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Wilkes-Barre, PA 18702

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Insurance Blog

The Difference Between Term and Whole Life Insurance

Understanding Life Insurance Policies: All You Need to Know

When it comes to securing the financial future of your loved ones, having a life insurance policy is paramount, especially if others depend on you. This security blanket can shield your family from potential financial turmoil. At its core, there are two primary life insurance types, term life, and whole life, each functioning differently to safeguard your family after your departure. Therefore, deciphering the differences between these policy types is crucial for making the best choice for your family. For more information about these life insurance forms, contact us at The Shay Agency in Wilkes-Barre, PA.

Term Life Insurance: A Temporary Safety Net

Term life insurance provides coverage over a set term or period. This means the policy remains valid for a specific number of years, whether it’s five, ten, or twenty years, agreed upon before the policy’s execution. Once this term elapses, however, the policy expires, prompting the policyholder to secure a new policy for continued coverage.

Whole Life Insurance: Lifelong Coverage

In contrast, whole life insurance does not encompass a set term, remaining valid as long as the policyholder maintains premium payments. This continuous coverage system ensures your policy remains intact provided you stay up-to-date with payments, rendering it immune to cancellations by the insurance company. Although it comes at a higher cost than term life policies, many individuals favor whole life insurance due to its lifelong validity, eliminating the need for policy renewals.

Securing A Life Insurance Policy: An Essential Step

Regardless of the policy type you opt for, securing life insurance is essential. When you’re ready to explore your policy options further, reach out to us at The Shay Agency in Wilkes-Barre, PA.

Does Wilkes-Barre, PA auto insurance cover vandalism and theft?

Every Wilkes-Barre, PA driver must carry liability insurance. The state requires a minimum amount of coverage you must carry, and failure to do so can result in serious consequences. Even if you are found to be not at fault in an accident, you face serious potential penalties if the officer discovers that you are uninsured, including fines, license suspension, and registration suspension. But even carrying the required insurance does not protect you from everything. The Shay Agency can help you ensure you have the coverage you need.

Liability Insurance Is Limited

If you only carry liability insurance, you only have coverage for the victims if you are found to be at fault in an accident. Liability insurance does not cover your own damages in an accident, and it does not cover other circumstances.

Comprehensive Coverage

You can benefit from comprehensive coverage if you are concerned about theft or vandalism. Comprehensive coverage protects your own vehicle if you are a victim of theft or vandalism. There is also coverage for damages incurred if you hit an animal while driving or if your car is injured during bad weather, such as from a tree limb.

Collision Coverage

Suppose you are also concerned about having protection for your own vehicle. In that case, collision coverage will pay to repair or replace your vehicle if you collide with another vehicle or even a tree.

Contact The Shay Agency for All Your Insurance Questions

The minimum amount of insurance may not be enough to protect your assets if something happens. We can help you find a policy that offers the protection you need. If you would like to compare policies or have any questions about Wilkes-Barre, PA insurance, please call The Shay Agency today.

Four reasons why it’s so important to have commercial insurance

Insure your company in Wilkes-Barre, PA with a policy from The Shay Agency. With insurance coverage, your company will enjoy a lot of advantages. 

The following are four reasons why it’s so important to have commercial insurance coverage. 

Carrying commercial insurance shows professionalism.

Companies should be insured if they want to show professionalism. Customers are more likely to do business with an insured company they know is financially secure. 

Being insured makes running a business less stressful.

If you’re running your business without carrying insurance, you may feel constantly worried about possible expenses that can come up. Being insured gives you more peace of mind and can minimize your stress as a business owner. 

Having commercial insurance might be required by the terms of the contracts.

If you have partnerships with other businesses, these businesses might require you to have commercial insurance. Your customers might also require you to be insured as part of contract agreements with your company.

Carrying commercial insurance can, therefore, qualify your company for more opportunities.

Commercial insurance coverage can keep you in business if you face a costly issue like a lawsuit.

If your company gets sued, the resulting expenses could put you out of business if you don’t carry any coverage. With commercial insurance, you can cover the costs of a lawsuit so that your business can continue to operate and isn’t ruined financially. 

Contact us at The Shay Agency if you want the right commercial insurance solution. We can give you a quote on insurance coverage for your business in Wilkes-Barre, PA.

Tips to Minimize Accidents On a Holiday Road Trip

As your dedicated auto insurance partner in the greater Wilkes-Barre, PA area, The Shay Agency wants you to hit the road confidently and return home with nothing but cherished memories. Here are our top tips to minimize accidents on your holiday road trip. 

1. Vehicle Check-Up: A Stitch in Time Saves Nine

Ensure your vehicle is road-ready by scheduling a pre-trip check-up. This includes inspecting brakes, tires, fluids, and lights. A little maintenance goes a long way in preventing unexpected breakdowns.

2. Plan Your Route: Navigate with Care

Before setting off, plan your route and familiarize yourself with potential traffic and construction areas. Knowing what lies ahead allows for smoother navigation, reducing the likelihood of last-minute lane changes or sudden stops.

3. Rest Well, Drive Well: Combat Driver Fatigue

A well-rested driver is a safer driver. Plan breaks in your journey, especially during long stretches. Fatigue contributes to accidents, and regular breaks help keep you sharp behind the wheel.

4. Weather Wisdom: Adapt to Conditions

Check the weather forecast along your route and be prepared for changes. Rain, snow, or fog can affect driving conditions. Adjust your speed and driving style accordingly, and always remember: it’s better to arrive late than not at all.

5. Defensive Driving: Your Best Insurance

Practice defensive driving techniques. Stay aware of your surroundings, maintain a safe following distance, and anticipate the actions of other drivers. Vigilance on the road is your best defense against accidents.

Remember, your safety is our priority at The Shay Agency, serving the greater Wilkes-Barre, PA region. Drive responsibly, and let’s make this journey memorable for all the right reasons. Contact us today if you’re looking for a new auto insurance policy or quote. 

Home Policy Features That Can Protect You This Winter

As we all prepare for winter, The Shay Agency is here to meet the insurance needs of the greater Wilkes-Barre, PA community. Several home policy features can protect you this winter. Let’s take a closer look.

Let Us Help You Get Ready for Winter

Winter weather can cause damage to your home in several different ways. From ice storms that create fallen trees to burst pipes, you want to know that you’re protected. Now’s an ideal time to review your current policy to ensure it provides the necessary coverage. Features that provide alternative accommodations if your home is deemed uninhabitable due to a covered event are important to have. Storm and ice damage is difficult enough to deal with without having to find somewhere to stay while your home is being repaired. Before winter arrives, you’ll want to sit down with your local agent to ensure you have the coverage you and your family need.

The right insurance policy can help you get through winter without too much stress. It’s impossible to know how severe the upcoming winter will be, but it’s possible to be prepared. Before the cold weather sets in, you’ll want to double-check your heating and plumbing systems to ensure they’re in good working order and ready to go. And you’ll be spending more time at home, so now’s the time to take care of any necessary house repairs.

The Shay Agency is here for you!

The Shay Agency is here to serve the insurance needs of residents in Wilkes-Barre, PA, and the surrounding area. Contact us today to learn more about the different features available with today’s home insurance policies. We look forward to hearing from you soon!

Your Guide to Comprehensive Commercial Insurance in the Keystone State

What Does Comprehensive Commercial Insurance Mean?

When you add comprehensive coverage to commercial insurance, you get an insurance solution that covers a variety of unseen and potentially devastating risks for Pennsylvania business owners. 

Comprehensive insurance is an all-inclusive insurance type that covers a broad range of perils. Pennsylvania business owners enlist the help and support of The insurance professionals at The Shay Agency to learn more about their business insurance options in Wilkes-Barre, PA. 

Comprehensive policies for business owners can include the following protections.

  1. Liability Coverage
  2. Property Insurance coverage
  3. Business Interruption Insurance
  4. Cyber Liability Insurance

Why Comprehensive Commercial Insurance is a Must-Have for Pennsylvania Business Owners 

If your business ever gets hit by a devastating fire, flooded out by a natural disaster like a hurricane, or becomes the subject of a slip-and-fall liability suit – comprehensive commercial insurance can help protect your investment. 

Choosing your first comprehensive commercial insurance policy can be daunting with the many coverage options available. This is where licensed commercial insurance agents can help confused business owners make more informed insurance decisions. 

A licensed insurance agent at The Shay Agency can help you understand the benefits of comprehensive commercial insurance by assessing your unique business needs and providing customized options to help you mitigate risk. 

Business Owners: Get Comprehensive Commercial Insurance for Peace of Mind in Pennsylvania

Pennsylvania business owners get peace of mind when they know their most significant investments are protected with comprehensive insurance coverage. 

Don’t wait until the inevitable happens and your business is faced with a legal claim, cyber threat, or unexpected business interruption without insurance. 

Contact a knowledgeable agent at The Shay Agency in Wilkes-Barre, PA, and get a free quote for comprehensive commercial insurance today! 

Motorcycle Insurance for Multiple Bikes

For motorcycle enthusiasts who own multiple bikes in and around the Wilkes-Barre, PA area, navigating the insurance world can sometimes be as exhilarating as hitting the open road. Fortunately, riders with a collection of motorcycles have various options to simplify their insurance coverage while ensuring their prized possessions are well-protected.

Multi-Bike Insurance: Convenience and Comprehensive Coverage

One appealing option for those with multiple motorcycles is multi-bike insurance. This approach allows riders to consolidate coverage for all their bikes under a single policy. 

Benefits of Multi-Bike Insurance

Consolidating your motorcycle insurance offers several advantages:

  1. Simplified Management: Managing individual policies for each bike can be time-consuming and confusing. Multi-bike insurance simplifies the process by providing a single policy covering all motorcycles.
  2. Cost Savings: Insurers may offer discounts for multi-bike policies, reducing your overall insurance costs compared to insuring each bike separately.
  3. Flexibility: You can choose coverage levels, deductibles, and other policy features that align with your requirements.

Considerations When Insuring Multiple Bikes

While multi-bike insurance offers compelling benefits, there are a few essential considerations to keep in mind:

  1. Bike Types: Ensure that the policy covers all types of motorcycles you own, whether cruisers, sport bikes, touring bikes, or off-road models.
  2. Usage Patterns: Some policies may have restrictions on mileage or usage.
  3. Valuation: Depending on the age and rarity of your bikes, you should discuss the agreed value or stated value coverage options to ensure proper compensation in case of a total loss.
  4. Comparison Shopping: Comparing quotes and coverage options from different insurers is essential to finding the best fit for your multi-bike insurance needs.

The Shay Agency Can Help You

At The Shay Agency, we can answer all your questions concerning motorcycle insurance. We assist the Wilkes-Barre, PA region. Contact us today.

Community Resilience and Flood Insurance

Community resilience is crucial in mitigating the impact of natural disasters such as floods. By fostering collective action and implementing effective flood mitigation strategies, communities like Wilkes-Barre, PA, and other cities can enhance their ability to withstand and recover from flood events. One primary example of community resilience is flood insurance, which provides financial protection and supports long-term recovery efforts. 

Community-Level Flood Mitigation Efforts 

Communities that prioritize flood mitigation efforts demonstrate a proactive approach to reducing vulnerability. These initiatives include implementing flood control projects, improving drainage systems, constructing levees or floodwalls, and creating green infrastructure. By investing in infrastructure and preventive measures, communities can minimize the potential damage caused by floods and protect lives and properties.

The Importance of Flood Insurance 

Flood insurance plays a pivotal role in enhancing community resilience. It provides homeowners, businesses, and communities with the financial resources to recover and rebuild after a flood event. By transferring the financial burden from individuals and communities to insurance providers, flood insurance helps facilitate a faster and more effective recovery process.

Collective Action and Collaboration 

Building community resilience requires collective action and collaboration among various stakeholders. It involves engaging local governments, community organizations, residents, insurance providers, and emergency management agencies. These stakeholders can work together to develop comprehensive flood preparedness plans, educate community members on flood risks and insurance options, and advocate for effective floodplain management policies. By fostering collaboration and information sharing, communities can create a culture of resilience and enhance their capacity to respond to and recover from flood events. 

How The Shay Agency Can Help You

Here at The Shay Agency, we answer your questions about flood insurance and assist with building the right policy to fit your needs. We are available to assist Wilkes-Barre, PA, and surrounding areas. Contact us today.

Types of Life Insurance Coverage Options

The agents at the Shay Agency serving the Wilkes-Barre, PA area are stressing the importance of having a life insurance policy. The one thing we all have in common is that one day we will die, and we need to be prepared ahead of time since we have no idea when that day will come. One of the best ways to protect your loved ones is to have an adequate life insurance policy so that when you do pass away, they will not have the added burden of financial stress and grieving your death.

The beneficiaries you name on your life insurance policy, which are normally a spouse or your children, will be able to pay off the mortgage, vehicle loan, or other bills when you die. This aspect of life insurance gives them some relief and peace of mind while you are still alive, knowing that they will be taken care of.

There are a variety of different types of life insurance policies that you can choose from, and listed below are the three most popular types of life insurance policies.

Types of Life Insurance Policies

Term Life Insurance

This type of life insurance policy is very affordable but only lasts for a certain amount of time. You get to pick how long the term of your policy will be in effect, which can be for only one to five years or 30 or more. If your term expires before you pass away, you can renew your policy and start a new term, but it may cost more in premiums than your original term. This type of policy will only pay out a death benefit to your beneficiaries if you die while it is in effect.

Whole Life Insurance

There are three main categories when it comes to whole life insurance policies. These include whole life, universal life, and variable life insurance. All of these different types of life insurance policies will pay out a designated amount of money to your beneficiaries when you pass away.

Universal Life Insurance

The most popular of all life insurance policies, a universal life insurance policy not only pays out a death benefit when you die to your loved ones but also allows you to borrow money from your policy over the time it is in effect. This means you can pay off your house, car, or other bills so your family will be cared for when you die. This gives you even more peace of mind than other types of life insurance and allows your family to have less stress while you are still alive.

Contact The Shay Agency

To create the best life insurance policy for you and your loved ones, contact the trustworthy and experienced agents at the Shay Agency serving the Wilkes-Barre, PA area today to get your policy started!

Evaluating Your Auto Insurance Needs in Pennsylvania: When to Update Your Coverage

As your life evolves, so do your auto insurance needs. For residents of Wilkes-Barre, PA, staying on top of these changes is crucial for maintaining adequate protection. The Shay Agency is here to help guide you through the process of evaluating and updating your coverage to suit your current circumstances.

Life Events That May Impact Your Auto Insurance

Many life events can trigger the need to reassess your auto insurance coverage. Some common examples include:

  1. Purchasing a New Vehicle: If you’ve recently bought a new car, updating your insurance policy to reflect the change is essential. You may need to adjust your coverage levels or consider adding optional coverages, such as GAP insurance, for better protection.

  2. Adding a Driver: Whether you have a new teen driver or another family member joining your household, adding them to your policy is a must. An experienced agent can help you understand the implications of adding a driver and recommend any necessary adjustments to your coverage.

  3. Moving to a New Location: Relocating within Wilkes-Barre, PA, or beyond may affect your insurance premiums and coverage needs. Different neighborhoods or states can have varying risk factors, impacting your rates and coverage requirements.

  4. Significant Mileage Changes: If you’ve changed jobs, retired, or started working from home, your daily commute may have changed significantly. Updating your policy to reflect these changes can ensure you’re not overpaying for coverage or lacking the necessary protection.

Life is full of unexpected twists and turns, but you don’t have to navigate them alone. We are here to support you through every stage of life, offering guidance and expertise in adjusting your auto insurance coverage to suit your evolving needs.

Are you experiencing life changes that may impact your auto insurance needs? Contact The Shay Agency today to schedule a policy review with our experienced agents. We’ll help you find the right coverage to protect you, no matter what life throws your way.