Announcement: Rates here are among the lowest

“Rates here are among the lowest”

“The average Ohio homeowner insurance premium is projected to rise by 3.4 percent to $834 on average, more than $300 less than the national average and the ninth lowest in the U.S.  When it comes to our vehicles Ohio’s premiums are expected to increase 3.3% to $715 about $200 less than the national average – the 12th lowest in the country.  Despite rate hikes Ohioans still pay some of the lowest insurance rates in the nation.”

 

Source:  Dayton Daily News Sunday October 30, 2016 written by Rich Gillette

Announcement: Distracted Drivers: You Did WHAT Behind the Wheel?

People Admit to Odd Behavior in New Distracted Driving Survey

Read the full article on Eriesense.com

“A distraction is anything that causes a driver to take their eyes off the road, their hands off the wheel, or their mind off their primary task of driving safely,” said Doug Smith, senior vice president, Personal Lines, at Erie Insurance. “Our survey found drivers unfortunately are engaging in a wide range of distracting and potentially dangerous behaviors.”

ERIE's distracted driving survey revealed some pretty interesting things.

Announcement: Ohio’s premiums among lowest in country

Insurance Department Announces Auto and Homeowners Insurance Rates
??Ohio’s premiums among lowest in country

COLUMBUS — Lieutenant Governor and Department of Insurance Director Mary Taylor announced Ohio’s 2012 auto and homeowners insurance average rates, information that is annually compiled by the Department.
“Ohio’s historically competitive insurance marketplace continues to provide consumers with choice and affordable options for auto and homeowners insurance,” Taylor said. “Our strong, but fair regulatory standards and emphasis on reducing regulatory red-tape for insurers are benefiting consumers.”
Ohio has the 6th lowest homeowners ($624; national average $906) and 9th lowest auto insurance ($619; national average $791) average premiums in the county, according to 2010 data, the most recent figures available from the National Association of Insurance Commissioners (NAIC).
Continue Reading:

Announcement: Report: Ohio Auto Insurance Prices Continued Rise in 2012

Ohio officials are taking notice of a trend for the state’s motorists: the average driver is paying more each year for auto insurance than the year before it.

Figures released this week from the Ohio Department of Insurance (ODI) shows that the average rate among the state’s top 10 car insurers—which together account for 74 percent of the market—jumped 4.1 percent between 2011 and 2012.

Continue Reading:

http://news.onlineautoinsurance.com/state/ohio-car-insurance-prices-2012-99995

Announcement: Brian Lampton recognized in Insurance Newsletter

Brian Lampton was singled out with customer appreciation in the July 27, 2011 edition of “The Bulletin.”

Great Agent…
Brian Lampton
Lampton-Engle & Associates, Columbus Branch

” I recently had a roof damage claim and some auto damage too, and I called to say how nice and helpful everyone involved was. Thank you, especially to my Agent Brian and [Claims Supervisor] Donna Carpenter.”

–Customer Jane B., via a phone conversation with Branch Manager Joe Wilkerson

[ Newsletter ]

Auto Insurance Rate LOCK from Erie Insurance

Erie Insurance has recently announced their new Rate Lock or Rate Protection Endorsement. 

 

This endorsement allows auto insurance policyholders to “lock in” their auto insurance premiums for longer than 12 months.  The locked in rate remains in effect year after year until the policyholder does one of the following:

 

*Adds or removes a vehicle from their policy

*Adds or removes a driver from their policy

*Changes their primary residence

 

That’s right; speeding tickets, fender benders, accidents, not even company rate changes will change the policy premiums for that policyholder unless they make one of those three changes listed above.  This gives policyholders control over their auto rates by extending Erie’s already 12 month rate.  This new endorsement can be added when one of those three changes occurs or on the policy anniversary (renewal) date.  Other discounts, such as home/car, can be added and take effect immediately as always.  Studies show that about 50% of Erie’s auto policyholders would lock in their rates for at least three years!

 

Contact our office for more details.

 

Car Insurance From Lampton/Engle Agency Beavercreek Ohio

Car Insurance From Lampton/Engle Agency Beavercreek Ohio

Auto Insurance Money Saving Tip

When Do you remove the “Comp” & Collision coverages from your car?

I was talking to a friend about this just the other day.  First of all and most importantly, there is no “time” to do this.  It has to do with what we call your threshold of pain.  The coverage on your car is about the best insurance for all the things it covers.  It covers collision and the “COMP” coverage basically covers the car for anything other than a collision.  The usual things are not covered, such as, intentional acts, act of war, nuclear detonation, wear and tear and others.  Your car (in most cases) will depreciate over time and at some point policy holders remove the “comp” and collision because it just isn’t worth it.  This is when you have to figure out your threshold of pain.  Here are the economics of it.  First you need to determine what is the ACV value of the car.  What can the car be sold for?  Or most importantly, what will the insurance company pay for the car?  There is no sure fire way to get this “right” but there are some ways to get close.  First, try looking up the value at NADA to try to determine the “neighborhood” of the price range it will fall into.  Be honest about the condition of the car, and use the lower value, remember we are talking about insurance companies here.  Try Auto-Trader to see if you can find the exact year, make, and model of your car and try to get as close to the same mileage as your car.  This is an excellent way to help prove why you think your car is worth what you think it is worth.  Once you determine the value of the car then factor in the following: your deductible will not be paid to you, and look up your collision premium, because you have also paid that out of pocket. 

 

Look at this example:  The ACV of your car is $2,000 and you have a $500 deductible, and your collision premium (already paid) was $58, you will only benefit $1,442.  Now this number is your threshold of pain number.  What this means is, is the $58 savings worth the CHANCE of not getting $1,442?  What would you do with the $1,442?  For some people who have not had a claim in 10 years, they would much rather take the risk and save the premium because they can live with the POSSIBILITY of having a total loss and not getting any money from the company.  Every one’s threshold of pain is different when it comes to money, so it is a very personal decision.  It is YOUR policy, YOUR premium dollars your paying so make the best decision for what you are comfortable with.  If there is a loan or lien on the car, the bank will most likely not allow removal of the Comp or collision.  The State requires liability on any currently registered auto so removing comp and collision will not effect the liability coverages. 

Talk to your agent and find out what your premium savings would be and figure out if it is worth the savings.

High Gas Prices/ Drive Less and Lower Insurance rates

I Pulled this article from the Ohio Department of Insurance web site.  Check your auto policy to see HOW you are rated.  Look for commute, or to and from work, and more specifically how many days per week and how many miles each way.  If you stop your daily commute in exchange for car pooling, or public transportation, let your agent know and you could save money on your car insurance as well as fuel costs.  
Wednesday, June 25, 2008Driving Less Because of High Gas Prices Could Lead to Lower Insurance Premiums
 

 

COLUMBUS — As gas prices hover around $4 a gallon across the state, many Ohioans are driving less, using public transportation or car pooling to get to work. Ohio Department of Insurance Director Mary Jo Hudson is encouraging Ohioans to tell their insurance agents if they are using their cars less, as it may result in a decrease in their auto insurance premiums.

 

“How much a person drives their car is one of the key factors insurance companies use to determine auto premiums,” said Director Hudson. “Changing your car’s designation from ‘work’ to ‘pleasure’ could result in a lower premium.”

 

Most insurance companies divide drivers into three categories: pleasure drivers, those who drive 15 miles or less one way to work and those who drive 15 miles or more one way to work. Drivers who drive as part of a carpool may be eligible for pleasure driver status if they drive less than two days a week or two weeks in a five week period. Also, Ohioans who have recently moved closer to their jobs or have switched jobs to a location closer to their home may also be eligible for lower premiums.

 

A change in designation could save a driver anywhere from 5-15% depending on the insurance company. A quick call to your insurance agent will determine whether or not you qualify for a rate reduction and how much that reduction will be.

 

Ohioans with questions concerning insurance are encouraged to call the Department’s consumer services hotline, 1-800-686-1526. Additional tips and more information about insurance, including a link to the Insure U web site, can be found at the Department’s web site, www.ohioinsurance.gov.

 

 

 

# # #