Summer Road Trips: Advice on Staying Safe

The school year is winding down and for many that means it is time for a summer road trip. Of course, you want to make sure your trip to and from your vacation destination is safe. Here are some tips to help you have an accident-free summer trip!

Planning

Plan as much detail as possible in advance so there’s no need to figure out where you are going while you are driving. Before you leave, map out your trip. Find out if you should expect any extensive construction on your drive. Look into options for places that you can stop and take a break. Consider restaurant options for meals. In addition, if your drive is very long, consider breaking it up into more than one day with a hotel stop in between. If you don't want to stop overnight, make sure you switch drivers so one person doesn't become too fatigued.

Check the Vehicle Condition

Check to make sure you have enough windshield washer fluid and that your last oil change was done recently. Measure the tire air pressure to verify it is adequate. Consider having an inspection done if you are concerned about the way the car is running before you leave. You really don't want to have a breakdown on a highway. If you wind up in that situation, make sure you pull off as far as possible. Getting completely off the highway is ideal since the shoulder is not very safe for car repairs.  

Always Buckle Up

Make sure everyone is properly buckled in the car every time you are driving, including short excursions such as a trip from the hotel to the beach. Children need to be properly restrained in the correct car seat. If necessary, pull off the road to handle a dicey situation!

Consider the drive as part of the adventure and don't try to rush it. Take it easy, enjoy the drive and have a wonderful, safe vacation!

Don’t forget about your coverage. Call Adcock-Adcock Property & Casualty Agency, Inc. at 813-933-6691 for more information on Tampa auto insurance.

Is It Smart To Only Carry the State Minimum Insurance?

Most states require vehicle owners to carry a minimum amount of Tampa car insurance. Failure to have this insurance is a crime in these states with hefty penalties and possible jail sentences for failure to comply. Also, an owner can't register their vehicle without showing proof of insurance.

The good news is that most reputable insurers have put together packages tailored to the owner's home states, and these packages can be very affordable. 

However, is it smart to only carry the minimum amount of insurance required by the state? Does the minimum legal amount give car owners a false sense of security when what they need is realistic coverage?

Quick Survey of State Minimums:

Kansas requires Bodily Injury Liability of $25,000 per person with $50,000 for the accident; Property Damage of $10,000; Uninsured Motorist Bodily Injury $25,000 and Personal Injury of $4,500.

Washington requires Bodily Injury Liability of $25,000 per person with $50,000 for the accident; Property Damage of $10,000.

Arizona requires Bodily Injury Liability of $15,000 per person with $30,000 for the accident; Property Damage of $10,000.

Florida requires Property Damage of $10,000 and Personal Injury Protection of $10,000.

New York requires Bodily Injury Liability of $25,000 per person with $50,000 for the accident; Property Damage of $10,000; Uninsured Motorist Bodily Injury $25,000 and Personal Injury of $50,000.

Quick Survey of Car Accident Costs:

The Centers for Disease Control and Prevention (CDC) estimate in 2010, 32,885 people died and over 2 million people were injured in auto accidents in the United States. Medical costs and lost productivity exceeded $99 billion.  The CDC further estimates that only half of this was paid by private insurers.  The other half? Some was paid by government programs and some by charities. However, about 25% was paid by those involved in the accident. That means about $25 billion in medical bills comes out of pocket.

If an owner carries the state minimum of $10,000 personal injury in Florida and injures someone, they can be held legally liable for the balance of the medical bills. An airlift to a trauma center can be $25,000 by itself. 

And, if the owner is at fault, they can also be held responsible for car repairs. As vehicles become more sophisticated, the repairs become more expensive. When the American Automobile Association (AAA) figured vehicle repair costs into the equation, the CDC number jumped to $163 billion per year. With most states requiring only $10,000 in property damage coverage, a significant amount of repair and replacement risk is being carried by an owner who opts for minimum coverage.

Risk of Assets:

The final consideration is at the heart of insurance - protection of assets. If a car owner causes an injury accident and the insurance limits do not cover the damages, they may find themselves in court. Research into jury verdicts has found that damage awards for auto accident cases involving serious back injuries range from $50,000 to over $400,000. Award on the low end of the scale could wipe out the owner's retirement account or cause loss of their home. Even lower-income owners with no tangible assets can find their wages garnished to pay off a jury award.
 
Depending on the state minimum insurance amounts, whether as a vehicle owner or an accident victim seeking compensation, it may be a recipe for disaster. Only an experienced insurance agent can help a vehicle owner balance the factors of risk aversion and asset protection against cost. Call Adcock-Adcock Property & Casualty Agency, Inc. at 813-933-6691 to make an appointment to review your state's minimum requirements and tailor a plan that offers real protection in case of an accident.

Planning Principles for Choosing Life Insurance

Ray and Anna just celebrated their fifth wedding anniversary in their recently purchased new home. They are a typical young family with one three-year-old child, another on the way and a playful little dog. Their household expenses are average, and in addition to their monthly mortgage, they also have an auto loan payment to meet. Ray is the main breadwinner since Anna left her job to stay home with their children. They manage their income well and are able to meet their financial obligations. Life is good. Last month Ray looked into a life insurance policy which would protect his wife and child financially if something should happen to him. He was pleasantly surprised at the options and was able to choose a policy for his needs at an affordable rate.

Life insurance is an essential protection plan that ensures your family is financially provided for upon your death. Determining how much protection you need varies, but there are some rules of thumb you can use to consider what your plan should cover.

You and your spouse’s age:  Your age can determine premium rates and the most cost-effective options available to you. The ages of your spouse and children can help estimate the approximate years of income replacement they would need if you’re no longer there. 

Your current income: Depending on your age, and if your spouse and children are older, this may or may not need to be fully replaced, in which case you could start at 50 percent replacement. However, for relatively young families with small children, the payout should be calculated around ten times your annual taxable earnings to assure your family’s expenses can be met for at least the next five years.

Mortgages, loans and other debts: House and vehicle payments, student loans, home improvement loans and/or other types of debts should be calculated and included in your plan.

College expenses: Future education expenses for your children, including tuitions and fees, should be accounted for. Although it’s hard to predict the future of rising costs, look at the current increase in college expenses and predict accordingly what they could be by the time your children reach college age. 

Funeral expenses: This can be a fairly large expense for loved ones to bear without an income plan to help cover these expenditures.

Remember, not all life insurance policies are “one size fits all.” For example, plans that payout for your children may be temporary or until your children become of age and are able to take care of themselves. Other policies designed for a child who is unable to become self-supporting, such as a special needs child, may payout the rest of his or her life. When shopping for a life insurance policy, keep these things in mind for better peace of mind.  

Protect your loved ones. Call Adcock-Adcock Insurance Agency at (813) 933-6691 for more information on Tampa life insurance.