Replacement Cost for RV Insurance

For RV insurance to be comprehensive, it needs to provide protection for both the RV and its contents. A choice needs to be made between insuring the market value of the RV and the things and insuring the replacement value.

Market Value

Market value is what something could be sold for today. Imagine putting something up for sale on eBay and receiving the proceeds from an auction of the items. That is its market value. Market value may be high if the item is a treasured thing; however, usually, market value is lower than the replacement value.

Replacement Value

Replacement value is the amount necessary to buy a brand-new item of the same or similar type and quality. For example, if you have a hairdryer that you could only get a few dollars when selling it on eBay and yet a new one of the same type costs $50, then the replacement value of the old hairdryer is $50.

The Benefits of Insuring Replacement Value

RV users get more benefit by having replacement value as long as they want to continue using their RV. The main concept is to be able to keep going on RV trips with the same kinds of things you always take along.

Make an Inventory for Replacement Valley

The get insurance coverage for replacement value, you need to make an inventory of the items For the R, this means the make and the model of the RV and any accessories it has. For personal property, it is the make and model numbers of all the content of the RV.

It is helpful to make a video of everything and describe it in the video. Take a copy of the video along with copies of any receipts you have to your insurance agent at Ty Lawrence Insurance Agency, serving Dripping Springs, TX and the nearby area.

Your agent will use this inventory to make a recommendation for RV insurance with a replacement cost that is adequate for your needs. Call to speak to your agent at Ty Lawrence Insurance Agency in Dripping Springs, TX to get a quote for RV insurance.

Tips for Selecting ATV Insurance

Although ATV insurance is not mandatory in Texas, the insurance coverage will protect you and your new investment in the event of an ATV accident. Off-roading with family and friends can be loads of fun. At the same time, there’s always the risk of accidents. The following tips from Ty Lawrence Insurance Agency in Dripping Springs, TX can help you select the ATV coverage you need to protect you against ATV accidents.     

Protection against Liability Claims

ATV off-roading can be risky, especially for those who are new to the sport. If you cause an accident that injures another driver or causes damage to his vehicle, you could be held liable for damages. Liability insurance pays for medical bills or property damage to others in accidents you cause, up to the limits of your policy. If you’re sued for damages, your liability coverage will help cover legal costs.

Protection for Your Vehicle

If you obtain ATV collision coverage, your insurance will cover repairs to your ATV if it’s involved in an accident. Comprehensive coverage will cover damages caused by adverse weather, fire, vandalism or theft. ATV insurance protection can extend to other drivers as well, as long as they have your permission to use your vehicle.

Protection for You and Passengers

Uninsured motorist coverage protects you and your passenger against accidents caused by an uninsured ATV driver. This coverage helps pay your medical bills if you’re injured and repairs to your ATV if it suffers damage in the accident, so these expenses don’t have to come out of your own pocket.

ATV’s aren’t generally covered by standard home or auto insurance policies. That’s why it’s important to consider ATV insurance to protect you and your valuable investment.

To learn more about ATV insurance options and costs, contact Ty Lawrence Insurance Agency in Dripping Springs, TX.

Why Professionals Need Umbrella Insurance

Professionals know they need to have professional liability insurance. This may be called malpractice insurance for doctors, nurses, dentists, and other health care workers. There is also legal malpractice insurance for attorneys and law firms. For those in the financial industry sector, such as accountants, stockbrokers, real estate agents, and financial planners this professional insurance is usually called “errors and omissions” insurance or E&O insurance.

These professional liability policies may have huge limits in the multiple millions of dollars and yet, that may still not be adequate.

Professional Liability Insurance May Not Be Enough

The problem is that the potential award from a lawsuit or the settlement before a case goes to trial may exceed the policy limit of professional coverage. Also, a lawsuit may arise from issues that are not covered by professional liability.

Lawsuits happen for all kinds of reasons, including frivolous ones. Even a frivolous lawsuit can cause a professional to waste plenty of money on legal expenses for the defense. What should a professional do to reduce this risk? The answer is umbrella insurance.

The Advantages of Umbrella Insurance

Umbrella insurance extends the policy limits of other policies that a professional has in place such as professional liability insurance. Depending on the coverage, it may extend the limits of other kinds of commercial insurance as well.

Umbrella insurance also may cover things that are not covered in other policies at all, which may be risks that the professional has, such as defamation or discrimination cases. Ask your agent about these details because it is possible to customize the coverage to your specific needs

It is usually a better idea to add umbrella insurance to cover a wider variety of things than it would be to raise the limits of all the underlying policies.

Summary

Think of umbrella insurance as a backup for the other policies that kicks in when the other policy limits are exceeded. Some umbrella policies cover legal expenses, which can be very helpful.

Ask an agent at Ty Lawrence Insurance Agency, serving Dripping Springs, TX and the nearby area, to review your circumstances and make recommendations for umbrella insurance that would be appropriate for your protection.

Contact an agent at Ty Lawrence Insurance Agency in Dripping Springs, TX to get an insurance review and a quote for umbrella insurance.

Motorcycle Insurance Requirements in Texas

Ty Lawrence Insurance Agency serves Dripping Springs, TX with quality insurance services including motorcycle coverage. If you are new to enjoying the open road on your own bike or if you would like a refresher on Texas motorcycle insurance requirements to call us today. We can answer any of your questions about motorcycle coverage within this state or address any concerns you may have about traveling across the nation. 

The first thing you should know is that insurance for your motorcycle is the same as insurance for another vehicle because it will be legal to drive on public roads. You must have a registration, title, and insurance with specific minimum liabilities. 

The second thing you should be aware of pertains to helmets. We urge you to always wear your helmet, but in the state of Texas, you can have a helmet exemption if your insurance or health insurance policy covers motorcycle injuries to a certain limit and specifically states the term “motorcycle health” on the health insurance policy. A peace officer cannot pull you over specifically to check on this coverage. Once again, we want to urge you to simply wear your helmet for a range of safety and comfort reasons, but under Texas law, you may leave it at home if you want to pay extra on your health and driver’s coverage. 

Contact us at Ty Lawrence Insurance Agency for more information about motorcycle insurance coverage in the area of and around Dripping Springs, TX. We want you covered and safe as you explore the Southwest this year, so call us today. And as you enjoy your time on the open road, please protect yourself with a helmet and other protective gear. 

Is a Business Owner’s Policy a good idea for small business owners in Dripping Springs TX?

You don’t get commercial insurance in Dripping Springs, TX because you’re required to. Texas doesn’t require commercial liability insurance, and you probably won’t have to carry property insurance unless you still owe money on the loan.

However, you get insurance because you need the protection it provides. At Ty Lawrence Insurance Agency, we help every client find the kind and level of protection they find comfortable. One great policy to start with is a Business Owners’ Policy (BOP), which combines general liability and property protection. 

How to Save Money with a BOP

Property Insurance will cover your physical building, furniture, supplies, and other items that your business owns. Unless you have special equipment, one policy might be enough to provide all the property protection you need.

Liability insurance will give you coverage in case of a lawsuit, such as if someone goes onto your property and falls. Legal expenses, like court and attorney fees, will also be covered. Without general liability insurance, your business would be responsible for paying all those damages, medical bills and legal fees if anything happened.

You can get these important policies separately, or you can get them for a combined price for a discount.

The Convenience of a BOP

If you purchase your policies separately, you could end up with different due dates and renewal periods. By combining the policies, you can ensure that you have the convenience of one date for both kinds of protection.

You may want to add other kinds of protection, such as work interruption insurance, commercial auto insurance, or another kind of protection unique to your business. If you have a small business in Dripping Springs, TX and want to make sure you have the protection you need at the best price you can find, call Ty Lawrence Insurance Agency today so we can help you out.

Do I need life insurance after I retire

For most people retiring is something that is looked forward to for years. In many cases, an employer provides a life insurance policy that you are allowed to continue and pay for yourself after you end your employment with them. You may have carried your own life insurance to add additional coverage to your dependents. Your income may change when you retire and you are probably wondering if you need to maintain the life insurance that you had when your family was young and you were the main provider. If you live in  Dripping Springs, TX you can feel comfortable bringing your questions to the helpful agents at Ty Lawrence Insurance Agency. 

Your life insurance needs change over your lifetime. When you are younger you need to carry much more life insurance since you have dependents to worry about if you should pass away. By the time you are ready to retire, likely all your children have grown up and moved away and it may be just you and your spouse. In some cases, you may have a dependent child who will always be dependent and in that case provisions for their care need to be made. But in general, you need enough insurance to take care of your final expenses and any debt that you may have. If you still have a mortgage you may want to have enough to cover that as well. 

By the time you retire, if you have had a term policy it may have reached the end of its term. Any whole life insurance that you have can stay with you for your entire life. The experienced agents at the Ty Lawrence Insurance Agency in Dripping Springs, TX are happy to discuss your life insurance as part of your retirement financial plans with you, give them a call at 512-732-2353. 

 

The most important insurance for small businesses in Albany, NY

There are some kinds of commercial insurance required by law in New York, while others are important for protection but not legally required. The best protection for your small business in Albany, NY will probably be a combination of the required insurance and any additional protection that will make sure your business has the coverage it needs. NY Twin Bridges Insurance Agency can help you look at the different risk factors your business is facing and search for the best coverage while still getting great rates. 

If your business has employees, you will need to have workers’ compensation coverage to protect them in case they suffer an illness or injury related to work. Even one employee gets that protection under the law.

Does your business use automobiles? Your personal auto insurance won’t cover any accidents that occur while the vehicle is being used for business, so you are required to carry commercial auto insurance in case anything happens.

General liability insurance isn’t required but is considered by many to be the most crucial protection your business needs. If someone is injured on your property, one lawsuit could cause serious financial harm to your business. Property insurance is another necessary protection that will cover damages to not only the physical building but your office furniture, supplies, equipment, and many other losses.

Anyone offering professional services should consider professional liability insurance, which can protect you if a client suffers taking your professional advice.

At NY Twin Bridges Insurance Agency, we want to make sure you are comfortable with your policy, and we tailor each policy to suit the needs of the client. Every business has different needs, and it wouldn’t make sense to sell the same policy to businesses that have different needs. If you think you need more protection, or if you just have questions, please call us today.

Do I Need ATV Insurance?

It is that beautiful time of year in Dripping Springs, TX when everyone is looking to get out and breathe in some fresh air. Many are excited to take their ATVs out for a ride, but there is the question as to whether the law requires insurance on an ATV. The Texas Department of Public Safety says that you are not required to have ATV insurance. However, Ty Lawrence Insurance Agency believes that it is usually a good idea to insure any motorized vehicle. 

With ATV, accidents are not just possible- they are likely. It may not be a big accident, but damage can easily be done to one even if you are just riding along a trail and hit a huge rock or tree stump. If you enjoy riding in the rain and mud, the chances of an accident are even higher. Maybe your kid is driving his buddy on the ATV trying to show off but ends up throwing his friend off and causing a broken bone. If an accident and/or damages do occur, who is going to pay for it? If you have no ATV insurance, you will be solely responsible, and that can get costly. It may even mean that you have to put your ATV away for a while until you can come up with money for repairs.

If you live in Dripping Springs, TX and have an ATV, you should consider purchasing insurance for your ATV. It will let you enjoy your ATV more since you will not have to constantly worry about possible damage. Give Ty Lawrence Insurance Agency a call to discuss coverage options that will suit your needs. 

 

Do You Have to Take the Course for Motorcycle Safety to get Texas Motorcycle Insurance?

Maybe you want to buy this beautiful new motorcycle available in Dripping Springs, TX but you don’t have a motorcycle license.  Will you need to take a motorcycle safety course in order to get a motorcycle insurance policy from Ty Lawrence Insurance Agency? Let’s sort out the actual facts.

The Course is Required to Get a Motorcycle License

When you register any motor vehicle in Texas, you must have a driver’s license and proper insurance. However, in order to get a motorcycle license in Texas, you are required to take the state approved Course for Motorcycle Safety.  So, in the long run, the answer to the question is yes.

Learning to Ride Before You Get Your License

If you are still under the age of 18 and have never earned your Class B license, you can take the Basic Course with only your learner’s permit. After the completion of the Course, you will be eligible to get your Class M motorcycle license, which will allow you to register and insure your motorcycle. 

Advanced Courses for Experienced Riders

If you are over the age of 18 and have a current Class B Texas license, you are eligible to take the Intermediate Course. You will bring your own bike and helmet and at the end of the course, you will be eligible for your motorcycle license. The Intermediate Course lasts one day. If you have a Class M license and simply want to improve your riding skills, there is an Advanced Course available. 

In the end, it is always a good idea to take a motorcycle safety course whenever you buy a new bike. It is required in order to get your Class M license and to register and insure your first Dripping Springs, TX cycle. Call us at Ty Lawrence Insurance Agency for a quote for motorcycle insurance today.

Myths about Umbrella Insurance

There are a number of misconceptions about umbrella insurance in Dripping Springs, TX, and believing these myths can prevent you from having extra protection.

Myth 1: Umbrella insurance is the first line of coverage.

Umbrella insurance doesn’t kick in until the other primary insurance policies are used. You aren’t able to purchase umbrella insurance through Ty Lawrence Insurance Agency unless you already have a primary policy.

Myth 2: Umbrella insurance is only for the wealthy.

Anybody can get sued in today’s society, making an umbrella policy even more important for the average individual. In fact, the wealthy may have more resources in order to fight a lawsuit, whereas someone who is struggling doesn’t. This makes having umbrella insurance even more important.

Myth 3: It’s too hard to get an umbrella policy.

This could be true if you are getting policies from different insurance companies because it could get more complicated. However, if you choose one insurance company, it will be much easier and you could save money by bundling your policies.

Myth 4:  They are too expensive.

Many times it will be cheaper to get an umbrella policy instead of raising the limits on the primary auto and home policies. You typically want to have a $1 million in liability coverage, even if you don’t have as many assets, because any future assets could be at risk.

Myth 5: There are too many exclusions.

Every policy does have its exclusions, but an umbrella policy can provide more coverage that you wouldn’t normally get with a regular home insurance policy. This extra coverage includes protection against slander and libel.

Myth 6: Other policies will provide the coverage you need.

An umbrella policy will provide an additional layer of coverage in addition to the items that aren’t typically covered under standard policies. One lawsuit could be enough to wipe out any financial standing without umbrella insurance.

Contact Ty Lawrence Insurance Agency, serving Dripping Springs, TX, to get a quote on umbrella insurance.