Category Archives: Coverage

Learning About Insurance

Can I change my insurance coverage any time?

Some people pay their insurance premiums monthly, some semi-annually. Regardless of how your pavements are structured, you can adjust your insurance anytime you need to. If the changes you make affect your premium costs then you will either owe more money or get a refund.

When to change insurance.

There are a variety of reasons for changing your insurance. A new car, a new home, a new driver (teenager, etc.) or the acquisition of a new piece of jewelry. If you are making changes to what you have already insured then your coverage can change too. Even if you don’t acquire a new car or home, you can still adjust your coverage. If you want to raise or lower your deductibles or the amount of coverage you have, it can happen at any time.

To learn more, contact your independent Provident Insurance agent. We serve Plainfield, Greenwood, Avon, Brownsburg, Indianapolis, Carmel, Zionsville and the entire central Indiana area. Stop in one of our convenient locations to discuss your insurance needs today.

Is high-deductible insurance a good idea?

The insurance deductible is purely a cost-saving measure for consumers. It’s all about home much you want to pay if there is a loss. And how much you want to pay for your premiums.

High-deductible insurance creates lower monthly payments but a higher cost for consumers if they need to make a claim. For example, let’s say you’re a very safe driver and feel like you won’t have an accident. You can raise your deductible to $1000 or more and you’re monthly (or semi-annually) payments will go down by a fair amount. But maybe you feel like $1000 is too much for you to handle if you do have an accident. Well, then you’ll want to pay a little bit more on your premium to avoid such a large payment if there is a loss.

It’s all up to you. That’s the great thing. And what’s better, you can discuss the options with your Provident Agent to determine the best possible payment/deductible combination.

To calculate your deductible/premium combination, contact your independent Provident Insurance agent. We serve Plainfield, Greenwood, Avon, Brownsburg, Indianapolis, Carmel, Zionsville and the entire central Indiana area. Stop in one of our convenient locations to discuss your insurance needs today.

Evaluate Your Insurance Policy

How often should I evaluate my insurance policies?

A regular review of insurance is a good idea, however different insurance may require different intervals of review. For example, it’s a good idea to review auto and homeowner’s insurance on an annual basis. Or, and this is important, if you make a change in what you drive or where you live. Buy a new car? Time to review. Buy a new house? Time to review.

When reviewing your car insurance, consider your current circumstances. Do you drive the same amount that you did when you first got insurance. Are your driving habits the same? If you’re not driving much you may be eligible for special discounts from your car insurance company. The amount of the discount (and the number of miles that you need to stay under) will vary from company to company and from policy to policy.

Homeowner’s insurance is more apt to change due to growing families and added possessions. Kids, pets, pools, room additions can change your insurance needs. Did you buy a new TV? Add a second computer? Inherit a piece of art? Each of these things are worth evaluating against your current policy. The good news is that insurance can be changed (increased or decreased) at any time. You’ll either pay more or even get a refund based on your policy changes. So while it’s good to review annually, you can always make adjustments as they occur.

Life insurance is also worth evaluating on an annual basis. Look at changes in your health, your life or within your family. Do you have another child to protect? Did you lose your job? Life circumstances will affect the coverage you need and it’s worth discussing.

To learn more, contact your independent Provident Insurance agent. We serve Plainfield, Greenwood, Avon, Brownsburg, Indianapolis, Carmel, Zionsville and the entire central Indiana area. Stop in one of our convenient locations to discuss your insurance needs today.

Get the Coverage You Need

How much auto insurance do I need?

Auto insurance doesn’t just protect your car or the car you hit, it provides a range of protection including non-auto property and injuries to people. Here’s a breakdown of all the elements covered by auto insurance. We’ve divided the terms into two groups. The first group applies to insurance protection for the victims of an accident you cause. The second group is protection for you and your passengers.

Protection for other people when you are at fault:

  • Liability coverage helps cover expenses when you’re at fault in and accident. The money will go to the people you hit, but it won’t cover the people in your car.
  • Bodily Injury Liability (BIL) – This policy pays for the medical expenses of people injured in a crash in which you’re at fault. Indiana requires $25,000 for the driver and $50,000 for all other occupants.
  • Property Damage Liability – This policy pays for damage done to the other car if you’re at fault in an accident. Indiana requires a minimum of $10,000 for damages to the other car. But with most cars costing well over $20,000, the minimum coverage may not be enough.

Protection for you and your car in an accident:

  • Medical Payments – This covers you and your passengers’ medical expenses after an accident. This may also cover lost wages due to missed work.
  • Uninsured/Underinsured Motorist Coverage – This helps cover costs if someone without insurance, or minimal coverage hits you.
  • Collision – This policy covers repairs to your car after an accident.
  • Comprehensive – This policy covers costs if your car is stolen or damaged outside of an accident.

Too little or too much.

Minimum coverage is related to the law, but not necessarily what is best for your protection. Indiana, for example, requires car owners to carry a 25/50/10 liability package. If you’re involved in a serious accident, it’s possible that an individual’s medical expenses could exceed $25,000, or a group’s expenses could total more than $50,000. In addition, $10,000 for car repairs isn’t a lot, considering that the average car now costs a little more than $20,000. So if you cause an accident that creates more damage than your insurance covers, then you are personally on the hook for the difference. For example, if you hit and total a car worth $50,000, and you’re only insured for the minimum of $10,000, then you have to cough up $40,000 to pay the difference. That’s why many people opt for policies that cover more than the required minimums, particularly if they have assets that can be seized to pay for repairs and medical care.

Your independent Provident Insurance agent is trained to help guide you through all the decisions that will provide you with the best coverage at the best price. We’ll make sure you are insured adequately for your assets and your budget.

To learn more, contact your independent Provident Insurance agent. We serve Plainfield, Greenwood, Avon, Brownsburg, Indianapolis, Carmel, Zionsville and the entire central Indiana area. Stop in one of our convenient locations to discuss your insurance needs today.