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Wilkes-Barre, PA 18702

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Insurance Blog

When Can You Claim Life Insurance?

The benefits of life insurance are always paid to the beneficiaries listed on the policy. They can be the insured’s family members, siblings, or charity organizations. As a result, conventional life insurance policies are settled after the death of the policyholder.

Contact the insurance provider and inform them of the death of the insured and your intention to file a claim. The contact information is always available on the insurer’s webpage or policy documents. One may call, email, or send a letter to the insurer.

Get the documents ready

Some documents are vital for a successful insurance claim. They are:

  • Death certificate: It provides proof of the death the policyholder. You may need several copies if there are several insurance policies
  • Certificate of insurance: This is a policy document that is provided at the time of purchasing insurance coverage. It should be kept among essential papers since it easily gets lost given that it is rarely used.
  • Insurance claim form: Insurance companies have a life insurance claim form on their website. You can download or fill them online depending on the policy provider’s requirements. At The Shay Agency in Wilkes-Barre, PA, we insist on seeing the original documents at some point.

Once you have these documents, you can visit the policy provider to file the claim. Alternatively, you can send them to the post office or courier services. The processing of the claim may take one to two months, depending on the level of necessary verifications. The benefits are often settled in lump-sum.

In conclusion, taking on an insurance policy is a choice that safeguards the future of your family and other dependents. You can secure them today by purchasing a policy with The Shay Agency in Wilkes-Barre, PA. Other states where we offer service include Florida, New Jersey, and New York. Contact us today at (570) 704-0074 for more information.

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.

Three Questions to Ask When Buying Home Insurance

Here at The Shay Agency in Wilkes-Barre, PA, we want to help all potential customers get the right insurance for their situation. Asking the right questions helps to ensure that the policy you buy fully covers your needs.

Here are three important questions to ask when you are looking to buy a new home insurance policy. 

How Much Coverage Do I Need

When you are looking to purchase a new home insurance policy, always ask an agent how much coverage you need. One of the biggest mistakes you can make is thinking you need to purchase a policy based on the value of your home. This may or may not be enough coverage. An insurance agent can sit down with you and determine how much coverage you need. 

What is Covered By the Insurance Policy?

Another key question to ask is what is covered by the insurance policy. Different policies offer different coverage. Always ask what is covered by the policy to help to ensure that everything within your home is covered in the event of various incidents. 

What Supplemental Policies Do You Recommend I Buy?

Lastly, be sure to ask an insurance agent what supplemental insurance policies they recommend you purchase when buying home insurance. Supplemental policies may include policies such as flood insurance. Flooding is not covered under a home insurance policy, so a supplemental policy is a must to ensure you are properly protected. An agent can help you determine what supplemental policies you need. 

If you are looking to purchase a new home insurance policy, The Shay Agency in Wilkes-Barre, PA would love to assist you. Contact us today to get a free estimate or try our online rating tool for a quote.

Is Your Business Ready For Commercial Insurance?

If you’re thinking about calling the Shay Agency in Wilkes-Barre, PA to see about getting your business covered with commercial insurance, you should know what it is that you’re buying. A basic commercial insurance policy will cover you in three different ways: It’ll provide property insurance, general liability insurance, and certain employee protections like workers’ comp.

Do you have anything to worry about with Commercial Insurance?

If you’re running a food truck, then you don’t really have any real estate to worry about, but you might need to look into a commercial auto insurance policy. As for employee coverage, you will need to figure out the difference between freelance work-for-hire help and what the courts will regard as an actual employee. Note that whatever you write on their contract might not make much difference in court. If you’re working your employees forty hours a week and setting a specific schedule for them, then your insurer, your accountant, and the law might not agree with you that they’re a freelancer.

General liability is the big one, of course. No matter what stage your business is at, if you have customers, clients, or business partners coming around, then you need to take some time to think about what your general liability risks are.

If you give The Shay Agency in Wilkes-Barre, PA a call, we should be able to help you figure out exactly what level of insurance you need based on the size and scale of your business and what industry you’re in. What a restaurant needs are different from what a bookstore needs or what a software brand needs. Take the time to figure out what sort of protection is required in your case and get covered.

What Motorcycle Insurance Add Ons Do I Need?

One of the most common misconceptions regarding motorcycle insurance is its one size fits all approach, regardless of bike type or features. That is not the case. This is a big reason why, if you own a motorcycle, you need to talk with the team of professionals at The Shay Agency in Wilkes-Barre, PA and look into the different motorcycle insurance add-ons. In fact, here is a handful you should consider.

Accessory Coverage

Whether you add a new mount for your mobile phone or you have a sidecar attachment, new accessories cost you money and yet, in the event of an accident, are likely not covered by your current policy. Due to this, if you have invested any kind of money into accessories on your bike, you need to do what you can to protect them. This coverage also covers custom parts on your bike, if you like to mod it. 

Carried Contents Coverage

If you use your motorcycle to transport goods, such as when on the road for an extended trip, you may want to consider carried contents coverage. If your motorcycle is stolen and you have your phone or other items stashed onboard, this is covered. This may include items a passenger may be carrying as well. Ask an agent to explain this coverage further if you are unsure of a specific item.

In order to make sure you are properly protected, you need to invest in the right insurance coverage. At The Shay Agency in Wilkes-Barre, PA, our team of professionals is on hand to assist you in identifying what insurance add-ons will best address what you need as a motorcycle owner and rider.

Do I Need Flood Insurance in Pennsylvania?

In the event that you experience damage to your home from a flood, these losses will not be covered by your traditional homeowner’s insurance. You will need a separate flood insurance policy to pay for expenses related to a deluge, and in this post, we will discuss whether or not you should purchase such indemnification.

Do You Live in a Flood Plain?

One indicator that you need flood insurance is that you live in a floodplain or other high-risk area. FEMA will require you to carry flood insurance in these cases as will your lender. Pennsylvania residents can locate their homes on FEMA’s flood map to determine the level of risk for their property, and rates can vary, depending on the area’s tendency to flood. Even if you don’t live in a spot with an elevated risk, your bank can still require you to purchase a flood insurance policy. 

Examine the Terrain

It is important to keep in mind that over 20% of flood claims are from homes that are not situated in high-risk flood areas. Houses that are located on slopes or in valleys in Wilkes-Barre, PA can be subject to flash flooding, and homes located on city streets can also be subject to excess runoff, creating flash flood conditions. The truth is that nobody is immune from the risk of flooding, but the likelihood of flooding will be different for everybody. The average claim amount is $30,000, and a flood insurance policy can certainly come in handy for a rainy day. 

The Shay Agency Can Assist You

The Shay Agency in Wilkes-Barre, PA has faithfully served their community and looks forward to working with you. We can answer any questions you may have regarding flood insurance, and we invite you to contact us to set up an appointment to discuss all your flood insurance needs. If you are looking for insurance outside of Pennsylvania, we offer our services to those in New York, New Jersey, and Florida as well.

5 Reasons Millennials Should Get Life Insurance

As a Millennial, you may place life insurance far down on your list of priorities. However, there are many good reasons to invest in life insurance from The Shay Agency in Wilkes-Barre, PA while you are still young. Here are just a few.

Reduced Cost

Age and health are important factors in determining life insurance costs. By obtaining a policy while you’re young and healthy, you can save substantially on premium costs. Young and healthy people pose less of a risk for insurers, enabling them to obtain coverage at reduced prices. If you’re a non-smoker and have no preexisting health problems, you’ll fare even better on premium costs.

Provides Income for Loved Ones after You’re Gone  

If you’re married, life insurance benefits can provide much needed income for your family if you unexpectedly pass on. These benefits can help your spouse and children carry on as they make plans for their future. If you’re single, benefits can provide financial assistance to aging parents, siblings, or nieces and nephews after you’re gone.

Eliminates Debt

Life insurance benefits can help eradicate outstanding debts such as student loans, a car loan, credit card debts, or a mortgage. This leaves your spouse, parents or other relatives off the hook in fulfilling these financial obligations.

Covers Funeral Costs

Benefits can even be used to cover the cost of your funeral, relieving loved ones of this unexpected burden.  

Extra savings

A whole life insurance policy from The Shay Agency can provide you with extra savings as its cash value grows over time. Whole life policies protect you until you die, accumulating tax-free savings all the while. You can borrow against this policy to obtain extra cash when you need it most later down the line.

Contact us at The Shay Agency in Wilkes-Barre, PA, to learn more about life insurance options and costs.

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.

 

Home Insurance for Unpredictable Weather

At The Shay Agency, finding the right insurance product is only the beginning of what we offer our clients every day.  

Insurance offered to Wilkes-Barre, PA homeowners provides both peace-of-mind and financial security. Insurance, sophisticated financial/managerial tools, spreads risk and costs from one to the many. A litany of issues impacts how insurance underwriters and insurance actuaries determine the type and the price of products offered at the consumer level.

Climate change has had a dramatic impact on the insurance industry during the past century. Unexpected shifts in the scale or location of severe weather events are among the most pertinent issues affecting the delicate balance of the current insurance system. Curiously though, some insurers expressed concern about climate change more than three decades ago.

What can a homeowner do to protect themselves and their property against weather disaster?

Homeowners must reach out to the experts to determine which supplemental policies might be needed to increase coverage, for example, home insurance. Those homeowners who already have supplemental policies should consider modifying the coverage amounts. With random weather events occurring, such as unpredictable earthquakes, tornadoes, and hurricanes, it is important to make sure you have the coverage that will sufficiently provide replacement protection for your home and belongings.

The insurance agents at The Shay Agency serving the Wilkes-Barre, PA area are ready to discuss solutions to meet coverage options in the face of weather disaster. At The Shay Agency, we proudly deliver excellent customer service and work with cutting-edge tools to provide you with quality insurance. Our well-trained and well-versed staff can expertly meet your changing insurance needs.

Give us a call at (570) 704-0074.

 

 

Who, What, Where, How: How Do You Let Your Insurance Agent Know WHO Your Employees Are

The insurance agents at The Shay Agency are comprehensive. They take the time to get to know your business before they begin to write an insurance policy. If you are a business owner in Scranton, PA or nearby you owe it yourself and your staff to consider our services. 

Who Works With You?

It is important for your insurance agent to understand not only who your employees are but grasping what their role at your business is – this is critical. That is major information in determining what provisions are necessary on your commercial insurance policy. 

Every business operates differently. One dry cleaner may clean items in-house while another dry cleaner may contract to have the clothes their customers bring in done at another location. Surely the insurance aspects would be different in each scenario. 

It is the same with any business. People do things in unique ways though they may be similar to others business. We want to get to know your business and how you run things. Being comprehensive from the beginning ensures no surprises once a claim is made.

Simply jot down your employee’s names and supply the list to your agent. This list should include the role that the particular employee fulfills at your business as well.  

Insurance for your business is one thing that you don’t want to skimp. After a mishap with an employee occurs, you may be wishing you opted for a commercial insurance policy. Give us a call at The Shay Agency to discuss how to cover all bases. Serving the great town of Scranton, PA, and its neighboring locales, we believe that learning about your business can make all the difference in the world.