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Rental Car Insurance Considerations

July 25, 2017 by Sovereign Risk Solutions · Leave a Comment

sovereign risk solutions auto insurance rental liability blog

It’s summer time and many of us have plans to head out of town. Many of our clients ask us “Should I get the insurance offered by the rental car company?”.  It’s a great question and there are several things to consider.  In short, you are covered when driving a rental car by your personal policy at the same level of coverage as your personal auto policy. If you have full coverage on your personal policy, your out of pocket in the event of an accident would be the deductible you carry for Collision or Comprehensive protection.  If you have liability only coverage or don’t have your own personal auto policy, you are inadequately protected and should always buy the rental car coverage. Even if you have a strong personal auto policy with full coverage, there are many reasons to consider purchasing the rental company’s insurance:

 

  1. If you have an at-fault accident or something happens to the car. With the rental company’s insurance, you can drop off the car and leave with minimal hassle. If you don’t have their insurance, you will be required to fill out a myriad of forms and have your insurance information verified before you can go anywhere. This can take some time, which is a hassle, especially if you have a plane to catch or simple just ready to get on your way.

 

  1. If you use their insurance, any damages or accident claims go under THEIR insurance policy, therefore it will NOT count against your insurance record. This can save you hundreds, if not thousands, of dollars in future premiums.

 

  1. If the car is damaged and the rental car company is not able to rent the vehicle out again until it is repaired, it’s likely the rental company will bill you directly for the income lost from the car being out of service. This expense is typically not covered by your personal auto policy, causing you headaches and expense.

 

  1. Are you traveling outside of the country? If so, your personal auto policy, nor credit card coverage, is unlikely to extend any protection. Purchasing the rental company’s policy may not only be mandatory, but also removes the issue of unknowingly being uninsured.

 

  1. If you have an AMEX card, you should review their protection or call them to affirm. Depending on which version of card you carry with them, they may automatically cover the property damage when using their card to rent the vehicle.

 

Buying insurance through the rental car company generally runs between $5-$12/day depending on the state and rental company.  When renting a vehicle for several days, the costs can really add up for the coverage.  This can make your decision to purchase coverage more difficult. To ensure the best choice for your individual situation, talk to your credit card company and your insurance agent for advice, and weigh the options and benefits.

Filed Under: News · Tagged: Personal Lines, PROTECTION, Rental Car Insurance, Sovereign Risk Solutions

Repost: You just got a moving violation ticket. Now what?

June 14, 2017 by PropertyCasualty360.com · Leave a Comment

A moving violation ticket will leave a bitter taste in any driver’s mouth.

They will spike a driver’s auto insurance premium, and many come with hefty financial penalties. But depending on the violation or which state the driver is located, it could be an extremely burdensome on a driver’s wallet.

For the fourth consecutive year, insuranceQuotes commissioned a Quadrant Information Services study that found car insurance premiums can climb by as much as 96% after a single moving violation on average nationwide.

The study analyzed the average national premium increase for one moving violation in 21 different categories, including careless driving, reckless driving, driving under the influence and speeding. As in years past, the study found the economic impact on one’s insurance premium varies significantly among different types of violations and among different states.

Here are some of the study’s key findings along with some advice on what you can do after a moving violation to keep your rates as low as possible:

sovereign risk solutions

highest rate increases over the last four years while speeding 1-15 miles per hour over the limit produce the lowest rate increase. (Photo: insuranceQuotes)

Your premium increase will depend on the specific violation.

Take, for instance, the difference between reckless and careless driving.

According to Robert Nevo, a former Georgia police officer and current owner of Nevo Driving Academy, careless driving is usually defined as “a minor lapse in judgment,” such as following too closely to the vehicle in front of you. Reckless driving, however, concerns more “intentional acts,” such as driving in a way that shows no regard for the safety of others.

“Moving violations are typically weighted with a point system. This makes an excessive speeding violation much more severe than, say, a broken taillight violation,” said Nevo. “Insurance companies often see more points against a driver’s license as an increased risk. Therefore, you’re going to see higher premiums for that driver.”


Your premium increase could be expensive.

Whether it’s a minor or major offense, your wallet will feel the toll.

According to the National Association of Insurance Commissioners (NAIC), the average annual U.S. auto insurance premium is $866. That means an 88% premium spike for one reckless driving offense will result in an increase of just more than $750 per year.

Even relatively “minor” infractions, such as following too close or not yielding to a pedestrian, can mean paying an average of $260 more per year for car insurance. Driving under the influence carries an expensive insurance penalty, with a single infraction resulting in an average premium spike of $1,086.

Related: Are we safe drivers? Apparently not…

It all depends on the state.

The impact on your auto insurance premium largely depends on where you live.

For instance, a first-time DUI conviction in North Carolina will result in an average premium increase of 298% (in Hawaii it’s 209%, 187% in California, and 165% in Michigan). Meanwhile, the same violation in Maryland will only result in an average premium increase of 21%.

Perhaps the starkest difference can be seen in a violation for failure to wear a seatbelt.

In North Carolina, just one ticket for this infraction will result in an average premium increase of 27% (22% in Oregon and 20% in Utah). Meanwhile, in 32 states this particular violation moves the premium needle by less than 5%, including seven states where it has no impact on the premium price at all.

Saving money
While a moving violating will affect your premium, there are options drivers can discuss with insurance agents to save money. (Photo: Shutterstock)

You can still save money.

While your premium will be impacted for quite some time, the moving violation will eventually be erased from your driving record. How long you’ll feel the increased premium’s impact depends on the severity of the violation as well as the individual state laws. Here are some tips for the bumpy times ahead.

Seek forgiveness: If this your first moving violation, especially a minor one such as a failure to signal, talk to your auto insurer. They’re typically going to be somewhat forgiving for a small infraction. Take advantage of any driving classes your state might be offering to remove one or two moving violations from your record.

Make a deal: If your violation isn’t too severe, look for a plea bargain when your day at traffic court is due.

Shop around: Shopping for a new car insurance policy after receiving a traffic moving violation may also be a good idea, though it’s unlikely you’ll be able to hide the violation altogether.

Wait it out: Eventually, your driving record will go back to its original clean slate, but that could take anywhere between three to five years.

This article originally appeared on PropertyCasualty360.com.

Filed Under: News · Tagged: car insurance, moving accident, moving violation, Sovereign Risk Solutions

What keeps you awake at night?

May 12, 2017 by Sovereign Risk Solutions · Leave a Comment

Sovereign Risk Solutions blogIf you’re a parent more than likely you’re thinking about the kids, their health, the struggles with math, why the daughter’s newest BFF has stopped being a BFF, the terrifying thought your eldest is now eligible for a driver’s license, and on and on and on. Of course there are always the constant concerns about the family budget, the need for a new car and the “I can’t believe we need a new roof” type expenses that pop up out of nowhere.

Even as our day ends and the daily grind comes to a close, none of us single or married, parent or grandparent ever truly escapes the everyday issues and yes, fears that seem to attach themselves to every one of us to a greater or lesser degree.

Navigating a career in the insurance business for 45 plus years has developed a sixth sense in me which adds to my and our fine young staff’s “awake at night” burden. You see, each client for whom we undertake the responsibility of protecting from catastrophic economic harm becomes a part of our family. As the protectors of our family we worry, we challenge ourselves and we dissect the minutia of exposures which represent the risks our client family faces every day. It’s not a perception but rather the reality of our client family that drives me and the folks who work with me at Sovereign to present to you the options needed to protect yourself and your business from the fates which plague every family and every business every day.

Perhaps by us keeping watch and staying awake at night, we can lessen the load and allow you to get a little bit of worry free sleep…except for the driver’s license thing of course!

Filed Under: News · Tagged: Family Protection, insurance, Sovereign Risk Solutions

Real Injuries, Real Expense… But Who is Liable??

March 4, 2015 by John Varner · Leave a Comment

Unfortunately accidents happen and people and property get injured or damaged, but, who is ultimately responsible is many times left up to the judicial system to determine when the parties cannot sort it out on their own. As anyone in business knows, the future cost of your commercial insurance is largely predicated upon your past claims history. Therefore, it’s hugely important to do all that you can to mitigate risk exposures where possible and actively involve yourself in the ongoing settlement of claims in conjunction with your broker and adjuster. The following case highlights just how emblazoned the plaintiff bar becomes when they think a large verdict is possible. While our client and contracted insurance company consider this a “win”, it still cost lots of money to defend and settle.

Van PhotoThe following details a 3-day jury trial we finished last week for a non-emergency provider in rural America. It was an admitted liability case and plaintiff obtained a verdict for $150,000. The week before trial, we offered $150,000 in response to plaintiff’s last demand of $850,000. At trial, plaintiff asked for $1,850,000 based on $650,000 of medical specials.

The case was filed on behalf of an injured transport, a 70+ year-old mentally and physically disabled man with a very nice, affable disposition. He could communicate his needs but is essentially non-verbal. His younger sister filed the action as his conservator. [Read more…]

Filed Under: Commercial Insurance, General, News, Transportation · Tagged: Business Insurance, Claim Scenario, Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions

5 Important Questions Uninsured Renters Should Ask Themselves

May 1, 2014 by Sovereign Risk Solutions · Leave a Comment

How did someone surrounded by insurance policies, professionals, and jargon every day find myself uninsured for nearly a week?

For Rent SignI asked myself this question a few days after I moved into my new place of residence and then quickly went into action-mode, trekking up the stairs to talk with our Personal Lines Client Advocate, who promptly assessed my needs and helped me get insured.

A recent I.I.I. (Insurance Information Institute) poll found that 96% of homeowners had homeowners insurance, but only 35% of renters had renters insurance.  When the average renters insurance premium across the U.S. is $187 annually, you wonder why more [Read more…]

Filed Under: General, News, Personal Insurance · Tagged: Insurance Premiums, Personal Insurance, Personal Lines, PROTECTION, Renters Insurance, Sovereign Risk Solutions, Uninsured, Valuables

Think of Property Insurance in a Different Way: Functional Building Valuation

February 26, 2014 by Sovereign Risk Solutions · Leave a Comment

Graham‘s Sprout GourmetGraham‘s Sprout Gourmet, LLC (GSG), a fine dining health food restaurant, is in trouble. The area economy has tanked with the closing of a nearby Solar Panel Manufacturing plant, resulting in the loss of 5,000 jobs. Many of the plant workers were also regular customers of GSG, and their departure from the area has resulted in a serious downturn in business, not only for GSG, but for many other area businesses.

Fortunately, the local government is quite resourceful and is actively seeking ways to lure new business into the area, and is confident that all the lost jobs will be replaced within a year. However, in the meantime, GSG will have to cut expenses to ride out the storm until the economy improves. [Read more…]

Filed Under: Commercial Insurance, News · Tagged: Commercial Insurance, Functional Building Valuation, Insurance Premiums, Property Insurance, Sovereign Risk Solutions

Flood Insurance… Why do you need it? What are the recent changes?

February 4, 2014 by Sovereign Risk Solutions · Leave a Comment

Most homeowners, renters and condo insurance policies do not cover flooding.  Like all weather related phenomena, flooding can be unpredictable to some degree, but, you can protect yourself by having the right insurance coverage in place. Let’s talk some basic flood insurance information to better understand the process of determining how at risk you are for flooding.

Water bubble and wavesA “flood” is defined as a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mud-flow.

The flood risk for any property is determined by many factors such as flooding history, rainfall, tidal-surge date, river flow, and many more factors.

Each community is assigned a Flood Insurance  [Read more…]

Filed Under: News, Personal Insurance · Tagged: Flood Insurance, Flood Zone, Insurance Premiums, NFIP, Personal Lines, PROTECTION, Sovereign Risk Solutions

January 2014 Paratransit Steering Committee Meeting

February 3, 2014 by Amanda Crews · Leave a Comment

TLPA Logo

It’s that time of year again and the TLPA is gearing up for their spring convention during May 8-11 in sunny Ft. Lauderdale, Florida (our Fall conference recap).  It was my honor earlier this month to sit on the Paratransit Steering Committee meeting for the first time.  If you are not actively involved in the TLPA, or perhaps you are not even familiar with it, I highly recommend that you check into the organization.  The TLPA originally started as the National Association of Taxicab Owners (NATO) in 1917 and has transformed over the years [Read more…]

Filed Under: News, Transportation · Tagged: Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions, TLPA

Sovereign Attends TLPA’s 95th Annual Convention

January 15, 2014 by Taylor Westbrook · Leave a Comment

TLPA 2013 Conference PhotoWhile attending the Taxicab, Limousine & Paratransit Association‘s Fall Convention and Trade Show October 27-31, I have to say that I, as well as our other Transportation Team members that attended, came to find the round-table meetings to be very informative and beneficial.  Some of the round-table topics that were discussed were: Fluctuations in the Insurance Market from Soft to Hard, App Technology, Driver Hiring and Customer Service Standards, Rising Use in Hybrid Vehicles, and Broker Trends, all of which our team [Read more…]

Filed Under: News, Transportation · Tagged: Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions, TLPA

Understanding Policy Cancellations and Return Premiums

October 1, 2013 by John Varner · Leave a Comment

There are a myriad of reasons an Insured may elect to cancel their insurance coverage which range from the sale of an asset (i.e. – automobile or building), to a child becoming an independent adult, to simply closing a business.  Regardless of the reason, there is a methodical process upon which the cancellation is documented, and unearned premiums returned to the Insured, all of which are closely governed by State insurance law.

To begin, every insurance policy has its own insuring agreements, exclusions, terms and  conditions, wherein the specific cancellation process and methodology will be confirmed.  [Read more…]

Filed Under: News, Transportation · Tagged: Commercial Insurance, Insurance Cancellation, Insurance Non Renew, Insurance Premiums, Sovereign Risk Solutions

High Net Worth Clients May Not Have The Best Coverage

July 29, 2013 by Sovereign Risk Solutions · Leave a Comment

An astonishing 80% of individuals with a high net worth are not using the most appropriate insurance company to write their coverage, according to a National Underwriter Property & Casualty 360 article entitled, “Big Fish, Bigger Pond.”

Sovereign Risk Solutions specializes in personal insurance coverage and has a track record of excellency when it comes to ensuring that their clients receive proper protection for their homes, automobiles, jewelry, watercraft, fine art, firearms, personal umbrella and more.

Did you know that there is a unique market for High Net Worth individuals? Contact one of our experienced professionals to discuss a customized program for your particular needs.

For further reading, please refer to the following recommended articles:
–Big Fish, Bigger Pond
–MarketScout: Commercial, Personal Lines Rates Rise; New Insurers Eye HNW Space
–Citizens Insurance Dumping High-End Coverage

Filed Under: News · Tagged: Big Fish, Bigger Pond, Exposurer, High Net Worth, Personal Lines, PROTECTION, Sovereign Risk Solutions

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