New Mexico Car Insurance

I received my agent’s license, and commenced to sell New Mexico automobile insurance in the year 1995. I was working for an agency at the time and was quickly introduced to the arena of insurance. It was fascinating to me then, and it staggers me today how very little some of the people understand about the ideas of insurance. I’m going to give you an exaggerated example of what I am talking about. It was really one of the first policies that I ever sold. An white hair man walked into the office and said that he wished to buy insurance on his 1970 something pickup wagon. The car was more than 20 years old and I knew that actual damage coverage was intended to be tricky to get, and also not needed ; I did not even offer it to him. I asked for his driver license and registration and proceeded to quote a culpability policy with uninsured motorist coverage. I believed that this would be acceptable for his wants and he was fond of the price, so I wrote the policy. He signed the application and paid me his cash. I photocopied the signed application, gave him an invoice and evidence of insurance card and told he he had New Mexico vehicle insurance.

I’ll never forget his reply for so long as I live : OK, I want to lodge a claim.

You see, my truck burned up in a fire yesterday evening and I need for you to pay for the damages. If you would like to see the vehicle I have got it loaded on a flatbed trailer and parked good outside your office.

Would you like to see it? I was so astounded and gobsmacked at his answer that the one thing that I could think about to assert was : yeah, let’s go look. He walked me out to his wagon, and sure enough it was burned to a crisp, I mean the seat were nothing except burned foam and metal, and the paint was burned and black, there had been not an electric wire in the entire auto that was not absolutely burned and black.

I looked at him and declared : This occurred yesterday evening, right? And he responded that it did occur yesterday evening, and he even told me precisely how it occurred. I do not remember today how the lorry burned, but he told me about it. I then explained to him about the insuring agreement in the insurance contract, and that it wouldn’t provide coverage for any event which happened before the time that coverage was bound, or after the time the coverage expired or canceled. I did not even trouble to mention he had no physiological damage coverage. He believed the insuring agreement was a scam to mug folk of their cash. I was under the impression that he was really unlettered and gullible to suspect that the insurer would consent to fix his vehicle outside the insuring agreement. My opinion is that most of the people are far more educated about insurance than the example above, it does illustrate an exceedingly excellent point, and that’s that New Mexico automobile insurance is a complicated contract and you want to talk with an expert about your insurance wishes.

Boat Insurance

What is one of the best things to do in the summer time? For me, it is going out on the lake. Spending a day or two fishing, swimming, and riding around on a boat. However, being on a boat can be dangerous and you need to make sure that you and your property are covered in case an unexpected event happens. Even if you take every precaution and are as safe as you possibly can be, you can not control everything. The weather could change abruptly and cause you to lose control of you boat, or another boat could come along and hit you or make you hit something else. There really is no sure-fire way to stay 100% safe while out on a body of water, so make sure you are prepared.

Marine InsuranceYou are NOT required by law to have coverage on your boar, but if you don’t and something happens, it can get pretty pricey very quickly. Liability insurance for a boat is generally less than one hundred dollars a year for coverage. Full coverage is a little more expensive depending on the value of your boat. Your premium depends on if you use your boat on the ocean or just lakes. Also the hull material, propulsion type, sail, motor, and types of activities you do are factored into your premium.

Two of the most important coverages to have on your boat are salvage and recovery. This will pay to have your boat recovered if it sinks. It will also save you from having to pay the EPA money for the oil and pollutants that your boat will contaminate the water with, in the event that it sinks or is damaged while on the water. If you do not have this coverage then you will have to pay out of pocket for the recovery of your boat and the EPA could also sue you for polluting the water. Both of which will be extremely expensive.

Another coverage you can get is for your fishing gear. If you have a lot of money invested in your fishing gear, this would be a must-have. No one wants to pay out of pocket for the same stuff twice if they don’t have to, right?

So before you take your boat out for the summer, be sure you are covered in case of an unfortunate event. It is always better to be prepared and have insurance than it is to be caught off guard by something that is out of your control and end up paying thousands of dollars for repairs, damages, medical bills, etc.

Things to Look for in Home Owner’s Insurance Coverage

New Mexico Home InsuranceFor those of you who are looking for home owners insurance there are a few things that you do not want to go without.
First and foremost you want to make sure you have is adequate dwelling coverage. Never insure your home for less than 80% of it’s value. The reason for that is the co-insurance clause. The co-insurance clause states that if you insure your home for less than 80% of it’s value then the insurance company will only pay for the same percentage of the claim that the home to value was insured at. Let me explain. Say you have a home valued at $150,000 and you only get coverage for 50% of it’s value, that would mean that you purchased $75,000 of dwelling coverage. If you have damages that total $30,000 the insurance company is only going to give you $15,000 to help repair it, or 50% of the claim amount the same percentage that you insured your home for. Who has $15,000 just laying around to pay the other half of the damages? 80% is the magic number when it comes to insuring your home, but don’t stop there because item number 2 in coming right up.
Another thing you want to look for in a home owners policy is replacement cost value on your dwelling and on your personal property. If something catastrophic happens and your home is ruined, along with every other home within a ten mile radius, the cost of replacing your home is going to go up due to the shortage of building supplies and contractors. It’s ideal to have replacement cost value on your home of either 110%, 125%, or 150%, that way you are covered for any additional costs that may arise. Take special note of your personal property coverage the words you want to avoid seeing on your policy are comprehensive. Now, let me be clear if your policy states comprehensive personal effects coverage followed by replacement cost coverage on personal effects – that is ok. If you have comprehensive only and do not have replacement cost value then you are only going to get paid for what your personal property is worth today, not the day you purchased it. So a computer that you paid $2,000 for three months ago is only worth maybe $500 today. You want to get the $2,000 so you can purchase another computer instead of having to come up with another $1,500 yourself.
The other thing that you are going to want on your home owners insurance is loss of use coverage. Say something happens to your house and it is no longer habitable until some repairs are made. What are you going to do for renting a room or another home while yours gets fixed? If you have loss of use coverage, your insurance company will pay your rent until your home is livable again. Depending on the damages, that could take anywhere from a couple of weeks to a year.
I hope that I have helped you figure out what you want and need in a home owners policy. More is always best, you do not want to skimp when it comes to your home and your possessions.

Why Should I Buy Uninsured Motorist Coverage on My New Mexico Auto Insurance Policy

Nicole Whiting

Not every insurance agency places uninsured motorist coverage on every policy they write. There are some insurance agencies that only put it on a policy if the customer specifically asks for it. ABC Insurance Services is not one of those companies. We put uninsured motorist on every single policy we sell, whether the customer asks for it or not. The reason we do that is because not every person on the road has insurance, and we want to make sure that if one of them hits you or damages your vehicle in any way, then you will be able to have your car repaired, or replaced, depending on the severity of the damage.

If you are at a store and you come out to find that your vehicle has been damaged by an unknown person while you were in the store, and they left without giving you their Uninsured Motorist Insurance information, uninsured motorist coverage on your policy will cover that for you as well. The same things goes for a hit and run while you are driving your vehicle. If the police can not find the vehicle responsible, your uninsured motorist coverage will make sure your vehicle is repaired.

Let me tell you a story about an instance that I had when I used my uninsured motorist coverage to file a claim. I was at home, my car was parked on the side of the street right in front of my house. I went outside in the morning to go to school and I noticed that the whole drivers side of my car was damaged. It looked like a car had ran into it with the side of the vehicle and kept going so the damages started at the front bumper and continued all the way to the back bumper. The person responsible did not leave a note or any of their information so that there was no way for me to hold them accountable for the damages to my vehicle. I filed a police report and contacted my insurance company and even though I only requested liability coverage on my car, I also had uninsured motorist coverage. The adjuster that came out to look at my car determined that it was going to cost more to repair it than the car was worth. My car being a total loss, they cut me a check for the value of the car and I was able to use that money to purchase a different vehicle.

Now, if I did not have uninsured motorist on my policy then I would have been out a car because I did not have the several thousand dollars on hand to purchase a new vehicle.

I encourage you to look closely at your insurance policy and make sure you have uninsured motorist coverage just in case you need it one day.

Medical Payments Coverage on Your Personal Auto Policy

New Mexico Car InsuranceMany of you do not have medical coverage on your auto insurance policies. It only raises your monthly payment by a couple of dollars and it can bring you more peace of mind than you know.

Let me tell you a story about how medical coverage kept me from stressing about the well-being of my unborn baby. My husband and I were traveling from Farmington, NM to Phoenix, AZ when we got hit by a drunk driver. Our car was totaled. Luckily, no one was seriously injured, but I was 8 weeks pregnant. The medical coverage on our insurance paid for me to get three more sonograms during my first two trimesters that my private insurance would not have paid for. Being a first time mom can be stressful enough without adding the worry about side effects from an accident. The medical coverage from the insurance allowed me to get a sonogram at 10 weeks pregnant. Being able to count my babies fingers and toes gave me some relief, but I knew that the effects of a traumatic experience could have other effects on my baby that may not show up right away; so over the course of the next several weeks I got two more sonograms and was reassured by the healthy growth and positive feedback from my doctor.

Now, I realize that most of you will never be in the same situation I found myself in at that time, but medical coverage on your auto insurance can also help you pay for any co-pays that would otherwise be out-of-pocket. Co-pays can range anywhere from ten to fifty dollars per visit. Additionally, the medical payments coverage will also pay for the co-insurance limit. It is not uncommon to have a five thousand dollar co-insurance limit depending on the private insurance company. The injuries that you have, and the doctors that you see can also affect your total out-of-pocket expenses. While medical insurance may limit the doctor that you can see and the procedures that are paid for there is no such limitation on your Medical Payment coverage.

So before you decide to save a few dollars every month by not adding medical to your policy, take a look at your private insurance co-pays and out-of-pocket expenses and make sure that you can afford, at any given time, to pay the max amount you would need for serious injuries.