Q: What kinds of questions should I be expected to answer when I’m applying for an insurance policy in Indiana – Why do insurers need so much information?
A: When you apply for an insurance policy at Veal Insurance you will be asked a number of questions. For example, we might ask your name, age, gender, address, etc. You will also be asked a series of other questions which will be used to determine how likely you are to make a claim.
When Veal Insurance is deciding whether or not to offer car insurance to a potential customer, we want to know about your previous driving record, whether they have any recent accidents or tickets, and what type of car will need to be insured.
Veal Insurance offers a variety of programs for different customers. Adults with good driving records will generally pay less for car insurance, than young drivers with traffic tickets. In order to determine which program you qualify for,
Q: What are the advantages to using an agent to purchase insurance?
A: By using an independent agent such as Veal Insurance, the policyholder receives more personalized service. Having direct contact with Veal Insurance can be very important when purchasing insurance, and absolutely necessary when filing a claim. Veal Insurance is able to deliver quality insurance in Indianapolis, IN with competitive pricing and local, customized service.
Car Insurance FAQs in Indianapolis
Q: I have an older car whose current market value is very low – do I really need to purchase car insurance?
A: Most states have insurance laws that require drivers to have at least some car liability insurance. These laws were enacted to ensure that victims of car accidents receive compensation when their losses are caused by the actions of a negligent individual.
Often times the cost of repairing the damages to an older car is greater than its value. In these cases, your insurer will usually just “total” the car and give you a check for the car’s market value less than the deductible. Many people with older cars decide not to purchase any physical damage coverage.
Q: What is the difference between collision physical damage coverage and comprehensive physical damage coverage?
A: Collision is defined as losses you incur when your car collides into another car or object. For example, if you hit a car in a parking lot, the damages to your car will be paid under your collision coverage.
Comprehensive provides coverage for mostly other direct physical damage losses you could incur, including theft. For example, damage to your car from a hailstorm will be covered under your comprehensive coverage.
Q: What factors can affect the cost of my car insurance in Indianapolis, IN?
A: A number of factors can affect the cost of your car insurance in Indianapolis — some of which you can control and some that are beyond your control.
The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your car insurance will cost you in Indianapolis.
Even your marital status can affect your cost of insurance. Statistics show that married couples tend to have fewer and less costly accidents than those who are single.
Homeowners Insurance FAQs in Indiana
Q: What are some practical things I can do to lower the cost of my home insurance?
A: There are a number of things you can do to lower the cost of your homeowner’s insurance. The easiest thing to do is request a comprehensive review of your policy and your needs from Veal Insurance Agency.
It’s not surprising to find quotes on homeowners insurance that vary by hundreds of dollars for the same coverage on the same home. When you shop, be careful to make sure each insurer is offering the same coverage.
Another way to lower the cost of your home insurance is to look for any discounts that you may qualify for. For example, many insurers will offer a discount when you place both your car and homeowners insurance with them. Other times, insurers offer discounts if there are deadbolt exterior locks on all your doors, or if your home has a security system. Be sure to ask Veal Insurance about any discounts that you may qualify for.
Another easy way to lower the cost of your homeowner’s insurance is to raise your deductible. Increasing your deductible from $250 to $500 will lower your premium, sometimes by as much as five or ten percent.
Q: What does homeowners insurance cover in Indiana?
A: The typical homeowner’s policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.
Q: What is the difference between “actual cash value” and “replacement cost”?
A: Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Under the “replacement cost” coverage, the policy owner is reimbursed on an amount necessary to replace the article with one of similar type and quality at current prices.
Q: What factors should I consider when purchasing homeowners insurance?
A: There are a number of factors you should consider when purchasing any product or service, and insurance is no different.
Below is a checklist of things you should consider when you purchase homeowners insurance:
- Determine the amount and type of insurance you will need. The coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment from Veal Insurance will be less than the full cost to replace your home — you’ll have to pay the rest out of your own pocket. Also, decide if the personal property and personal liability limits are adequate for your needs.
- Decide which, if any, additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement or a jewelry endorsement?
Once you have decided on the coverage you want in your homeowner’s insurance policy, please consult us at Veal Insurance we will be able to help you determine if there are any gaps in coverage that you might not have been aware of, explain the details of the policy’s exclusions and limitations, as well as recommend an insurance company that will live up to your expectations.
Q: Where and when is my personal property covered?
A: Personal property (except property that is specifically excluded) is covered anywhere in the world. For example, suppose that while traveling, you purchase a dresser and you want to ship it home. Your homeowner’s policy would provide coverage for the “named perils” while the dresser is in transit — even though the dresser has never been in your home before.
