AN INSURANCE UPDATE
Update Provided By Briglio Insurance
Personal and Commercial Auto Insurance:
If you’re temporarily not using a vehicle, consider these options that might reduce your premiums:
- Find out if your carrier is able to suspend your coverage. This will reduce your coverage to the minimum state required coverages.
– It would be your choice whether or not to suspend coverage for collision and comprehensive coverage unless your car is financed as your finance company requires this coverage.
– Most carriers that allow suspending will require a minimum 30 day period of suspense in order to receive any credit.
– You can reactivate coverage with a phone call when the time comes.
If your carrier does not allow suspending coverage you can still reduce your coverage by requesting to change your coverage to minimum state required coverage.
– Be specific as to whether to delete collision and comprehensive coverage and remember that if your vehicle is financed, deleting this coverage is not an option.
– This option has no 30 day minimum requirement.
– If you removed collision and or comprehensive coverage, most carriers will require your vehicle to be inspected before it may be added back, making this option a bit more cumbersome.
Cancelling the insurance is not an option that should be considered unless the vehicle will not be used for several months or more. Because:
– Make it more expensive to re-register the vehicle when the time comes. And State law requires vehicles with an active registration to be insured whether they are being used or not. So if you cancel the insurance, you must cancel the registration in order to stay legal.
– If you do this it will: Make it more expensive to re-insure the vehicle if you have no prior auto insurance in force without a lapse.
Business Insurance:
Many business insurance policies use gross sales as the rating basis for the premium.
If your gross sales have been negatively affected, you may be able to get your premium revised based on the reduced gross sales.
This should be revised upward when things get back to normal or you may end up with a substantial bill if the company audits and finds that your sales were higher than reported.
– Some business insurance policies use gross payroll as the rating basis for the premium.
If your company’s payroll has gone down, you may be able to get your premium revised based on the lower payroll.
This should be revised upward when things get back to normal or you may receive a substantial bill if the company audits and finds that your payroll was higher than reported.
– All workers comp policies are rated on gross payroll.
If your company’s payroll has gone down, you may be able to get your premium revised based on the lower payroll.
This should be revised upward when things get back to normal or you will receive a bill for the shortfall after the annual audit.