How Many Beneficiaries Do You Select When Purchasing Life Insurance?

At some point in their lives, most people, especially those with vast resources or families, will purchase life insurance. When purchasing life insurance, you must name a beneficiary or someone who will receive the benefits of the claim in the event of your covered passing. You may be wondering, however, how many beneficiaries can you name during the policy purchase process?

Choosing A Beneficiary

When Purchasing your life insurance policy, you will be required to name someone as your beneficiary. You may also be asked to provide a backup beneficiary in the event the primary beneficiary passes away unexpectedly or is unable to collect the claim for various reasons. Be sure you have the people who you will name in mind before making your policy purchase. You should seek assistance from a caring, professional life insurance agent with the proper credential and licenses. They will help you navigate the process carefully to avoid any mistakes or issues that could impact the claim in the future. 

Work With Experts

When you purchase life insurance, you want to make sure that you are working with industry experts who are knowledgeable about all aspects of life insurance and the claims process. If you live around the Opelika, AL area, you should consult Elliott & Associates Insurance for the support and guidance you need during the purchasing process and with any future claims your beneficiary may need to file. They will discover options that work for you and present you with a policy that gives complete peace of mind.

If you are considering purchasing life insurance to protect your loved ones or estate, you should check out Elliott & Associates Insurance serving Opelika, AL for assistance. Call or stop by the office for more information.

Do All States Require Commercial Insurance?

Insurance is something that all business owners should have on their businesses. That being said, it may be difficult to figure out what type of insurance your state requires you hold. For those that live in the Auburn or Opelika, AL area, the agents with Elliott & Associates Insurance can help you determine what type of insurance you need.

Commercial insurance can protect your company from a great deal of hassle. In some instances, you will be required to have this sort of insurance coverage. The requirement for this type of coverage is dependent not on where you live, but rather on the particular lender that you used to get the money to open your business. In some cases, you are going to be required by your lender to hold a policy to help cover their interests. This means that your lender is likely to require that if you have a loan, you have to have an insurance policy in the same amount as the loan or more so that if the business is destroyed, you are still able to repay your loan.

Even if you are not required to hold a commercial policy, it is always a good idea to have some sort of insurance in place to help recover should your business be destroyed. This type of insurance is going to help protect you in a great range of instances and is going to help make sure that your business is protected as well. Going without an insurance policy may save you money each month but in the event of a tragedy, it is going to cost you far more. For those that live in the Auburn or Opelika, AL area, the agents with Elliott & Associates Insurance can help you to find the policy that is right for you.  

Does Home Insurance Cover Guests?

Home insurance is an essential part of anyone’s home owning experience. With the right policy, you can be fully covered from just about any event that may befall your home. That being said, home policies cover more than you might imagine they would include. For those that live in the Opelika, AL area, the agents with Elliott & Associates Insurance can help you determine what policy works best for you.

What to Consider with Home Insurance

A great thing to consider is what your home policy covers. For the most part, it simply makes sure that your home is safe, it also, however, helps to cover the people in the home as well. This means that to a certain extent, guests are included in your home insurance policy. They are covered in that if they are invited into your home, and should someone become injured on the property, they can file a claim against your insurance to help pay for the cost of their medical bills.

There are special circumstances, however, that must be met to be able to use this type of policy. You must have some sort of coverage on your policy, and you must be able to prove that the injury occurred on the insured property and not because of some sort of negligence. It may also cover the belongings of a guest should something happen to your home while you have people there. You should take the time to make sure that your policy covers guests if you have them often.

For those in the Opelika, AL area, the agents with Elliott & Associates Insurance can help you to find the perfect policy with just the right amount of coverage and the correct contingency to make sure that your policy is going to cover any guest you may have. Contact our offices to learn more and get a quote.

Important considerations before purchasing a classic car policy

If you are considering purchasing or have recently purchased a classic car in the Auburn or Opelika, AL area, it is vital that you purchase an insurance policy that covers the unique ownership aspects of a classic car. A specialist at Elliott & Associates Insurance would be happy to meet to discuss your classic car insurance needs.

The first consideration is the amount of coverage you will need. Unlike a traditional car policy that covers the actual value minus depreciation, a classic car typically increases in value over time. Under a classic car policy, you will work with your insurance specialist to come up with a mutually agreed upon value to insure.

Classic car coverage has many of the same coverages as a traditional policy such as liability, collision, and medical payments. However, there are some additional coverage options you need to consider. For example, under roadside assistance coverage, the policy should include flatbed towing to limit the damage in the event it needs to be towed.

Another important consideration while shopping for a classic car insurance policy is to make sure the types of activities you plan to engage in with the car are covered. Many insurers will not cover the car if you plan to use it as a primary vehicle such as using it to get to work. Insurers often restrict the number of miles one can put on the car each year. If you plan on attending an auto show that will exceed the limit, you will need to speak with your insurance specialists for additional coverage.

No matter if you are new or old to classic car ownership, it is vital to make sure your investment is protected. If you live in the Opelika, AL area,  please reach out to an insurance expert at Elliott & Associates Insurance today!

Winter Tips for RV Maintenance and Care

Owning an RV will make for a great way to vacation. Instead of having to invest a ton of money into a hotel, you and family can enjoy riding around in style and having a comfortable place to lay your head no matter where you are. With winter right around the corner, it’s imperative that you understand how to take care of your RV. Elliott & Associates Insurance serving Opelika, AL has put together a short list of tips you can follow to ensure you take care of your RV this winter. 

Check the Water System

If you have yet to drain the water system on the RV, you need to do so as soon as possible. The weather is never predictable and you don’t want the water in the RV freezing. If there is any water left at all in the RV’s plumbing, it could freeze and bust lines and fittings during the winter. 

Store in a Safe Location

If you don’t have a garage at home to store the RV for the winter, you’ll need to invest in a storage unit that’s big enough to park it in. Ideally, you’ll want to keep it out of the harsh winter elements, including snow, rain, and wind.

Disconnect the Batteries

After storing the RV, make sure to disconnect the batteries and keep them in a cool and dry place for the winter. Don’t put them in a place where the temperature is going to get below freezing but a cool place is excellent because it helps preserve the life of the battery.

Want to learn more about taking care of your RV this winter? Contact Elliott & Associates Insurance serving the Opelika, AL area.

What Does Renters Insurance Cover?

If you rent an apartment or house, your landlord’s homeowner’s insurance does not cover your belonging in the case of theft, fire, or any other event. If you need to protect your belongings, consider a renter’s insurance policy. You can contact your Elliot & Associates Insurance agent in Opelika, AL for help in determining what policy options are available to you. In the meantime, here’s some basic information to get you started.

What is Renter’s Insurance?

Renters insurance covers your property when you rent a house or apartment. It works like a homeowner’s policy except that it covers you as a tenant and is not a part of your landlord’s insurance policy. Instead, if you need coverage for your belongings, you have to take out a separate policy.

What Does Renters Insurance Cover?

If the actual building or home is damaged, your landlord’s insurance covers it. Your renter’s insurance pays for lost or damaged property you own located in the rental unit.

Does Renters Insurance Cover Water Damage?

Renters insurance doesn’t pay for flood damage. However, a burst pipe that ruins your furniture or other belongings would be covered up to the policy’s limits. Renters insurance is a good idea if you have valuable artwork or rare items that would be expensive to replace.

What is Apartment Renters Insurance?

Renters insurance gives you the peace of mind that your belongings will be replaced in the event of unexpected damage or injury. Renters insurance pays to restore or replace clothes, furniture, electronics and other items that are damaged or stolen.

Contact Us

Contact Elliot & Associates Insurance in Opelika, AL today for more information or to set up an appointment for a free consultation and quote.

 

 

 

5 Safety Tips for New Motorcycle Riders

If you’re new to motorcycle riding, you’ll want to take every precaution to stay safe on the road. Riding safely protects you and those around you. The following safety tips can apply to both new and experienced riders.

Take a Course on Motorcycle Safety

Motorcycle safety courses provide valuable input for new riders. They give you a chance to hone your riding skills, learn how to handle emergency situations and become familiar with traffic laws in your state. You’ll also learn safety tips that can help you be a better rider. Even experienced riders can benefit from a refresher course on motorcycle safety.

Choose Your Bike Wisely

Motorcycles vary in type, size, and power. As a newbie, you should stick to a bike you can handle, taking into consideration your limited abilities and skills. Once you’ve gained experience, you can always invest in a more powerful model.

Inspect Your Motorcycle Regularly

Before you hit the road, take time to inspect your motorcycle to make sure everything’s working properly. Check the brakes, lights, mirrors, and tires. A basic inspection won’t take long and could save you from having an accident.

Wear Safety Gear

If your bike is your main form of transportation around Opelika AL, you should invest in proper clothing for riding. First and foremost, get a full-face DOT approved helmet. You can also consider buying motorcycle gloves, boots, and pants. A leather jacket offers protection against the elements and could save you from road burns in the event of an accident.

Avoid Inclement Weather

Whenever possible, avoid riding your bike in bad weather. If the forecast calls for rain, sleet, or snow, leave your bike at home.

Don’t forget to get motorcycle insurance from Elliott & Associates Insurance in Opelika, AL before hitting the road. To learn more about insurance options and costs, contact an agent from Elliott & Associates Insurance.

Boat Insurance Basics

At Lake Martin, owning a boat means that you, your family, and friends will have hours of fun on the open water. Whether it is time spent enjoying nature or fishing, boating is enjoyable for the whole family. Owning a boat, however, is a big responsibility, so you want to protect it and yourself with the appropriate amount of insurance. There are not only the risks that you encounter while on the water, but there are also those when you are transporting the boat to and from the water.  While boat owners want to protect their investment, it can be difficult to wade through the myriad of options available to boat owners. How do you know which policy is right for you? The team at Elliott & Associates Insurance are the experts in boating insurance. They will talk to you about the type of watercraft you have and how you use it. This will help them to steer you toward the insurance policies that best suit your needs.

As boats are expensive to repair or replace if there is an accident, you want the peace of mind that you have the coverage you need should an accident occur.  Though not required by law, having liability coverage is essential if there is an accident or property damage in an accident where you are deemed to be at fault.  Policies can also cover events such as oil spills from your boat, if your boat sinks, is stolen, or vandalized. To help you through the policy options, talk with your agent at Elliott & Associates. With their knowledge of boating in the Opelika, AL area, they will ensure that you have the right coverage. Give them a call or visit today to discuss your options for the coverage you need!

Self-driving, shmelf-driving

Some insurance companies are predicting that in ten years, all cars on the road will be self-driving. What does a world full of autonomous vehicles look like? Will families even own their own cars ten years from now? Or will we have public cars droning around waiting for their next passenger?

This all may seem like a long shot, but Honda says it has plans to roll out a fully electric self-driving car in Europe next year (http://carsoverviews.com/2019-honda-urban-ev/). Not only will the car be able to take you to work, but it will also have the ability to carry passengers around town for a fee while you’re at the office. That means that your car can earn you money while you work. All that and still charge itself, pick you up and have you home by dinner.

I’m sure you’ve thought about all of the things that could go wrong in that scenario. We won’t think about all the things strangers might do and spill in your shiny electric vehicle, but I think it’s worth thinking about what this might mean from a legal standpoint.

First of all, the technology isn’t quite ready yet. In tests, these types of cars haven’t been able to handle situations as simple as a pedestrian standing on a street-corner waving the car by because he doesn’t plan on crossing. If it fails that test, what other situations have we overlooked?

Also, as we’ve learned from laptops and smartphones, it’s not the times when it is working well that we have problems, but the times when there are delays, glitches and sometimes even crashes. What happens when your self-driving car’s computer crashes (pun intended)?

But perhaps the biggest question we are going to have to decide as a society is, who owns the liability for a car that drives itself? If Honda takes the liability, what stipulations would they put on it? That it must be serviced at a Honda dealership for its entire lifetime? And what about when the driver wants to use the car manually (the Honda Urban EV has that option)? Is the manufacturer still liable?

If insurance companies agree to assume liability, an entire new product will need to be created with laws to regulate it. If that day comes, we can only assume that premiums will be determined by how autonomous your car is (the experts say that computers are better at driving than humans: https://www.businessinsider.com/why-driverless-cars-will-be-safer-than-human-drivers-2016-11).  But will you need to tell your agent how often you will drive manually? Or even register every time you are about to drive, giving insurance a more a la carte feeling?

And what if we get all the laws and liability set in stone only to have hackers start taking over and crashing autonomous vehicles? Who would be liable then?

Honestly, we’re not sold on the idea that good ‘ol human-driven cars are on the way out. Technology is usually much slower to be adopted than it is ever predicted to be. And the day someone converts my ’70 Mustang to an autonomous car is the day I sell it.

 

-Rickey

Can Someone Please Give Me a Clear Explanation of Umbrella Insurance?

When you invest in insurance policies, you will at first need to decide which types of policies you need. If you are the owner of a vehicle, then you need to get an auto insurance policy. You will need to choose an insurance company, like Elliott & Associates Insurance serving Opelika, AL, to make sure you are fully covered. Another type of insurance you may want to consider buying is umbrella insurance.

What is umbrella insurance?

Many people are confused when they hear the term umbrella insurance. Either they have never heard of it before, or they don’t understand what it is. Thankfully, though, it’s not that difficult to understand once you have someone give you a simple explanation of it.

This type of insurance is a form of extra liability insurance. It does not stand as a type of insurance by itself. Instead, it serves the purpose of paying out benefits if your regular policy is exhausted. For example, if your auto policy reaches its limit of paying out $25,000 for bodily injury. If your medical bills exceed this amount, an umbrella policy could be of the utmost benefit. It can also be used with home insurance, commercial insurance, and many other policies. It can also help you with liability and lawsuits should they arise.

Many people think that umbrella insurance is really expensive. What they don’t realize is that this insurance is not just for the wealthy. If you would like to learn more about the benefits of purchasing umbrella insurance, please contact Elliott & Associates Insurance serving the Opelika, AL area today.