What are the different types of car insurance and which one is best for you in West Virginia?

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What are the different types of car insurance and which one is best for you in West Virginia?

Maybe you are a very responsible car owner who drives with care and does not break rules or jump red lights. But, no matter how mannerly you drive on road, still, there are some chances of unexpected mishaps like an accident, car breakdown, tire burst, natural or manly disasters. So, car insurance is the best way to free yourself from financial stress and worries in a situation of an accident, property damage, and medical expense after an accident.

You might know about car insurance and how it works but do you know about the types of car insurance? There are different kinds of car insurance policies that provide insurance coverages on different conditions, situations, and depending on the damage. In this article, we have different types of car insurance coverage explained. You will learn about different types of car insurance and which one is the best for you in West Virginia.

What are the different kinds of car insurance coverage?

Before buying auto insurance it is very important for you to have some knowledge about different types of car insurance coverages and which one is the best for you in West Virginia. With your basic package, you can also choose different addendums to improve the level of insurance protection. Here we have seven different types of car insurance coverage explained. However, for the most inexpensive and inclusive insurance plans visit Bray & Oakley Insurance.

1. Coverage for property damage

Property damage insurance pays for the damages that your vehicle caused to someone else’s property. It includes all types of properties such as buildings, cars, driveways, etc. For example, you are driving on a wet slippery road, your vehicle loses control and slides into someone’s fence, driveway, or vehicle on road. Property damage insurance will pay for the repairs.

2. Insurance against uninsured

This type of insurance covers the damages and supports paying your expenses if you are involved in an accident caused by an uninsured driver. For example, your car gets hit by another car from behind. The damage is massive and the other driver has no insurance or his insurance limit isn’t meeting your requirements. In this situation, your policy will kick in and help you to pay for the medical bills and bear the expenses like vehicle repairs.

3. Guaranteed asset protection coverage

In a normal car insurance policy when your car is totaled in an accident you receive the current market value of your car but not the price you have paid when you bought it. For example, you went to buy a new vehicle and it cost you $20,000. You drove your car for a year and unfortunately, your car was totaled in an accident. Now your insurance coverage will offer the current market value of the car ($13,000) due to depreciation. However, if you have GAP insurance you can get the purchasing amount which is $20,000.

4. Collision insurance coverage

Collision protection is one of the most commonly acquired types of auto insurance. This coverage offers damage and repairs for the insurance holder’s car in case of an accident. For example, if you are driving on a snowy road and your car slips and hits the sidewall after losing traction or with another vehicle, collision coverage will pay for the damage to your car.

5. Insurance for bodily injury

This type of insurance covers all the medical bills and income loss of the person that you have injured in an accident. For example, your car collides with someone’s car and they get injured. Bodily injury insurance will help you to pay their medical bills and income loss. Accidents in which medical damages occur mostly face legal inquiries or court cases. Bodily injury coverage also helps you to pay the legal expenses.

6. Comprehensive insurance

Comprehensive insurance coverage is wide protection against accidents and mishaps that are not in anyone’s control. For example, it includes coverage against theft, natural calamities, fire damage, due to animal hitting, etc. But comprehensive insurance does not offer coverage for car accidents or collisions. It will offer full coverage for the damage due to a hail storm but not for an accident with another car. Bray & Oakley Insurance offers the most reasonable insurance plans in West Virginia and Kentucky.

7. Rental car coverage

If you would add rental car insurance to your policy, you can drive a rental car during the repairing time of your car and the insurance company will pay the car rental. An average car repair after an accident requires a time of 10-15 days. If you do not want to use public transport you can take benefit by including rental car reimbursement to your policy.

Which insurance coverage and insurance provider are the best for you in West Virginia?

The insurance coverages mentioned above are of distinctive importance. And before shopping for car insurance, you must take a look at all the available options, choose according to your requirement. For example, if you live in West Virginia (an area with extreme weather conditions, floods, mudslides, heavy snowfall, or rain) you may take a comprehensive insurance coverage plan. For the best, affordable insurance plans choose Bray & Oakley Insurance in West Virginia and Kentucky. And if you live in a city with an elevated ratio of car accidents, you may go for collision protection or GAP coverage.

Who Has the Cheapest Auto Insurance Quotes in Kentucky?

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Who Has the Cheapest Auto Insurance Quotes in Kentucky?

Anyone who drives a car is familiar with the difficulties of car insurance. But as much as we all gripe about it, we all know how important it is. As essential as a seatbelt or a spare tire in the trunk, insurance is a layer of financial protection we all need when we take our place behind the wheel.

However, are we rushing through the unpleasantness of picking out an insurance policy that we don’t stop to consider whether or not its terms and conditions make sense for us personally?

For instance, there are situations when insurance  premiums are raised, depending on a person’s circumstances. Living and working in an area known for increased risk of crime, needing to regularly drive long  distances for work would drive your premium rates up.

Smart buyers, however, know that auto insurance quotes and insurance rates vary from company to company, even within the category. One company may charge  $50 per month for basic liability insurance, while another may charge four times as much for the same thing.

That’s why one of the best practices when looking for the best deal for car insurance is to shop around, making a comparison of the different prices offered on different policies by local insurance companies. It might be time-consuming to do a thorough comparison, but believe that it’s worth it and will ultimately yield the best price for your policy.

One of the companies that offer the best comprehensive coverage at an affordable price is Bray & Oakley Insurance Agency. If you live in the areas of Kentucky, Lexington, and Richmond, you can simply do a quick search for the company and find the nearest branch simply by looking for “affordable car insurance near me”.

Bray & Oakley takes pride in providing its clients with some of the lowest and most sensible  auto insurance rates in Kentucky, Lexington, and Richmond. That, coupled with detailed customer services and customized coverage that some other companies do not offer makes them a popular choice among the residents in the area.

What is an auto insurance quote?

Before you do an inquiry about what policies and coverages you should be looking into for your vehicle, first you have to have a solid idea of what an auto insurance quote is.  To put it simply, a quote is an estimation of the amount you will pay monthly to ensure that your insurance policy remains in effect.

The insurance company calculates this amount based on the information that you give them, including, but not limited to: your age, sex, driving history, what kind of vehicle you own, the annual mileage you incur, your occupation, and where you live. They may even ask about the condition of your vehicle, and sometimes even its market value comes into consideration.

Each insurance company uses a specific set of rules to set the value of your premium.  A premium is the price you have to pay for your car insurance, and it’s an amount that comes due every month. In addition to this, there might be other costs, all of which are broken down for you in your quote.

Because each company uses a unique formula to arrive at the number for your premium, insurance quotes from two different companies will never be the same, and therefore it makes sense to get quotes from different companies. When you do this, you make sure that you are well informed and can select the most reasonable and affordable rate for your insurance coverage plan.

Include a good mix of companies, from established multinationals to local financial institutions which may be more familiar with your particular location. Make sure to include major players in local insurance, such as Bray & Oakley Insurance, known for the some of the cheapest insurance rates in Kentucky.

What are different types of insurance?

There are many types of auto insurance, each one created to meet different sets of circumstances. Here are some of the few major types:

Comprehensive Insurance

Comprehensive insurance plans cover the cost of any damage to the vehicle from anything other than a collision. This could include theft, fire, hail, vandalism, or even random animal attacks. Because it covers the widest range of possible events, it is also the most expensive type of policy on our list.

It is important to note that unlike collision insurance, comprehensive policies aren’t usually mandatory.

Collision Insurance

This is the most essential, and the most basic, type of auto insurance that you can get, and it covers any damage that your car can receive as the result of an accident involving another vehicle. This is the type of insurance anyone has to have if you want to drive a car in Kentucky and many other states of America.

Liability car insurance

This auto insurance coverage is for the compensation of automobile injury claims against you. This is meant to cover any medical expenses and claims of individuals who were involved in an accident with you and your vehicle but who were not in your car at the moment of the accident. To claim this, however, they need to be able to prove that you were at fault.

Personal injury protection insurance

This insurance coverage provides for the medical expenses of the policyholder following an unfortunate event involving their own vehicle, and this amount is paid out regardless of who is at fault, if anyone is in error at all. In some states, this kind of insurance is optional, but in Kentucky, it is a requirement.

Underinsured/Uninsured Motorist Coverage

Uninsured or underinsured motorist coverage is also an extra layer of protection that you can opt to get when choosing what is included in your policy. This makes sure that you have options to receive money even when the person or vehicle at fault in an accident you are involved in (assuming that the person is not you) is not insured or if their insurance policy does not cover other people involved in an accident.

How Bray & Oakley Insurance reduces your insurance cost

Bray & Oakley Insurance company offers its clients the means to select and create more affordable insurance plans using the following tactics.

Utilize a bulk insurance discount

Insuring two or more vehicles with the same company will entitle you to a lower cost, and the more vehicles you take policies out on, the better.  Make sure to talk to the agent drawing up your policy to see if you qualify for a discount. In general, all the vehicles should be registered to the same address, or all the drivers or owners should share the same address.

This isn’t something that is immediately available to everyone, so make sure that you bring the topic up with your potential provider.

Take a defensive driving course

Insurance companies such as Bray and Oakley Auto Insurance offer a special discount for drivers who have taken a defensive driving course.

When a driver can present proof of having taken a defensive driving course, it usually qualifies them for a car insurance discount, the percentage of which varies from state to state. This enables you to lower your monthly premium by anywhere from 5% – 10%.

Aside from the outright benefit of paying less for your insurance policy, avoiding accidents by learning how to drive defensively has a huge bonus in the long run. Drivers who have been found to be at fault in a vehicular accident, even if it was just once, can expect to see a minimum of 30% increase in their premiums the following year.

If you have a teen, you can also send them to take the same course to offset the naturally higher premiums given to younger, less experienced drivers.

Choose your new car models wisely

It feels amazing to buy a big luxury expensive car. But these luxury models also come with a bloated insurance premium, much higher than that of a standard, low-cost car. Keep this fact in mind when buying a new car and choose your vehicle wisely to keep the insurance costs down.

It’s also important to remember that certain insurance companies offer a discount on insurance premiums if you buy a hybrid or fuel-efficient car. Economizing your vehicle or buying an electric or alternate fuel car will not only make you feel more environmentally responsible, it will also help you cut down on insurance costs.

Install anti-theft devices

You can potentially lower your annual premium if you have an anti-theft device or tracker installed in your car. The anti-theft system alone can help you save 25% on insurance costs each year.

Bray and Oakley Auto Insurance not only offers discounts but also gives its clients information on which devices qualify your vehicle for lower insurance premiums. Not all anti-theft systems will entitle your vehicle for the discount, so before buying and installing one, be sure to consult with your insurance provider.

Maintain a good driving record

Many insurance companies consider your driving record as well as your credit rating during the estimation of insurance costs. It makes sense that a careful driver would have lower premiums than a reckless one that risks accidents which could cost the insurance company a lot of money. In fact, your driving record may carry more weight with some companies such as Bray and Oakley Auto Insurance which do not consider a potential policy holder’s credit ratings when determining their insurance quote.

Frequently asked questions

You probably have a lot of questions about auto insurance. Let us help you cover the basics before you start collecting quotes from insurance agencies.

What is full coverage and how much does it cover?

A full coverage insurance plan includes more comprehensive coverage, upgraded collision protection, and better coverage for accidents as compared to the basic level auto insurance plans. It also offers coverage for uninsured motorists traveling in your car at the time of the accident and also medical protection.

Is it mandatory to get a full auto insurance plan?

It depends upon the financial situation of the vehicle. If you have a car loan you need to have a full coverage policy with collision and comprehensive protection. But if you do not have a car loan to pay or you have paid off the loan you can decide by yourself whether you want a full coverage policy or basic insurance coverage.

Do insurance companies provide a new car after an accident?

No, unfortunately, insurance companies are not responsible for providing you with a new vehicle if your insured vehicle is involved in an accident. If you are the cause of an accident, your full collision coverage will pay the cost of repairs. If your car is totaled in an accident, the payout will be the equivalent of the current market value for a new car, of the same make and model or as close as possible to it. However, if the cause of the accident is another driver then his liability coverage will pay for the repairs of your car and replace it if it cannot be repaired.

Who offers the cheapest auto insurance quotes near me?

We can recommend one insurance provider, Bray & Oakley Insurance Agency , which offers a wide array of affordable auto insurance policies to citizens in Kentucky.

What is the average auto insurance cost in Kentucky?

The cost of basic insurance coverage in Kentucky is USD 85 to USD 90 per month or 1,030 dollars per annum. However, for the full coverage plan, you might have to pay USD 200 dollars a month and USD 2,400 annually. But at Bray & Oakley Insurance, you can get a fairly low rate for basic and full coverage with top-notch services.

Why auto insurance is expensive in Kentucky?

Yes, it is true that in Kentucky car insurance is expensive. Kentucky ranks as the state with the seventh highest cost for auto insurance in the United States, and this might be partly due to  also being the state with the fourth highest number of deaths per mile traveled on road.

Bottom line

Insurance rates deviate by hundreds of dollars every year. To look out for your interests, you need to choose a company with stable rates and a consistent record of good service. Moreover, the final verdict on purchasing your auto insurance comes down to more than just the insurance price. You also need to look for other factors like customer satisfaction, the reputation of the insurance company, how they respond to the complaints and provide insurance coverage for accidents.

At Bray & Oakley Insurance Agency all these points are prioritized and kept in the first place during policymaking. Also, according to a recent analysis in the cities Kentucky, Lexington, and Richmond Bray and Oakley Insurance appeared to be the most reasonable in terms of insurance coverage and cheapest in terms of insurance quotes.

What is Life Insurance?

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7 Frequently Asked Questions About Life Insurance

Life Insurance coverage is an insurance policy that pays out a death benefit upon a policyholder’s passing. This type of coverage protects dependents who rely on either a fixed income (e.g., pensions) or the policyholder’s income.

As a contract between the policyholder and an insurance agency, the insurance agency agrees to pay out a sum of money from a particular insurance company in return for a monthly fee over a fixed amount of time.
There are three types of life insurance: term life insurance, whole life insurance, and universal life insurance. These coverages provide protection for different times throughout a person’s lifetime:
Term life insurance is the most common type of insurance coverage available. This insurance policy is written for a set period, where the policyholder pays premiums until the time of their passing.
Whole life insurance coverage is designed to pay a guaranteed minimum interest rate on the cash value inside the policy every year until the policyholder dies.
Universal life insurance provides coverage similar to whole life insurance coverage but is more flexible to changes in the policy.
Below, we’ve put together a list of frequently asked questions that each potential policyholder should be asking before purchasing a life insurance policy. Read through the list, then be sure to let us know if you have any other questions!

1. What happens if I die? Will my family be able to pay the bills and cover the cost of my funeral?

Life insurance serves as a safety net for dependents if something were to happen to you.
In terms of death benefits, life insurance can be used to pay off your debts and final expenses, leaving the excess amount with your surviving family members who rely on your income or pension benefits. You may also choose to put this money toward your children’s education costs.

2. Do I have enough financial responsibility to warrant life insurance coverage at this point in my life?

Sometimes, young people starting out on their own do not believe that they need life insurance because they do not yet have a family to support. What they often forget is that insurance isn’t just for supporting families – it’s also an emergency fund to cover your obligations and expenses after you’re gone.
You’ll also want to consider if you plan on getting married. Life insurance can protect your spouse financially against the risks associated with losing you once the two of you have started building a life together.

3. How can life insurance help me?

There are multiple ways that life insurance can be beneficial to you. Some examples include:

  • Keeping a home in the family
  • Safeguarding your family’s lifestyle
  • Protecting your educational plans
  • Covering your funeral costs
  • Keeping your small business open
  • And more!

Plus, if you have multiple insurance policies such as auto or home insurance coverage, your insurance agency will often let you bundle to save more money and protect what matters most to you even further! An experienced insurance agent specializing in life insurance coverage can discuss options with you after reviewing your concerns and needs.

4. How much does life insurance cost?

The cost of life insurance coverage varies from policy to policy. Still, even if you don’t currently own property or hold other significant assets, it’s essential to protect what little you may have in the event of an unexpected death.
Talk to an insurance agent about the amount of money you are willing to invest in a life insurance policy and fully understand how large a policy you should take out to meet your concerns.

5. Am I receiving the best insurance price?

The insurance premiums that insurance companies offer vary depending on several factors, including age, insurance amount, location, and more.
Affordability is an essential factor in determining insurance rates. Life insurance prices increase as you get older or if you choose to purchase a more significant policy. For affordable insurance coverage right now, an insurance agent will write a ‘term’ life insurance policy that provides temporary protection for a set time.
Insurance rates can increase at the time of renewal, so you want to ensure that you work with an insurance agent who is continuously shopping the top providers for the best prices available to you. However, you will typically have the option to purchase another term life insurance policy with the same conditions as before and simply reapply for insurance coverage when your previous term expires, rather than taking on additional risk factors that could result in higher premiums.

6. Can I decrease the cost of my insurance premium?

Insurance premiums can increase at each insurance renewal due to your age and insurance history. To lower insurance costs, consider purchasing life insurance with a shorter term, such as a 10-year term policy instead of 20. If you purchase another term life policy when your previous term expires, you might save hundreds or even thousands of dollars every year, so again, it is essential to work with a trusted insurance agent that is looking out for you by continuously searching for the best prices on the market.

7. Do I need to add a contingent beneficiary to my life insurance policy?

Some life insurance policies come with the option to add a contingent beneficiary.
Contingent beneficiaries allow you to expand your coverage under certain conditions. These beneficiaries are backup recipients to the primary beneficiaries named in your life insurance policy. Contingent beneficiaries only receive your life insurance benefits if the primary beneficiaries are unwilling or unable to receive them. Though contingent beneficiaries are often not required, many insurance companies recommend naming at least one to ensure that your affairs will be taken care of in the manner you had wished.

I need life insurance – can anyone help me?

We’re here for you! Contact Bray & Oakley Insurance Agency to get a quote and to speak with an experienced insurance agent who has the training and expertise in life insurance policies that you need.
And remember, if there’s a question that you have that was not answered above, feel free to let us know, and we’ll be happy to help!

What is Home Insurance?

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3 Things You Must Know Before You Buy

Home insurance, sometimes referred to as homeowners insurance, is a standard insurance policy that all homeowners should buy to protect their homes and belongings in the event of damages or theft. Most insurance companies require that a borrower purchase home insurance before agreeing to hand them a loan and will not do so without proof that a policy was obtained.

This article breaks down exactly what homeowners insurance is, what it covers, and all you need to know before purchasing a policy.

Why do I need home insurance?

Your family needs protection from financial loss in case something unforeseeable happens to your home. It doesn’t matter how much money you have saved – if the house is gone, it’s gone! Home insurance can help to rebuild your home and replace belongings if they’re damaged or destroyed by covered perils.

What does homeowners insurance cover?

A home insurance policy covers the damage done to an owner’s interior or exterior structures caused by an unexpected event like a fallen tree, natural disaster, or criminal act.

Structures that are generally covered include fences, retaining walls, patios, garages, appliances, swing sets, storage sheds, clothing, furniture, and other possessions inside or outside of the home.

Other common insurance coverages include:

  • Dwelling Coverage: Insurance that helps you to restore your home after an unfortunate event.
  • Personal Liability: Designed to assist you in filing a lawsuit due to bodily injury or property damage to others that were caused by you.
  • Loss of Use: Coverage to help cover additional living expenses if you can no longer live in your home due to its loss.

It’s worth mentioning that most standard home insurance policies do not cover damages caused by floods or earthquakes. These coverages are typically available separately, so if you live in a flood zone or are in an area prone to earthquakes, consider these policies when looking into the coverages to best fit your needs.

How do I get homeowners insurance?

Insurance carriers offer homeowners insurance policies that provide different levels of coverage, so be sure you understand what you’re purchasing before you buy. Don’t be afraid to ask your insurance agent any insurance questions that you may have – that’s what they’re there for!

Most insurance companies use replacement cost value (RCV) to determine how much they’re willing to pay if there’s damage or loss of any kind to your home; this is not the same as how much it would cost to repair or replace damaged items. Your insurance company will pay the cost to restore your home and its contents to their condition at the time of loss.

Other insurance companies use market value, which is the amount they would expect to receive by selling all of your damaged or destroyed property at today’s prices. If you have replacement cost insurance, you’ll likely be able to replace your personal property with nearly new items if your insurance company uses this method for determining what it will pay. Remember that some types of property are difficult or impossible to find used, so they may not offer much help if you have a pipe burst or other covered disaster.

Many insurance companies prefer to walk through your home with you to assess what’s on the premises before writing you an insurance policy. Some will even give discounts for specific types of safety equipment or security devices installed on your property.

How do I find an insurance agent?

To find an insurance agent or broker, check with your state insurance commissioner’s office, local bank, or credit union for recommendations on carriers that offer homeowners insurance in your area. Your real estate agent might also know which insurance agencies sell policies through the company that they represent. You can always call an insurance agency directly to see if they offer coverage in your area and what kind of discounts and/or endorsements they offer on homeowner insurance policies.

Ready to review your current homeowner’s insurance policy?

After you’ve decided which insurance company and agent or broker you want to handle your insurance needs, it’s a good idea to review your insurance policies at least once a year. You might also ask about additional or higher levels of coverage for personal property replacement if that’s important to you.

An experienced insurance agent should be able to answer your questions about how your policy works and how it might affect you in case of a loss. If you don’t understand something, ask for clarification and get it in writing.

Here at Bray & Oakley Insurance Agency, we understand that insurance coverage can be confusing – but it doesn’t have to be! With the right policy and coverage guidance, as well as available help when you need it, you can be sure that your home and possessions are adequately covered. Our agents will treat you like family and continuously shop the top insurance carriers to ensure that you have the best policy available.

Don’t stay in the dark trying to find the home insurance policy that’s right for you – Contact us today for a quote!

Top 3 Personal Insurance Policies for Any Policyholder

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Top 3 Personal Insurance Policies for Any Policyholder

How to Get the Most Out of Your Coverage

Personal insurance is an insurance contract between the insurer and the policyholder. In this contract, the insurer promises to pay an agreed amount upon proof of certain events or occurrences. These incidents may include illness, injury, loss of life, property damage, or other specific events. 

The goal of personal insurance policies is to protect an individual’s primary financial assets. However, some products tend to be overlooked when a person does not seek the help of an experienced insurance agent, which is necessary to ensure financial protection.

Most experts recommend getting insurance coverage based on needs and risk factors. Insurance agencies in West Virginia and Kentucky have a wide array of insurance carriers that offer multiple insurance products and services to their customers. 

For example, if you have dependents you care for at home, then life insurance can help ease the financial burden of your child’s college tuition costs if you pass away unexpectedly. An experienced insurance agent can help you determine how much you’re willing to pay for life insurance, what is covered under the policy, and what insurance carrier you should obtain the policy from.

Here at Bray & Oakley Insurance Agency, we recommend that all policyholders look into three types of personal insurance policies: life insurance, home insurance, and auto insurance. These three coverages help to ensure that you and your loved ones are covered in the case of an unexpected event.

Do you know how to get the most out of these three insurance policies? Read below to learn more about life, home, and auto insurance.

Life Insurance

Life insurance is insurance coverage that pays a designated beneficiary when the insured person dies. The purpose of life insurance is to help policyholders’ families pay for final expenses and some other financial responsibilities they may be responsible for, such as settling debts. Life insurance can be divided into three categories: term life insurance, whole life insurance, and universal life insurance. These types of policies are meant to provide coverage during the different stages of a policyholder’s life.

Term life insurance is the most common type of life insurance in the industry today; it can be written for a period of 10, 15, 20, or 30 years. During this specific period of time, the policyholder pays premiums. In the event of the policyholder’s death, the beneficiaries will receive the pay-out. 

Whole life insurance policies are designed so that the insurance company pays a guaranteed minimum interest rate on the cash value within the insurance policy every year until the insured person passes away.

 

Universal life insurance provides protection that is similar to whole life insurance but is more flexible in allowing a policyholder to make changes in premiums and coverage.

The first step in deciding on a life insurance plan involves figuring out how much insurance coverage you need. Different insurance carriers offer variations of insurance protection, and each company can vary with its price points. You will want to consult with an insurance agency that specializes in this type of coverage to determine which life insurance policy works best for you.

Home Insurance

Home insurance protects a policyholder’s home and other structures on his or her property from various risks. Home insurance can protect against wind damage, fire, theft, vandalism, and other common risks that homeowners could face unexpectedly any day.

There are multiple parts of home insurance that you should consider. These coverages include:

  • Dwelling Coverage – insurance to help you repair your home after an unforeseen covered incident. 
  • Personal Property Insurance – often called “Contents Insurance,” this type of coverage protects your furniture, clothing, and other belongings.
  • Personal Liability Insurance – designed to assist you in filing a claim due to bodily injury or property damage caused to others by you.
  • Other Structures Insurance – coverage for additional structures that are detached from your home, like a shed, barn, garage, and more.
  • Loss of Use Coverage – helps to pay for living expenses if you are unable to live in your home after a covered incident.

No one wants to think about their home burning down or being robbed, but it is important to ensure that your belongings, home, and loved ones are protected from the unknown. That’s why most insurance agencies in West Virginia and Kentucky recommend purchasing insurance protection based on the replacement cost of the personal belongings that you have if an unexpected event was to occur. This means that if something were to happen, you wouldn’t have to worry about paying out of pocket for damages or replacing items.  

Auto Insurance

If you drive a car, you need to get auto insurance no matter how old you are or what type of vehicle you drive. Most states require auto insurance, so it’s something everyone should have anyway. Besides helping you drive legally (without carrying car insurance, you could lose your license), auto insurance protects you and the other party if you’re involved in an accident, so it’s crucial to obtain this type of insurance. 

Auto insurance is usually sold as a package deal, including several types of insurance plans, like collision protection. Collision protection covers damages when you hit another vehicle or object while driving. Other types of car insurance plans include comprehensive coverage, which covers damages caused by natural disasters (acts of God), fire or theft, and liability insurance, which covers injuries to other people or their property in an accident that you were responsible for. 

In addition to collision protection and comprehensive coverage, you should look into the following options as well:

  • Bodily Injury Coverage – helps to pay for injuries to others who were not riding with you in your vehicle at the time of a crash that was said to be caused by you.
  • Property Damage Coverage – assists in covering the damages to another person’s property, such as vehicles or buildings that may have been impacted by your accident.
  • Medical Payments Coverage – helps with the hospital bills for those injured while riding with you in your vehicle.
  • Personal Injury Protection (PIP) Coverage – like medical payments coverage, PIP helps to cover the medical expenses of those injured in your vehicle, regardless if it was your fault or not.
  • Uninsured Motorist & Underinsured Motorist Coverage (UM & UIM) – protects you and the people who are injured in your vehicle crash caused by another driver who does not have or does not have enough auto insurance coverage. 

It’s vital to carry not only auto insurance but to also choose the proper level of coverage. 

Opting for minimum liability limits means you’ll pay less each month but you could end up paying much more in the end. Plus, you want to ensure that all drivers and passengers are protected while driving or riding in your vehicle. Overall, it is much better to be sufficiently covered than underinsured or not covered at all, especially if you are not the only driver on your policy or plan to have loved ones as your passengers, such as your children. Talk with your insurance agent about all plans available to see how you can cover you and those you love at the best price point for you; they may have discounts and options you are unaware of depending on your needs and budget, so be sure to tell them all of your insurance concerns.  

What to Know About Insurance Premiums

Insurance companies deploy statistical analysis to determine car insurance premiums. This type of analysis gives a fair way of assessing risk and determining insurance premium amounts for their policyholders. For example, drivers under 25-years-old are more likely to be involved in accidents than drivers over 25-years-old, so insurance premiums differ from policy to policy and usually increase as the policyholder gets older.

Insurance helps protect your belongings in a variety of ways. Having insurance on your car, home, and other valuable possessions is a good idea for everyone, even if you don’t think it’s possible that something could happen to you.

Insurance agents, like those here at Bray & Oakley Insurance Agency, are here to help customers determine which insurance policy is right for them. We’re proud to say that we’ve been in the insurance industry since 1920. We love helping our customers save time, money, and energy when looking for insurance by shopping the top insurance carriers like Erie, Nationwide, Allstate, Westfield, Safeco, Travelers, Hartford, and many others. Nothing is more important than helping keep our customers and their loved ones safe and protected.

 

Contact Your Independent Insurance Agency

Need a quote on any of the personal line insurance policies we’ve mentioned above? We’re happy to help! With several offices located throughout West Virginia and Kentucky, Bray & Oakley is your one-stop shop for all things insurance.

Get a quote today by filling out our simple online form, and one of our representatives will get back to you as soon as possible. If you have any other questions regarding personal line insurance or other types of insurance policies, feel free to contact us at 1-800-353-9517.

Accepting Donations for Garrard County Food Pantry at our Richmond office.

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We are accepting donations for the Garrard County Food Pantry at our Richmond office.

Donations will be delivered on Friday. Please bring donations to 2150 Lexington Rd ste D2, Richmond, KY.

How to Shop for Car Insurance: Know the Insurance Policy Terms

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How to Shop for Car Insurance: Know the Insurance Policy Terms

Easily Understand Auto Insurance with These Common Policy Terms

As the driver of a vehicle, you know that accidents, damages, theft, and other unexpected events can happen. In most states, car insurance is necessary to adequately protect you as the driver, the passengers that may be traveling with you, your vehicle, and other vehicles and individuals.

Reviewing your auto insurance policy upon renewal is essential, especially if there has been a change in the number of drivers, passengers, or vehicles that may need to be covered on your policy.

Auto Insurance Terminology That You Should Know in 2021

It’s important to know who and what is covered when it comes to your auto insurance coverage or are shopping for car insurance coverage. An insurance agency can help you determine what insurance companies may best cover your needs and provide car insurance quotes to you. Still, it is beneficial to know what exactly you are looking for before having the discussion.

We’ve put together the most frequently used car insurance terminology below for you to better understand what your policy covers in the event of an incident. This terminology will help you know what is covered, along with what may need to be brought to your attention to update your current policy or obtain an auto insurance policy. 

Though it’s common not to want to think about using an auto insurance policy, accidents do happen, as do thefts and damages to our vehicles. That’s why it is always necessary to have sufficient coverage and to know what your policy actually covers. Plus, it is required by law in most states.

At-Fault Accident

An at-fault accident is an auto collision that is either caused or partially caused by you. In this instance, your insurance provider will pay for the damages and/or injuries of those involved to you, your passengers, or the other driver and passengers that were involved up to the maximum amount under your policy liability limits.

Collision Coverage

Under collision coverage, you are insured up to the value of your vehicle, damages, and the cost of repair to your car that has occurred in a one-car accident incident. This type of insurance coverage is often required by car loan lenders as well.

Comprehensive Insurance Coverage

Comprehensive insurance coverage covers the repair of damages to your vehicle from factors other than an auto collision. These damages could include fire, theft, falling objects, collision with animals, and more.

Declarations Page

The declarations page of your car insurance policy lists all the essential details of your policy. These items could include your vehicle’s VIN number, your contact information, individuals covered under your insurance policy, your policy limits, included coverages, and more.

Exclusion

An exclusion is something that your auto insurance policy will not cover.

Full Coverage Car Insurance

A full coverage car insurance policy includes liability insurance, collision coverage, and comprehensive coverage. It is essential to know the difference between liability coverage and full coverage to better understand what your policy actually covers. Liability coverage protects against damage that you caused to other people and property while on the road; full coverage is insurance for any damage that has occurred to your vehicle.

Gap Insurance

Gap insurance coverage will cover the difference between your current car loan balance and the dollar value of your car if it is totaled or stolen when the loan balance is higher.

Insured & Additional Insured

An insured is an individual who is a family member of the policyholder included under the auto insurance policy. These individuals are often listed in the family auto insurance as additional insureds or lessors of the vehicle.

Liability Insurance

Liability insurance pays for the hospital and medical bills and property damage of those involved in a car accident that you caused. This insurance coverage also covers legal bills if you are sued as a result of the collision. Liability limits are determined in three numbers; as an example, we’ll say 100/200/50, which is a maximum of $100,000 for each injured individual under the bodily injury policy, a maximum of $200,000 in coverages for each accident, and a maximum of $50,000 in property damages. Remember, the limits depend on your policy and the state in which you live.

Liability Limit

The liability limit is the maximum amount that is payable under each coverage item. Auto insurance liability limits often contain limits for bodily injury and property damage. As an example, 30/50/15 is a maximum of $30,000 bodily injury per person, a maximum of $50,000 bodily injury per accident, and a maximum of $15,000 of property damage limits.

Non-Standard Auto Insurance

Non-standard auto insurance is a particular type of auto insurance for high-risk drivers. Drivers who need non-standard auto insurance are individuals with a history of prior accidents, speeding tickets, or are new drivers.

Personal Injury Protection (PIP)

Personal injury protection (PIP) is coverage from your insurance provider that will pay for hospital, medical, and/or funeral expenses due to a collision, regardless of who is at fault. It could also cover the cost of your passengers, depending on the insurance provider.

Premium

A premium is an amount you pay for your insurance coverage. Premiums can be paid monthly, bi-annually, or annually, depending on your policy.

Primary Owner/Insured

The primary owner, or the insured, is the main driver on the car insurance policy and is also the vehicle owner.

Underinsured Motorist Coverage

Underinsured motorist coverage protects you if you have been injured in a collision with another vehicle whose liability coverage is not enough to pay for the damages. This policy may pay for lost wages, hospital and medical bills, pain and suffering, and property damage.

Uninsured Motorist Coverage

Uninsured motorist coverage can cover hospital and medical bills, lost wages, pain and suffering, and damages to your vehicle if the other driver is uninsured.

What Determines the Price of an Auto Insurance Policy?

Before you shop for car insurance, you need to understand what coverages you need. Getting involved in a car accident can result in being injured, the injury of someone else, damages to your property, or damages to the property of others, so these unforeseen circumstances should not be taken lightly.

Your driving history, along with the coverages that you require, helps to determine the price of your auto insurance policy, but you don’t have to go through it alone. 

Here at Bray & Oakley, an experienced car insurance agent will guide you on your search for the perfect auto insurance policy by providing car insurance quotes and shopping the best auto insurance companies. 

Whether you’re looking for a new full coverage auto insurance policy or your driving record is less than perfect, Bray & Oakley is here for you!

Need a Car Insurance Quote?

Ready to find out more about your car insurance options and how you can save money? 

Bray & Oakley is a full-service independent agency offering automobile, home, business, health, and life insurance coverage. We have served the Logan, West Virginia area since 1920 and Kentucky since 2014.

Contact Bray & Oakley today to get a car insurance quote right now.

General Liability Insurance for Small Businesses

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General Liability Insurance for Small Businesses

Commercial Insurance for Business Owners in West Virginia and Kentucky

As a small business owner, you make hundreds of decisions daily that affect the people around you. One of those decisions today could be to reevaluate your business insurance, often referred to as commercial insurance, to ensure that you are getting the best coverage possible for you and your small business.

Why Do I Need Business Insurance?

Having strong coverage is crucial to the success of any small business, including yours; it protects you as the business owner with a blanket of protection against issues that may arise. Essentially, business insurance is a general liability insurance policy.

Have you considered looking into your business coverage lately? There has never been a better time than now to revisit your business insurance plan and adapt your coverage where needed. Consider these frequent instances where many small business owners have realized they could have used the added protection of business insurance coverage.

Your Business Has Had a Shift in Staff

If your employee turnover has increased or you are hiring more employees than ever before, you want to have the added security that commercial insurance can offer. If you employ over 50 full-time employees, you must offer your staff health insurance and other benefits like retirement.

Plus, worker’s compensation benefits and general liability insurance are necessities that you should not overlook; you don’t want to be left scrambling for a solution if an employee gets hurt on your watch.

The Amount of Commercial Vehicle Use Has Changed

Don’t forget – an increase in employees may mean an increase in commercial vehicle use! Whether that is adding more mileage to your current vehicles or increasing your commercial vehicle inventory to accommodate the added employees, you need a policy that reflects these changes to cover business use.

Trust us; you do not want an accident to happen during business operations only to find that a personal auto insurance policy may not protect you or the individuals involved.

You’ve Made Updates to Your Products or Services

Changing up your products or services can be a great thing, but if these items stray from your original business plan, it may be time to go ahead and make some adjustments to your business insurance policy. Remember, this applies to products or services that you have either added or taken away as well.

Your Business is Booming or Has Taken a Hit

Unexpected changes in business traffic can be stressful; your company decisions often depend on revenue, payroll, and the profit that you may or may not be making as a small business. If your business is booming and you are making adjustments to accommodate these increases, as we discussed above, you need to review your commercial insurance policy immediately.

Suppose you are vice versa, and your business has taken a hit or is slowing down to prepare for the off-season. In that case, you also need to reevaluate your business insurance policy to ensure that you are covered for these downtimes and that you are getting the right amount of coverage to assist you.

The Number of Assets Has Been Adjusted

Have you increased the number of assets for your business? These could be a multitude of items: land, materials, technology, vehicles, buildings, and more.

You need to act now to ensure that these business valuables are covered for multiple instances such as theft and damages; otherwise, if you consider adding to your commercial insurance policy after an incident has already occurred, it could be too late.

How Much is Business Insurance?

Insurance companies base your coverage and premiums off of your business operations. If your company has taken on more risk, you need to let your insurance agent know during the reevaluation process to help determine your adjusted policy.

It can be challenging to understand how much commercial insurance will cost you without the guidance of a skilled independent insurance agent. Gathering documentation to reflect any changes in your business is essential in finding the best policy fit for you.

Whether your policy is up for renewal, or you’re ready to take another look at your coverage to make sure that they are up-to-date, be sure to provide as much information as possible to your insurance agent and to read the fine print of your policy in detail to understand how and where you will be covered fully.

How Do I Get Small Business Insurance Coverage?

General liability insurance is critical when it comes to ensuring that your business needs are covered. As a small business owner, you know how crucial it is to make decisions that are not only good for you but great for your business and your employees. Plus, nothing beats the peace of mind you get in the long run to make the necessary choices that give you extra padding.

Remember, if your business is undergoing or has undergone a change, you need to revisit your business insurance policy as soon as possible to avoid the repercussions of doing so when it is too late.

If you are a small business owner and have never considered general liability insurance for your business or are starting your entrepreneurial journey. In that case, it’s time to consider where some extra cushion could be added to protect you and your business now and in the future.

I’m Ready to Review My Coverage!

Contact us here at Bray & Oakley Insurance Agency for guidance and keep your policy up to date as you continue to run your small business or embark on your small business journey. We’re here to help! 

We are a full-service independent agency offering automobile, home, business, health, and life insurance coverage. We have served the Logan, West Virginia area since 1920 and Kentucky since 2014.

Get in touch with an agent now.

6 Tips on How to Shop for Home Insurance in 2021

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6 Tips on How to Shop for Home Insurance in 2021

6 Tips from Insurance Experts for Comparing Home Insurance Quotes in West Virginia and Kentucky

Are you in the market for purchasing a new home? Maybe you are already a homeowner looking for a home insurance policy that better suits your needs. Whether you’re looking for a quote in West Virginia or Kentucky, take a look at these top six tips from local insurance experts that will help you find the best homeowners insurance policy for you.

Figure Out What You Need in Your Homeowners Insurance Policy

A home insurance policy provides the primary coverage needed to protect different parts of your home like dwelling spaces, additional structures, and even your personal belongings. Sometimes, a policy can cover legal fees if you have a lawsuit regarding your home, temporary relocation, or a guest injured on your property. Though these coverages are often standard, you still need to determine how much coverage is necessary for each. You can do this by identifying your most significant risks; for example, if you own firearms or jewelry that you keep inside your home, you need to be sure that your policy sub-limits cover the items in the event of theft or damages. Many insurance carriers will only cover the items up to a certain amount, so you do not want to overlook these significant parts of your coverage.

Other items to consider could be a swimming pool, trampoline, or outdoor equipment that could be damaged, stolen, or cause injury to someone on your personal property. In such cases, adding personal liability coverage to your home insurance policy could be beneficial.

Understand The Current Coverage You Need

If you’re shopping for homeowners insurance coverage to replace an existing policy, don’t shop without fully understanding that policy and keep it close by for comparison; you won’t know if the policies that other insurance companies are offering to you are better or worse than your current one without comparing and obtaining insurance quotes. Specific characteristics can have a significant impact on the cost and coverage of a new policy, so be sure to look at:

  • Limits: Ensure that premiums are based on similar coverage limits; you don’t want to be left thinking that you’re getting a great deal, only to find out that you’re obtaining less coverage.
  • Deductibles: Increasing your deductible, or the amount you owe in an insurance claim, can usually lower your premium.
  • Personal Belonging Sub-Limits: Insurers place sub-limits on valuables like jewelry and firearms so that they only have to pay a certain amount. Sub-limits can vary depending on the insurance provider, so you need to compare policies with similar caps.

When comparing quotes, make sure you’re not assuming that a cheaper policy is a better deal. A more affordable policy may save you a few bucks, but in the long run, you’re actually exposing yourself to potentially considerable out-of-pocket costs.

Keep a Documentation Folder

To get a quote with Bray & Oakley, you need your physical address and a couple of extra details about your personal property. 

You may also need:

  • A home inspection, and
  • A security certificate if you have a smart home security system.

When gathering this information, you might as well review it. Take note of any issues you are having with your home and identify if your inspection report mentions them. A great example is having problems with your plumbing system, which could mean that you need additional coverage for sewer backup protection to avoid further damages.

Track the Worth of Your Personal Belongings

As mentioned, many homeowners insurance policies cover your property based on your dwelling coverage. Still, you need to know how much your personal belongings stored within your home are worth. For example, if your personal property’s replacement cost coverage is around $200,000, your personal belongings may be covered at a percentage of your guaranteed replacement cost, depending on the default percentage you choose.

However, this default coverage may or may not be enough for you, so conducting a rough inventory of your valuables is ideal. Consider firearms, jewelry, appliances, electronics, furniture, decorations, clothing, and equipment. The more detailed you are, the better.

Consider Your Flood Risk

Many areas in West Virginia and Kentucky are often prone to flooding. Standard homeowners insurance policies will not cover floods and damages caused by floods, so you usually need to take the extra step to address this considerable risk and look into added flood insurance coverage. Ask your insurance agent for more details.

Look for Insurance Companies That Offer Discounts

Insurance companies sometimes offer rewards to homeowners for behaviors that make their homes more attractive to insure. In West Virginia and Kentucky, you may get discounts if:

  • Your house has smart home safety and security devices,
  • You have water leak detection and mitigation devices in your home,
  • You are a new homebuyer,
  • You live in a gated community,
  • You haven’t filed any insurance claims, or
  • You opt for an electronic policy.

Keep these in mind when you are looking into your next homeowners insurance policy.

How Much is Home Insurance?

Need a quote? Bray & Oakley wants to help you save as much money as possible and will do whatever we can to find you savings and the best policy that is right for you and your loved ones.

We are a full-service independent agency offering automobile, home, business, health, and life insurance coverage. We have served the Logan, West Virginia area since 1920 and Kentucky since 2014.

Apply online for a fast and free quote today!