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Wilkes-Barre, PA 18702

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Insurance Blog

Do I need full coverage if my car is paid off?

A lot of well-meaning people will tell you that, if your car is paid off and not worth very much, you should drop full coverage and only carry the mininum required by law. They will tell you to think about all the money you can save when you have a lower insurance premium.

Those people mean well, but they are basing their advice on the fact that you won’t be able to recover very much of the value of your own vehicle if you are in an accident. That is true, but there are other reasons keeping full coverage through The Shay Agency could save you in the long run.

Minimum Coverage

If you live in Wilkes-Barre, PA, you are mainly required to carry liability coverage. If you are at fault in an accident and only have minimal coverage, the maximum amount your insurance will pay out to cover damages is $5,000 for property damage and $15,000 for bodily injury, with a total of $30,000 for each accident for bodily injuries.

You will also need to carry uninsured and underinsured, in case the other driver isn’t properly insured but causes the accident.

What You Will Be Missing

You probably noticed right away that those policy limits wouldn’t be enough unless the accident was relatively minor. Anything insurance doesn’t pay you would still owe, if the accident was your fault.

If you keep your collision and comprehensive insurance, you are still protected in single car accidents where the damage was to a fence or a pole. You can also get roadside assistance, rental car coverage and other extras.

If you live in Wilkes-Barre, PA and you’re thinking about dropping full coverage, or if you’re thinking about adding it, call The Shay Agency so we can find a policy that fits your individual needs.

How much auto insurance do you need?

You may be tempted to find the cheapest insurance policy on the market to cover your car or truck. Such a strategy may not be the best idea seeing as how not all indemnity policies are created equal. How much insurance do you need in Pennsylvania, though? Read on to find out!

State Minimum Limits

The state of Pennsylvania requires drivers to have at least $15,000 in bodily injury coverage per person. Drivers must also have property damage that pays at least $5,000 per incident. Pennsylvania is a state that requires uninsured motorist protection. Drivers must have at least $15,000 per person and $30,000 per incident in coverage.

How Much Coverage Do You Need?

Your liability insurance is a very important component of indemnity coverage. Liability assurance can prevent you from being sued if you have an at-fault accident. Imagine having everything that you own being placed on the line because you did not have enough assurance to protect you from such financial turmoil. This scenario could be a reality if you do not properly protect yourself.

The amount of auto insurance that you need depends on the value of your assets. You should not be convinced into thinking that your premium should decrease with the number of assets you own. In actuality, you should seek more coverage when you have a lot to lose. Everything from your home to your hefty bank account is up for grabs in a lawsuit.

Contact The Shay Agency in Wilkes-Barre, PA

The Shay Agency has experts who know about auto insurance. They can help you find the policy that works best for your situation. Call the Shay Agency in Wilkes-Barre, PA to get started with a quote!

Why is auto insurance mandatory?

Some car owners fail to understand why auto insurance is mandatory yet other sensitive insurance policies such as health insurance are not. Auto insurance is mandatory in nearly all states. In other words, every driver is legally required to carry auto insurance. Your auto insurance from The Shay Agency protects you financially in the event that you cause injuries to others or damage to their properties in a car accident. The insurance policy also provides the protection if you are injured or your car is damaged in an accident. At the bare minimum, you need a car insurance policy that pays for the other party’s injuries or damages.

Why is it mandatory?

In order to understand why auto insurance is considered compulsory in Wilkes-Barre, PA, it is important to understand why health insurance is not mandatory. Health insurance is designed to help you and your loved ones pay for a portion of your medical bills. It doesn’t take care of your neighbors. The early proponents of making auto insurance mandatory reasonably argued that car owners who are determined to be at fault in the event of an accident may cause damage to property and bodily injury to others but fail to compensate them for their losses and medical bills due to their own financial constraints.

If drivers who cause car accidents were to be allowed to walk away without being held responsible for their mistakes, it can eventually hurt the country’s economy or result in violence. Therefore, an auto insurance policy is designed to protect the financial and medical interests of those whom you may hurt while driving your car. In other words, it is not designed to protect your financial interests as is the case with health insurance. You are not mandated to have insurance coverage on your own expenses resulting from a car crash, but it is compulsory to provide proof of financial liability when you own a car.

If you want peace of mind while driving your car or simply want to protect your savings and assets, consider purchasing sufficient auto insurance. For more information about auto insurance and how to get the cheapest auto insurance quotes suitable for your budget, contact us at The Shay Agency in Wilkes-Barre, PA today.

 

Predictive and User-based Auto Insurance

Usage-based auto (UBI) insurance, also referred to as PAYD (pay-as-you-drive) or PHYD (pay-how-you-drive) insurance, is a new type of auto insurance where the premiums are dependent on the driving behaviors such as time spent on the road, distance covered, and the places where you drive. This is different from the typical auto insurance which tends to reward safe drivers by giving them lower premiums while imposing higher rates for those who have been labeled “high-risk drivers.” UBI involves installing a telematics device in your vehicle that monitors and records your driving habits such as speed, mileage, and location.

Some of the benefits of investing in user-based auto insurance with The Shay Agency in Wilkes-Barre, PA are:

Drivers are able to control their premium rates

Since the premium rates are dependent on driving habits, drivers are enticed to adopt safer driving habits and reduce mileage. This, in the long run, reduces accidents on the road which are beneficial to society.

Safety

The use of telematics offers safety benefits such as tracking stolen vehicles, monitoring driver safety, and improving accident response time. It also allows drivers to determine the most effective routes hence saving on gas and maintenance costs.

Flexibility

If a policyholder makes changes to their daily routines that would reduce the number of times they use their vehicle, for example, working from home, their premium reduction will take effect immediately.

Affordability

If drivers take into account good driving habits, they will most likely pay lower premium rates. Plus, those who are currently paying higher premiums because they are considered high-risk drivers can switch to this arrangement and pay according to their current driving patterns.

The major downside to this insurance plan is that it raises privacy issues since the vehicle has to be tracked 24/7, but with the rising technologies, there’s room for improvement. Embrace UBI and change the future of auto insurance. Contact The Shay Agency in Wilkes-Barre, PA to learn more about the coverage options you can choose from whether you live in Pennsylvania, New York, New Jersey, or Florida.

Advantages of having an insurance policy for your vehicle

Are you looking for a new auto insurance policy?

Vehicles come in different shapes and sizes, and so does their insurance coverage. Choosing an insurance policy can be an uphill task, especially when you have minimal knowledge on how to go about the process. Despite what you might hear or read, it is super important to cover your vehicle, especially if you want to enjoy it without limitations. Whether you are looking for new coverage, searching around for a better rate, or you just have queries about the insurance options available, we are here to assist you in finding the answers you need. At The The Shay Agency in Wilkes-Barre, PA, we have helped and continue to help many individuals get the best insurance coverage that meets their vehicle needs as well as personal needs.

The benefits of insuring your vehicle are plentiful, and having the best and optimum coverage for your car can help you financially, legally, and personally. At the Shay Agency in Wilkes-Barre, PA, we know that a vehicle, unique as its driver, should have a more than standard insurance coverage. We have dedicated ourselves to helping our clients get the most out of their vehicles, and that is why we provide all the information you need to make a wise decision.

Pennsylvania is among the 12 states that adopted “no-fault” insurance, and that is why it is important that you get a licensed and experienced agency to guide you through the process of selecting the best insurance policy for your vehicle.

An insurance policy guarantees that you and your family can enjoy the services of your vehicle, ensuring safety and a fallback cushion in case of an accident. Understanding the claim process also helps you to know how to go about the legal proceedings in the event you need to make a claim. Better yet, why not drop in and let us assist you through it. Our agents are skilled at auto insurance and can provide the answers you need before starting a policy. If you live outside of Pennsylvania, we also write policies for New York, New Jersey, and Florida.