The Importance Of Not Letting Your Auto Coverage Lapse

Letting your insurance lapse may seem like a trivial matter on the surface, but it's not. Not only is it illegal to drive in the state of Ohio without insurance; it can also have serious consequences that go beyond getting a ticket for driving without insurance. Here are some things you should consider before letting your policy lapse:

The Financial Consequences:

Usually, people let their insurance policy lapse because they "can't" afford to make the payment(s). If you think you can't afford to pay your insurance premiums, then you really can't afford not to pay them! Think about it...if you're in an at fault accident, and you don't have insurance to pay for the damages, you will be responsible.

Accidents that involve property damage and injuries add up quickly. And if you let your policy lapse, then you are responsible for those property damages and injuries. A judgment against you can lead to things such as garnished wages, and put other large assets such as your home in jeopardy. No one wants that. Ultimately, not paying your monthly payment now can lead to paying off a huge amount of money for the rest of your life. I don't know about you, but I'd like to keep my house.

The Legal Consequences:

As mentioned above, you can receive a judgment against you for the damages and injuries you cause to another, which sucks--but did you know that you can also have your license suspended for lack of insurance in the state of Ohio? Then what? You're on the bus, or right back in the risky situation you put yourself in, in the first place.

Future Insurance Premiums:

Did you know most insurance carriers won't even take a driver that does not have previous insurance (aside from new drivers)? Others, simply charge you much higher premiums.

Additionally, a lapse in your old policy means you will no longer qualify for the rates you were getting before.

You will likely lose discounts, including credit for longevity with your insurance company. You may also have to pay a new down payment and/or reinstatement fees. Some companies may also have a limit on the number of times you can lapse before they refuse to reinstate you.

Working your way back up to getting better rates is tough, and can take a long time. It's best to keep your policy in force if you can. Ultimately, a lapse in your auto insurance policy can be much more costly than had you simply continued to pay your premiums. If you are having trouble paying your insurance bill, talk to your Agent about ways to reduce your rates, rather than allowing a lapse to occur.

Until next time - Nicole

#perspective #outlook #newlife #insurance #ohio #columbus

Top 8 Reasons You Should Buy Life Insurance Now!

One of the most challenging aspects of my business is helping people understand why they need life insurance. Interestingly, I always stop and wonder why. We are all going to pass away; some sooner than others---that is a fact of life. So why the challenge? Why the push back?

You may be saying to yourself “it’s because no one wants to think about their own mortality”. Well, obviously-- but we are in fact irretrievably mortal, and destined to kick the can eventually. The only variable is that we don’t know when or how we will pass. It sucks, I know! However, after putting much thought into why most people have this aversion to life insurance, and its benefits, I have come to the conclusion that the push back comes from people not understanding the risk they are taking by failing to acquire life insurance. So here are some of the most important risks you take by not having life insurance:

1. You run the risk of putting the cost of the funeral on your loved ones. GoFundMe is not life insurance and just puts more pressure on those that are grieving.

2. You run the risk of putting all of your credit card debt or personal loan responsibilities on your loved ones.

3. If you have kids, you run the risk of not being able to provide them with funds for a college education.

4. You run the risk of your family having to pay the cost of housing (rent or mortgage) without your income. Ouch!

5. You run the risk of your family dipping below the poverty line---choose the leave a legacy of love and wealth instead of desertion. Just kidding…kinda

6. You run the risk of not being insurable. Your health can change tomorrow—Don’t run the risk of becoming un-insurable

7. You run the risks of your private student loans falling back on your co-signer.

8. You run the risks of changing your spouse’s retirement plans

Until next time - Nicole

#lifelessons #growing #lifeinsurance #gofundme #money

Establish a Legacy During Black History Month

During Black History month it is common in my industry to get a phone call about "Insure your Love" month. While it is important to insure your loved ones during the month of Love a.k.a. February, I find it more beneficial to address those who may be a little more like me. Those that are African American.

As African Americans this month is more importantly known as Black History Month, and it is a time to reflect on the accomplishments of our ancestors as well as the not so pretty portions of our past.

This month, please strive for the next level of equality that so many of us seek ---financial freedom.

Life insurance is an easy way to begin building multi-generational wealth.

With life insurance, African Americans can inject millions, or perhaps billions of dollars of wealth into our struggling communities and neighborhoods. For less than your latest iPhone or that cup of coffee at Starbucks, you can establish real transferable wealth to your immediate family and beyond.

This month, reach out to your local insurance Agent for a free quote and you may be pleasantly surprised at how inexpensive it is to insure your love, and build a legacy that will last for generations to come.

#homeinsurance #safehomes #liabilityinsurance #riskmanagement #insurancetips #assetmanagement #lifeinsurance #family #love #life #blackhistory #kids #couples #babies #community #OhioInsurance