Do You Know What Determines Your Car Insurance Rate?

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Car insurance in Salt Lake CityWe bet you’ve wondered how car insurance premiums are calculated. Do you ever have discussions with friends of similar age and driving history and find you’re all paying very different premiums for what would appear to be similar coverage?

Insurance premiums are based off of many factors, all of which play a role in your total premium for your auto insurance. A single difference of any of these can give dramatically different outcomes. Some factors insurance companies use to calculate premium can include:

  • Gender, age & marital status
  • What’s your past driving history?
  • What’s your claim history?
  • Your Zip Code where the vehicle is garaged
  • Your credit score
  • How many miles you commute
  • Will you or do you have other policies with the same insurance carrier such as home or renters insurance?
  • Are you currently insured?
  • What types of overage do you want? What limits?
  • What limits did you have on your previous insurance policy?
  • Type and age of vehicle being driven (think safety equipment)

Insurance companies do their best to determine a premium for your situation and calculate a premium that will be profitable for them. It may surprise you to know that many insurance companies try to earn just a few cents on each dollar of premium they collect.

While it is impossible to guess what you are going to be paying each year, you can improve your odds of getting a great rate and terrific coverage by calling a local independent insurance agent. Archibald Insurance Agency represents multiple insurance companies, so we can provide you with comparison quotes from several of the top insurance companies in your Utah.

If you have questions about your car insurance, call Archibald Insurance Agency. Archibald Insurance Agency in Salt Lake City, UT is a different kind of insurance agency. We represent over 20 top-rated insurance companies to offer you comparative insurance quotes which means more coverage options, better pricing and flexibility.  Agency owner, Marc Archibald and his friendly and knowledgeable staff can quote your auto insurance, home insurance, business insurance & much more! With many payment options you’re sure to find the right company at the right price for your specific insurance needs! Both homeowners and auto insurance rates change, people change, situations change. Our goal is to be your preferred insurance agency for a lifetime.

Hosting a Special Event This Summer? Consider a Special Event Insurance Policy.

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Special Event Insurance in Salt Lake CityPlanning a wedding or a special event can seem like a full-time job. Between determining your guest list, vendors, food choices and the small details, there is so much to consider to make your dream wedding or event perfect. The last thing you think about is having an insurance policy for your special event. A special events insurance policy acts as your protection from a myriad of claims that might occur on your big day and can even include cancellation or postponement of the event so your deposits are protected.

Consider these claims situations:

  1. A guest is over-served drinks and decides to drive home. He hits a pedestrian on the way out. While his insurance company is likely on the hook for most of it, you or the venue could be held liable for over-serving this guest.
  2. You decide to have a winter wedding, but the morning of, the airport is closed and the highways are impassable. You and your guests can’t make it.
  3. A vendor for your event goes bankrupt the week before and won’t be there.
  4. The bride or groom is active military and is called to deployment unexpectedly.

Wedding insurance or special event insurance is one of the greatest and affordable insurance policies. Typically starting around $185, this simple insurance policy can mean the difference of getting the wedding you want or settling for what is left after the loss of deposits and other expenses. Protect your special day with this affordable insurance policy. The peace of mind alone is worth the cost!

To learn more about a special events policy, call Archibald Insurance Agency. Archibald Insurance Agency in Salt Lake City, UT is a different kind of insurance agency. We represent over 20 top-rated insurance companies to offer you comparative insurance quotes which means more coverage options, better pricing and flexibility.  Agency owner, Marc Archibald and his friendly and knowledgeable staff can quote your auto insurance, home insurance, business insurance & much more! With many payment options you’re sure to find the right company at the right price for your specific insurance needs! Both homeowners and auto insurance rates change, people change, situations change. Our goal is to be your preferred insurance agency for a lifetime.

Understanding Auto Insurance Premium Increases

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Auto Insurance in Salt Lake City, UTMany of you may have noticed that the auto insurance industry seems to be continually increasing premiums. While Archibald Insurance Agency represents many of the top insurance companies in the country and we can quote you with several companies, the trend for premiums is up. There are many reasons why this is happening and it is important for you to understand.

  • There are more new cars on the market that are expensive to repair.
  • The technology in vehicles today is much more expensive to replace than it used to be.
  • More people are driving. In 2015, miles driven increased 3.5% which is the most annual increase in 25 years.
  • Drivers are increasingly distracted. One out of four car crashes involve cell phone use.
  • Medical payments are increasing due to the complexity of the health insurance industry.
  • Claims severity (payments) overall is increasing.

Is there anything that you can do to control your costs?

Yes, contact us so we can shop for you!

Unfortunately insurance premiums are pooled. The premiums are calculated off of risks and data from other drivers just like you. Age, gender, zip code, vehicle driven and driving history are just some of the factors that determine your premium. Here are some things you can do to ensure you’re getting the best rates.

  • Review your coverage and determine if it is the correct coverage for your current situation
  • Review discounts you may be eligible for with your current carrier
  • If it isn’t already, consider bundling your insurance coverage (home, auto, specialty insurance)

If you have specific questions about your auto insurance coverage, remember to reach out to our agency. As an independent insurance agent, we can review your coverage and ensure you’re current carrier is still the best carrier for your situation.

Archibald Insurance Agency in Salt Lake City, UT is a different kind of insurance agency. We represent over 20 top-rated insurance companies to offer you comparative insurance quotes which means more coverage options, better pricing and flexibility.  Agency owner, Marc Archibald and his friendly and knowledgeable staff can quote your auto insurance, home insurance, business insurance & much more! With many payment options you’re sure to find the right company at the right price for your specific insurance needs! Both homeowners and auto insurance rates change, people change, situations change. Our goal is to be your preferred insurance agency for a lifetime.

Parental Liability

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liability insurance in Salt Lake CityOur children quickly become the most important parts of our lives and our dreams suddenly become the dreams of our children. As we look at our own childhoods, we see the seemingly endless shenanigans we caused and while most of these things were harmless, they could be looked at now as liability concerns or outright against the law. In nearly all states, parents are solely responsible for the actions of their children. Not only property damages, but also personal injury that may be caused.

As parents it is important to ensure that your children understand the implications of their actions at an early age. While we can easily make the excuse that they’re just being children, we need to understand that as the adults we ensure their safety and the safety of others around them. Here are some simple examples where our children’s judgment can cause you a liability insurance claim.

  1. Swimming pools: The child who grows up with the swimming pool at their home becomes awfully popular in the summer time! Those hot summer days have other children begging to come over and take a dip! Ensuring that your child understands that other children are only allowed to come over when there is a parent there to supervise could save you not only from a tragic loss of life, but also a massive liability insurance claim. Consider a lock on your pool cover for those times when parents are not available.
  2. Matches, fireworks and other flammable materials: Children just seem to be drawn by the awe of fire. As a country we celebrate our independence with fireworks across the country. When children are allowed to have fireworks, there is a possibility they may use them in an unsafe manner when adults are not present. This could cause fires in neighborhoods, trees and fields – or even worse, personal injury. Be sure to keep your fireworks and other fire materials in a safe spot away from the curious eyes of your children.
  3. Swing sets: Your home may have the Taj Mahal of all swing sets. It is the talk of the neighborhood kids! If your swing set or playground is open to the neighborhood, be sure to routinely inspect it. Loose boards, bolts or brackets could easily cause a child to become injured while playing on your property, even if without permission you can be held liable.
  4. Firearms: Children grow up watching firearms used on television or in videogames. Even cartoons, new and old, represent firearms being used in an innocent and humorous fashion. Being sure your firearms are kept locked away with both a safe and a trigger lock is of upmost importance. Your child may want to show off the firearm to friends or worse, bring it to school to show there.

We hope your child is exempt from any of the above examples and enjoys the fun, careless childhood most of us were able to enjoy. It is important to understand that the actions of your child fall under your liability. Having you properly insured for these unforeseen, seemingly innocent actions is our job to recommend.

If you have questions about your liability insurance, call the agents at Archibald Insurance Agency. Archibald Insurance Agency in Salt Lake City, UT is a different kind of insurance agency. We represent over 20 top-rated insurance companies to offer you comparative insurance quotes which means more coverage options, better pricing and flexibility.  Agency owner, Marc Archibald and his friendly and knowledgeable staff can quote your auto insurance, home insurance, business insurance & much more! With many payment options you’re sure to find the right company at the right price for your specific insurance needs! Both homeowners and auto insurance rates change, people change, situations change. Our goal is to be your preferred insurance agency for a lifetime.

Understanding Why Renters Insurance Is Important

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Renters Insurance in Salt Lake City, UTIf you’re one of the millions of Americans that rents a home, condo or apartment, chances are you’ve either had renters insurance in the past, or currently do have a policy. If you don’t have a policy, you’ll want to really pay close attention to this post.

In its most basic form, renters insurance helps cover your personal belongings from fire, theft, vandalism and other losses as well as provides you with some basic liability coverage in the event you’re found liable for bodily injury or property damages. There are also different types of renters insurance policy. A replacement cost policy will help pay for replacement of your items as if they were new. A nice thing considering that depreciated jeans, furniture and computers won’t help you become whole again.

A recent article from the Insurance Information Institute states that less than one-third of all renters (31%) have a renter’s insurance policy. Why is that? Do people assume that since they pay rent, their items are covered by that rent cost? Do they assume their landlord has insurance and it would cover this loss? Do they think maybe their auto insurance covers some items? The answer to this is that none of these items will likely cover any of your items. Only a renter’s insurance policy will.

There are 2 basic types of renters insurance:

  1. Actual cost value: Pays to replace your damaged or stolen items up to your policy limits, less depreciation.
  2. Replacement cost: Pays to replace your damaged or stolen items up to your policy limits with new ones, no depreciation.

Some additional things to consider is if you have expensive jewelry, musical equipment or collectibles that you want to insure. This may require a “floater” to be added to your policy.

One last item to ponder is how much liability you want to be covered for. You can get up to $500,000 in liability coverage. This will protect you from lawsuit. If you want even more coverage, you should consider a personal umbrella insurance policy. This goes above and beyond your renter’s limits to provide even more coverage.

Renters insurance is very inexpensive. It can come in around just 50 cents per day.

If you’d like to learn more about renters insurance in Salt Lake City, call Archibald Insurance. Archibald Insurance Agency in Salt Lake City, UT is a different kind of insurance agency. They represent over 20 top-rated insurance companies to offer you comparative insurance quotes which means more coverage options, better pricing and flexibility. Agency owner, Marc Archibald and his friendly and knowledgeable staff can quote your auto insurance, home insurance, business insurance & much more! With many payment options you’re sure to find the right company at the right price for your specific insurance needs! Both homeowners and auto insurance rates change, people change, situations change. Our goal is to be your preferred insurance agency for a lifetime.