Why Your Auto Insurance Costs Might be Increasing

At The Owens Agency LLC in Waldron, AR, we always prioritize our clients’ needs, providing them with superior service and high-quality products. We understand that increasing auto insurance premiums can be a cause for concern. You can make more sense of these changes by distinguishing the factors in your control from the ones you can’t control. Let’s tackle four such uncontrollable factors:

Four Uncontrollable Factors That Increase Your Premiums

• Inflation: We’re all familiar with the frustrations inflation can bring, and unfortunately, auto insurance rates are not immune to its impact. Insurance premiums tend to follow suit as prices for goods and services rise across the board.
• Increasing Repair Costs: Modern cars come packed with advanced technology, making them more expensive to repair. What once was a simple sheet metal replacement in a fender could now involve replacing cameras, sensors, radar, and GPS equipment, all contributing to higher repair costs.
• Insurance Fraud: Fraudulent claims have long been a drain on the insurance industry, driving up costs for all policyholders. Whether these claims are entirely false or simply exaggerated, they tend to have ripple effects on premiums.
• Pricey New Vehicles: With the average price of new vehicles exceeding $40,000 and consumers opting for high-end models like SUVs and luxury trucks, insurance costs have seen a proportional increase. This trend makes it crucial to get an insurance quote before deciding on a new vehicle.

Be Proactive and Get a Quote

At The Owens Agency LLC, we empathize with our clients and share their challenges, including rising auto insurance costs. If you’re a driver in the Waldron, AR, area concerned about your premiums, we encourage you to reach out to us for a no-obligation quote. We’re here to help you navigate these challenges and find the best possible solution.

Every Arkansas driver must carry at least two different kinds of auto insurance: property damage liability and personal injury liability. If a driver is responsible for causing an accident, insurance will pay for the damages and injuries.

Whether your insurance will cover those you lend your vehicle to can be confusing. Does auto insurance in Arkansas follow the driver or the car? The Owens Agency LLC can answer all your auto insurance questions and help make sure you are protected in the event of an accident.

Insurance Usually Covers the Car In Arkansas

That means that as long as the vehicle is insured, the driver probably will be, too. If you have insurance on your vehicle and lend it to your friend, your friend will have coverage in case of an accident. If your insurance doesn’t cover all the damages, your friend’s insurance may be able to pay the difference.

There Are Still Risks

You may be on the hook if there is not enough coverage to pay for the accident. If you do not have collision and comprehensive coverage, you may need to pay for your vehicle’s damages.

Contact Us For More Information

You need to be able to prove that you have insurance coverage if you are ever involved in an accident, even if you were not at fault. Failure to provide proof of financial responsibility can result in fines, license suspension, registration suspension, and jail time. 

The Owens Agency LLC can help you ensure you have the coverage you need for yourself and anyone who borrows your vehicle. If you live in Waldron, AR, please feel free to contact us today.

If you own a car in the Waldron, AR area, you will want to know that you are protected and following all rules and regulations as well as possible. A great way this can be done is by getting the right insurance plan. You can be protected in many ways with a proper auto insurance plan for your car. 

Ensure the Car is Protected

Many people will want to get an auto insurance plan here to ensure their car is protected. A car or other vehicle tends to be expensive and vital. If you choose to get an auto insurance plan, it will provide the coverage you need to replace or repair your car if it is damaged in an accident or stolen. 

Minimize Liability Risks

Having an auto insurance policy can also be a smart option as you can reduce your liability risks. There will always be liability risks that come with driving a car. If you cause an accident, you will need to cover damages. Fortunately, you can mitigate this risk with an auto insurance plan, as it will provide liability coverage. This can help cover damages to a vehicle and other property and medical bills. 

You will always want to know that you are adequately covered with auto insurance in the Waldron, AR area. If you want a plan in this area, calling our team with The Owens Agency LLC. would be smart. Our insurance team with The Owens Agency LLC knows the value of this coverage and will offer any guidance you need to build your ideal auto plan to protect yourself and your car.

When choosing your auto insurance, cost is always an issue. But, it is essential to understand that by choosing basic auto insurance, you may not get the coverage you require to protect yourself. The Owens Agency LLC in Waldron, AR is an independent insurance agency that provides the necessary service. 

Basic auto insurance in Arkansas

In Arkansas, drivers are required to carry liability coverage. The basic amount mandated is 25/50/25. This is $25,000 for injuries to one person in an accident. If more than one person is injured, the total is $50,000. Personal property must be covered for $25,000. With the current emergency and hospital care cost, this could be very inadequate. 

Basic insurance will not be enough for those who have an auto loan or are leasing. You will have to protect the vehicle itself. This requires having insurance on the car in the form of collision and comprehensive. 

Protecting your vehicle

For most people, your vehicle is vital to your everyday life, and ensuring it is covered for damage means that it can be repaired. If your car is old and has little value, then basic insurance may be the right choice for you, but for most people, it isn’t. Collision coverage protects your vehicle if it is damaged in an accident you are responsible for or by a hit and run. Comprehensive coverage protects from theft, vandalism, and various weather events, including hail, high wind, floods, and collision with a deer or other large animal. 

Contact The Owens Agency LLC in Waldron, AR when you are in need of auto insurance and advice. Stop by our office, or give us a call to get a no-obligation quote. 

 

Who’s Driving Your Car, and Why?

That might sound like a nosey question, but it’s something the insurance company wants to know to calculate risk. There are differences between your domestic employee driving your car, your car-free neighbor borrowing it, your teenager or adult child using it for a weekend, or you just running errands. What about car lending services where a stranger borrows it? There’s a lot to talk about if you want to know what’s at risk in these choices. You don’t need to shut down the friendly nature of your relationships and the flow of your business connections. At The Owens Agency LLC in Waldron, AR, we’re interested in your financial well-being if something goes wrong and the likelihood of that so you can make realistic choices.

Types of Auto Insurance Coverage Beyond Basic Personal Policies

As life has become more complex, many assumptions have fallen away. For example, when a neighbor borrows your car, it’s assumed they also have coverage. Even hardware store truck rentals are based on this assumption. For drivers without a vehicle, non-owner coverage is available that provides liability protection when they’re behind the wheel of others’ cars. We can help you sort out what’s needed to maintain proper coverage regardless of your situation.

Taking Informed Action for Great Auto Insurance Protection

The insurance risks in lending your car often point to adjustments in your existing personal auto policy. If a larger issue is discovered, it might be time to consider a commercial vehicle policy instead. Call us at The Owens Agency LLC in Waldron, AR. We can explain everything in clear terms and what we recommend so you’re confidently covered.

When you live in the Waldron, AR region, you will quickly find that owning a car is beneficial. If you can access a car, you can get around the community easily. If you are going to buy a car, it is vital that you have the right insurance coverage for it. Auto insurance is necessary here for various reasons. 

Meet Requirements

An important reason people in this part of Arkansas need auto coverage is to meet their requirements. Any Arkansas driver here needs to have auto coverage with a minimum level of liability insurance. If you do not have this insurance, you will violate the law and can face various repercussions, including fines and loss of licensure. Further, most auto owners here are required to carry comprehensive insurance if they have taken out an auto loan. 

Financial Support

Beyond being a legal and contractual requirement, having auto coverage is also necessary as it offers financial support. If you choose to buy and drive a car, you could face financial setbacks if your vehicle is damaged or you are at fault in an accident. In either situation, you will want to have insurance. With coverage, you will receive the support needed to cover damage or liability costs. 

When you are looking to buy a car in the Waldron, AR area, you should call the team with The Owens Agency LLC to discuss your insurance needs. There are always important choices to make as you seek an insurance plan, and The Owens Agency LLC will give you the support you need. This can offer comfort that you choose a policy that meets your needs and protect you and your vehicle. 

Did you know that 48 states in the country require a licensed driver to have car insurance? Only Virginia and New Hampshire are exempt. If you live in or around the Waldron, AR area, The Owens Agency LLC can provide you with the needed coverage.

Why is auto insurance so vital? One of the most important reasons is that it provides financial protection. If you cause an accident, you will probably be responsible for all its costs. This includes the injured person’s medical costs, lost wages if they cannot work, and any legal fees that may result. Liability coverage helps to pay for these costs that would otherwise have to be paid out of pocket, putting a strain on your finances.

A policy comprises various types of coverage, offering either minimum or full coverage. It is based on your car, needs, driving habits, and budget. For example, a driver with an older vehicle that is paid for can purchase liability coverage and roadside assistance only.

However, a driver with a newer, more expensive vehicle will need liability but will also want collision, comprehensive, gap insurance, and roadside assistance. Regardless of how safe a driver you are, while driving, you will constantly be exposed to risk due to another’s negligence.

Don’t wait until you get into a situation where you need to file a claim. The consequences of having an accident without insurance can mean financial loss and severe mental stress. It is also against the law. Car insurance will help relieve the financial setbacks associated with an accident.

If you live in or around Waldron, AR, allow the insurance professionals at The Owens Agency LLC to provide you with a quote or answer any questions you may have. Contact them today. You will be glad you did.

You’re not alone if you’ve ever found yourself scratching your head in confusion over your car insurance policy. In this blog post, we’ll answer some of the most commonly asked questions about car insurance so that you can feel confident that you’re getting the coverage you need. So, whether you’re a first-time buyer or just looking to save some money on your premium, read on for everything you need about car insurance.

1. What is minimum liability insurance?

Minimum liability insurance is the minimum amount of insurance required by your state to drive. This insurance only covers damages you may cause to another person or their property in an accident. It does not cover any damage to your vehicle.

2. Why is comprehensive insurance important?

Comprehensive insurance is essential because it covers damage to your vehicle that is not caused by an accident. This can include damage from a fire, theft, or vandalism. In most states, comprehensive insurance is not required by law, but it is still a good idea to have in case of an unexpected incident.

3. Are all premiums the same?

No, all premiums are not the same. Your premium is based on various factors, including your age, driving record, the type of car you drive, and the amount of coverage you need.

4. When should I shop around for new car insurance?

You should typically shop for new car insurance when your current policy is up for renewal. Your rates may have changed since you first purchased your policy. If you’ve had any recent changes in your life, such as getting married or moving to a new state, you should also shop around for new car insurance at that time.

5. How do I file a claim?

If you need to file a claim, the first thing you should do is contact your insurance company. They will then walk you through filing a claim and getting reimbursed for any damages.

No matter your situation, it’s essential to understand the basics of car insurance to ensure you’re getting the coverage you need. For those in Waldron, AR, The Owens Agency LLC can help you find the right policy for your needs. Contact us today for a free quote.

Your auto insurance is a worthwhile investment covering numerous risks you encounter on and off the road. Unfortunately, auto insurance doesn’t cover all the risks you face. The Owens Agency LLC in Waldron, AR sheds light on typical auto insurance exclusions.

Theft of personal belongings

Have you left a laptop in your car? You better have home or renters insurance to cover the loss should someone break your car and steal your electronics. Typical car insurance excludes losses and damage to personal assets unless you purchase a "rider" to cover personal belongings.

Customs parts and equipment

Like most car owners, you have modified your car to ensure it lives up to what you have always dreamt of. While nothing is wrong with "modding" your vehicle, it’s good to know that car insurance may not cover these custom parts. So, your customized sound system, chrome exhausts, forged internals, and custom-made leather seats may not be covered by your standard car insurance.

Accidents during commercial use

Are you using your car to run errands like pizza delivery? Beware! Unless you upgrade your personal auto insurance to commercial, your insurer won’t honor any damage or injuries resulting when carrying out business operations.

Racing events

If you use your car to race others, perform stunts, or do other "out of the ordinary" activities, your insurer won’t cover damage and injuries occurring in such events. However, you can purchase an "add-on" to participate in such activities.

Intentional damage

Any intentional damage to your car, including using your car as a weapon, won’t be covered by your insurer. So, think twice before getting involved in that road rage!

Learn more about car insurance in Waldron, AR

If you need an insurance partner to walk with you for all your car insurance needs, you can’t go wrong with The Owens Agency LLC.

How much do you know about Arizona auto insurance on a scale of 0 to 10? Whether it’s as low as 2 or 3, at The Owens Agency LLC in Waldron, AR, we don’t judge. We understand that everyone starts somewhere. And when it comes to matters of auto insurance, we are happy to be the place you begin learning the ins and outs of insurance.

Here are the top four things you need to learn about Arizona auto insurance.

Arizona is a “fault” state

What does this even mean? We will explain. If you are involved in an accident, whose fault is another person, you can claim damages from your company (especially if the at-fault driver isn’t insured), claim from the other driver’s insurance, or sue to get compensation for damages and injuries suffered. 

You are required to maintain minimum liability coverage

You probably know that auto insurance is mandatory in Arizona, but do you understand the minimum requirements? You must include a bodily injury liability of $15,000 per person and $30,000 for collisions involving multiple persons. Besides, you need to purchase property damage liability of at least $10,000 to cover damage you cause to other people’s property. 

If you don’t meet these requirements, you could face numerous non-compliance fines and penalties. 

Personal Injury Protection (PIP) isn’t a requirement

Unlike some states, PIP coverage isn’t mandatory in Arizona. But do you know what this means? If you are involved in a hit-and-run incident or collide with a driver without insurance, you will have to pay out-of-pocket medical bills for injuries sustained in the accident.

It doesn’t cover the belongings in your car

Depending on your policy, your auto insurance covers you and your car, but not personal belongings lost or damaged while inside your vehicle. For that, you may need separate coverage like renter’s insurance.

Are you ready to get started with auto insurance in Waldron, AR, and its environs? Please get in touch with The Owens Agency LLC for an affordable quote.