In the rush to feel “covered,” they can skip the details. That can lead to frustration.

Following are five insurance myths heard by some of the more than 13,000 claims people at Progressive, one of the country’s largest auto insurance companies:

Myth: I bought “full coverage” so everything’s paid for.

Reality: There is no such thing as “full coverage.” In most states, only liability insurance is mandatory. There are a lot of other coverage options out there, so select what you need and can afford based on your personal situation.

Myth: I need three estimates before my wrecked vehicle can be repaired.

Reality: Not necessarily. Very few insurers actually require this, although some might. If you decide to use a shop that’s in an insurance company’s “network” of pre-approved shops you may just have to get an estimate from that shop.

Myth: My insurance premium always increases if I’m involved in an accident.

Reality: It depends. Your rate can increase, decrease or stay the same. The information about your accident is combined with other information about you, your car and your driving history to determine your rate.

Myth: If I lend my car to someone and he/she crashes it, I’m covered.

Reality: Not so fast. If you or your friend don’t have optional physical damage coverages, damage to your vehicle generally won’t be covered.

Myth: If I buy a new car, my auto insurance company automatically knows; and my new car is covered.

Reality: No. Most insurance companies require that you notify them or your agent within a specified number of days. Generally, you have 30 days to add the new vehicle to your policy.

“Insurance can be complicated,” says Chuck Crist of Progressive. “It’s not something people deal with every day. So the more informed you are, the better choices you’ll make.”

To learn more, contact us today.

• Ask us to check several companies’ rates. This is the single most important thing you can do to get the best possible rate and we can do it for you quickly and easily. The difference between the highest and lowest rate available to you from different companies could vary by hundreds of dollars.
• Reduce or drop physical damage coverage on an older car. Depending on your car’s age and where you live, comprehensive and collision coverage may not be worth keeping. We can give you advice on whether it makes sense to reduce or drop this coverage altogether. 
• Raise your deductible. According to the Insurance Information Institute, raising your deductible from $200 to $500 could reduce your collision and comprehensive cost by 15 to 30 percent. In addition, because the average driver files a collision claim only once every ten years, odds are that over the lifetime of your car, a higher deductible will save you money. We can show you how raising your deductible will lower your premium. 
• Look for discounts. Many insurance companies reduce premiums for certain driver traits or car features. For example: being a homeowner for more than three years, nonsmoker, nondrinker, students with good grades, senior citizens who have taken an approved defensive driving course, people who only drive for pleasure, cars kept in garages, anti-lock brakes, anti-theft devices, air bags, etc. Ask us to check. 
• Don’t assume having your car and home insured by the same company is the best option. Because auto insurance rates vary so much from company to company, it may make sense for you to have your car and home insured by separate companies. Let’s talk about it. 

In an effort to continue our commitment to great customer service, we would like you to be one of the first to hear about our new website, www.MissouriMedicareSupplementInsurance.com.

Dedicated to helping our Medicare eligible clients find the helpful information they need, www.MissouriMedicareSupplementInsurance.com is a great place to find answers to any question you may have regarding Medicare benefits.

You will also find links to other resources such as the current volume of “Medicare and You” provided by the Centers for Medicare & Medicaid services.

We invite you to visit the website and please pass the word along to your friends and family.  If you have any questions or comments, please give us a call at 855.299.6565.

Thank you again for your business and trust.

For a free, fast insurance quote, visit www.burchins.com.

To make sure you’ve accounted for everything you want to cover and for more detailed advise, be sure to talk to your agent.

Actual cash value coverage, reimburses an owner for only an item’s depreciated value. Actual cash value may be appropriate in a situation where a home is insured for an amount less that the actual cost to rebuild it.  In this case, most insurance carriers have caps, which vary by company, on the maximum loss reimbursement.

Replacement cost coverage on the other hand, normally bases the loss settlement on an amount that does not factor in depreciation.  When considering a replacement cost policy, it is important to remember that the amount of insurance should be based on the actual cost of replacement and not necessarily the market value.  Some companies apply a penalty at the time of loss for property that is not insured to its full replacement cost value.

In addition, different carriers often define “replacement” differently. There is true replacement cost coverage — which pays to replace an item with its equal — and functional replacement cost coverage, which replaces it with a functional equivalent.

Be sure to talk to your agent about the coverages and limits specific to your policy.

There are two basic subcategories when we talk about risks covered: named peril and all peril.  A named-peril policy specifies what is covered and excludes everything else. An all-peril policies specifies what isn’t covered but includes everything else.

When you are shopping for insurance for your personal property, home or apartment, be sure to get as much information as you can.  Saving money is important, but there is certainly something to be said for value as well.

• Discuss your policy with your agent – a quick policy evaluation will help determine whether your coverage extends to your rental car.
• Call your credit card company – some companies may provide coverage at no charge when you use their credit card to purchase your rental.  However, restrictions may apply so be sure to ask for details.
• Have your insurance policy handy – if questions come up, having a copy of your policy and your agents contact information with you may go a long way.

As always, please talk to your agent about the details and coverages provided by your policy.