FALL SEASON INSURANCE TOPICS & QUIZ

by Alan Plafker, President & CEO
Member Brokerage Service LLC
A Melrose Credit Union Service Organization


Are you planning to snowmobile in New York this winter?

We can understand why.There are more than 11,000 miles of snowmobile trails that are supported by the Snowmobile Trail Development and Maintenance Fund in New York state. Here is some information that will help keep your winter fun legal, covered and safe.

Registration. Unlike other jurisdictions, New York does not require paid trail permits. However, all operators are required to register their snowmobiles.The fee to register is $45 if you can provide proof that you belong to a New York state snowmobile club that is a member of the New York State Snowmobile Association. Otherwise, the fee is $100. For registration information select “snowmobiles” under the “other information” section of the Department of Motor Vehicles Web site: www.nydmv.state.ny.us.

Insurance. In addition, unless the snowmobile is operated solely on property owned or leased by the owner, liability insurance is required with limits no less than $10,000 for an accident involving one person, $20,000 for an accident involving two or more persons and $5,000 for property damage. Your insurance agency can help you with this requirement. Required proof of insurance and registration must be carried by every snowmobiler and presented to law enforcement officers upon request. Proof of insurance must also be shown to other parties involved in an accident with the snowmobiler.

Children. Are you planning to bring the kids with you? Children ages 14 through 17 may operate a snowmobile without adult supervision (more than 500 feet away) provided they have completed an approved snowmobile safety training course. Children who are ages 10 through 13 must complete the training course and have adult supervision (within 500 feet). Children under age 10, or ages 10 through 14 without a safety certificate, may only operate a snowmobile on lands owned or leased by their parent or guardian.

Equipment.Anyone operating a snowmobile in New York must wear an approved safety helmet except when located on property owned by the operator or passenger. Snowmobiles must be equipped with a working muffler, a head light, a tail light and reflector material. A minimum of 16 square inches on each side of the cowling is required.

Accidents. Any snowmobile accident resulting in personal injury or more than a $1,000 in property damage must be reported to the nearest law enforcement agency.Also, a complete written report must be filed within seven days.

All of this information, as well trail rules, may be accessed at the Web site of the New York State Office of Parks, Recreation and Historic Preservation. Go to www.nysparks.state.ny.us and select “snowmobiles;” and look for the Snowmobiler’s Guide under “general information.”

Homes and businesses need different coverage, even under the same roof.

Are you one of the approximately 40 million Americans who operate a full or part time business from your home? Are you thinking of joining their ranks? If your answer is yes, have you given thought to insurance?

Consider this:While most people believe their homeowners policy will cover their at-home business the truth is, depending on your insurance policy, your current policy may only cover up to $2,500 for business equipment in the home and $500 for equipment that is not on the premises.A stolen business credit card, a power surge causing the loss of important computer data, and/or a lawsuit over a business related matter are not covered under a homeowners insurance policy.

Don’t think that’s enough coverage? Give your insurance agency a call. Your agent can review your business requirements and tailor a business insurance policy to fit your needs and the needs of your business.

By simply adding a home business endorsement to your existing homeowner policy you can get:

  • insurance coverage for business property;


  • business liability, including product, personal injury and advertising liability;


  • business income protection;


  • valuable papers coverage;


  • and accounts receivable.


Since each business is unique, there are other insurance options you may want to consider. For example, if you run a business like a day care facility out of your home there are other insurance options and coverages that you need. If you are using an automobile for your business you should purchase an additional auto insurance policy to make sure you’re covered on business related errands.

There are a lot of questions when it comes to insuring your home business. Don’t wait until you have a business related claim to find out you don’t have the proper coverage. Give your agent a call today.

Don’t be left stranded: Roadside assistance plans offer protection when traveling

Ever locked your keys in your car without a spare set nearby? Have you run out of gas on a stretch of highway with no fuel station in sight? Or, perhaps, you’ve been stranded in a parking lot, the result of an overheated car? Roadside assistance insurance protects you in the event of such break downs while traveling.

Most of the larger insurance companies offer this. These plans can cover a wide range of services that the harried traveler will find useful. Though the specific benefits will vary from one company to the next, with a typical roadside assistance plan you can expect to be covered for common situations including:

  • delivery of fuel and other fluids (oil, water);


  • vehicle towing; battery jump starts; flat tire changes; and


  • locksmith services


Some plans even will offer partial coverage for other expenses incurred should your car need further repair. However, you should be aware that this assistance is usually only available to the named insured or family and the vehicle on the policy.This rules out friends that may borrow your vehicle or if you borrow or rent a vehicle.

How can you get roadside assistance coverage? Stand alone policies are available through specialized companies such as AAA, but often it is easier and less expensive to obtain coverage through your auto insurance company. That’s right—roadside assistance is usually offered as an extension of your existing policy. And, with some companies offering plans starting as low as $10 a year, the policy can pay for itself in just one tow or flat tire change.

Don’t wait until your vehicle has broken down to consider roadside assistance. Plan ahead and investigate your options today. Call or stop by your insurance agency and it can help you find the roadside assistance plan that makes the most sense for you and your family.

Identity theft rising for college kids

All parents with teens or college bound students need to make sure that they understand identity theft and how serious it is. It is today’s fastest growing crime. According to several different studies, including one by the Federal Trade Commission, 18-29 years old account for almost 30 percent of all identity theft complaints.

The Identity Theft Resource Center, a nonprofit group that helps victims of identity theft, offers tips for college students:

  • Keep your Social Security card and number locked in a safe place. Do not carry them with you if it’s not necessary.


  • Store your laptop in a locking security box when you are not in your room and don’t carry it with you.


  • If at all possible, use a credit card, not a debit card. Credit cards may be prepaid or have low limits. Debit cards are targets for identity thieves. Check your monthly statement to look for unexplained expenses.


  • Never loan a credit or debit card to a friend. Co-signing for any cell phone, utility account, car loan or credit cards puts you at a major risk.


  • Never loan your driver’s license or identification card to anyone.


  • Check your credit report annually. Use the free credit reports available. If you have never established credit there will be no report. If there is a report, review it and make sure none of the information is the result of fraudulent activity.


Before sending your child off to college call your insurance agency. Identity theft may be covered by insurance. Some companies include identity theft coverage as part of their homeowners insurance policy selling it as either a stand alone policy or as an endorsement to a homeowners or renters insurance policy.This coverage provides the customer reimbursement for the expenses associated with the identity and credit restoration process including phone bills, lost wages, notary and certified mailing costs, and, sometimes, attorney fees with the prior consent of the insurer.

What’s your insurance IQ?

Do you know everything you need to make sure you're covered adequately? Take this test to find out your insurance IQ.

Auto

A. Does the car I drive really affect my premium?

B. Am I covered if a friend gets in an accident while driving my car?

C. Is the coverage offered by the rental car agency necessary?


Property

D. Is flooding covered by your homeowner’s policy?

E. Are tenants covered by their landlord’s policy?

F. A homeowner’s policy covers all possessions, right?


Other

G. Is it true I can insure my wedding?

H. What’s the difference between independent and captive agents?


Answers

A. Absolutely. The more you pay for for your vehicle the higher the premium you will be charged. Some vehicles are damaged more easily, some are more costly to repair, some attract more aggressive drivers, and some, for example, sports cars, have a greater likelihood of being stolen.All of these factors go into the assignment of a rate for your car.

B. Anyone who drives with your permission is covered as long as he or she is not specifically excluded.

C. As long as the rental car will not be driven out of the U.S. their liability insurance is entirely unnecessary. If your auto policy insures at least one of your vehicles for both collision and comprehensive coverage the rental agency's “collision damage waiver” also may be declined.

D. No.A separate policy is required, usually through the federal government’s National Flood Insurance Program.

E. No. In fact, you will need a separate renter's insurance policy to protect yourself and your valuables.

F. No it doesn’t. Most policies have limits on certain classes of property and certain property is not covered.You should let your insurance professional know about any high-cost valuables.We can help you sort out what is and isn’t covered by your existing policies, and recommend any additional insurance that may be necessary.

G. Well, you can’t insure “happily ever after,” but wedding insurance can provide financial protection if you must cancel or postpone a wedding because of death or serious injury in your immediate family, if either the bride or groom is called to military duty, or a natural disaster (hurricane, earthquake or other insured disaster) occurs on your special day

H. Independent agents, like us, represent several insurance companies, and strive to find the best combination of price, coverage and service regardless of carrier. Captive agents answer to and sell coverage for a single company

How did you do?

If you have one to three correct call or stop by your agent’s office to help you better understand your coverage. Four to five correct - Better, but still feel free call or stop by with any questions you might have. Seven to eight correct - Excellent. Have you considered a career in insurance?

For more information, talk to your Insurance Professional, or the author of this article

 

Your Professional Insurance Agent …

We want you to know about the insurance you’re buying.



Alan Plafker is President of Member Brokerage Service LLC, a Melrose Credit Union Service Organization. He is a licensed Insurance Broker and serves on the Board of Directors the PIANY (Professional Insurance Agents Association of NY), on the Board of CIBGNY (Council of Insurance Brokers of Greater NY), and has been appointed by Governor Paterson to the New York Independent Livery Driver Benefit Fund Board of Directors. His Agency insures thousands of polices for TLC Insurance as well as many policies for all types of insurance. You can reach him in his Briarwood, Queens office at (718) 523-1300 ext. 1082.

 

 

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