Ross Insurance Agency

The Domino Effect: How Your Bad Insurance Habits Could Be Hurting Your Neighbors

rossiego — Sat, 10 Dec 2022 13:47:27 +0000

By: Diego Maldonado

Expert reviewed by: Rita Ross

Do you think your bad insurance habits only affect you? Think again. Your decisions can have a domino effect that reverberates throughout your community, ultimately affecting your neighbors and their ability to get the coverage they need. In this blog post, we’ll explore how your poor insurance habits can impact your neighbor’s ability to secure an affordable policy. Read on to learn how you could be affecting your friends and family without even knowing it.

Filing too many claims
For many of us, filing an insurance claim for small damages to our vehicles is an easy way to get them fixed without any of the hassle or expense that comes with DIY car repairs. But it’s important to consider how often you file claims, as it can have a serious effect on the cost of your neighbor’s insurance premiums.
The idea is simple: when one person files too many claims in a certain area, insurers start to worry that the area might have an unusually high number of risk-prone drivers. That, in turn, leads to higher premiums for everyone in the vicinity.
So what can you do if you spot a dent or scratch on your car? If it’s small enough and won’t require a professional repair job, why not take on the challenge yourself?
It’s amazing what a little elbow grease and some basic knowledge of car repair can do. YouTube tutorials are a great resource to learn how to tackle those minor car fixes. You don’t need expensive tools either—often all it takes is a screwdriver and some pliers.
Not only can doing it yourself save your neighbors from higher premiums, but it can also be rewarding and enjoyable! Facing and overcoming a challenge that would normally require a professional is a great feeling, and you’ll also be developing a valuable skill that could come in handy for more ambitious projects down the line.
So next time you spot something wrong with your vehicle, why not try taking care of it yourself before filing that insurance claim? Your neighbors will thank you for it!

Letting your policy lapse
When it comes to keeping up with your insurance policy, it is important to make sure that you stay on top of the expiration date. The best way to do this is to set an expiration alert on your smart phone. By setting a reminder, you can ensure that you are always aware of when your policy is due for renewal and can avoid any gaps in coverage.
Gaps in coverage can be especially detrimental, not only to your financial security but also to your neighbor’s. When an insurance policy lapses, it leaves your neighbor exposed and vulnerable to any financial losses that may occur. This could include anything from a medical expense due to an accident to a natural disaster claim. In order to protect yourself and your neighbors, make sure that you are staying up-to-date with your policy and that you are setting a policy expiration alert.
By taking a proactive approach to managing your insurance policy, you can rest assured that both you and your neighbors are properly covered in the event of a loss. With a few simple steps, you can help protect the people around you and keep everyone safe.

Not shopping around
When it comes to insurance, shopping around is an important part of the process. When you simply accept the first quote your agent gives you, you may be missing out on a better deal that could save you money. The same goes for your neighbor’s insurance.
By not shopping around for the best deals, you could be putting your neighbor at a disadvantage. If your neighbor doesn’t have the time or know-how to compare quotes from different insurers, they may end up paying more than necessary for their policy.
It’s important to shop around and compare quotes from multiple insurers in order to get the best coverage for the lowest price. This will help ensure that you and your neighbors have the best policies and coverage options available at the most competitive rates. You can easily do this online, so there’s no need to waste time or money going to each company individually.
Also, keep in mind that when insurers compare the same coverage and benefits between two people, they may charge one person more than the other. That’s why it’s important to take into account all of the details, including age, driving record, location, and more, when comparing quotes.
By doing your due diligence and comparing quotes from multiple insurers, you can help ensure that you and your neighbors are getting the best deals available on their insurance policies. So, don’t just settle for the first quote you get—make sure to shop around for the best deal possible!

Not reading your policy
When it comes to insurance policies, failing to read the fine print can have a serious domino effect. When you make a claim on your policy, any benefit you receive could affect your neighbor’s premiums in the future. This is because insurance companies use claims data to determine how risky an area is for them to insure.
If your neighbors also have insurance from the same company and you file a claim, then the insurer may view the area as being more risky. As a result, your neighbors could end up paying higher premiums in the future. This means that if you don’t take the time to read your policy and make sure that you understand what you’re entitled to and what might happen if you file a claim, you could be inadvertently costing your neighbors money.
It’s important to remember that insurance companies are in the business of making money, so they will always try to keep their risks as low as possible. That means that they won’t hesitate to raise rates on customers who live in an area where they’ve had to pay out lots of claims. So by reading your policy and understanding exactly what you’re entitled to, you can help protect your neighbors from having to deal with these higher rates in the future.

Not taking advantage of discounts
When it comes to insurance, it’s important to take advantage of any available discounts. Even though these discounts might seem small in the short term, they can add up over time and help keep your premiums low.
The same is true for your neighbors as well. If you’re not taking advantage of discounts that you qualify for, it can cause your neighbors’ premiums to go up as insurers pass along the costs to other policyholders.
For example, many insurers offer discounts to homeowners who have updated their home’s roof, windows, or other safety features. If you don’t take advantage of these discounts, but your neighbor does, you’ll both be paying more for your policy.
Similarly, if you don’t take advantage of any available discounts for auto insurance, your neighbor who does could end up paying more as a result. There are several different types of auto insurance discounts available, such as those for low mileage drivers, safe drivers, and multi-vehicle households.
It’s also important to remember that some discounts may not be available to all policyholders. For instance, senior citizens often receive special discounts on life insurance policies. If you don’t qualify for these discounts, your neighbor may end up paying a higher premium as a result.
The bottom line is that taking advantage of available discounts can have a ripple effect in your neighborhood. Make sure to do your research and look for any available discounts that may apply to you and your neighbors. Doing so can help keep everyone’s premiums low.

Best Age To Get Life Insurance

rossiego — Tue, 11 Oct 2022 23:47:36 +0000

Read time: 6 mins

By: Diego Maldonado

Expert reviewed by: Rita Ross

Don’t wait! It might seem odd to assemble every individual in the United States of America that does not have life insurance in a massive imaginary arena for an in-depth speech on life insurance and just say the first two words in this article – don’t wait. But I believe these two words say it all, and I believe the message would be clear. When it comes to buying life insurance, doing so at a young age has the most benefits. In fact, the younger the better.

NOT AS EXPENSIVE AS YOU THINK

When most of us think of financial products the first thing we think of is securities, which are certificates, in some form, that have monetary value and can be traded. When you hear people talk about stocks and bonds, they are really referring to securities. Stocks are equity securities, and bonds and debentures are debt securities. But did you know that your insurance agent can assist you with another great financial product that is often avoided because most assume it is much more expensive than it really is? That financial product is life insurance.

EXPERIENCED INSURANCE AGENTS UNDERSTAND LIFE INSURANCE

Just like securities, commodities, derivatives, and currencies, life insurance is also a financial product. Fortunately, if you have an experienced insurance agent, the learning curve for life insurance is much less than with the aforementioned financial products. We typically understand life insurance by its actualized definition because the media uses terms like “death benefit” and “lump sum cash payment.” You may have also heard of types of life insurance policies such as permanent and term-life insurance. Ross Insurance can help you understand the advantages and disadvantages of these products, but our staff is committed to educating customers about the surprising affordability of life insurance – especially when policies are secured at a young age.

WHY PURCHASING YOUNGER IS BETTER

You may have heard the saying, “cash is king.” But in insurance, premiums are king, and understanding the life insurance premium algorithm can save you a lot of money and reduce the risk of you defaulting or missing a premium payment. The algorithm is understandably confusing and not the scope of this article, but what you should know is that premiums get friendlier (cheaper!) as the age of the insured decreases. As life would have it, time tends to smile on the young and frown upon the aging. Disqualifying, or premium-inflating medical conditions tend to manifest when we are older. This means, although you may find coverage at an advanced age, you will almost certainly pay more for that coverage.

DO NOT WAIT!

Ross Insurance advises you to get life insurance when you are young and presumably at your healthiest. And since life insurance is usually purchased to benefit the family of the primary income earner, we suggest researching and comparing coverage options and preferred carriers at the onset of the family planning process. We understand that young adults are burdened with things like rent, mortgages, automobile notes, and perhaps the ugliest of all, student loan debt. Notwithstanding, it is prudent to budget for life insurance as well.

Ross Insurance can empathetically guide you through when and what type of life insurance is best suited for you and your loved ones. Moreover, we can help you internalize the significance of life insurance at certain milestones in your life. And in closing, life insurance is not just for mom and dad. Did you know that you can buy permanent life insurance for an infant at an insanely low premium that can be transferred to that child when they turn eighteen years of age? We don’t expect you to know all of this, but we do hope you call a licensed insurance agent and ultimately invest in life insurance when you’ve worked out how it can fit into your budget.

Policyholder Behavior Is One Way To Offset Rising Auto Insurance Rates in 2023 And Beyond

rossiego — Sun, 09 Oct 2022 00:48:32 +0000

690 words | Read time: 6 minutes

Author: Rita Ross, Owner & Principal Agent, Ross Insurance

Edited by: Diego Maldonado

Just Doing My Job!

As an insurance professional, I make it my business to stay on top of legal and cultural trends within the insurance industry. Recently, I read a great article in Bankrate that simply read, “Auto insurance rates are increasing in 2022. Here’s how to prepare.” The article reminds readers of the many factors that affect car insurance rates, such as; policyholder age and gender, accident and traffic violation history, policyholder residence (some states), and frequently revised insurance laws. These are things that have been and will always be drivers of rate changes in the insurance industry, but Ross Insurance is committed to educating its customers – so I’m writing this post to address several things the Bankrate article mentions that many drivers and policyholders do not think about.

Can’t Find It vs Can’t Afford It

Anyone who buys groceries, dines at a restaurant, or buys clothes or gasoline, knows that inflation is stubborn and it is very real. Moreover, if you watch the nightly news or have attempted to purchase a new car or electronic device lately, you’ve undoubtedly heard about supply chain disruptions and the impact this phenomenon is having on all types of goods and services. In her article for Bankrate, Cate Deventer, touches on the impact of inflation and supply chain disruptions, and the curious role of the recent global COVID-19 pandemic. Cate’s insight is thought-provoking and her assertions are worthy of a read. Here is a LINK to the Bankrate article that inspired this post.

A Warning to My Customers

For every action, there is a reaction. I live in a state where the cost of living is extremely high and I sympathize with teens and young adults who aggressively fight for higher wages. Poverty wages are very real in Maryland and Washington, DC, and so-called “living wages” will be debated about forever, while the people who are affected continue to suffer. With this said, I am concerned that many people who demand wages to be set at minimums hovering around fifteen to twenty dollars per hour, do not realize that this increase is merely symbolic. I say this because constants such as inflation and classism will always level things out and the disenfranchised will continue to suffer.

But Why Should I Care About Inflation and Semiconductor Shortages?

Ross Insurance Agency proudly educates and writes policies for customers of all races and creeds, but there are hidden messages in the Bankrate article that speak to certain demographics. First, as a for-profit industry, insurance companies must adjust rates when economics and emerging automobile technologies force those rate increases. Secondly, policyholder behavior becomes the only way to ensure that certain racial or other at-risk demographic groups are not priced out of getting car insurance altogether.

If you own a car and have an insurance policy, you should care about inflation, corporate greed, redlining, supply chain disruptions, labor shortages and increased repair costs of newer vehicles, because no amount of protesting or complaining can reduce the impact these things have on rising insurance costs. The only thing that you, as a consumer of automobile insurance products can do, is to be a more conscientious policyholder, reject the advice of ambulance chasers, and stop filing frivolous claims and lawsuits.

Policyholder Behavior Matters Most

As your agent, it is my job to help you understand your existing policy. On my agency website, I invite you to use me and my experienced staff as your ultimate insurance resource. We can assist you in finding a new carrier if there are nuisance circumstances or personal concerns you may have with your current carrier. And remember, my staff and I are not exempt from the impact of inflation and the cost of insurance. Yes, even insurance agents and industry professionals are required to have car insurance. For this reason, we understand the attractiveness of discounts and comparing coverage and quoted premiums. Ross Insurance will do what we can to lessen the burden of increased car insurance rates, but your behavior as a policyholder is really what matters most.