Unladen Liability Insurance, Why You Need It!

trucker-2946821_960_720Driving deadhead or Bobtail can create a strange situation in where you do not have a load (Dispatched or not), and are liable for anything that can occur on the drive. Since most rigs (The ones with a sleeper cab at least) can cost in the ballpark of $100k or more depending on what bells and whistles you get, you don’t want to be caught up the creek without a paddle if your rig were to get in an accident or cause injury while not hauling any weight, bobtail or deadhead.

truck-driver-614191_960_720Most companies require their contractor drivers to get this type of insurance if they are under contract, and it is beneficial since it fills in the cracks that are in Bobtail Insurance and Non-Trucking Liability Insurance plans–preventing the potential of your insurance company telling you “I’m so sorry but this is not covered, due to X”, with an Unladen Policy you are always covered when not pulling weight!

By Aaron Young

 

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Why You Need Bobtail Insurance

truck-308439_960_720It is not fun driving bobtail, it’s a waste of tire tread and precious engine wear. But while driving bobtail to another job without a trailer you do not want to be in an accident that can take your rig out of commission without any insurance funds to fix it! There’s a crucial difference in Bobtail insurance and Non-Trucking Liability Insurance in that NTL does not cover you if you are traveling to another job.

So say you are travelling from Lubbock to Texarkana and on the way through Fort Worth you are sideswiped by an inattentive guy on his cellphone in an SUV, ruining your front end and requiring repairs! But thankfully you decided to get Bobtail Insurance after realizing that driving Bobtail should not be your Achilles Heel, and in doing so saving your behind in the DFW area!

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If you bobtail frequently, or even infrequently (It does happen sometimes), you should look into a way to cover your rig to prevent any hardship that could be
caused by an accident! We all have seen how much people like to text and drive, so protect yourself from their inattentiveness! (Please never text and drive y’all!)

By Aaron Young
Posted in Auto Insurance, Insurance | Tagged , , , , | Leave a comment

A Story: Non-Trucking Liability Insurance

One day I saw a story of a man who hopped into his Bobtail that he drove home from atruck-2663163_960_720 haul to go visit with a friend of his. He picked up his friend and they decided to go to the movies, but on his way there he was involved in an accident with another motorist that caused his life to go into a tailspin– because his insurance did not cover him while not hauling cargo, meaning he was essentially driving uninsured!

The outcome of the accident left his friend and the other driver in the hospital, with him footing the bills for months due to a simple lapse in judgment. Every single week he would receive a new bill, driving him into debt and leaving him with the thought, “Why the heck didn’t I make sure I had a non-trucking liability insurance policy?!”

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Do not let this be you. Even if you are one of the many truckers do not anticipate using their rig for non-business purposes, you should still have it just in case! Anything can happen and it’s best to always be prepared!

By Aaron Young

 

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Insurance & My Dog

C20B678E-89E1-49B9-B970-6DC8D2D1D82AI absolutely love my dog, she’s a 15 year old Yorkie named Zoe who still acts like she’s still a puppy who wouldn’t ever hurt a fly (Although she does try to catch them all the time). This was a piece of information that I had to disclose when I was getting homeowner’s insurance myself since breed does matter when attaining insurance! At first I thought it was a strange question to ask of me, but after doing some research myself I found that it does hold some weight!

Since most homeowner’s insurance policies cover dog bites and other pet related incidents, the breed of a dog will come into play. Some breeds such as Dobermans, Rottweilers, and Pit Bulls usually will not be covered due to the power of their bite and the misconceptions surrounding them— but most dogs are extremely friendly and lovable, so there are ways to keep the cost down when having these breeds as a part of the family!

So what should you do if you have one of these breeds? Well, a great way to ensure that you offset the costs of a certain breed comes from simply raising your fuzzy-friend right. So just do fun things like socialize them at the park with other dogs, train your dog to drop toys instead of you having to reach for them, and also having visitors respect your dog’s space when visiting! No one wants to have their personal bubble popped by strangers— same thing goes for Pluto!

It is not smart to fib about your dog’s breed either, if I had a 80 lb. Pit Bull as a pet I animals-canine-dogs-215957would 100% let my insurer know since I want to have the proper coverage and don’t want to be liable for anything stemming from that “white lie”. Dropped coverage is not fun and always should be prevented!

Smaller breeds do not get reported as much for bites as a larger dog— but they happen with the same prevalence! So no matter the dog’s breed it is best to always train them and socialize them so your risk can be minimized. But if you do have a furry family member and want to get adequate insurance for your home, be sure to raise them right and your insurer will thank you a million times over!

By Aaron Young
Posted in Homeowner Insurance, Insurance | Tagged , , | 1 Comment

Worker’s Compensation vs. Occupational Accident Insurance

I was looking at the differences between Worker’s Compensation and Occupational Accident insurance and thought to myself, “What’s the fuss about? And why all the confusion?”

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In a nutshell, Worker’s Compensation provides benefits to hired employees through astate-regulated insurance program that pays for medical bills and replaces lost wages if something were to happen on-the-job. Occupational Accident Insurance does provide money to pay for bills and lost wages but it is through a private provider, and it all depends on the coverage level that was set!

Occupational Accident Insurance premiums are usually less than Workers Compensation and employers can control the type and amount of coverage they feel they need.

Occupational Accident Insurance can also save an employer some money if they insure their hired employees since they can choose the coverage and the limits of the contract— But doing it this way provides some risks since the employee can still sue the company they were injured while working for even after their claim. But, with a Worker’s Compensation claim a worker cannot pursue further legal action after the claim is processed!

pexels-photo-401796Say I worked at a mechanic’s shop as an employee and a transmission were to fall on me (God forbid!), Worker’s Compensation covers all related medical expenses to the accident, as well as covering lost-income— even years after, but I cannot sue the employer for more.

In my case, since I am independent, I opting for Occupational Accident Insurance, so I’ll get the coverage that I can afford and am comfortable with! Occupational Accident Insurance like I mentioned before depends on the coverage I had, so I would really feel it in the wallet after an accident if I did not get the right coverage for myself— it is always smart to plan ahead!

By Aaron Young
Posted in Disability Insurance, Insurance | Tagged , , , | 1 Comment

3 Top Reasons We Need Disability Insurance

When taking an audit of your own life it’s important to identify what is the most valuable asset that you have, some may think it’s your house, car, jewelry, a rare collection of Hummel Figurines that your great-aunt left you when she passed (In my case it was my great-uncle, I have a couple of Hummels on my desk as a write this). But everyone seems to overlook the most important asset that a worker has:

Their ability to make money  

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Something so simple can cause a world of trouble, be prepared!

You do not want to find yourself up the creek without a paddle if something were to happen to you! So with this being the case, it’s astonishing to hear how many people out there do not have a great idea of how Disability Insurance should be essential, and before I became aware of the reasons why it is necessary I was one of those people as well.

I started to look around at plans when I learned of the benefits that Disability Insurance could do for me in the event of an injury that prevented me from working. During this search for the best Disability Insurance plan I came to realize 3 big reasons why it is essential in everyone’s life and wanted to share them with you:

  1. Protection of My Assets

house-insurance-419058_960_720-2.jpgWhen I was considering Disability Insurance, I was looking into what I have to lose if I were to be disabled and if there was anything that would protect my assets. I don’t want to lose everything that I’ve worked for because I did something like bruise my tailbone, or have my back go out because I didn’t lift a box properly. I do not want my life that I built up to crumble around me because I did not get Disability Insurance. For just a dollar a day I found it was possible to save myself the worry and ensure that my cash flow wouldn’t be interrupted by an accident!

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Potential result of the banana peel accident!

  1. My Family’s Livelihood

I want my family to be able to navigate any financial troubles they will face if I were to become disabled. Since they will be dealing with my injury I do not want to make the situation worse by not having any financial security in place for them. I want to keep a roof over their heads and I want to give them everything that they desire, even when I am hurt. Keeping my family at our level of comfort is paramount to me, and it was a big part of my decision to opt for Disability Insurance.

  1. Insufficient Employer’s Insurance 

With my previous employer I did have Disability Insurance, I was curious about what they had to offer and dug out my old policy forms. After looking through them I found that if I were hurt that I would’ve received only 60% of what I earned normally! If I had known about this insufficient coverage I would have opened up a policy long ago, so this was a definite eye-opener for me and showed me that opening up my own policy is a must!

Having Disability Insurance is important, as well as having the correct amount of coverage. So, do not ever be shy to look into a disability plan! When you do decide to get Disability Insurance just be sure that your policy is guaranteed renewable so you will always have the amount of coverage you agreed upon initially. And most importantly, don’t allow life to push you around if you become disabled; it’s always best to be prepared!

 

by

Aaron Young

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Finding Security Within an Uncertain Future

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Being a young adult heading into law school can be scary. There’s a lot at stake and sometimes the uncertainties that come with life in law school can be overwhelming. But the way that I have found to alleviate some of the stress and some of this uncertainty that I’m feeling has come from an unlikely source: an insurance agent.

When I first walked into my agent’s office I had no clear idea of what my life would unfold with, while in school I could start a family, I could come across a business opportunity that will require large amounts of debt on my part, and above all I always will need to keep the co-signer of my student loans in mind too! All of these scenarios required me to look forward and find ways that I can cover my debts if anything were to happen to me.

The chances of starting a family in law school are extremely high, and ties into the famous line they give you when you sit down at just about any law school during Incoming Law Student Orientation, “Look to your left and then look to your right, one will be married and the other will drop out of school from each group of three, choose which student you want to be”. This sentiment shows that while in Law School the world will continue to keep turning and life events will occur, so you have to always find ways to keep everything together no matter what.

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When starting young family I wouldn’t want to let my future spouse or children be at the mercy of the world without my financial help if something were to happen to me, and what about my debts? I really do not want 3+ years of secondary education costs to be their problem! So to ensure that this problem will never become real I decided to open up a term life insurance policy.

Term Life Policies are a bit different than a Permanent Life Policy in where it only lasts for a period of time versus indefinitely (As long as you continue to pay premiums). I chose the Term Life policy for 10 years because by then I should be grounded in my profession and I will be able to switch over to a Permanent Policy that will cost a bit more to have— but will be worth it at that time. Due to my current age and my health I was able to secure a price that was the cost of just a couple of coffees per month, not too shabby for ensuring my future!

There is also the scenario that my death occurs before me starting a family, so with this being said I want to be able to cover my student loans, credit card debt, and my funeral costs so I do not burden those who are close to me.

A burial can be a very costly event and even a cremation will cost over $1,000+! Did you know that if someone (Family or not) pays for your cremation or burial out of his or her own pocket it is not tax-deductible by the IRS? That would just be a kick in the teeth to any family member if they were stuck with thousands of dollars of debt on top of coping with my death!

 

No one wants to walk into an insurance office and talk about the elephant that sits in just about everyone’s room: Death. But it is a necessity for every personto converse about it and prepare for it in the best way possible. Just like any other aspect in life you must always stay one step ahead just as I did. Death doesn’t follow a schedule and can come at anytime, so beat it to the punch with a solid life insurance policy!

By Aaron Young
Posted in Insurance, Life Insurance | Tagged , , , , , , , | 1 Comment