Protecting Your Assets with Affordable Insurance
Protecting Your Assets with Affordable Insurance
You’ve accomplished so much over the course of your career—dedicating years to building your reputation, earning raises, promotions, bonuses, and even a well-deserved retirement party to celebrate your success. Now, it’s time to relax, reconnect with loved ones, explore new hobbies, and even travel to exciting, new destinations.
But as you reflect on what’s next, you may start to wonder, “What will the future hold?” You’ve been planning your whole life for this new chapter, but have you done enough?
Planning for retirement is more than just saving enough money—it’s about securing the assets you’ve worked for. As you prepare to retire, evaluate your current home and auto policies to ensure you’re financially prepared for life’s uncertainties.
How to Integrate Homeowners Insurance Into Your Retirement Plan
As you get ready to enjoy your golden years, there are three key steps to take to strengthen your retirement plan:
Assess Your Needs
As you approach retirement, your insurance needs may change. If you’re a homeowner, consider whether you plan to keep your current property, pay off your mortgage, or downsize to a smaller home–all of these could influence the type of policy you need. If you decide to move to a retirement community, you’ll need to ensure your coverage reflects that transition.
Similarly, if you currently own a car (or multiple), your insurance policy may need to change when you retire. Consider how many payments–if any – you have left on your automobile and whether you’ll be driving as much as you age.
Compare Policies
In the same way you should research different cars or houses during the buying process, you should also compare across insurance policies. At Insurance Doctor, we specialize in helping people find the best, affordable insurance options tailored to their unique situations.
We shop for the best rates and coverage, saving you time and effort. Whether you’re looking for cheap auto insurance or homeowners coverage, we make it easy to compare policies and choose the one that’s right for you.
Make Time for Regular Reviews
As your life circumstances change, so should your insurance policies. Periodically reviewing your auto and homeowners insurance allows your coverage to fluctuate with your needs. Note that changes in your driving habits or homeownership status might affect your rates and coverage requirements. Keeping your policies updated can save you money while maintaining consistent protection.
Saving By Bundling
Most insurance companies offer significant discounts to encourage people to bundle their policies – making it a simple and effective way to save money during retirement. Bundling simplifies policy management, reduces paperwork, eliminates multiple contact points across many companies, and ensures you get the most value out of your coverage. At Insurance Doctor, we’ll help you explore bundling options to maximize your savings.
Planning for retirement? Don’t let your insurance policies slip through the cracks. Let Insurance Doctor of North Carolina help you find affordable insurance solutions that fit your future. Contact us today for a free quote for homeowners insurance, auto insurance, or policy bundles. Make the most of your retirement plan.
- Published in Automobile Insurance, Homeowner's Insurance, Uncategorized
Rising Insurance Rates in 2024
Similar to various industries, the auto insurance sector has been affected by the upward trend in inflation, influencing consumers’ financial plans. According to data from ValuePenguin in 2024, the average annual expense for full coverage car insurance is $1,984. While numerous states are seeing notable percentage hikes above the national average, others, such as North Carolina, are observing declines in percentage relative to the national average.
You might be curious about the underlying reasons behind these increases beyond economic inflation rates and how they will impact your future.
Costly Car Repairs & Insurance Claims
Severe Weather Damage
While we all enjoy the weather and coastal lifestyle of North Carolina, it comes with a downside of severe weather from storms and hurricanes. In 2023 the top contributors to vehicle damage claims were hail and flooding caused by these storms, affecting hundreds of thousands of cars in a single area. With the increased risk and unpredictable extreme weather occurring yearly, insurance companies are forced to increase their rates.
Increase in Electric Vehicles
As gas prices rise and the used car market stabilizes, consumer interest in electric vehicles has surged. While electric vehicles offer numerous benefits, such as environmental friendliness, they also come with drawbacks. Specifically, in 2024, insuring an electric vehicle costs an average of 23% more than insuring a gas-powered vehicle.
You might wonder why insuring electric vehicles comes at a higher cost. We’ve got the answer! Electric vehicles entail pricier repairs and replacements, primarily due to battery expenses and other high-cost components. Additionally, there’s a shortage of repair shops qualified to handle electric vehicles compared to traditional ones. Consequently, those with the expertise may charge more due to specialized training and demand.
Car Thefts
Over the last two years, car thefts have surged, particularly targeting vulnerable Kia and Hyundai models, which are easily stolen. These brands account for over half of car thefts in many areas, elevating the risk of insuring them and consequently raising monthly costs.
Additionally, catalytic converters have become prime targets for theft due to their high value and vulnerability. Made of precious metals like platinum, palladium, and rhodium, their worth escalated during the pandemic due to supply chain disruptions.
How to Save Money On Auto Insurance in 2024
With over 30 years of expertise in sourcing the most affordable car insurance rates in Raleigh North Carolina and Virginia, we stand as your premier agents of choice. Regardless of your driving record or desire to maximize savings, we’re dedicated to assisting you every step of the way. Contact us today to get started.
- Published in Automobile Insurance
How exactly does the Insurance Doctor work?
No Waiting… No Hassles… No Red Tape…
In 14 minutes, we can save you up to 50% on car insurance.
Here is what you can expect when you work with The Insurance Doctor.
Step 1:
Get a quote. Not just one… we will shop 40 different insurance companies to find the best policy for you. And each one of those companies has flexible pay plans to fit your budget.
You can request your quotes online. Or, we can give you a quote by phone. Either way is shockingly fast. On average, it takes us 4 ½ minutes to provide quotes by phone… even faster if you request your quotes online.
Before you hang up, we will have found the best policy for you.
Step 2:
Get your policy. Most people do this in our office because it’s fast, and your signature is required. Plus, with offices in Woodbridge, Richmond, Williamsburg, Hampton, Newport News and Virginia Beach, as well as Charlottesville, Northern VA, Raleigh, NC and other areas, we’re nearby, too. When you arrive, your paperwork will be waiting for you. If you have an email address or a fax machine we can send you the paperwork electronically. We want to make insurance coverage as convenient for you as this. It is what we’ve been doing for over 25 years.
The average client is done with paperwork in 14 minutes.
You will leave our office with:
Your receipt
Your new policy number
Proof of your coverage
Your payment schedule
Your temporary insurance card (until yours arrives)
Literature on your insurance company with 24 hour claims information
I hear that with some companies, your insurance can be cancelled if you have just one claim. Is this true?
It’s very unlikely that your policy would be canceled after you file a single claim. However, filing a claim could increase your premium.
Your auto insurance premium will almost certainly increase after an accident – especially if you were at fault. Actuarial evidence shows that people who have had accidents in the past are more likely to have accidents again. There is a logical reason to charge you more for insurance coverage because of this increased probability of a future claim.
The next question is how much your premium will increase. This is harder to answer, because insurance companies often use different formulas to calculate rate increases. In most cases however, your policy will not be canceled. And because we represent more than one insurance company we can find a better fit for you and you stay with the same agency!
- Published in Auto Insurance Premiums, Automobile Insurance, Insurance Doctor, Uncategorized
What is an FS-1?
An FS-1 is a document required by the court in the state of North Carolina for persons convicted of certain traffic violations that demonstrates proof of financial responsibility. If you need one, we will assist you for FREE when you get your policy.
- Published in Auto Insurance Premiums, Automobile Insurance, Insurance Doctor, Uncategorized
Oh no!!! I forgot to pay my auto insurance premium last month. Will my policy be canceled?
Each state has its own rules governing the cancellation of automobile insurance policies. You should check Part F of your personal auto policy (PAP) regarding termination and cancellation conditions. This section will address when, how, and for what reasons coverage under your personal auto policy can be terminated. You should also check any applicable endorsements regarding cancellation.
If you fail to pay your premium on time, your insurance company has the right–after providing you with at least 10 days notice–to cancel the policy. The notice of cancellation, mailed to the named insured shown on the Declarations page of the policy, will inform you of the date and time the cancellation will take effect. Even if you’re only a day late with your premium payment, your state may allow your insurance company to cancel your insurance policy, and the company won’t necessarily reinstate you once it gets your money. Furthermore, once your policy has been canceled, you may find yourself paying more money for a comparable policy or having trouble finding insurance at all. For our clients, sometimes we can be of help in this situation by dealing with the insurance company for them.
That being said, some insurance companies will not immediately issue a cancellation notice. You may simply receive an overdue notice, asking you to pay the past-due premium plus a late fee. Other companies may state in the cancellation notice that if payment is received by your insurance agent prior to the effective cancellation date shown, your coverage will be considered “reinstated.” It may also be possible for you to reinstate coverage after the effective cancellation date by paying the overdue premium and perhaps an additional sum. (However, it is likely that you will not be covered for any accidents between the effective date of cancellation and the date of reinstatement.)
In any event, you must look to state law and your automobile insurance policy to learn whether your policy will be canceled. Feel free to call us to ask for assistance.
- Published in Auto Insurance Premiums, Automobile Insurance, Insurance Doctor, Uncategorized
Exactly what is an SR-22?
SR-22 is a document required by the court in the Commonwealth of Virginia for persons convicted of certain traffic violations that demonstrates proof of financial responsibility. If you need one, we will assist you for FREE when you get your policy.
- Published in Auto Insurance Premiums, Automobile Insurance, Insurance Doctor, Uncategorized
I’m about to marry someone with a bad driving record. Will my insurance premium go up?
So you are about to say I Do and you discover your fiancé has a poor driving record! Well expect it to affect your insurance premium after you get married. Your automobile insurance policy covers you, your spouse, any other named insured listed under the policy, and any licensed driver in your household. If any of those people have bad driving records, it will affect your rates.
Of course, insurers consider marital status when calculating risk, so the very act of tying the knot may improve your future spouse’s risk profile. But if their driving record is really bad, you may want to consider additional strategies related to carrier selection, adjusting deductibles, driving school, and other approaches to avoid a hike in your premium. We can provide you with specific advice in this regard.
What strategy will work for you depends on your circumstances. We can discuss all of your policy options with you and make recommendations.
- Published in Auto Insurance Premiums, Automobile Insurance, Insurance Doctor, Uncategorized
I am buying a used car that is worth only a few hundred dollars. Do I need to insure it?
An auto insurance policy is a package of different kinds of coverage. You generally have some flexibility in terms of both the types and amounts of coverage you select. However, practically every state has enacted insurance laws that require drivers to carry at least liability auto insurance. Many states even require that you present proof of insurance before you register a car. So the short answer to the question is that you will need to insure your car, regardless of its value.
Drivers must carry liability insurance. The liability coverage section of an auto insurance policy provides financial protection from liability claims against you when you (or certain other people) cause an accident that results in bodily injuries to other people and/or damage to their property. Every state has mandatory minimum limits of liability coverage.
Comprehensive and collision insurance is optional in virtually every state. The collision and comprehensive section of your policy covers physical damage to your own vehicle resulting from collisions and a variety of other causes (e.g., fire, falling objects). It may also cover losses associated with theft. However, your car’s value plays a big part in assessing your need for this type of coverage. It may not be cost-effective if your vehicle is worth less than $1,000 because you’ll have to satisfy a deductible, and the most you’ll receive (even if your car is totaled) will be its actual value (i.e., after depreciation). That’s not much, especially taking into account the premiums you would have been paying for coverage. If your care is over 15 years old (and is not a collectible), you may only get liability insurance on it.