What Are Your Auto Bodily Injury Options & Which Should You Choose?

Has anyone ever explained to you what your liability options are on a personal policy and how it covers you? Did you know that choosing the correct amount of liability coverage can help protect your assets?

When you purchase a Home or Auto insurance plan it’s important to understand the role your liability coverage plays, and choosing the right liability option can help protect you and your family:

Bodily Injury Limits

“I just need the cheapest insurance policy.”

“I don’t want to be over insured.”

“Someone can’t take what I don’t have.”

These phrases and their like are common when dealing with auto insurance. Yes, insurance is a bill that most of us would rather not pay. However, whether you understand its’ role or not, insurance helps protect you.

Your bodily injury limits on your auto insurance policy cover others that may be injured from an accident where you’re held legally liable. In other words, it protects you up to the policy amounts where you’re held responsible. The required Virginia state minimum coverage is $25,000/$50,000/$20,000 for an auto insurance policy. How is this read? It’s simple.

Let’s say you rear-end another vehicle at a stop light. The driver and passenger both go to the hospital, their vehicle is severely damaged, and you’re found at-fault for the incident. If your policy contains the above limits, it means your policy will pay the injured party no more than $25,000 per person and no more than $50,000 per accident. It’ll also pay up to $20,000 for property damage (their car). So if their bills total $100,000 or a lawsuit is filed the above limits are the maximum amount your policy will pay. Once your insurance policy limits are exhausted, you may be left with the remaining bill.

Depending on your situation, it may only cost a few dollars more per month to increase your liability limits.

If you’re a homeowner it’s generally recommended to carry no less than liability limits of $100,000/$300,000/$100,000. Higher limits are also available and you if you have more assets that need protecting you should ask about an Umbrella policy (excess liability).

Think About What’s Out There

It’s not secret that medical costs are rising. Vehicles are now equipped more technology and so are their costs. Lawyers haven’t disappeared.

Talk to our Family of Independent Agents today and see what coverage options are available to you. For over 50 years we’ve served families across the Commonwealth of Virginia.

Let us help.

Accessing Your Attic: Find Out About What Your Home Insurance Policy Says About Utilizing This Space

How many stairs are you willing to climb to get the most benefit from every single inch of your living space? Converting your unfinished attic can affect your home insurance, and it mostly depends on what you plan to do with your space.

Here are just a few home insurance considerations to ponder before you begin your utilization of your attic space:

  • What is the space going to be used for? Is this space going to be a bedroom, a complete dormer, an entertainment area, a nursery? Your insurance responsibilities differ according to how space will be used.
  • Do you plan on renting the space to a family member or outsider? There are several additional consideration that you must review if you are going to rent the space. It will also have ramifications on your entire home insurance policy.
  • What utilities do you want to have in your attic space?  Will you need air-conditioning? Will you need heat? Is this space going to be used during all four seasons of the year?
  • What amenities do you want to place in your attic renovation? Will there be a bathroom? Will there be a kitchen area? Will there be entertainment space?

Market Value vs Replacement Cost

If I only paid $180,000 for my home, why does my insurance company want me to insure it for $225,000?

One of the biggest questions regarding home insurance centers around the amount of coverage to place on your home. Most homeowners assume the amount of coverage will be equal to the amount they paid for their house or the amount your town/county taxes places on your property.

It’s important to understand the difference between these two methods of valuation:

Market value. This is the price paid for your home. Real estate and property tax estimates are based on market value. It’s a method that values property based upon the amount a willing buyer would pay to a willing seller. In other words, the current value of your home based on market prices.

Replacement cost. The cost it will take to rebuild your house in the same spot, at the same size, and with the same quality of construction at today’s costs. Insurance companies use replacement cost, not market value. The specific configurations of your home (ex. square footage, brick or frame, garages, bathrooms, custom kitchens, etc..)  are used to determine the approximate replacement cost.

Here To Help Serve You

If you’re already a homeowner or anticipating a home closing, contact us today.

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available. We’re here to serve you.

Let us help.

Multiple Options For Your Home or Rental Property

We all love options. Having only one path, especially when purchasing a product, can make us feel uneasy. Think about the last time you purchased a car, a home, or even dinner. You had lots of options for each of these purchases, and were never limited to just one choice. Insurance is no different. Though the same three or four insurance companies run endless, and sometimes funny, TV and radio commercials they represent only a small portion of available insurance providers.

  • Is there a better option?
  • Am I paying too much?
  • Does this company fit my billing needs?
  • Are there specific coverages I should know about?

Multiple Carriers, Multiple Options

At Dove Insurance Agency, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available. We’re here to serve you. Check at this list of just some of the insurance companies we represent for home and property insurance:

  • Progressive Home
  • Travelers Insurance
  • Safeco (part of Liberty Mutual)
  • The Hartford
  • Northern Neck Insurance
  • Lititz Mutual
  • National General Insurance
  • Universal Property & Casualty
  • Mercury Insurance
  • State Auto
  • Grange Insurance
  • and more!

Check out what other people are saying about Dove Insurance Agency.

New Rider? Quick Guide To Motorcycle Insurance

For starters, if you’re a new motorcycle rider, congratulations! Not only are motorcycles a great way to enjoy the open roads of the Blue Ridge Mountains and view the scenery of Southwest Virginia, but it’s also a convenient and possible cost saving means of transportation.

Besides learning to ride, obtaining proper Motorcycle Insurance is a critical part of the process. Much like protective gear, insuring your bike can help keep your mind clear and focused on the road ahead. So what’s inside a motorcycle policy? Take a look and familiarize yourself with these terms so you know what to look for:

Liability Coverage

Like an auto insurance policy, liability coverage covers you for personal injury and/or property damage that you’re liable for while operating your motorcycle. Virginia requires a minimum of $25,000 per person/$50,000 per accident/$20,000 property damage per accident. Higher limits are available and differ for each company.

Uninsured Motorist Coverage and Uninsured Motorist Property Damage

This provides coverage for you if another party damages your bike or injures you in an accident, and either does not have insurance, carries too little insurance to cover your bills, or you’re involved in a hit or run. UM/UIM pay for damages to your motorcycle, your injuries/medical bills, and lost wages if you can’t work.

Note that available coverage is usually limited to no more than your liability coverage limits.

Comprehensive and Collision Coverage

Physical damage coverage for your bike. Motorcyclists take note that this also covers your bike if it’s stolen, vandalized, of if you tun the bike over. Deductibles are available in many options and some insurance providers offer a disappearing deductible.

Medical Payments

Pays for your medical bills (or your passengers’) if you’re in an accident, regardless of who is at fault. Do note that your medical insurance is primary.

Total Loss Coverage, Carried Contents Coverage, Enhanced Injury Protection, Transportation Expenses, Towing/Roadside, and More!

Motorcycle Insurance policies are personalized to your coverage needs. There are numerous carriers to choose from and each one looks at you and your bike in a different way. With the help of our Family of Independent Agents, we help you find a policy tailored to your needs at a competitive price. We represent many of the top Motorcycle Insurance companies in the country, and work for you, not them.

Let us help.

Law of Large Numbers

When you think of insurance as a financial product how big do you imagine? Or put another way, how many people do you imagine when you think of insurance?

While your individual rate factors in your information, insurance carrier rates as a whole are based on the group. There is a statistical term called the “Law of Large Numbers” that you may or may not be familiar with. It simply states that “as a sample size grows, its mean gets closer to the average of the whole population.

For example, say we wanted to find the statistical probably on whether individuals in Blacksburg, Va prefer either pie or cake. Now, we could simply monitor the most popular restaurant in Blacksburg and tally the orders for each group. However, a more accurate measure would be to monitor the twenty most popular restaurants and then tally the results. An even more accurate measure would be to monitor every restaurant. In other words, the more data the better.

So how can this apply to insurance? Generally speaking there are a number of ways this can impact insurance rates, but it does vary from carrier to carrier, state to state. California is currently seeing major losses from devastating fires. If Insurance Company A insures a large number of homes in these fire struck areas, when the homes are rebuilt and bills paid, will home rates for this company need adjusting? Probably so.

The truth is that insurance is a constantly evolving financial product. State laws change, insurance carriers change target markets or simply adjust their products. Loss severity can unexpectedly arise. These are just a few of the issues that can impact insurance.

This is why working with our Family of Independent Agents works toward your benefit. Instead of representing just one insurance company, we work with multiple carriers to find you the best fit for your needs. And you’ll get your insurance questions answered by experienced, local agents. No call centers. No random employees. Simple one-on-one discussions.

Dove Insurance Agency is also a Dave Ramsey Endorsed Local Provider (ELP).

Explore Your Options Amid The Yearly Changes

We’re past the halfway mark of 2018, and summer’s end is drawing near. As with any given year when it comes to your Virginia insurance policy, either personal or commercial, changes are always about. The insurance market, much like any good or service, is always in constant change. Carriers may offer different coverages, expand their range of services, and adjust their rates. Sometimes the changes are easy to understand, while other times may be more difficult.

And when life changes so too can your insurance needs. Remember, your coverage needs in your early twenties are much different compared to the thirty, forty, and fifty year-old version of yourself. For example, when was the last time you updated your liability amounts on your home and/or auto policy? Are your current limits enough to cover your assets? Is the value of your older vehicles worth paying for physical damage coverage? Do you need an umbrella policy to further protect yourself from liability claims? These are all questions that change as the years go by.

This is why working with an Independent Agent is incredibly valuable. Instead of working for a single company, Independent Agents represent multiple carriers. This allow us to compare rates, coverages, and services without having to “walk the company line.”

In Virginia there are over 100 licensed insurance companies, and sorting through your available options is often confusing. At Dove Insurance Agency our family of Independent Agents are dedicated to serving you and working with your lifestyle. We’ll educate you on the coverage you need to keep your property and family secure, no matter what the future brings.

Talk with us today and explore your options.

Ph: 540.382.4277

Text: 540.253.1253

 

Can a Dog’s Breed Affect Your Homeowner’s Insurance?

Perhaps you already know most of the factors that affect your Virginia homeowner’s insurance. Common factors that will change your premium rates include the location of your home, your claims history, and the overall condition of your home.

But there is one more factor that you need to be aware of, and that is your pet dog. This is one of the most common and riskiest factors that can even prevent you from being insured at all.

Does the Breed Matter?

Yes, the breed of your dog is a critical factor that will be considered when it comes to creating your home insurance policy. Statistics indicate that at least 4.5 million people are bitten by dogs every year which justifies the fact that your dog can be dangerous to your visitors. In fact, according to III (Insurance Information Institute) dog bite claims cost insurers almost $700 million in 2017.

Most of the insurance providers categorize certain breeds as either high risk or even uninsurable depending on the statistical correlation between the breed of your dog and bite claims payout.

For instance, most of the insurance providers won’t cover the muscular and huge dogs that can inflict severe harm from a single bite. Most providers have a vicious dog list that they use to determine the risk involved in insuring a certain breed. Dogs that are included in a company’s vicious list tend to have a higher chance of causing harm to someone else so the liability is even greater and most companies won’t insure such dogs.

The dogs that most insurance providers deem unacceptable include:

  • German Shepherds
  • Great Danes
  • Pit Bulls
  • Akita
  • Dobermans
  • Rottweilers
  • Staffordshire terriers
  • Chows
  • Any wolf hybrid

Note that the above list is general in terms, and each insurance provider has specific lists and guidelines.

Are you a homeowner in Blacksburg, VA? Contact Dove Insurance Agency for a homeowner’s insurance policy. Instead of working for one company, our Family of Independent Agents represent multiple insurance providers to help you find the best rate and coverages.

Let us help.

 

4 Reasons to Purchase Life Insurance Today

One of the best ways to ensure things run smoothly in your wake is purchasing life insurance. It is an excellent method of protecting your family’s finances.

Are you on the fence about purchasing a life insurance policy? The following is an overview of 4 reasons to purchase coverage today.

Tax-Free Loans

One of the best benefits of having a life insurance policy is the ability to take out tax-free loans. An often overlooked benefit of having a life insurance policy is that many people are unaware of the fact that you can often borrow against your policy.

Tax-Free Benefits

On the flip side, another benefit of purchasing a life insurance policy offers tax-free benefits to your beneficiaries as well. This is excellent in that you will be able to let your loved ones know exactly how much money they will be receiving or you can plan everything out yourself, knowing you have enough to cover it. 

Take Care of Funeral Expenses

Life insurance policies also help to cover funeral expenses. Although it may seem grim to plan for such a thing, doing so will ensure your family is not stuck footing the bill for costly funeral arrangements. 

Estate Taxes

Lastly, estate taxes can be costly and can cause many issues when someone is ill or dying. Purchasing a life insurance policy will ensure your family has enough to cover your state taxes when you cannot. 

Overall, if you are seeking a high-quality insurance policy in Blacksburg, VA, Dove Insurance Agency is a fantastic option. Offering outstanding customer service and competitive prices, call, email, or stop by the Blacksburg, VA office to find out how you can start your policy and hopefully save. Contact Dove Insurance Agency today to speak with an agent about your life insurance options.

How Is It Determined That A Car Is Totaled?

The agents of Dove Insurance Agency serve residents who live in and near the Roanoke or Blacksburg, VA area. When it comes to automotive insurance, many of their clients rely on them to explain why their car or truck was totaled after an accident. There are times when a vehicle is totaled, but it still runs and looks as if it could be repaired. It’s important to know how the determination is made when it comes to totaling a vehicle.

Repair Cost vs. Resale Value

The cost of making the needed repairs versus the car’s resale or "book" value will play a definite role in whether the car can be repaired. If the car’s total value is listed at $1000 and the repairs to fix it will cost $1500, the car will be totaled simply because it won’t hold its value if you try to sell it after it’s been fixed. In some cases, the value of the car may hold, but the repairs may be so extensive that the labor makes it a poor repair choice.

Buying the Car

There are some cases where the car is totaled, but the owner has the option to repurchase the vehicle from the junkyard and make the repairs on their own. This is often an excellent choice for an older vehicle that has an engine with low miles. Even though the body may be damaged, the engine still has plenty of life left to it.

If you live in the Roanoke or Blacksburg, VA area and have questions about why a car has been totaled and what your options are, call the agents of Dove Insurance Agency and schedule a consultation today!

Save & Be Properly Covered Today | Let Us Help

You see the bumper stickers, signs, and declarations all across Virginia: Buy Local, Eat Local. Some shout Grow Local!

So why not purchase your insurance local? Insurance is in essence a financial product; it’s a contract designed to help protect you, your family, and those you may come in contact with. Your home or auto insurance policy is not a piece of paper or an ID card. And despite endless TV or radio ads clamoring for you attention, and Independent Agent can offer you more options because we’re not employees. We’re independent, small business, and you guessed it, Local.

Serving The Commonwealth of Virginia For Over 50 Years

At Dove Insurance Agency our family of Independent Agents are dedicated to serving you and working with your lifestyle. We’ll educate you on the coverage you need to keep your property and family secure, no matter what the future brings.

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available. We’re here to serve you.

Let us help.

540.382.4277