How Is Your Auto Insurance Premium Determined?

Posted on by Sarah White

Unfortunately, prices are going up everywhere, including insurance rates.

Insurance premium is determined by several factors. These factors evaluate the risk the insurance company takes on by insuring you. The company want to reduce their risk of paying out on expensive claims. So, if they consider you more likely to have claims, your premium will increase.

Here are some key factors that may affect your auto insurance premium:

  • Driving record
    • This includes any speeding tickets, driving violations, or anything else that gets a point on your license.
  • At-fault accidents
    • Carriers may consider at-fault accidents as an indicator that you are more likely to incur more accidents in the future.
  • Annual mileage
    • If you drive less, you are simply statistically less likely to get in an accident.
  • The drivers on your policy
    • Newly licensed drivers or drivers with points on their record are considered more “risky”.
  • The condition of your car
    • Newer cars and cars with modern and unique technologies are likely to cost more to repair or replace in the case of an accident.
  • Inflation
    • Inflation impacts everything — including auto parts, labor, rental rates, medical fees, and more. Insurance companies cover those fees in the case of claims, so they have rapidly rising bills as well.

While inflation unfortunately cannot be helped, you can control those other factors!

Additionally, many insurance companies offer useful discounts you can take advantage of. The simplest and most universal is to bundle your home and auto policies together. Many companies offer discounts for safe driving as well. Another convenient discount available for Mapfre policyholders in MA is the Pan-Mass donation discount.

If you’d like to work on lowering your premium, give us a call at 617-965-1830! We’d be happy to collaborate on saving you some money.

How Does Umbrella Insurance Work?

Posted on by admin

Umbrella insurance is an important type of coverage that boosts the coverage that you get from other insurance policies. If you have both an auto policy and a home policy, you should think about getting an umbrella policy to boost them.

This is a less-expensive option than adding coverage directly to the home and auto policies. It can save you a lot of money and leave you much better protected by insurance. When you want an umbrella insurance policy, call us at Smoller Insurance Agency in Boston, MA.

Getting Umbrella Insurance

When you get this type of insurance, it adds to the amount of coverage that you already have through your auto and home policies. The policy adds to the liability coverage that each of those policies has, raising it to a very high maximum payout. Umbrella insurance is known for being highly affordable and for having high payouts. 

Paying the Overages

When you have home and auto insurance without umbrella insurance, there are usually maximums on them that are so low that they don’t cover all of the expenses after an accident. A serious accident could have extremely high expenses for bodily injury liability and for property damage liability. If your home or auto insurance doesn’t have a lot of coverage, it will pay up to its maximum and then leave any overage for you to pay.

That’s why having umbrella insurance is so important. Once the first policy comes in and pays what it can toward the damages, the umbrella insurance policy comes in and pays for the rest. It’s a great way to be well-covered by insurance. 

Get Umbrella Insurance

When you want to be better covered for your liability at home and in your vehicle, you need umbrella insurance. Call us at Smoller Insurance Agency in Boston, MA.

Why Might You Need Classic Car Insurance?

Posted on by admin

If you own a classic car, you must insure it with the best insurance policy available. Classic cars are often significant investments, and your classic car insurance must reflect this. For a classic car, it isn’t enough to have a regular auto policy. You specifically need a classic car policy. If you don’t have the insurance policy that you need, give us a call at Smoller Insurance Agency in Boston, MA.

Classic Car Policies

If you have a standard auto insurance policy on your classic car, it is unlikely that it will pay out what the car is actually worth if something goes wrong. When you purchase a standard auto policy, the coverage is determined by the car’s age, condition, and mileage. If you use these criteria, it may not reflect what the car is actually worth as a sought-after classic.

You’ll need a policy that considers the car’s popularity as well as how much people are willing to pay for it. Aspects of the car like its mileage may factor into its value, but many other factors are important when the car is a classic. This can mean its place in popular culture or the scarcity of that model of car. All of these factors are taken into account when purchasing a classic car insurance policy, and the policy is written for the specific car rather than a generic value.

Stay Insured

The coverage amount is so important because you may be in an accident that damages or destroys the car. This would be extremely costly for you if you didn’t have the right coverage for your needs. You need to stay covered with a classic car policy so that your investment in your car is protected.

Get Classic Car Insurance

Here at Smoller Insurance Agency, we understand classic cars and the investment they truly are. To get your coverage, visit us at our office in Boston, MA or give us a call today.

Earn a Discount by Driving Safely

Posted on by Sarah White

Many of our carriers may reward your safe driving with a discounted premium! Mapfre, Travelers, Progressive, Safeco, and Safety policyholders: read on to learn how to earn an additional discount!

Mapfre

New Mapfre clients can download Mapfre’s MotionSmart mobile app and you can receive up to a 10% discount on their Auto policy!

https://youtu.be/inXDKgwD608
Click here to learn more.

Travelers

Traveler’s IntelliDrive mobile app tracks your driving habits and adjusts your premium accordingly.

More about IntelliDrive here.

Progressive

Progressive’s Snapshot mobile app personalizes your auto premium based on how and how much you drive. In fact, drivers who save with Snapshot save an average of $156 a year (excluding AK, HI, & NY).

Get more info at this link.

Safeco

Policyholders can download the Safeco mobile app and enroll in RightTrack. After 90 days of safe driving, you could see savings between 5% and 30% on your policy! The more drivers on your policy that use RightTrack, the higher your potential savings.

Learn more from Safeco’s website.

Safety

Safety offers several discount programs for their safe drivers in MA!

  • Up to 24% for Excellent Driver Plus Discount (no accidents or incidents in past 6 years)
  • Up to 10% for Excellent Driver Discount (no accidents or incidents in past 5 years)
  • 5% Group Discount for drivers who participate in In Control’s Crash Prevention Training. Sign up for the program at a discounted rate here.

If you have any questions about these programs, please call us at 617-965-1830, text us at 617-958-5929, or email info@smollerinsurance.com. We’ll be happy to help you figure out the best possible way to save you money.

How to Read Your Home Policy

Posted on by Sarah White
Coverage A, B, C, D… what does that even mean?

Whether you live in a house, condominium, or apartment, your home needs to be protected — and you need to understand how it is protected!

Here is your guide to understanding every kind of coverage listed on your home policy‘s declarations page (AKA your full policy document).

  • Coverage A/Dwelling: This is probably the most important part of a homeowners policy! This covers the structure of your home and many parts that help create it, such as floors, windows, and doors.
  • Coverage B/Other Structures: Covers stand-alone structures on your property, like fencing or sheds.
  • Coverage C/Personal Property: Covers personal belongings that aren’t built into the structure of your home. This includes furniture, clothing, electronic devices, etc.
  • Coverage D/Loss of Use: Covers temporary living expenses while your home is being repaired from a serious claim.
  • Coverage E/Personal Liability: Pays for expenses related to an injury or property damage sustained by others for which you or covered residents of your household are liable.
  • Coverage F/Medical Payments to Others: pays for expenses related to an injury that occurs on your property — whether you’ve been found liable or not
  • Deductible: The amount you pay to repair damage in a claim before your insurance starts to pay

If you have a condo policy, then you have all of the above coverages except for Coverage B/Other Structures.

If you have a renters policy, then you only have Coverages C through F.

Still confused? Let us know. We’ll be happy to discuss your coverages.

How to Read Your Auto Policy

Posted on by Sarah White
Deciphering insurance terminology can be frustrating…

We are the first to admit it: insurance policies can be confusing. When reviewing your declarations page (AKA your full policy), we want you to be able to quickly identify what your coverages are without having to decode fancy terminology.

Have no fear! The Smoller Insurance team is here to help!

Here are the most important points on your auto policy.

  • Bodily Injury Liability – Covers costs associated with injuries that you or another driver causes while driving your car. This includes collisions with insured drivers, underinsured drivers, and uninsured drivers.
  • Property Damage – Covers damage that you or another driver operating your car causes to another vehicle or other property.
  • Collision and Comprehensive –
    • Collision coverage – Covers damage to your car resulting from a collision with an object. This number is the amount you pay out of pocket as a deductible before your insurance covers the rest of the damage.
    • Comprehensive coverage – Covers damage to your car caused by disasters other than collisions.
  • Rental car coverage/Substitute Transportation – The numbers listed here show the amount per day your insurance will pay for a rental car for you if your car is damaged in a claim, and the maximum amount they will pay for a rental in total.
  • Towing and Labor – The number listed here is the amount of money your policy will cover for expenses associated with car breakdowns, like towing.

If you want to discuss or adjust your levels of coverage, let us know! We will be happy to help.

Everything You Need to Know About Recreational Insurance

Posted on by admin

Are you looking for an insurance policy to protect your recreational vehicle in Boston, MA?  With recreational insurance, you’ll get liability and physical damage coverage, plus specialized coverage for toys and vehicles not usually provided by a standard home or auto policy. 

What is Covered Under Recreational Insurance? 

Recreational insurance provides special coverage for vehicles like boats, yachts, jet skis, motorcycles, ATVs, snowmobiles, motorhomes, and travel trailers. This type of policy covers physical damage (like accidents and theft), liability (if someone gets injured in your vehicle), and medical payments if there are any injuries. It also covers any custom features you may have added to your vehicle, like stereos or satellite dishes. 

Why Do You Need Recreational Insurance? 

The most important reason why you need recreational insurance is so that you can protect your investment in the event of an accident or theft. Without it, you could face costly out-of-pocket expenses that could be avoided with the right coverage. Also, if someone gets injured while in your vehicle (or because of it), they may be able to sue you if they don’t have the right insurance coverage. That’s why it’s important to ensure that you have the right kind of protection in place. 

Contact Smoller Insurance Agency for Your Recreational Insurance Needs! 

At Smoller Insurance Agency in Boston, MA, we understand the importance of having the right recreational insurance coverage for your needs. One of our knowledgeable agents will work with you to find the best possible solution for your unique situation. Contact us today to learn more about our recreational policies and get started on protecting your investment today! 

Heating Equipment Safety

Posted on by Sarah White

Now that it is winter, it is prime time for us New Englanders to use our fireplaces or space heaters to keep the house warm. However, heating equipment is a leading cause of home fires in the USA.

Consider these stats from the National Fire Protection Association:

🪵 From 2016-2020, an annual average of 44,210 home structure fires were caused by heating equipment.

🪵 Space heaters were responsible for the largest shares of losses, one third, of those fires.

🪵 46% of these fires occurred between December and February.

🪵 The number of home fires involving heating equipment has declined over the last 20 years. It is likely thanks to improvements in safety standards.

So, how do you use your heating equipment safely? The NFPA’s top tip is to maintain three feet of clear space between your heating equipment and anything else! Learn more here.

Why You Need a Renters Insurance Policy

Posted on by admin

Renters insurance is the coverage that helps to protect you from the risks that may come with potential damage or theft of your property as you rent a home. It is also known as tenant insurance.

While it is not mandatory to have this insurance according to the law, it is a requirement by most landlords in Boston, MA that you have renters insurance. Smoller Insurance Agency is here to assist. 

Benefits of Renters Insurance

This coverage serves to protect you against distress in the event of:

Sustained injuries.

When you have renters insurance, you need not worry about any extra finances that you may need to cover the cost of treatment in case of any injury that has been sustained by you or any other person who was on your property at the time of damage.

Damage to your or another person’s property.

In the unfortunate event that your property has been damaged, or your property has caused damage to another person’s property, the insurance cover will see to it that the person has been compensated. It will also be of assistance where you may need to repair your property or the landlord’s property.

Apart from the potential damage and injury that may occur during a burglary, you are also very likely to lose your property. Even if you were not in your house at the time of loss, the insurance could compensate you for the present-day cost of your property.

Additional expenses associated with moving to a temporary residence.

Some situations such as natural disasters or renovations may need you to move to a temporary residence. The insurance will cover the expense that you need to part with to stay at the temporary residence.

Contact Us Today

It is worth noting that you are not covered by your landlord’s property insurance. It is therefore important that you put in your priorities a cover for all the property that you have in your rental in Boston, MA. Smoller Agency Insurance is here to help with renters’ coverage. Give us a call today. 

Electric vs Gas-Powered Cars

Posted on by lovelynn@smollerinsurance.com

Forbes Advisor compared hypothetical annual insurance costs on electric versus gas-powered vehicles. Check out their findings in this image!

These rates were determined using a hypothetical female driver with a clean record getting the following coverages:

  • $100,000 in bodily injury liability per person
  • $300,000 per accident
  • $100,000 in property damage liability
  • Collision coverage
  • Comprehensive coverage
  • Uninsured motorist coverage
  • Any other coverage required in the state
  • $500 deductible

Read more about Forbes Advisor’s findings here.

So, electric vehicles are great for the planet and will save you gas money. But, electric vehicles may not save you insurance money. Why? Because the repair and replacement costs for electric vehicles are higher than that of gas-powered vehicles.

However, the other factors that go into determining your insurance premium are still relevant too! These includes age, driving and claims history, and coverage levels, to name a few.

If you want an electric vehicle, you don’t have to let the insurance cost change your mind! Simply give us a call or send us a message and we’ll help to get your rate as low as possible without sacrificing your coverages.