Lease Loan Security, otherwise known as Gap Insurance, is one of the most overlooked and exciting coverages available on your personal auto policy. Okay, maybe it isn’t exciting, but it is important to anyone who buys a new car with an auto loan.
Gap coverage pays for the difference between what is owed on a vehicle and the replacement cost, also expressed by saying one is ‘up-side-down’ in their loan. Because new vehicles take a large depreciation hit in the first few years, even with a large down payment, an owner could find themselves writing a check to pay off an auto loan after an accident that totaled their vehicle.
As gap insurance has evolved, many companies now offer this coverage in the form of ‘New Auto Security’ or ‘New Auto Replacement’ coverage. This not only protects the owner from having to pay the deficit on their auto loan, but also protects the owner from the depreciation risk, so even if they pay cash for a new vehicle the owner can recoup the full value of their investment in the event of an accident during those first few years.
Loan security coverage is also available through many car dealers when the vehicle is sold. The coverage offered in these circumstances is often very expensive, and usually not flexible enough to meet the owner’s needs. The best course of action is to contact your insurance agent and discuss your unique situation to determine which coverage route best fits your needs; after all, that is what you pay us for!
December 17th, 2009 in
Auto,
Informational |
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Aimonetti Insurance wishes everyone a fun-filled, safe holiday weekend! Enjoy the amazing weather in store for the Valley and the Commonwealth.
We will re-open Tuesday morning at 9:00 am.
September 4th, 2009 in
Informational |
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In a recent Car & Driver article, the author explored the dangers of texting while driving. The results illustrated the impairment a driver experiences while texting to be truly scary. There are already many distractions while driving without adding tasks that take your attention from the road and your hands from the wheel. A short read, the article illustrates, in no uncertain terms, the impairment of texting (reading and writing) is comparable or worse than having a .08 BAC.
We all consider ourselves good drivers, and most probably are when we are paying attention, but how often are we distracted from the task? The consequences of not paying attention can be catastrophic on a personal and financial level. Tickets, car damage, property damage, injury to yourself, your passengers, and innocent by-standers, all increase your insurance premiums, costing you thousands of dollars a year compared to a similar driver with no infractions.
Teens are not the only ones susceptible either; even the most seasoned drivers can fall prey to distractions. It behooves all of us to take our driving more seriously. There is no reset button on accidents. The latest distraction, texting, is one easily avoided. Whatever the message that needs receiving or sending, it can wait until you are safely stopped and out of danger to yourself and others.
Think your rates are too high? Give us a call at (540) 459-2220 and let’s see if we can reduce your insurance premiums while maintaining the coverage you need.
Congratulations to Erie Insurance, our primary insurance carrier, on winning the J.D. Power & Associates “Highest in Customer Satisfaction with the Auto Insurance Shopping Experience” two years in a row!
The award is based on the 2009 Insurance Shopping Study, which examined the purchase behaviors and overall satisfaction of buyers shopping for a new auto insurance company. Results were based on nearly 5,800 total responses, measuring 23 insurance providers. Three key factors were measured to determine overall satisfaction. In order of importance, they are:
- Distribution channel (for ERIE, its agents like us!)
- Price
- Policy Offerings
Erie achieved the highest ranking with strong performance across all factors. This is the fifth time Erie Insurance has won a J.D. Power award.
Read the press release from J.D. Power here.
Give us a call today to see if we can get you into an Erie Auto policy at (540) 459-2220, or email us, and let’s save you some money.
Today I received a newsletter from one of the Brokers we represent. These newsletters are always entertaining because they usually have a section on unusual risks that the Broker has been able to place. The newsletter contains information like this as an advertisement to the agents that says ‘don’t be shy, we can probably find a home for that business’. I will list some of the highlights.
- Surfing Camps- now I can start soliciting Abercrombie & Fitch to cover that exposure.
- Dump Truck hauling Watermelons- I think this broker may have written that watermelon truck that overturned on I-81 a couple of weeks ago.
- Gem Mine on Wheels
- Hookah Bar
While some of these businesses solicit a chuckle, it does illustrate the diversity of businesses that are in existence. Finding insurance for an unusual business can be a challenging ordeal. Most companies are only looking to write ‘vanilla’ types of businesses. This is why we represent several brokers, with access thousands of business classes, through top insurance companies. If you are a business owner in Virginia, and have a unique type of business, drop me an email at jeff@aimonettiinsurance.com and I’ll see if we can find you insurance to protect your business.
Posted from http://jeffreyaimonetti.com/2009/08/unusual-insurance-risks/
August 11th, 2009 in
Informational |
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With the current economic climate, it is impossible for businesses to grow without being pro-active. There was a time when simply hanging your shingle out for all to see was sufficient to generate interest in your offerings. Today, that is no longer enough. Business must meet their customers in venues where the customer is and not wait for the customer to come to the business.
In our efforts to reach out to the public to let them know of our quality offerings, we are entering the social media world via Facebook, Twitter, LinkedIn, and this blog space.
We are working to refine what exactly each avenue’s message will be, but in the meantime, feel free to spread the word: Aimonetti Insurance is on the web!
Aimonetti Insurance is proud to announce the arrival of their updated online presence. We are utilizing the best of open source technologies to make sure we can reach our customers, current and potential, in the easiest manner possible.
The first of these technologies is this blog, running the awesome WordPress blogging software. The blog will provide us a space to communicate what our agency is up to, what trends in the insurance industry our clients should be aware of, and other informational items we find relevant.
More to come…
