differ from traditional auto policies. The answer to that is this type of policy offers protection that is very similar to auto policies, but there are some extra additions that provide protection for recreational vehicles.

Most policies that are classified as recreational vehicle polices provide the basic coverage that an auto policy provides. Recreational vehicle policies will vary depending upon the type of vehicle that is being insured and the company that is providing the policy, but these policies will typically include collision, liability, and comprehensive protection as part of the policy.

The difference between an auto and recreational vehicle policy lies in the additional protection that is purchased. Recreational vehicle policies can also provide protection for any and all belongings that are kept on board the vehicle, specialized equipment, and accessories that may be attached to the vehicle.

In addition to this type of protection, recreational vehicle policies can also provide total loss replacement, campsite/vacation, emergency expenses, towing and roadside assistance, uninsured/underinsured motorist protection, and full-time camper protection. These types of protection are often added on to an existing basic recreational vehicle policy.

Finding out that a recreational vehicle is underinsured can be the worst feeling in the world. Make sure this situation does not happen by working closely with an independent agent from The Select Insurance Agency. Our independent agents who work out of Dallas, Texas will help you explore all the options recreational vehicle policies and find the right one for your situation.

What documents are generally required to be submitted in case of death on a life insurance policy?

Posted on by AgentInsure

Beneficiaries of a life insurance policy must submit required documentation to the insurance company in order to start the process to receive the money that is owed. The type of documentation that is required to start the process may vary depending upon what insurance company the individual is insured under.

While the type of documentation may vary, there are still some very basic types of documentation that almost all insurance companies require. These types of documents include the original contract between the individual who has passed and the insurance company, a list of the beneficiaries, and a death certificate.

The original contract that outlines the policy is not always required by insurance companies, but it will make the process easier. Many insurance companies keep their policies on file, but submitting the original document will speed up the process. It can also help the agent who is working on the claim, as they can compare the original contract to what is kept on file.

A death certificate is almost always required by all insurance companies when making an insurance claim. The certificate must be from a recognized hospital or physician.

Some insurance companies may require that multiple certificates be produced. Most insurance companies will only require one certificate, but it is best to check with the original contract to see how many certificates are required.

Discussing these types of issues and insurance policies is not always easy. Contact The Select Insurance Agency today to work with an independent insurance agent and discuss the different types of life insurance policies that are available. We will work to help make sure your family has the financial protection they need in the event of your passing.

What type of insurance do I need on my trailer for my boat?

Posted on by AgentInsure

You need your trailer to take your boat down to the waterfront, but you may mistakenly assume that it’s covered under either your car insurance or your homeowner’s insurance. The truth of the matter is, while you may have coverage for your trailer under one or both of these policies, that doesn’t necessarily mean that it’s the proper amount that you need to deal with any trailer accidents or trouble.

Your homeowners policy may offer additional riders or an increase to the value of property covered at home, which helps protect your trailer when you aren’t actively using it. This allows you to have coverage if someone steals or damages your trailer while it’s on your property. Auto coverage may also provide additions that cover anything attached to the car, which may also extend to protecting your boat.

Your best bet, however, is to buy boat insurance, as this covers the boat and the trailer. Instead of hoping that the company offers addition to the policy, getting your boat covered keeps your trailer protected wherever you have it, whether it’s sitting in your driveway or out by the docking area. The price of this coverage may fluctuate with active boating seasons, so be aware of the premiums when you’re making your purchase.

A boat policy also protects any personal property located on the trailer or within the boat, like a homeowner’s policy does. You get replacement cost for stolen and damaged items, so you can get back out on the water with your fish finders, coolers, and anything else that ended up being damaged in an accident.

What are the benefits of using an independent agent for setting up commercial insurance for my business?

Posted on by AgentInsure

Business insurance protects you from accidents, loss of use of business property, and other incidents that can make it a bad day for a business owner. When you’re shopping for commercial insurance, you have a lot of options in Dallas Texas. Some businesses may choose to go directly to an insurance company, but you don’t always get the best deal if you stick with the same company you’ve been with for other insurance policies.

A local agency gives you access to multiple commercial insurance carriers, providing you with benefits such as cost comparisons and a lack of personal time invested in finding out exactly how much each policy costs. The independent agent also has experience in dealing with a variety of commercial insurance policies, so they can advise you on whether you need additional insurance, riders you may be interested in, and other products.

A local agency also works directly with you, instead of working for an insurance company specifically. This means that you have an advocate on your side, instead of dealing with an insurance company. If you don’t like the terms that a specific company gives you, the local agency can find you a comparable option.

When you run your own business, you need to make the most efficient use of your time as possible. When you have an independent agent doing all of the comparison work for you, as well as knowing exactly which companies provide the business insurance you need, you save a lot of time and may save money on top of it.

What Type of Life Insurance Policy do I Need?

Posted on by AgentInsure

When purchasing life insurance, it can become rather overwhelming when you realize just how many options that you really have. There are a number of factors that can influence your choice in insurance policies, and each choice is a highly individual one. However, this article will cover the two major policy types and may help you decide which is best for you.

A term life policy is one that will have low monthly payments and will only be in effect for a certain number of years (as much as 20 years is common, but the length of term policies vary.) If you pass away during the term, your survivors will get the amount of the policy. A term policy can be a good choice for you if you want to have a significant sum in life insurance while still having low monthly payments. Once a term policy expires, you will have to renew it to keep it in effect, and as you get older the costs rise significantly.

A whole life policy is less valuable in payoff but may have more benefits overall. This type of policy, also sometimes called Universal Life, is more expensive on a monthly basis and has a lower total payout, but it offers the significant benefit of building up a cash value. Once the policy is paid off (this policy will have, for example, a five year payment plan) it is fully purchased and is owned by you. When you pass away, the full amount of that policy will be paid to your survivors. If you need to borrow cash against the policy you can usually do so, but you will need to pay yourself back if you want your survivors to get the full benefit when you pass.

Don’t take a chance on passing away with no policy to protect your survivors. You can call or contact our agents anytime to get a completely free comparative quote from several different carriers. We are here to help you find the ideal policy for you and your family!

Does the kind of car I drive affect my insurance rate?

Posted on by AgentInsure

Many factors affect your insurance rate, as car insurance companies look at multiple points of data to see how statistically likely it is for your car to be involved in an accident. In addition, some cars are more likely to be stolen than others, driving up their rates.

Sports cars have a big impact on your car insurance rates, especially if you’re under 25. These cars have access to higher horsepower and speeds, so if an accident occurs it may be much more damaging than it would be in a lower powered car.

If you have the misfortune of owning a car model that is known for being stolen often, you receive a rate hike. You would be surprised at the most stolen types of cars. They aren’t the biggest, flashiest vehicles. Standard, mid-range sedans are more likely to get stolen in this circumstance. With that said, the more expensive your car, the more likely it is for your insurance to be higher since your claims are more expensive as well.

Your car’s crash rating has an impact on car insurance rates. If you have a new car that excels in safety, it’s cheaper to insure since the damage in an accident is lower. In addition, cars such as minivans don’t take as much damage in an accident due to their larger size and construction, as well as the fact that they are generally driven as daily drivers at lower speeds.

Keep these insurance factors in mind the next time you purchase a vehicle. The base price might be good, but the overall cost of ownership may be too high with the insurance added in.

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