Geeky Insurance Girl

GOOD NEWS! Mike Causey, NC's Insurance Commissioner, rejected the 42% home insurance rate increase that the rate bureau proposed in January! What does this mean? It does not mean that there will be NO rate increase, just not a 42% increase. The rate bureau will typically ask big to end up on a smaller increase after a negotiation, but there is usually an increase.

A hearing has been set for October 7th of this year, and then the commissioner will have 45 days to negotiate with the bureau. They will land on an increase, but we have no idea where that will land.

I will drop the link to the primary article in the comments so that you can read the entire article for yourself if you desire to do so.

My favorite way to explain this: ‼️ Typically, if you let someone borrow your 🛻 vehicle 🛻, you are letting them borrow your 📜insurance📜 ‼️

Yes, I know this from claim handling AND personal experience. Buuuummmmmerrrrrrr. 😬

Insurance typically follows the vehicle, not the driver, so if they have permission, the loss is covered first by the owner's policy and only by the driver's policy if the owner's limits are exhausted (owner's policy = primary; driver's policy = secondary).

What if they have a non-owners policy? Your policy is still primary, their policy is still secondary. That is not a magical policy. Really, it's only good in very few situations.

THIS is why your relative, the one with the pristine record (the one you think is rude) refuses to let anyone borrow their vehicle. Not even their mama! Buuuuut...if you adopt this philosophy, be prepared to rent a vehicle if you ever find yourself in a pinch. You can't expect access to someone else's vehicle once you've refused to let them borrow yours (and, yes, I know the guy who's done that too😆).



While we're here...don't forget to call me for a free, no-obligation, no-pressure coverage review and quote 🤩. My website link is in the comments. 🥰

Gosh! Why is this crazy geek going on about this again?!🙄 Broken Record! I knoooow...but I can't help it, it's a bad way to talk about coverage. SO...I'm sharing some of the more common coverage names that will benefit you to know before you shop for auto coverage.

👉DISCLAIMER: Insurance varies from state to state AND some companies may offer special programs/coverages/discounts that others do not. This is not an exhaustive explanation of each coverage and how they apply in a claim, but I want you to be able break away from the "full coverage" convo.👈

💵Liability protects your current assets and future earnings by paying for injuries or damage you have caused to others. 🦵BODILY INJURY LIABILITY & 🚗PROPERTY DAMAGE LIABILITY are both required by almost every state.

💵Collision and Comprehensive (aka: Comp) protect your vehicle, up to its ACTUAL CASH VALUE from a variety of calamities. Collision is kind of self-explanatory. Comp is when you hit a deer, your vehicle is damaged by hail, etc. Both of these are voluntary IF your vehicle is paid off. If it's not, then your lienholder will require you to have them. You will need to have a deductible in mind for each, and your lienholder might have an opinion about that too...😆.

👉The above-combined coverages are what most agents are referring to when they say "full coverage". However, most customers interpret "full coverage" as possibly including one or all of the below coverages as well, which is where the problem begins...begins.👈

💵Medical Payments and/or Personal Injury Protection will pay for medical expenses arising from injuries to you and your passengers, up to the limit you choose. This is a very basic definition and there are differences between the two. Some states have one of these only and some states have both. Your agent will know how to discuss that with you.

💵Extended Transportation Expenses Coverage or Rental Reimbursement is an often missed coverage. You must carry Comp to carry this coverage in most states. It pays, up to a limit, for the cost of obtaining a substitute auto in the event of a covered loss. In NC, its official title is the first title above, but we all say "rental reimbursement."

💵Towing and Labor (sometimes called "roadside") is a low-cost coverage offered by some companies. If you have something like AAA, skip it. My best advice will always be to get AAA, and I don't work for them, so you know there is a reason for this. I'll write another post about it one day.

🤓You don't need to know everything there ever was to know about insurance to be a better insurance shopper. Knowing what coverage, and the terminology you need to be most aware of is a big help. And...btw...there is no such thing as full coverage.
Call me, Candice, for a free, no-obligation, no-pressure quote! My link is in the comments😃.

IT'S A TRAP!! What is? That online form you're about to fill out for an insurance quote!🤯 It is literally there to TRAP your contact info so that I and 1000 other agents can call you...and stalk you (but not in a creepy way). And if you answer? Maybe you know everything to get an accurate quote...chances are, you don't. So? Don't get trapped!! There is a better way!
👉If you know you want a quote from the big insurance names, use the power of the force, I mean, Google, to get the name of your local agents and call them directly.
👉If you know you have "stuff" on your record, lower credit, or both, you can go to a broker and have them shop around for you.

😎First, know your STUFF! Before you call, get your current declarations page and know what coverage you have and what you want. For auto, know the DOBs & DL of EVERY driver on your policy, the month and year you bought your vehicles, and those VINs (you need this to bind the policies anyway), and if you want a quote with no surprises if you buy the policies, give up your SSNs (I know, you don't feel comfortable, but insurance companies pay big for big security). If it's a home quote, know the details of your home, your lender info, and your current insurance info.

😎Disclose everything!! I can't tell you how many times someone withheld violations or suspensions or home insurance claims and paid their downpayment for one premium amount just to have underwriting issue the policy HUNDREDS of $$ higher, stripped of collision and comprehensive, or have their home insurance flat rejected.

Make sure YOU own the vehicles and the home you want to insure (insurable interest) so that you are not wasting your time. When you get to the coverage, have the agent go over EACH coverage BY NAME and not throw that "full coverage" term around. FULL COVERAGE does NOT exist. IT DOES NOT EXIST. Also, ensure they disclose all of the discounts they built in BEFORE they start talking about the quote. That way, you will know exactly what your quote covers and if it applies to you. For example, if they offer a discount for a safe driving program, but you don't want to participate, clarify that with them UP FRONT.

It might seem like you are spending a lot of time in your quest for accurate quotes, but you are actually saving yourself time and hassle. You are arming yourself with info and not getting your phone and email BLOWN UP by every company that bought leads from the lead generator who trapped you with the promise of low rates.

If you would like a review of your current coverage with an insurance veteran who has 20 years of sales/claims experience, give me a call. If you would like a free, no-obligation quote for home, auto, renters, boat, or motorcycle insurance, give me a call! My link is in the comments.

The NC Rate Bureau has requested a 42% rate hike on home insurance. Do you have something to say about it? You can use this email and let your voice be heard. The hearing is on February 22:

👉[email protected]👈

Don't wait until it has passed to call your agent or vent on social. 📣Say something about it now. 📣

When I got into insurance about 200 years ago now, I learned this info for the first time. 👉An insurance policy is a legal contract👈

When you accept it, whether you read it or not, you agree to it. Every time you pay your premiums, you agree to the coverage and exclusions printed in the policy.

The insurance company is just as obligated to adhere to the policy as you are, not just the coverage afforded by it, but the conditions and exclusions too.

When an insurance company affords coverage for a loss, they aren't doing you a favor. It's afforded by the policy contract. When they deny a loss, it is not a personal injury. That coverage cannot be afforded according to the contract, and they have a LEGAL obligation to adhere to the policy contract.

This is why it is important to have a copy of your full policy contract, along with your endorsements available to you. If a claim is denied but you can see that it should be covered, you can push back. If it's denied properly, you can know that it has been denied properly and not just because "you know an insurance company won't pay if they can get away with it." The fact is that adjusters are human, and therefore fallible. You need to know the policy provision upon which they are denying a loss. You are entitled to a written explanation of any denial that includes the policy language, as well.

If you have questions, shoot me a message and we can talk through it.

If you'd like a coverage review, let's set up a time to talk.

If you'd like a quote that comes with no obligation or pressure, we can do that too. I love this stuff...for reasons that are still not even clear to me...😆😆😆

My web link is in the comments! Questions can be sent by messenger. 😃

Absolutely, credit impacts your insurance premiums...more so than your driving history🤯! In fact, you could be ineligible for some policies based on your credit, even if you have an amazing driving history and NO prior claims at all (this pertains to home insurance too). Depending on the insurance company, the impact of your credit versus driving history could be 90%/10%. At present, only 4 states prohibit or limit this practice, and NC is NOT one of those🤬.

Why, though, does this practice exist🤔? Insurance companies cite studies that suggest those customers who have lower credit ratings will also be riskier drivers. But wait, there's more...

It isn't as simple as looking at the same score the banks use to see if you'll get lower rates or not. Nope. Insurance companies cherry-pick specific aspects of your credit profile that roll into an "insurance score", and none of these things must be legally disclosed to you. They do have to disclose that they are using a consumer report, but not the specific info on it beyond that it involves your credit.

After speaking with several folks last week who simply did not know this, I thought it would be a good topic to share today. Thanks for reading!

Candice, the Geeky Insurance Girl.

Driving past a minor accident (no injuries) on a rainy Friday morning, my 8 yo said the most insurancy thing I have ever heard a kid say: Oooo...their insurance is gonna go up. At least he had some sympathy in his voice.

That's what happens when your mom's been an insurance geek your whole life...🤣

What was your favorite car? I've had several vehicles, but my 86 TBird was my pre-kid favorite! ❤❤❤❤ LOVED IT!! I handed it to my sisters when I got my 97 TBird, but that one just didn't compare. My 86 stole my heart when I was 17, and it's likely the nostalgia of youth that did it. I often think of looking for one now, just for fun.

As an insurance geek, nothing triggers me quite like agents who still use the term "full coverage"! 😤 Y'all, THERE IS NO SUCH THING AS FULL COVERAGE. You are more likely to run into a unicorn than you are "full coverage". Consumers still use this term because agents still use it, but why are agents still doing this?

It's easy. When an agent is quoting ahead of cold-calling, it's an easy voicemail. When they are discussing coverage with you, it's easier to say full coverage than discussing each coverage. This term exists to make insurance easier to talk about.

Why is it wrong? Every person's interpretation of "full coverage" is just that, their interpretation. That leaves wide open opportunities for MISinterpretation. I can't tell you how many times I heard the phrase "but I have full coverage" when I had to deliver a coverage denial to a customer (and why I get so triggered...😆).

I would rather lose a sale than sell you something that doesn't fit your needs. I don't sell "full coverage" and I want you to think about what you are getting and KNOW that your needs are met when we end our conversation.

Want to review your coverage? Want to KNOW that your needs are being met? I love to talk about insurance and I don't do "high pressure" sales. I'm always open for a no-obligation conversation and I'm happy to quote you too. See my link in the comments!😃

Be safe!
Candice, the Geeky Insurance Girl.

Let's talk liability! 😁

I spoke with several younger drivers last week and they all had questions about how their liability coverage works. That led to this post. Some know, some don't, and I like to talk/write about it. Perfect situation😆.

Your auto liability coverage protects your current assets AND future earnings by paying for damage you cause to another party in a covered loss. You are transferring your risk to your insurance coverage. The higher your limits, the more risk you are transferring, therefore the higher your premium will be (I'll come back to this).

Your auto liability coverage has 3 stated limits. It could be stated as 30/60/25 or 30 over 60 over 25 if someone is using insurance jargon. They are all max limits of what your insurance will pay for damages you cause to another party in a covered loss.

The first 2 numbers relate to bodily injury you may cause to others if you hit their car or a pedestrian. Using the first example in the graphic, 30 = $30k per person injured, 60 = $60k max limit per loss if multiple people are injured, and 25 = $25k max limit for property damage you cause (if you hit a car/house/damage landscaping). If you total a 50K car, then your policy will pay $25k and you will be responsible for paying the remainder out of your current assets and/or future earnings. This leads me to another point...

30/60/25, while legally ok in NC, is NOT adequate protection in our contemporary society. Medical costs are high and the average price of a new vehicle is approaching $50k now. When you are shopping for insurance, think about how much you want your insurance company to pay for damages you cause and how much you want to pay out of your pocket. Liability does not have a deductible, so the policy will cover up to the policy limit in a covered loss. Yes, your premium will be higher, but how much more expensive is it to be responsible for tens of thousands of dollars in medical expenses after your policy has reached its max limits?

Take a look at your policy. If you have less than 100/300/100, give me a call, and let's talk about it. If you have other questions, ask me. I'll answer now or find an answer if I don't know it right away.

Have a safe day!
Candice, the Geeky Insurance Girl. (My link is in the comments 😃)

Whew! Did y'all have a Merry Christmas? We had a window that morning where everyone felt well all at the same time! It was glorious!

Post holiday insurance tip: DID YOU GET JEWELRY? If you got jewelry, fi****ms, or other very expensive items for Christmas, look into a policy especially for those items. Talk with your insurance agent. Those policies are low in cost but big in protection that your Home Ins policy does not offer. There is SOME coverage for those items on your Home or Renters policy, but with low limits and limited losses are covered. What happens if you lose your ring? On your Home policy, there's no coverage. Call your agent to fix that problem.

Is insurance going up again? Why yes, it likely is! December saw another rate increase for motorcycle and private passenger auto policies in NC for sure. If your policies weren't impacted by the last increase, chances are you'll see it on your next renewal.

PLEASE, don't yell at your agent or customer service rep. They didn't request it or approve it. You can let your voice be heard, though!
DO write, call, or email (or all 3) your state representatives AND/OR your Insurance Commissioner if you are tired of insurance rates outpacing your pay increases.

Insurance WILL go up from time to time, especially as we see more high cost catastrophes and higher prices for cars, car parts, and labor, but do they really need to go up every 6 months? Especially for drivers with no issues? You be the judge of that and act you see fit.

‼️NEWSFLASH‼️ You probably DON'T have the coverage you need‼️
In sales, I would get coached for spending too much time on the phone with customers. You're supposed to "Get the quote, get the card #, make the sale." The time I spent EDUCATING my customers, ensuring they were properly covered, and educated about their product was cutting into the NUMBER of PROSPECTS I could get to in a day. No bueno, in sales.

BUT, after nearly 2 decades in claims, I was TIRED of talking to people AFTER it was TOO LATE to fix their coverage shortfalls. Now, in an agency, I clearly see why those coverage short falls exist. In a service position, I have more opportunities to inform and help, but all too often, it's still AFTER the info is really needed.

THAT, in a nutshell, is why I am writing this. I hope the right person will find what I post and get what they need. I hope someone will get the chance to ask a person with knowledge, not someone trying to sell them something, the question they need answered.

Agents, well, they are not YOUR agents. They are agents FOR THE COMPANY. They exist to help GROW THE COMPANY. They also provide service, and most of them care about the people they service...but they don't KNOW the product like someone who has been in claims knows it.

Shoot me a message with your questions. Let's see what ya got.

Insurance. What questions do you have about it? It's everywhere. Sometimes it is legally required. Sometimes it is only required if you have a loan on an asset. It always costs money. And sometimes it feels like a scam....until you need it. And then, it can still feel like you're getting je**ed around, and you might be.
You're probably not an insurance professional, and many of those don't know their ass from a hole in the ground. As someone who has been in the industry for about 20 years, I cringe when I have to explain something to someone AFTER it would have really helped, especially when I know how hard it is to get the info you need to begin with. So, I've decided to make this basic life need a Basic Life Stuff regular. Let's start with what questions you might have. Don't have any. That's fine, I'll pick a topic anyway and just run with it. Happy Monday!

I'm interrupting our current programming to offer my "Old Fart Advice" for the day. You're responsible for paying your bills on time. Depending on the regulations a company is subjected to, they may HAVE to provide you with a termination notice. They may even have to provide you with a notice that your bill is late, but if you don't get those, don't open your mail, miss the text, or never check your email...it's still your job to get it paid if you want to keep it.
I just had a lady tell me that we needed to be calling her if we want her money. Nope. That's not how it works.

To protect your credit, you need to know what's on your credit, so a periodic check-in is a good idea. My personal opinion: Your credit impacts enough life stuff that you should be entitled to a copy of your credit report all day, everyday...not once a year. However, you get a free one every 12 months...and this is how:
🧐visit AnnualCreditReport.com
🧐call 1-877-322-8228, or
🧐complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Once you get it, look through it for mistakes that you need to dispute or low hanging fruit you can easily clear up.
These won't give you your score though. Stay tuned for that info too!

The best way to protect your credit is NOT to screw it up to begin with. If you're fresh out of high school, you generally don't need a credit card, so put that off for a little bit. Once you do get one, make it EASY to pay more than the minimum due every month. Get a card from your bank so you can transfer money each month or set it up for auto-pay.
If you know you have a problem with self-discipline, put that credit card away and try building your credit another way at first. It's too easy to see it as a way to get something you can't afford, when really, credit should be a tool you pull out ONLY when you REALLY need it.

Basic tip: Don't pick your nose after cutting a jalapeño! Be careful going to the potty afterward too! 🔥

This right here! No matter your age, you should take action to protect your credit. We all know the affect your credit health has on borrowing money, but it impacts the rates you pay for your auto insurance (in most states), the deposit you have to pay for most rentals homes...or if you can even approved for the home, in some cases. You can even be denied employment at some companies, if your credit isn't in the right spot. We'll look at ways you can check it and protect it over the coming days.

When you feel like you've been cleaning all day just to see that you've made a mess in 2 other rooms 😮.
👉Life lesson: sometimes you gotta wreck something to make a masterpiece outta something else. 🤯
You'll eventually get things in order...after you toss the stuff that no longer serves you.

Dancing makes you feel good! So dance like no one is watching, dance like
everyone is watching. or dance where NO one is watching. Just dance! Feeling low on energy or a little blue, put on something you like to hear and shake your b***y. According to an article published by Berkeley, we're possibly hard-wired to dance. It elevates our mood, helps us feel younger, and has long-term benefits if you do it often enough. So, boogie baby! It'll help you feel better!

Was I supposed to know that?
Ever take a second to reflect on a life experience and wonder if you were supposed to know that already? Could you have been better prepared with just a little extra info? Likely! But here's the thing...you're expected to just pick it up along the way.
Aaaaand that's why you were reflecting AFTER the fact. You got to be the star of a life lesson 😮, and that's rarely fun. The fact is that some basic life stuff isn't really obvious, it isn't taught in school, and your parents may not have known it either.
If you could pass your life lessons to the next generation, what would you share?

When you're kicking off your page while also fixin' supper for your family, it's a slow process 😃. Fortunately, no one is following this yet. Low pressure launches are awesome! 😆😆😆