Tow Truck Insurance Austin, Texas

Nationwide offers commercial vehicle insurance for many types of business auto risks. Today’s topic will be Tow Truck Insurance. What insurance issues arise when you own a tow truck? How much is tow truck insurance and how long does it take to get it started? What are filings and which do you need? I will answer these and present a few other questions you need to consider when shopping for tow truck insurance in Texas.

Tow Truck Insurance has a few nuances that separate it from other types of commercial or business auto insurance. Specifically, cargo insurance, vehicle storage facility, consent vs. non consent towing, and incident management are a few terms you will need to be familiar with.

The type of tow truck insurance you need will depend on what exactly you are using your tow truck for.

Consent Towing

– Most basic type of towing, this is a tow that is requested by the owner of the vehicle

Incident Management

– Tow Trucks who take vehicles away from accident scenes, this type of towing can require additional filings (VSF, H)

Non Consent

- Tows resulting from "no parking"

Repo

– Many insures will deny a policy if repossessions are part of the scope of business. Make sure you let your insurance broker know about this ahead of time

TOW TRUCK FILING REQUIREMENTS

Form E – required for all tow truck operators, this is basic insurance verification that is sent to TDLR

Form H – Cargo Filing, required typically if your business tows for Incident Management, Non Consent, or Repo’s.

Form VSF – Vehicle Storage Facility, if you tow for Incident Management, Non Consent, or Repo’s and you have a storage facility.

HOW MUCH IS TOW TRUCK INSURANCE

This is such a broad question and is very hard to answer without all the info that determines premium. Liability only coverage can run as low as $1500 a year but can be as expensive as $5000 a year. It could even be more if you have a more expensive truck, tickets, extra filings, etc. The best thing to do is to call around for quotes and see what you can get. You will want to go with a reputable carrier that can pay claims and also be responsible enough to get your filings sent in on time. If they don’t send your filings correctly you could be looking at fines or refilling fees that aren’t cheap! A quote shouldn’t take longer than a day for a basic tow truck business. If you have multiple locations, cars and drivers it could take longer.

　

WHAT ELSE?

If you have contracted with another company to tow cars they may require additional coverage. A common extra coverage is General Liability in addition to the Liability on the tow truck policy. Get something in writing so you can send this to your agent.

The Texas Department of Licensing and Regulation is the regulatory agency that oversees tow truck operators, you can find out more info @:

http://www.tdlr.state.tx.us/towing/towing.htm

Fleet Auto Insurance

Let me help with your Fleet Auto Insurance.  I can write through multiple carriers to get you the best coverage at the best price!

A few possible options:

Zero Glass Deductible
One comprehensive physical damage deductible per occurence
Business auto enhancement tailored for business auto fleets
Composite rating for larger fleets
Interest-free installments available for some risks that generate at least $2,000 in premium
Multi-state capability
Owned Auto
Non-owned auto
Hired auto
Leas Gap Coverage
Towing
Hazmat
$1,000,000 Combined Single Limit


Call today for a quote on your commercial auto or fleet insurance.

512-441-2763
Lewis Insurance

Car Insurance for young driver / teenager

Rates are typically higher for younger drivers because loss experience shows they have more accidents. Also, if they are a new driver, they have no driving history so insurance companies assume the worst. They assume the newly added driver will have more accidents than more established drivers.  Once they have been driving for several years and can prove, via their clean record, they are a good driver, the rate will drop.

You should know some ways to save money on your insurance when you have added a youthful driver.  Below are some tips for you to discuss with your agent:

　

Establish credit before they start driving as many insures rate partly based on credit. If your child has no credit whatsoever they will not receive any discount. This is a major discount that could change the rate tremendously.

Consider getting the child a vehicle that requires liability only. The premiums for full coverage can be very expensive for a young driver.

Ask your agent ahead of time what discounts are available. Good Student, Defensive Driving, Driver Training, away at school over 100 miles, etc.

If you plan ahead of time you might be able to make your insurance rates more affordable!

Josh Lewis

www.nationwide.com/joshlewis

Buying a car need auto insurance

So you are getting ready to purchase a new vehicle and are wondering what insurance hurdles are ahead. I am going to briefly discuss 3 situations you may be in; hopefully this insurance blog will better prepare you for what to expect. First, you have insurance and need to replace or add a vehicle to it. Second, you already have insurance but want to compare rates from other companies on your newly purchased car. Third, you have no insurance.

Once you have a car in mind you might check with your existing agent to see how much it will cost to add it to your insurance policy. If you think you might purchase the vehicle on the first visit you should call your agent ahead of time. If you have a vehicle that has full coverage on it currently, that full coverage insurance might extend to the newly purchased vehicle without you having to call your insurance office. You will want to verify this ahead of time. I can speak to Nationwide Insurance and Progressive’s policy…that newly purchased vehicle will be covered for up to 30 days without you calling in as long as you have full coverage on another car. Again, you need to verify ahead of time. However, you do need to consider that the dealership may not honor proof of full coverage insurance on another vehicle and instead require you to show insurance on the actual car you are purchasing. I would not want to haggle over a new vehicle for three hours and then find out they are going to have to see proof of insurance on my new car before I drive it off the lot. What if it is after hours, on a weekend or on a holiday? You may either be waiting for longer than necessary or not get to take home your new car at all! Figure all this out ahead of time.

Did you just budget a certain amount of money for a newly purchased vehicle only to be unpleasantly surprised when you called your existing insurance agent for the new price? It happens all the time. Don’t worry, you usually don’t have to pay the increased rates until your next bill is due (if you cancel you will owe the increased insurance rate for the prorated amount of days you have the new vehicle on your policy) so go ahead and add the car if you’ve already bought it. Express your concern to your agent. Maybe they can do something to lower your rate, maybe they can’t and then again maybe the new rate you were given is fair. This may be a perfect opportunity to call a couple of places to see if you can get a better deal.

If you don’t have any insurance and are in the market for a new car you will definitely want to call around for insurance rates before you make a decision on how much to spend on that car. If you have not had current insurance for at least 6 consecutive months you are going to be looking at paying more expensive rates for at least the first 6 months. Don’t sign a new car contract for $350 a month only to find out later that the best insurance rate your can find is $400 a month. If you are getting very expensive rates, ask the insurance offices you call to tell you how much the rate will be for the bare minimum full coverage. Also, ask what your rate will be if you pay on time and keep your policy active for 6 months…will the rate automatically decrease? Additionally, you might get a better deal on insurance if you have a checking account and will let them take the insurance payment directly from that account once a month on a predetermined day. Your insurance is due every month; you might as well do that but just make sure you have money in your account for the payment.

http://www.nationwide.com/agent/austin-texas-insurance-agent/joshlewis/office.html

COBRA Insurance

OK, you have left your job and are trying to decide what to do about COBRA. In fact, you don't really know what COBRA does. Sound familiar? Don’t worry, you have options. Call someone to help or go online and get some answers. Here are a few quick thoughts to help your cause…

1. If your employer has 20 or more employees, and you have been covered under the group plan for at least 3 months, you are probably eligible for COBRA. (There are other situations where you may not be eligible. Involuntary termination with cause is one of those.)


2. You will probably receive COBRA instructions from your employer within a couple of weeks


3. You have 60 days after qualifying for COBRA coverage to decide if you want to enroll


4. WHAT DOES COBRA COVER? It covers you the same way your policy worked through the employer plan.


5. HOW MUCH DOES COBRA COST? What was your prior cost and what was your employer’s cost? You pay the total cost of your healthcare plus 2%. If you were paying $150 a month and your employer was paying 50% of your coverage, so another $150, your total was $300. Including the 2% that would be $306.


6. CAN I PURCHASE AN INDIVIDUAL PLAN INSTEAD OF SIGNING UP FOR COBRA? Yes you can. It will probably be less expensive but you may get a little less coverage.

More at the follow link to the Texas Department of Insurance:

http://www.tdi.texas.gov/pubs/consumer/cb005.html

Commercial Vehicle Insurance / Business Auto Insurance

If I were looking for commercial auto insurance I would probably want to combine it with my GL (General Liability) or Business Owners policy. In addition, I would probably want 1 insurance broker handling all of my commercial insurance needs. There is so much information required to process these policies, do you really want to give it to 5 different insurance agents? Can you imagine the number of mistakes on everyone’s part? Imagine if you open a new location and you now have to call 5 different places to make a change on workers comp, umbrella, group health, business auto, general liability, professional liability, etc.! No way! Another reason is that you will probably be able to save premiums by way of multi policy discounts and fewer fees.

It might be easier for you to compile a basic list of your information and send it out to a few companies. Don’t go overboard on this though. What you are looking for (or what you should be looking for in my not so humble opinion) is a combination of: a fair price, multiple pay plans that fit your payment abilities, a highly rated insurance company that can pay claims and an office you can handle dealing with. Your shopping experience should be an interview period of sorts for both you and the insurance broker. An insurance broker is not going to want to waste time on someone who faxes or emails all of their pertinent quoting info to every insurance company (every single year) in the city. At the same time, if you find a rate that is 5% less than another quote you have but the cheaper company never calls you back (or is just not very pleasant), is it worth it? If they are not providing great service while trying to earn your business what do you think is going to happen when: you need a certificate of insurance, you need to pay an insurance bill, you need to make a change on your policy, you have a claim, you need additional coverage, etc. Choose someone and move on! Next year, at renewal, if the rate is about the same, great! If it goes up 20%, shop it a little bit...but ask your agent if they can do anything. Whew…now that we have that cleared up!!!

Here’s what you need to send your insurance person for a good start:

Contact info: name, email, phone

Business info: name, address, type of business

Driver info: names, dob, tdl, driving history

Vehicle info: year, make, model, value (if full cov), radius of operation, what is it used for, weight

Coverages: liability, uninsured, full coverage?, pip, rental, towing, hired auto, nonowned auto, are there any filings

They should be able to start processing the information into a quote and call you back to fill in all their gaps. This will be so much faster than dictating all of the above and waiting while they type all the info in. Also, you will be prepared; they won’t have you running from office to office looking for everything. Remember though, don’t expect very many quotes, if any at all, if you blast email /fax and provide specific instructions to simply quote and send back without contacting. They are a business too!

Good luck!

Nationwide Insurance Austin, Texas

We can offer you a quote on auto insurance, home insurance, health insurance, group insurance, commercial insurance and all other lines of insurance.

Josh Lewis - Nationwide Insurance Austin
2525 S Lamar Blvd Ste 11
Austin, TX 78704
512-441-2763
lewisj6@nationwide.com
www.nationwide.com/joshlewis
www.austinhealthbrokers.com

Health Insurance Austin, Texas

These days finding health insurance can be a time consuming process.  Do you know what questions  you need to ask when you are searching for health insurance?  Consider the following FAQs:


Does my company qualify for group health insurance?
What are the differences between group and individual insurance?
Does individual insurance cover maternity?
What is preventive care?
Do I have to offer health insurance for my employees?
How long does it take to get health insurance?
Should I buy dental insurance?
Should I buy vision insurance?
What is supplemental insurance?
What is medicare part d?
Why are there so many options for health insurance?
What is a HSA or Health Savings Account?
What is a FSA or Flexible Spending Account?
Do I need a PEO or Professional Employer Organization?
Who can help with benefits for my company?
Do I have to offer Cobra?  What is Cobra insurance?  How do I apply for Cobra?
What is state contiuation insurance?
What is co-insurance?
What is the difference between a co-pay and a deductible?
Does health insurance cover prescription drugs?
Why did I get a bill after going to the Doctor if I paid my co-pay?
How much is health insurance?
Should I get health insurance through my employer or buy individual health insurance?
Can I be denied for health insurance?
What are pre-existing conditions?
What is CHIP?  Do my children qualify for CHIP?
What is a network?
What is a PPO?
What is a HMO?
Is BCBS or BXBS or Blue Cross Blue Shield affordable health insurance?
Does United Health Care have affordable health insurance?
Can I come to your office in Austin, TX to discuss health insurance in person?
How long does it take to buy health insurance?
Do I have to have a medical exam when buying health insurance?




Contact me @ http://www.austinhealthbrokers.com/ or www.nationwide.com/joshlewis and I can help!  Also, email me @ lewisj6@nationwide .com if this was helpful!

Josh Lewis - 512-441-2763
2525 S Lamar Blvd Ste 11
Austin, TX 78704

Why do my insurance rates increase every year?

If you are with a reputable carrier, the rates you will pay over a 20 year period will probably be on par with most other reputable carriers over the same period. I personally believe the deciding factor in choosing your insurance agent should come down to the service you get. Do they answer the phone, do they call you back when they say the will, do they make more mistakes than you are willing to deal with and probably most important, can and do they pay claims?

In spite of this, it certainly doesn't hurt to call your insurance agent every couple of years to ask about a better rate on your insurance. From time to time, most insurance companies get new rating platforms and must "file" these with the Texas Department of Insurance. The reason they do this is because they may have a found a new rating factor (or see a new rating factor another company has introduced) which will give them a more accurate and profitable rating experience…the TDI must approve all rates. So if you bought a policy from carrier ABC in 2009, that company is probably offering different rates for new customers. Sometimes that rate is lower and sometimes it is higher.

AUTO INSURANCE

I often get the auto insurance rate question, "Why do my rates go up on my car if it is a depreciating asset? It is worth less today than it was 2 years ago, so why am I paying more for car insurance?" It is a fair and reasonable question. Your rates go up because the money an insurance company has to pay for the replacement of parts is probably higher than it was in years past. As a result, body shops charge insurance companies more for repairs and your insurance carrier is passing that cost off to you.

HOME INSURANCE

Home insurance rates change as well. I have seen less of an overall change in rate over the past 15 years in home insurance than most other types. (Life insurance is an exception…mortality rates, which are the actuarial tables life insurance rates are based on, are changing. We are all living longer and life insurance rates have stabilized for the most part.) Home insurance rates can increase in any one year and go back down a few years later. The driving forces in home insurance rates are weather related claims and conversely homes that are built to withstand that weather. I could blog ad nauseam about this but a few quick thoughts…here in Austin, Central and North Texas we get a lot of hail. Hail absolutely devastates a loss ratio (percentage of claims paid to premiums brought in). Roofs can be anywhere from 5k to 100k to replace. When the average home insurance premium in Texas is $750 a year (don’t quote me on that and no pun intended) you can imagine how long it takes to recoup premiums. Also, in a year after a major storm you can most definitely expect to see a rate increase. Roofs are getting stronger and overall construction is getting better so that homes are able to withstand more than they used to. If we get a have a few years of favorable weather you can be optimistic about your insurance rate decreasing.

SUMMARY

These are some quick answers to the insurance rate increase question which is by no means complete. There are many factors that drive your insurance rate and you should be able to talk to your agent about other factors that are contributing to your specific rate. If you find yourself questioning your agent on everything you might ask yourself if you trust your agent or not. If you don’t trust your insurance advisor you should seek council elsewhere. You do have a choice when it comes to your insurance…pick someone you like. I’ll be glad to talk to anyone who needs insurance in Texas!

Josh Lewis

512-441-2763

MLR (Medical Loss Ratio) Rebate

Refunds are going out in August...the transcript below has been pulled directly from United Healthcare.  Blue Cross Blue Shield recently had a similar announcement as have most other Health Insures I'm sure.

Large group insurers must spend at least 85 percent of premium dollars on claims and activities to improve health care quality. Individual and small group insurers must spend at least 80 percent of premium dollars on claims and activities to improve health care quality.

Rebate Requirement

Beginning Aug. 2012, health plans must provide rebates to enrollees if their medical loss ratio – the percentage of premiums spent on reimbursement for clinical services and activities that improve health care quality – does not meet the minimum standards for a given plan year

Moving to Austin and need insurance

The first result from Google when I asked "how many people move to Austin each day" was from ChaCha...172.6 a day and 63,000 a year. I don't know how ChaCha knows but I can believe it. I wonder where all those people go for insurance?

Josh Lewis - Nationwide Insurance

2525 S Lamar Blvd Ste 11

Austin, TX 78704

512-441-2763

lewisj6@nationwide.com