What To Know About GAP Coverage for Financed or Leased Vehicles

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When financing or leasing a vehicle, understanding all your insurance options becomes crucial for protecting your investment. At Insuran, LLC, serving Central Ohio, we help drivers navigate the complexities of GAP coverage and determine when this additional protection makes financial sense.

Understanding the Coverage Gap

GAP stands for Guaranteed Asset Protection, and it addresses a common problem with financed vehicles. New cars depreciate quickly, often losing 20% of their value in the first year. Meanwhile, your loan balance decreases much slower than the vehicle’s actual cash value.

If your car gets totaled or stolen, standard insurance pays only the current market value. This can leave you owing thousands more than what insurance covers. GAP coverage bridges this difference, paying off the remaining loan balance after your primary insurance settlement.

When GAP Coverage Makes Sense

Consider GAP coverage if you made a small down payment, chose a long loan term, or drive significantly more than average miles per year. Leased vehicles almost always benefit from this protection since you’re responsible for the full value if the car is damaged beyond repair.

The cost is relatively small compared to the potential financial exposure. You can usually add GAP coverage through your auto insurance company or purchase it from the dealership, though insurance companies typically offer better rates.

Protecting Your Financial Future

GAP coverage provides peace of mind that a total loss won’t leave you making payments on a vehicle you can no longer drive. Review your financing terms and current vehicle value to determine if this coverage fits your situation. Contact Insuran, LLC, serving Central Ohio, to discuss GAP coverage options and find the right protection for your financed or leased vehicle.

What Is the Difference Between Collision and Comprehensive Auto Insurance?

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Collision and comprehensive are two major parts of your auto insurance policy. Many drivers in Central Ohio get confused by these terms and wonder if they need both types. While some owners may choose not to get collision coverage, Insuran LLC recommends that your car policy have both provisions.

What Collision Insurance Covers

Collision coverage is exactly what it sounds like: it pays for damage to your vehicle resulting from a crash, regardless of who was at fault. The most common scenario involves hitting another car, but it can also involve damage from hitting a stationary object, such as a light pole, guardrail, or tree, or due to a rollover. This coverage is beneficial because it helps cover unexpected repair costs to your vehicle, minus a deductible. Some owners drop collision coverage or increase their deductibles when their vehicle reaches a certain age.

How Comprehensive Insurance Differs

Comprehensive coverage also pays for damage to your vehicle, but under different circumstances. The covered risks include events such as theft, vandalism, fire, flood, hail, or objects falling on your auto. Comprehensive also covers you if you hit an animal while driving. Think of comprehensive coverage as events that are beyond your control. As with collision, comprehensive has a deductible. If damage to your vehicle is $1,500 and you have a $500 deductible, it will pay $1,000 for repairs.

Collision and Comprehensive Work Together

Collision and comprehensive coverage, combined with liability coverage, form full auto insurance, as they help protect your vehicle from different types of physical damage. Let’s say you’re caught in a hailstorm, and you swerve out of control, hitting another vehicle. In such an instance, you would incur damage to your vehicle from hail and colliding with another car. You’d need liability coverage to pay for damage to the other person’s car, and collision coverage for damage your car sustained. Finally, comprehensive coverage would respond to the hail damage to your car.

Contact Insuran LLC, serving central Ohio, to get started on a quote. We’ll help you find auto insurance coverage that meets your needs and budget.

Types of Commercial Insurance That Construction Companies Need

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Construction companies operating in Central Ohio need more than general liability and workers’ compensation insurance to operate. While these types of policies are at the core of what is needed, many contractors need specialized policies to operate. Insuran LLC can help you select the appropriate commercial insurance lines for your business.

Commercial Insurance for Construction Companies

In addition to the general liability and workers’ compensation, construction companies should consider several other commercial lines. These include:

  • Commercial property insurance
  • Professional liability insurance
  • Surety bonds
  • Contractor license bonds
  • Builder’s risk insurance
  • Commercial auto insurance
  • Equipment insurance
  • Pollution liability

You can bundle some of these core commercial policies into a business owner’s policy (BOP). A BOP typically contains general liability, commercial property and business interruption protection. You can also include other types of protection, such as cyber insurance, through endorsements. Commercial auto policies, while essential, are usually issued as separate policies.

What is Wrap-Up Coverage?

Wrap-up coverage is similar to a BOP. Construction companies generally purchase it to cover projects worth millions of dollars or a string of smaller projects that add up. You can choose between Owner-Controlled Insurance Programs (OCIPs) and Contractor-Controlled Insurance Programs (CCIPs).

Why Construction Insurance Matters

Commercial policies are a vital safety net to protect those involved in the construction industry, including owners, contractors, tradespeople, developers, engineers and architects, from unexpected events that can occur during a project. Insurance gives you a financial safety net to rebound from losses, achieve longevity in your field, heighten your credibility, and is often required to bid on certain jobs. Selecting the right mix of policies can make a difference in your business’s future.

Let Insuran LLC help you select the right commercial insurance policies for your construction business needs. Contact our Central Ohio office to get started on your customized protection.

Will Your Home Insurance Require You To Make a Home Inventory?

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If you have a home insurance policy, you may be asked to make a home inventory. Knowing what a home inventory is and how it can help you is important. The professionals at Insuran LLC, serving Central Ohio, can help you decide whether a home inventory is a requirement for your home insurance policy. Here’s what you need to know.

What Is a Home Inventory? 

A home inventory is a record of everything you own. Ideally, a home inventory will record the date something was purchased, how much it was purchased for, model numbers, serial numbers, and so on.

Some homeowners keep their home inventory in a spreadsheet, while others use a home inventory app. And others may use home videos to create their inventory. 

Is a Home Inventory Required for Your Home Insurance Policy?

Requirements for home inventories vary from one home insurance policy to the next. If this is a requirement for your home insurance policy, this information will be in the policy. You can also ask your insurance agent. 

Either way, a home inventory is a good record for all homeowners to have. It makes it easier to recover after a disaster. It can be difficult to remember what you own when you’re trying to replace everything that’s been lost. The home inventory simplifies this process. 

How Can You Make A Home Inventory?

Making a home inventory is easy if you have the right software or equipment. Home inventory apps streamline the process. If you want more information about making a home inventory, talk to your agent at Insuran LLC, serving Central Ohio. 

How Auto Insurance Handles Accidents With Uninsured Drivers

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Getting into an accident is stressful enough, but discovering the other driver doesn’t have insurance can make the situation even more complicated. Unfortunately, millions of drivers operate vehicles without proper coverage, leaving responsible drivers vulnerable to significant financial losses. Insuran LLC in Central Ohio helps drivers understand how proper coverage protects them when facing these challenging situations.

Understanding Uninsured Motorist Coverage

When an uninsured driver causes an accident, their lack of coverage doesn’t automatically make you responsible for the damages. However, without the proper protection, you might struggle to recover costs for vehicle repairs, medical expenses, and other losses. Uninsured motorist coverage specifically addresses this gap, providing compensation when the at-fault driver is unable to pay for the damages they caused. This coverage acts as your safety net in these frustrating situations.

Protection Beyond Basic Requirements

Many drivers assume their standard liability coverage handles all accident scenarios, but this only covers damages you cause to others. Comprehensive protection includes both uninsured and underinsured motorist coverage, ensuring you’re protected even when other drivers carry insufficient insurance limits. This additional coverage typically costs very little compared to the financial protection it provides your family.

Filing Claims and Getting Compensation

When dealing with uninsured driver accidents, your insurance company essentially steps into the role the other driver’s insurer should have played. This means faster claim processing and direct communication with your trusted insurance provider rather than dealing with unknown companies or uncooperative drivers. Proper documentation and prompt reporting help ensure smooth claim resolution and maximum compensation.

Secure Your Financial Protection

Don’t leave your family’s financial security to chance when sharing the road with uninsured drivers. Contact Insuran LLC in Central Ohio today to review your coverage and ensure you have adequate protection against uninsured motorist risks.

Everything to Know About Commercial Auto Insurance as a Rideshare Driver

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If you’re driving for a rideshare company like Uber or Lyft, you’ve likely wondered whether your personal auto insurance is sufficient. The short answer? It’s not. At Insuran LLC, serving Central Ohio, we help drivers understand the importance of commercial auto insurance—and why it’s essential for rideshare drivers.

Why Personal Insurance Isn’t Enough

Most personal auto insurance policies exclude coverage when your vehicle is used for commercial purposes. This means that if you’re in an accident while picking up or dropping off a rider, your claim could be denied. While rideshare companies do provide some coverage, it often comes with gaps, such as high deductibles or limited protections during periods between rides. This is where commercial auto insurance becomes crucial.

What Commercial Auto Insurance Covers

Commercial auto insurance is specifically designed to protect you when your vehicle is used for business purposes—even if that business is giving someone a ride across town. Coverage typically includes:

  • Liability Coverage: Protects you if you’re at fault in an accident and need to cover damages or injuries.
  • Collision Coverage: Pays for repairs to your vehicle after an accident, regardless of fault.
  • Comprehensive Coverage: Covers non-collision events, such as theft, vandalism, or weather-related damage.
  • Uninsured Motorist Protection: Provides coverage if you’re involved in an accident with a driver who doesn’t have insurance.
  • Medical Payments and Legal Fees: Depending on your policy, it may also cover medical expenses and legal costs in the event of a serious incident.

How to Get the Right Policy

Not all commercial auto insurance policies are created equal. It’s important to work with an insurance provider that understands the unique risks associated with rideshare driving. At Insuran LLC, we specialize in helping Central Ohio drivers find policies that fit their needs and budget.

Let’s Protect Your Ride

Being a rideshare driver comes with plenty of responsibilities, but worrying about your insurance shouldn’t be one of them. Contact Insuran LLC, serving Central Ohio, today to learn how commercial auto insurance can keep you, your car, and your passengers protected.

Which Natural Disasters are Covered by a Home Insurance Policy?

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Ohio is no stranger to natural disasters, including severe storms, tornadoes, floods, and landslides. Wildfires and even tropical storms occasionally impact the Buckeye State as well. Fortunately, home insurance policies for Central Ohio homeowners typically cover many of these perils. Commonly covered events include damage caused by wind, fire, tornadoes, and severe storms.

However, flooding is not covered under standard home insurance policies. Homeowners in flood-prone areas should purchase separate flood insurance to protect their property. In fact, some mortgage lenders require flood insurance as a condition for obtaining a home loan. Similarly, landslides are excluded from regular home insurance policies and require a Difference in Conditions (DIC) policy for coverage.

How Much is Covered?

The amount of compensation you receive depends on the limits of your home insurance policy. If your home is highly valuable (worth $1 million or more), you own expensive antiques or collectibles, or you operate a home-based business, you may need additional coverage to ensure full compensation in the event of a natural disaster. Additionally, it’s important to note that vehicles are not covered under home insurance policies. To protect your car from damage caused by natural disasters, you’ll need a comprehensive auto insurance policy.

Call Insuran LLC for More Information

If you own a home in Central Ohio and want to learn more about your coverage options and limits, contact Insuran LLC. Our team is here to provide personalized assistance, helping you review policy options, set deductibles, and select an insurance policy or bundle that meets your needs while staying within your budget. Call us today to get started.

Central Ohio Drivers: Is Your Auto Policy Truly Ready?

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When you get licensed and purchase a vehicle in Central Ohio, you may assume you’re all set. By state requirements, you are. However, if you haven’t taken the time to customize your policy, you might not be fully prepared for the road. At Insuran LLC, we’re here to ensure your auto policy aligns with your needs and driving habits.

Going Beyond State Requirements

State law mandates a minimum amount of liability coverage. This ensures you’re protected if you cause property damage or personal injury in an accident. However, you can opt for additional coverage to safeguard against a wider range of scenarios. This includes collision coverage, comprehensive coverage, and uninsured motorist coverage.

Understanding Your Driving Habits

Your driving habits play a significant role in determining the type of coverage you need. For instance, if you frequently drive in busy areas of Central Ohio where accidents are more common, you may want to increase your liability coverage beyond the state minimum.

If you’ve been involved in multiple accidents or have a history of speeding tickets, your insurance premiums may be higher. Taking a defensive driving course can help lower your costs while improving your driving skills.

By evaluating your habits and concerns, you can ensure your policy is both comprehensive and affordable.

Get Help from a Professional Agent

There are countless auto insurance companies out there, all claiming to offer the “perfect” policy. Unfortunately, many rely on generic automated questions and fail to provide personalized advice.

At Insuran LLC, we take a different approach. Our agents take the time to understand your unique needs and driving habits, offering tailored recommendations to ensure your policy is ready for the roads of Central Ohio. Contact us today to get started!

How to Get Affordable Commercial Auto Insurance For Ride Sharing Services

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Driving for a ride-sharing service offers a flexible way to earn income, but it also transforms your car into your business. Just like any business, it’s crucial to have the appropriate insurance. At Insuran LLC in Central Ohio, we assist ride-share drivers daily in finding commercial auto insurance that suits their needs and budget.

The Importance of Commercial Coverage

When your vehicle is used for business purposes, personal auto insurance typically won’t cover you if an incident occurs. That’s because ride-sharing introduces different risks, such as increased time on the road and transporting passengers. Commercial auto insurance is designed to bridge this gap, ensuring you’re not left with out-of-pocket expenses after an accident.

Securing the Right Policy at the Right Price

Affordability is crucial, especially if you’re starting out or aiming to keep expenses low. Fortunately, there are ways to reduce your premium without compromising on protection. Collaborating with an insurance agency that understands ride-sharing is an excellent first step. They can help identify discounts you may be eligible for or customize coverage to your specific driving habits. Safe driving, maintaining your vehicle in excellent condition, and even selecting a car with high safety ratings can all influence what you pay.

We’re Here to Help You Navigate the Options

Commercial auto insurance doesn’t have to be confusing or expensive. With the proper guidance, you can secure the protection you need at a price that suits you. If you’re driving for a ride-sharing service, let Insuran LLC in Central Ohio help you find a plan that fits. Contact us today and discover how straightforward, affordable coverage can be.

The Role of Home Insurance in Protecting Against Liability Issues

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At Insuran LLC, serving Central Ohio, our mission is to safeguard homeowners. We strive to educate homeowners about how home insurance protects against certain liability issues. If you’ve paid off your home and are considering canceling your home insurance, we urge you to reconsider based on the following information.

Potential Injuries on Your Property

If a guest slips on icy steps, trips on uneven pavement, or is bitten by your dog, you could be held legally responsible. In Michigan, where icy walkways and winter hazards are prevalent, these risks escalate during the colder months. Liability coverage can help pay for medical bills and legal defense if you are found at fault.

Property Damage to Others

Liability coverage isn’t limited to physical injuries. If your tree falls on a neighbor’s shed or your child breaks a neighbor’s window while playing, your home insurance may help cover repair costs. These types of incidents occur more frequently than many homeowners realize.

Legal Protection

If someone files a lawsuit against you over an incident related to your home or your actions, liability coverage can help cover legal fees, settlements, or judgments. This is particularly crucial if the claim is serious or involves long-term injury.

Unexpected Everyday Situations

Accidents can occur in daily life. A friend might fall during a backyard barbecue, or a delivery person might get injured walking up your front steps. These situations are often covered under the liability portion of a standard home insurance policy.

Contact your insurance representative at Insuran LLC serving Central Ohio to learn more about your home insurance needs. Regularly reviewing your policy to ensure sufficient liability limits can make a significant difference when the unexpected happens, right in your own front yard.