What Happens If I Don’t Get Auto Insurance?

Posted on May 28, 2018 by AgentInsure

In the state of North Carolina, you are required to carry auto insurance on your vehicle. However, if money is tight, you may find yourself wondering what actually happens if you don’t get or drop your auto insurance coverage. Here at Don Allred Insurance, serving the greater Burlington, NC area, we want to let you know just how important auto insurance is and why you should always carry auto insurance on your vehicle. Here are three things that can happen if you don’t get auto insurance.

Your Registration Can Be Revoked

In the state of North Carolina, you are required to have auto insurance to register your car. Without auto insurance, you cannot register your car. But, if you drop your auto insurance after registering your car, the registration can be revoked until you show proof that you have auto insurance.

You Can Face High Fines

If you are pulled over, law enforcement will ask you for your license, registration, and proof of insurance. If you do not have insurance, you can be fined. Not only this, but your car can be towed and impounded since it is illegal for you to be driving without insurance.

You Will Have to Pay Auto Accident Damage Out-of-Pocket

The last thing that can happen if you don’t have auto insurance is that you will have to pay for any auto accident damage out of your own money. If you are involved in a car accident, you have to pay for the damage you caused, which can amount to thousands of dollars.

If money is tight, dropping your auto insurance can only make the situation worse. Look to balance your budget in other ways. If you have already dropped your auto insurance or need a new policy in the greater Burlington, NC area, Don Allred Insurance can help you get the coverage you need. Call us to get started

The basics of auto insurance

Posted on April 23, 2018 by AgentInsure

Insurance policies and laws vary from state to state. Despite the fact that different states have specific auto insurance commands, the majority of car policies consist of six basic types of coverage as explained by auto insurance experts, Burlington, NC, Don Allred Insurance:

Body injury liability – This liability coverage applies to injuries caused to the policyholder, the designated driver and family members listed on the policy. It is therefore advisable to have enough liability insurance, more than the state required minimum.

Personal injury protection – This covers treatment and medical payments of injuries caused to the passengers and driver of the policyholder.

Property damage liability – This covers the damage you the driver or someone driving the vehicle cause to another person’s property which can be another car, building, and fence or lamp posts.

Collision – This coverage pays for damages caused by a collision with another car, object or flipping over. Usually, it’s sold with a separate deductible and in case you are at fault, the collision covers the cost of repair less the deductible and if you are not at fault you get reimbursed the deductible amount too.

Comprehensive – Comprehensive coverage reimburses the policyholder loss caused by something else other than collision. This includes theft or events such as fire, explosions, floods, vandalism and falling objects. It is also sold with a separate deductible although in other cases, a glass portion is usually offered.

Underinsured and Insured auto coverage – This auto coverage reimburses a designated driver, a member of your family or the policyholder himself on an event where you are hit by an insured driver or a driver whose insurance is insufficient to pay for your total loss. In case you are struck by an underinsured or uninsured motorist or you are a victim of a hit and run, this coverage also offers protection to bother the driver or pedestrian.

For specific policy information in your state, it’s important to contact your state insurance department or licensed local insurance agent.

How Do You Figure How Much Home Insurance You Need?

Posted on April 9, 2018 by AgentInsure

All homeowners should have home insurance, but knowing exactly how much insurance to purchase may be confusing for some. There are a few rules of thumb to follow that can help you may a smart decision, however, you should consult an experienced insurance agent before making a decision.

How Much Is Enough

Generally, people wanting to purchase home insurance should take the total cost to build their home and factor in the value of the contents. If you have outside structures you should also factor the value of the structure and the contents if the insurance policy covers additions and external building. Once you have a figure, you should round up to the next available amount of coverage. You can choose from actual value or replacement cost insurance. The actual value insurance policy covers the value of the property at the time of the insurance purchase minus depreciation. The replacement cost insurance policy will cover the cost to replace covered items at the time of the covered event based on the fair market value of materials and labor.

Get Quality Insurance

Make sure you purchase quality insurance for your home. Do business with an insurance company that cares about their customers and will help you every step of the way from purchasing the policy to filing a claim. If you own a home in or around Burlington, NC, you should consult Don Allred Insurance for help finding the right policy.

Residents living in Burlington, NC and the surrounding areas can count on Don Allred Insurance to help them get the coverage they need to protect their home and their belongings. For more information call or stop by to speak to a helpful representative today.

How Much Life Insurance Should I Get?

Posted on March 30, 2018 by AgentInsure

One of the most important types of insurance coverage that someone can get is life insurance. When you are looking for a new life insurance policy, choosing the right type of policy and amount of coverage is very challenging. For those that are in the Burlington, NC area, there are several factors that should be considered when you are getting a life insurance policy.

Salary Replacement

When you are trying to build a new life insurance policy, one important factor to consider is how much salary you need your policy to replace. If you have people in your family that are dependent on your salary, you will want to make sure that they are covered for the foreseeable future. Generally, you should have a policy that provides you with at least five to ten times your annual salary.

Debts

If you have personal debt in places, such as auto loan, mortgages, student loans, and other expenses, you will also want to make sure these debts can be paid off. Depending on the type of debts that you have and your personal financial situation, adding the amount of debt to your policy would be helpful.

Future Costs

Another factor to consider is future costs that you will need to be responsible for. There are many future costs, such as paying for retirement for your spouse or college education bills that should be factored into your life insurance policy when you are building your next policy.

Since picking the right life insurance policy and getting the right level of coverage is important, Burlington, NC area consumers should contact the Don Allred Insurance company. Don Allred Insurance will be able to help you better understand your insurance needs and get you into the right policy with the right amount of coverage.

How Expensive Is Life Insurance On Children?

Posted on February 21, 2018 by AgentInsure

Life insurance serves as a way to provide financial benefits to your beneficiaries in the event of your death. If you have had someone in your life who has passed away and left you as the beneficiary, then you know first hand how advantageous it is to have someone think of you in this way. This is why it is so important for you to have a Burlington, NC policy and name your children as the beneficiaries. Also important is that while your children are young, you can set them up policies so that they can leave their children with life insurance benefits. In fact, the younger your children are when you invest in this type of policy for them, the cheaper the rates will be.

How old do children have to be to get life insurance?

There is no age minimum for children regarding when you can buy a life insurance policy for them. The younger and healthier they are, though, the lower the premium rate will be. And many times, you can buy a policy with a locked in rate, making it exceptionally affordable for your children to continue their policies even after you passed away and are no longer paying for it.

How cheap is life insurance on children?

Because life insurance policies vary from one carrier to another, you will need to speak with an insurance agent to determine how much it is going to cost to buy life insurance for your children. There are other factors that will impact the rate as well, including whether your children have certain health conditions, such as heart complications. Health problems don’t always necessarily mean a rate will increase, though.

To learn more about life insurance, as well as other types of insurance, including commercial policies, contact Don Allred Insurance today serving the Burlington, NC area.

The Comprehensive Coverage Necessary for Full Home Protection in Burlington

Posted on January 29, 2018 by AgentInsure

Don Allred Insurance is proud to serve the comprehensive home insurance needs of their clients in the greater Burlington, NC area. When you are determining the policy coverage that is most appropriate for your needs and personal situation, bear in mind that your primary homeowner’s policy may not be sufficient. There are many additional coverages that are available, and by opting to include them in your overall coverage you will gain the peace of mind that comes with knowing that you and your family are protected should any of the covered events occur. In addition to your primary policy, it may be appropriate in your situation to also put the following coverages in place:

Fire
Flood
Weather-Related Damage
Theft
Water Damage
Electrical Mishaps

Review with your agent the amount of coverage that is is included in your primary policy, and determine if the coverage levels are sufficient. In many cases, you may choose to put additional coverage in place in order to have more comprehensive insurance in place to protect your family home.

The knowledgeable agents at Don Allred Insurance can help to guide you through the process and explain the different types of additional policies that are available to make your primary homeowner policy more comprehensive. Having the correct coverage in place may also help when it comes time to file a claim for damage.

If you are a new resident in the greater Burlington, NC area or have lived here a while, our agency is here to help you put the most appropriate coverage in place to ensure that you and your family are protected from both man-made and natural disasters. Please call us today or stop by the office to meet with one of our friendly agents.

Do I Need Comprehensive Coverage or Liability on my Car?

Posted on January 22, 2018 by AgentInsure

The law requires all drivers to have either comprehensive or liability insurance coverage. The price difference in these types of coverage can be rather substantial. One big question car owners have is whether or not they need comprehensive insurance or if liability will be enough. These tips from Don Allred Insurance can help Burlington, NC residents determine what type of auto insurance they need.

What’s the Difference?

Comprehensive insurance covers a whole lot more than liability insurance. While coverage levels can vary, if you have an accident, even if it is deemed your fault, comprehensive insurance will, most of the time, cover repairing your car as well as the damage of the car you hit. Because the coverage is greater, the premiums for comprehensive insurance are more costly.

Liability insurance is less expensive but covers much less. If you have an accident, your insurance will pay for the repairs of the other party’s vehicle, but you will have to pay for the repairs to your own vehicle.

Do I Really Need Comprehensive Coverage?

First of all, if you owe money on your car, it is likely that the lender requires you to have comprehensive insurance coverage on it just to protect themselves. However, once your car is paid for you can decide what level of insurance you need.

In some cases, it may make sense to simply pay for liability coverage. If you drive an older vehicle that is not worth very much money, you may be better off saving the money. Often, repairs after an accident may cost more than the vehicle is worth, causing the insurance company to total out the car. If you have an emergency fund in the bank with which you could repair or replace a car that is badly damaged in a wreck, it might make sense to simply have liability insurance on your car. If you don’t have the extra funds saved up, you probably should keep your comprehensive insurance.

In general, a good rule of thumb is that you may want to just have liability insurance if the extra yearly cost of comprehensive insurance exceeds ten percent of the value of the car.

To get more help determining what level of coverage is best for your situation, contact Don Allred Insurance, serving the Burlington, NC area.

Comparing Life Insurance Policies In Burlington, NC

Posted on December 11, 2017 by AgentInsure

Shopping for life insurance is challenging. The goal is to find the most comprehensive coverage at a competitive rate. Learn how to compare life insurance policies in Burlington, NC to find the right one.

The Purpose of Life Insurance

After you die, life insurance provides money to help your beneficiaries take care of living expenses, funeral costs, and bills. Some policies provide benefits when the policyholder is still alive, in the event of a debilitating injury or illness. Factors to consider when choosing life insurance include age, assets, and people who rely on your income for support.

Permanent Life Insurance

Life insurance involves little or no financial risk. Paying the premiums on-time ensures a guaranteed death benefit. Permanent life insurance policies, such as variable, whole and universal, build cash value while the policyholder is alive. Buying a whole life insurance policy at a young age often means paying a lower rate. However, the cost can increase significantly with age.

Term Life Insurance

Term life insurance renews either annually or in term periods of five, 10, 15, 20, 25, 30 or more years. The premiums may increase after each term, based on the policyholder’s age. A term life insurance policy has no cash value. But term life insurance is often less costly than permanent life insurance. There are also policies that are a combination of term and permanent life.

Life Insurance Premiums

Much like any other type of insurance, the level of risk helps determine life insurance premiums. Factors to consider include age, gender, and medical condition. People who use tobacco and engage in risky hobbies or occupations may pay higher premiums.

An insurance professional at Don Allred Insurance can help people find the right level of coverage for their unique budgets and needs. Contact Don Allred Insurance to learn more about comparing life insurance policies.

When is it safe to borrow against your life insurance policy?

Posted on November 20, 2017 by AgentInsure

The agents of Don Allred Insurance offer residents who live in the Burlington, NC area a comprehensive list of insurance policies, including permanent and whole life forms of life insurance. They can help you choose the right type of policy by explaining the benefits of each one. One of the main benefits of these two types of policies is that you can borrow against them once a sufficient amount of equity has been established.

Permanent and Whole Life Policies

Permanent and whole life policies are the only two types of policies that can be borrowed against. A permanent life insurance policy is also referred to as a cash value policy. It will pay out whenever you pass away. It also holds its cash value. A whole life policy also lasts for your entire lifetime. Premiums must be paid until the policy reaches its maturity. Both of these policies build equity that you can borrow against.

The Benefits of a Life Insurance Loan

If you have the right type of policy and have established enough equity, you can borrow against the policy. This type of loan offers many benefits including:

No application
No questions
Doesn’t affect your credit score
Low-interest rates
No repayment plan is needed or required

The only cost of borrowing against your policy is to pay the premiums to keep the policy active.

If you live in or near the Burlington, NC area and have questions concerning your life insurance policy and whether you can borrow against it, call the agents of Don Allred Insurance Agency. They will be able to provide you with the information you need. They can also write policies that are designed to make sure you have sufficient coverage so that your family remains protected at all times.

5 Steps to a Winter-Ready Home

Posted on October 26, 2017 by AgentInsure

Winter is quickly approaching for residents in the Burlington, NC area. Prepare your home to reduce weather-related damage and heating costs.

Plumbing

Shut off your yard’s automatic drip system. Drain the lines to prevent freezing and cracking.
Insulate pipes that come in from the outside, as these can sustain damage from cold temperatures as well.
Teach your family members how to shut off the main water source. Quick action can prevent serious damage from burst pipes.

Heating

Seal up cracks around doors and windows to keep warm air inside. Weather stripping or caulk is easy to apply and can save you loads of money.
Check your basement and attic. Cracks and thinning insulation can rob your house of heat and raise your monthly bills.
Have your fireplace professionally inspected before lighting it for the first time. Dirty or blocked flues can trap toxic gases that make your family ill.

Paperwork

Is your home covered for damage caused by winter conditions? Contact Don Allred Insurance to make sure your home insurance coverage is complete.
Locate warranties for lawnmowers and other motorized equipment that will be stored outside of the home. You may need them if your items stop working due to cold damage.

Outside

Bring garden hoses inside. Roll and store so they’re ready for spring.
Wrap outside air conditioning units in thick plastic to keep them clean and mold and mildew-free.
Prepare snow shovels, blowers, and other winter maintenance tools. Keep them in an easily accessible place.

Indoor Air Quality

Get your HVAC system serviced. Technicians will clean or change the filters and clear the system of harmful bacteria build-up before it ends up in your air.
Consider a humidifier to help combat respiratory issues from dry indoor air.

Need more ideas for prepping your family home for winter? Contact the insurance experts at Don Allred Insurance. We proudly serve the residents of Burlington, NC with insurance products and information to protect the things they love most.

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