Archive for November, 2016

5 Lies People Tell Themselves to Keep from Buying Life Insurance

Friday, November 18th, 2016
family buying life insurance

What’s holding you back from getting life insurance?

Do you have life insurance? A surprising number of Americans don’t have life insurance. Only 44% of Americans have individual life insurance as of 2010. And out of that 44%, 40% think that the insurance they have isn’t enough. So, what is holding people back from buying life insurance? Here are the top 5 comforting lies that Americans tell themselves to keep from buying life insurance. (more…)

What Happens When a Car is Totaled?

Friday, November 11th, 2016
totaled car in the middle of the road

What do you do when your car is declared a total loss?

How do you tell if a car is totaled? And what happens next?

If you have a car accident, your claims adjuster can help you find out if the car is totaled or not. This process begins with calculating the Actual Cash Value (ACV) by factoring in the original cost of the car and the depreciation of the value over the time that you’re owned it. Your adjuster will also factor in the value of your vehicle in your local market and the resale value of the parts and metal, called the “salvage value.” Finally, your adjuster accounts for any potentially unseen damage.

If the cost of repair plus the salvage value is more than the ACV, then the vehicle is declared totaled, or “a total loss” in insurance speak. It may seem like a lot of cars must get declared total losses this way, but actually only 12% of Erie Insurance’s vehicle claims are declared total losses. (more…)

How to Choose a Deductible

Friday, November 4th, 2016
choose a deductible

It can be difficult to choose a deductible; how do you choose the best one for you?

When you’re looking at different insurance plans, you’ll have to choose a deductible. This is how much money you would have to pay out of pocket before your insurance kicks in. Deductibles can range from anywhere between $0 and $10,000. Of course, the lower your deductible, the higher your premium. So, how can you tell which deductible is right for you? (more…)