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What Teens Need to Know About Auto Insurance

Entering the world of driving is an exciting time in a teen’s life. However, beyond the excitement of the open road, there are certain things you need to be aware of so that you are not just a licensed driver, but also a safe and legal one. One of the most important aspects of driving is understanding insurance. Here is what every teen in Rome, GA needs to know about auto insurance.

You May Not Need Your Own Policy

In most states, teens will not need to worry about purchasing their own insurance policy when they first get their license. Your parents will have the option to simply add you to their policy. This is often the most affordable option considering the fact that adults get better insurance discounts than younger people.

The exception to this might be if you own your own vehicle. It is always a good idea to speak with an insurance representative in order to get all the information you need for an informed decision.

Remember the Cost for Your Parents

As a teen driver, you should keep in mind that when your parents add you to their policy, their insurance premiums will go up some. This is not something you should feel guilty about, but rather it should help you remember that driving is a privilege and also an expense that you will need to respect and prepare for in your own adult life. For this reason, you should always do your best to be a safe and legal driver so as not to endanger your parent’s insurance policy and premiums. Every ticket or accident will result in even higher premiums.

You Can Help Your Parents Out

Even though adding a teen driver will initially raise insurance rates for your parents, there are several ways you can help out. First, get good grades in school. Surprisingly, most insurance companies will offer great discounts for students who maintain good grades. Usually, a B average can result in a discount for your parents.

You can also help out by enrolling in drivers ed courses. Insurance companies want to ensure safe drivers. The better educated you are on how to drive well, the safe you are and therefore the better of a risk you are for the insurance company. Take drivers ed and do well. This can mean discounts for your family.

If you would like to learn more about how auto insurance works for teens call us at Coosa Valley Financial Group in Rome, GA today.

Boat Charter Business and Boat Insurance

When a Rome, GA boat owner charters his boat, he or she is essentially running a service business for customers, even if the boat is owned by the person providing the charter and used as a private vessel at other times. This dual situation starts to blur the lines a bit when the boat insurance used for protection is still a private boat insurance plan. Most consumer insurance policies are not intended for business use. In fact, if it turns out a damage claim is associated with a business, some providers may actually deny the claim when it doesn’t fit the terminology used for private vessel or residence coverage. To avoid this problem outright, a boat owner should really be looking at having a chartering service insurance policy in place. That type of coverage accepts that the boat is being used as a business at the time of risk, and provides appropriate coverage for related issues, including injuries and losses to passengers on board at the time.

The friendly folks at Coosa Valley Financial Group can help tremendously. They have worked with Rome, GA customers and others with similar needs, trying to make sure their charter services are covered correctly. Whether its a river ferry or a day trip motoring vacation business, chartering has its unique needs for coverage that a regular boat policy won’t meet. Coosa Valley Financial Group can help match available plans with what a charter business really needs as well as the size of business it deals with. Give them a call to find out more information and don’t find out about missing coverage the hard way.

Benefits of Umbrella Insurance

Umbrella insurance is an additional coverage on liability that is beyond your home and auto liability. The insurance policy will provide you with an extra layer of liability coverage above your home, auto, and other personal property such as boats and motorcycles. Business owners may need separate commercial umbrella coverage. Your financial future or security could be at risk in the event of a liability lawsuit resulting from an accident if you don’t have sufficient insurance coverage.

What are the benefits of umbrella insurance?

It is advisable to have an insurance policy to protect your hard-earned assets whenever accidents happen. The cost of damage in accidents involving major property damage and extensive injuries to other parties could quickly accumulate and exceed the limits of your current auto insurance. That is why you need to consider a Coosa Valley Financial Group umbrella insurance. The personal umbrella insurance policy will step in and protect you beyond the limits of your auto insurance. In addition, the umbrella policy will protect you against costly personal injury lawsuits that could destroy your financial security in the event that someone slips and falls on your property. In other words, the policy will give you financial protection by protecting your assets.

How much umbrella coverage do you need?

The umbrella policy is designed to protect you over and above the limits of your home and auto insurance policies. Think about the policy as an added protection. For example, if you get involved in a car accident in Rome CA and get sued, your auto insurance policy will only cover you to a certain amount. Hence, the umbrella insurance policy will kick in to cover you for additional amount up to the limit that you signed for on your umbrella policy.

The simplest method to know how much umbrella policy coverage you need is by adding up the total worth of all your assets, including stocks, vehicles, homes, retirement plans, and estimated future salary, and comparing the sum with the liability coverage limit of your home, boat, and auto insurance. If the value of your assets exceeds the liability limits of your other insurance policies, then you need to purchase an umbrella policy. Get a good umbrella quote today from Coosa Valley Financial Group in Rome, GA or contact us to learn more about how you can safeguard your financial security.