Insurance: Helping You Fulfill Your Personal Fiduciary Responsibility

What would you do if you were put in charge of assets or property belonging to someone you loved? If for some reason your parents, siblings, grandparents, children or other loved one was unable to care for themselves and you had control and decision-making power over their assets, you would probably do everything in your power to protect and preserve them.

As a fiduciary, one entrusted with control over another's assets, you would owe it to your loved one to act in an honest, forthright way and to make decisions in good conscience with the goal of preserving and protecting the property your relative could no longer care for.

It’s likely that one of the methods you would use to protect their assets would be the purchase of insurance policies. After all, if the assets were to be damaged or stolen while under your care, the absence of insurance could spell a total loss for your loved one and that's not something you'd want them to endure, especially when it could be so easily and affordably prevented by the purchase of insurance.

If this is the case, then why would you not protect your own assets the same way? By default, we are each our own fiduciary and, as such, have a responsibility to ourselves to act in good conscience and protect our own assets.

There are some instances that require the purchase of insurance in order to satisfy other entities. More specifically, drivers must carry Chicago auto insurance to comply with their state regulations and those who have mortgages and auto loans must carry insurance to protect the investment of their lenders. But state regulations and lenders are no more important than your own personal interest in the property that you pay for. Insurance should always be purchased, first and foremost, to protect your financial interest since that is, understandably, your own top priority.

Whether you handle assets for another individual or yourself and your family, you have a fiduciary responsibility to protect and preserve those assets. Give us a call at Oxford Insurance Group today and see how we can help you fulfill your personal fiduciary responsibilities through the purchase of affordable insurance policies.

Newly Married: Should You Share an Auto Insurance Policy?

There is no law stating that once a couple gets married they must share everything. A couple can choose to keep their assets separate, their bank accounts separate and they can even keep their auto insurance coverage separate – but should they?

Sharing Means Saving

By sharing the same auto insurance policy, a couple could save money because some insurers offer multi-car and multi-driver discounts. Taking it a step further, the couple could choose to bundle home or renters insurance with auto insurance and save even more.

Sharing Means Less Lapsing

When a married couple shares an auto insurance policy, it means they have just one insurance premium to pay. This gives the couple a better opportunity to manage their payments and less chance of forgetting to pay the premium completely or paying late. This can help cut down on instances of a policy lapse due to nonpayment.

Sharing Means Less Paperwork

With two insurance policies a couple will have two sets of policy login information, two sets of policy pages, two different processes for claims, separate renewal dates and different mailings for insurance cards. All of this can make it much more difficult to keep paperwork and policy information updated. By sharing a single policy, the couple minimizes much of this busywork and is less likely to forget important dates.

Sharing Means Single Quotes

It’s a good idea to get auto insurance quotes every year or so or when something major changes such as the purchase of a new vehicle, the receipt of a ticket, or after one takes a driver’s training course. It's much easier to get quotes on a consistent basis when a couple has just one policy rather than two.

Sharing Means Joint Access

If one person in a married couple has an accident and submits a claim on his individual policy, the other spouse will generally not be permitted to get information on that claim unless he or she is included on the policy. By sharing an auto insurance policy, you never have to worry that you won't be able to manage your spouse’s insurance should they become incapacitated.

To learn more about how having a joint auto insurance policy can make your married life easier or to get quotes for a new policy, give us a call or stop by.

Parking Tickets and Premiums

If you collect parking tickets like other people collect concert ticket stubs, then you might be concerned about how your non-moving violations will affect your auto insurance policy. The good news is that as long as the ticket is for is a non-moving violation it will likely have no affect on your car insurance rates. This isn’t an excuse to park irresponsibly, however, because parking tickets can still have some negative consequences that could impact your insurance coverage.

Your Driving History
When you’re being underwritten for auto insurance, underwriters will review your motor vehicle report (MVR). This is a record of your driving history and it shows both moving and non-moving violations. While moving violations carry more weight during underwriting, a large number of non-moving violations could indicate that you are a higher risk driver simply because you have a history of not following certain posted laws. While this won't always results in higher insurance rates, it could.

Maintenance Expenses

Being on the receiving end of the occasional parking ticket probably won't break the bank, but a series of parking tickets can add up to a substantial amount. If left unpaid, these tickets could result in your car being towed away and impounded which just increases your expense. If you are living on a tight budget, dealing with all of these expenses could make it difficult to make your auto insurance premium payment, which could result in a policy lapse. Additionally, if you must take from your savings to pay for parking violations and fees, then you may not be able to pay your deductible should you have an accident or other insurable incident.

If you find that you are frequently getting tickets for improper parking, re-review your drivers’ instruction handbook and get a little refresher on traffic and parking rules that you should be following. You may even find a driving course in your area that can help you out as well as help reduce your insurance premiums. Finally, always look around before you park. Make sure you aren’t in a tow-away zone, that you don’t block fire hydrants, crosswalks, or handicapped access points, that you don’t park too close to a curb and that you aren’t on private property.

If you’re having trouble finding an affordable Chicago auto insurance policy due to traffic violations, give us a call. Our team of experienced agents at Oxford Insurance Group can help find a carrier that will accept you at a rate you can afford.

Should You Let Your Policy Auto-Renew?

Automatic renewal is an easy way to ensure the continuation of your insurance coverage through the years. You shouldn’t, however, allow an automatic renewal to result in a total lack of oversight in your insurance policy coverage options. Before your policy auto renews, ask yourself the following 3 questions. If you answer any of them with a, “no,” then some adjustments may be in order.

1. Are your limits still adequate?

The coverage limits you set when you initially applied for your insurance policies may be accurate based on the value of the insured property and expense of potential liabilities at the time you took out the policy, but over the years, liability-covered expenses such as medical payments and lost wages can increase and your property can grow in value. If you do not increase these limits before your policies auto renew they will not be providing coverage that you desperately need.

2. Are all insurable incidents covered?

When you initially take out insurance policies you may opt out of certain coverage options; for instance, you may decide to only purchase the state-required auto coverages and opt out of something that could better protect you such as uninsured motorist coverage. Over the years these decisions may come back to haunt you as you find the insufficient coverage taking a bite out of your savings. Instead, adjust your insurance coverage before your policies auto renew, thus ensuring that you have as complete coverage as possible.

Of course, you may have opted out of some coverages because you didn’t need them at the time you applied for insurance. For example, when you initially take out your home insurance policy your house may not have been in an area considered a non-flood zone, but after a few years your neighborhood might have been reclassified. Since home insurance doesn’t cover flood damages, you could be leaving yourself completely exposed by not addressing this reclassification.

3. Can you afford your deductibles?

When you auto renew your insurance policies you are accepting your deductibles as-is. But you may find that you actually can't afford the same deductible now that you could a few years ago when your other financial burdens were lighter. Monitoring your deductibles and adjusting them before your policies renew can lighten your self-insurance burden and allow your policies to work harder for you.

If your policies are getting ready to renew, or you simply want an insurance review to help ensure that your family and assets are fully protected by your Chicago Auto Insurance, give us a call at Oxford Insurance today!

What Does Commercial Auto Insurance Cover?

If you own a business and use a car—whether personally owned or owned by the business—for any business purpose, then you need to consider commercial auto insurance coverage. Even if your employees simply run errands for you in their own vehicles, commercial auto is a policy you must have.

A commercial auto insurance policy has the ability to cover the same types of incidents that a personal auto insurance policy can cover, but it does so when the accident occurs during a business activity. The reality of what your commercial policy will cover depends on how your policy is designed. Some of the coverage protection you may have includes:

Bodily Injury and Property Damage Liability

Since bodily injury and property damage liability are required by almost every state, it is likely that your commercial auto insurance policy provides this coverage. This will pay for injuries and property damage done to others during an accident. You may have a deductible and, for bodily injury, a limit for a single-person injuries along with an aggregate limit for multiple injured individuals.

Comprehensive

Comprehensive coverage is optional and it covers damages due to many non-collision sources such as nature, vandals, thieves and even certain civil disturbances. This kind of commercial auto insurance protection is extremely important because it protects the value of your vehicle for you so that your business won’t be interrupted after an insurable incident.

Collision

When you have an accident and you hit another vehicle or object, including a telephone pole, mailbox or other structure, collision coverage is what you will rely on when making an auto insurance claim. Collision covers the damages to your car, but not any liability you may have to another person’s property.

Uninsured Motorist

While insurance may be required in your state, there will always be non-compliant drivers who skirt the law and operate a vehicle without coverage. These individuals may be on the wrong side of the law, but it is you who will suffer if you are in an accident with them. Uninsured and under-insured motorist coverage on your commercial auto insurance policy gives you a resource for your accident expenses if the at-fault driver does not carry any, or enough, insurance.  Without this coverage, you may have to sue the other driver or, if they do not have any resources, pay out-of-pocket for damages.

Commercial auto insurance coverage is necessary for every individual who drives a personal or company vehicle at any point for any business purpose. If you are ready to begin shopping for Chicago auto insurance, give us a call at Oxford Insurance Group.

Reducing Accident Risk by Driving Smart

When trying to preserve your life and your money, one of the best things to do is reduce your daily risk exposure. By keeping yourself, your family and your property safe you will reduce your overall expenses and make your life much easier—especially when you reduce your risks of a car accident. The easiest way to do this is simply by driving smart.

• Observe basic traffic laws: Traffic laws were developed to promote the safety of everyone on the road. Without these measures, people could drive whatever speed they wanted, stop and go when they pleased, and act in a way that leaves you at risk. By following speed limits, observing traffic lights and signs, avoiding texting and complying with other basic traffic laws, you reduce your risk of accident immediately.
• Leave early: When you have an appointment, it’s a good idea to leave the house as early as possible in order to avoid traffic and stress. When you rush to make it to an appointment on time you may make poorer driving decisions in your desire to get to your destination quickly.
• Don’t follow close: Tailgating is a great way to have an accident no matter what time of the night or day that you drive. Generally, it’s a good idea to follow the three-second rule, as that will leave enough room between your vehicle and the one ahead. The three second rule means that you can count to three (using the one-one-thousand method) before passing the same spot as the vehicle in front of you.
• Minimize distraction: Everyone knows that cell phones can be distracting to drivers, but so too can food and drinks, the radio, and other passengers. As a driver, it’s up to you to control your environment. Understand what distracts you while you drive and make sure to adjust the environment so that you can reduce your likelihood of being distracted.
• Learn defensive driving: Not every accident that can occur is your fault, so it’s helpful to also learn how to drive defensively and avoid the mistakes of other drivers. Not only can a defensive driving course keep your car and family safe, it can also save money on your car insurance.

As a driver, you are in charge of your vehicle. Take control and reduce the risk of accidents and claims by driving smart. For Chicago auto insurance quotes or to find out if you need to increase your coverage, give us a call at Oxford Insurance Group.

Why A.M. Best Ratings Matter

Insurance agents can choose between many different carriers for the products they sell. The insurers they choose aren’t just selected because they have affordable rates or generous underwriting standards; they are chosen because they have been assigned good ratings by A.M. Best.

With new insurance options entering the field every day, it’s more important than ever that you and your agent work to find an insurer with an A- or higher A.M. Best rating that can provide the coverage you need at a price you can afford.

A.M. Best Ratings: Assurance of Financial Security

When you buy an insurance policy, you aren’t just making a one-time purchase that you can walk away from with tangible goods; you are making payments on a promise. Insurers make promises to policyholders that they will pay claims out when they are valid and fall under all the conditions of the policy. How do you know an insurer will be able to afford to pay your claims, should you have them though? Furthermore, how do you know they’ll even be around that long? Without a high A.M. Best rating, you really don’t. A.M. Best measures the financial strength of the insurers you’re thinking about doing business with and assigns them a letter rating based on that measure.

In order to assess financial strength and longevity, they evaluate the company’s balance sheet, profile and performance. The balance sheet discloses their assets and liabilities, which can offer indications of the health of the company and the effectiveness of its management.

A.M. Best: Identifying Insurers You Can Trust

Not only can an A.M. Best rating give you the peace of mind you can only have when you know your insurer is capable of fulfilling its promises, but it also shows you that you are doing business with a company you can trust. When you enter into a long-term agreement as important as one for insurance coverage, one that’s meant to make you whole after a disaster, total loss of home, car or life -- doing business with a company that you can trust is more than just important, it’s necessary.

When you work with Oxford Insurance, you can be assured that we only use the top rated companies to help you make the best decisions for the financial future of your Chicago Auto Insurance. Give us a call to get started.