Rideshare and Auto Insurance: What Drivers Need to Know

The gig economy in and around Pomona, CA has given rise to rideshare services like Uber and Lyft, allowing individuals to earn income by providing transportation services. If you’re considering becoming a rideshare driver, it’s crucial to understand the implications for your auto insurance. 

Personal Auto Insurance vs. Rideshare Insurance

Most personal auto insurance policies do not provide coverage while you are driving for a rideshare service. This is because traditional auto insurance is designed for personal use, and engaging in commercial activities like ridesharing can lead to coverage gaps.

The Rideshare Insurance Gap

The rideshare insurance gap is a critical concern for drivers. It refers to when you actively use your vehicle for rideshare purposes but have not picked up a passenger or completed a ride. During this time, your auto insurance may not cover accidents or damage, potentially leaving you financially vulnerable.

Understanding Rideshare Company Insurance

Rideshare companies typically offer insurance coverage that varies depending on your status during the rideshare process:

  • Offline or Personal Mode: When your rideshare app is turned off, your auto insurance provides coverage.
  • Online, Awaiting a Ride Request: The rideshare company’s insurance often provides limited coverage for liability and collision.
  • En Route to Pick Up a Passenger or During a Ride: At this stage, the rideshare company’s insurance generally offers more coverage.

Additional Coverage Options

Drivers have a few options for additional coverage:

  • Rideshare Endorsements: Some insurance companies offer rideshare endorsements that can be added to your policy.
  • Commercial Auto Insurance: Consider commercial auto insurance if you plan to drive for rideshare services frequently. 

THINK Insurance & Financial Services Can Help You

At THINK Insurance & Financial Services, we can answer all your questions concerning auto insurance. We assist the Pomona, CA area. Contact us today.

Four Tips For Backing up Your Renters Insurance Claim

Renters insurance is valuable coverage that protects you in the event of loss, damage, and theft. To ensure a smooth process when making a renters insurance claim with THINK Insurance & Financial Services, serving Pomona, CA, use the following tips.

1. Maintain an Inventory

As soon as you move into your rental unit, take an inventory of your possessions. An easy way to do this is to video everything around each room. Remember to include hidden items inside closets and drawers, paying special attention to valuable items. Get a photo or video of your sports equipment, such as bicycles, skis, etc. Do the same with any rental storage unit you own. When you make a new purchase, photograph it or create another video.

2. Keep Receipts

Keep receipts for any new, valuable purchases you make. Scan the receipts and organize them into a folder on your hard drive. This will make sending the digital file to your insurance company representative easy.

3. Report Theft to the Police

If your loss involves a theft, your insurance company may require you to have a police report. Be sure to report the theft and get a police report, even if you feel the police won’t be able to track down your items.

4. Obtain Surveillance Video

Your rental manager may have outside surveillance video that could have captured the theft on tape. Ask to see the video and obtain a copy, if possible. This could be an essential support piece for your renter’s insurance claim. If you can’t get a copy, let the insurance company know it exists.

Your insurance representative at THINK Insurance & Financial Services, serving Pomona, CA is happy to help you with your renter’s insurance claim questions. Contact us today to learn more.

Condo Insurance and Airbnb

The rise of short-term rental platforms like Airbnb has opened up new opportunities for condo owners to earn extra income by renting out their units in and around Pomona, CA. However, this trend also brings about unique insurance considerations that condo owners must carefully navigate. Renting out your condo on Airbnb can lead to potential coverage gaps and implications for your insurance policy. 

Coverage Gaps and Condo Insurance

Traditional condo insurance policies are designed to cover owner-occupied units, which means they may not adequately protect you when you engage in short-term rentals through platforms like Airbnb. Here are some coverage gaps to be aware of:

  • Liability Coverage: Most standard condo insurance policies provide liability coverage for injuries or damages within your unit, but there may be additional liability risks that your policy may not fully cover.
  • Property Damage: If a guest damages your condo during their stay, you may not have sufficient coverage for the repairs or replacements required.
  • Loss of Income: Short-term rental cancelations may not be covered.

Options for Short-Term Rental Coverage

Recognizing the evolving landscape of short-term rentals, insurance companies are offering solutions to help condo owners bridge the coverage gaps:

  • Endorsements or Riders: These endorsements typically provide enhanced liability protection and may cover property damage caused by guests.
  • Commercial Host Insurance: This policy can offer comprehensive coverage for liability, property damage, and loss of income related to your Airbnb activities.
  • Vacation Rental Insurance: Vacation rental insurance is tailored for property owners who rent their units short-term. This type of policy may offer more comprehensive coverage.

THINK Insurance & Financial Services Can Help You

At THINK Insurance & Financial Services, we can answer all your questions concerning condo insurance. We assist the Pomona, CA region. Contact us today.

Two Types of Life Insurance

Having a family means having people who depend on you. You need a good life insurance policy when you need to leave something behind after you’re gone. There are two main types of these policies. Each of them has its pros and cons. Leaving loved ones behind with financial burdens isn’t what you want to do, and life insurance can help. When you want a policy of your own, call us at THINK Insurance & Financial Services in Pomona, CA.

Whole Life Insurance 

This type of life insurance is popular with those who want to have ownership over their policies. When you get a whole life policy, the policy stays good for as long as you continue paying for the policy. It doesn’t expire. When you have this policy, you can get coverage that the company can’t cancel if you keep making the premiums. With the other type, the policy expires. Many people like that you don’t ever have to get a new policy, no matter your age. These policies also have a cash value built up over the years. The policyholder can borrow that amount if they need it. This gives many people extra peace of mind. 

Term Life Insurance 

This type of insurance has an expiration date. It stays good for the number of years written into the policy. The tradeoff to this is that these policies can be very inexpensive. When people struggle to include life insurance in their budgets, they often choose term life insurance because of its affordability. A low monthly payment can mean coverage for people who otherwise couldn’t afford life insurance. 

Get Covered with Life Insurance

When it’s time for you to choose a life insurance policy, we’re here to help. Call us at THINK Insurance & Financial Services in Pomona, CA. 

Required Commercial Insurance in California

If you have a business in California, you know how many rules and regulations there are. There are rules for everything, and the types of business insurance you get are no exception. Two types are required for many businesses to have if those businesses meet the qualifications. There are also many other types of business insurance that you may need, but that isn’t required. Policy types like cyber insurance and commercial real estate insurance may be needed for your specific business. Call us at THINK Insurance & Financial Services in Pomona, CA to get started with a commercial policy.

Workers’ Compensation

This is a type of insurance that comes in very handy for both employers and employees. If your California business has any number of employees, even just one, you’re required to have this insurance for them. This is true for both full-time and part-time employees. This coverage pays for the medical bills from a worker being injured while working. It also covers them against getting any work-related illnesses. Without this coverage, your business could owe an enormous amount in medical bills. And for employees, it ensures that money is available for their injuries if they should have an accident. 

Commercial Auto

This insurance type is required for any California business that owns a vehicle of any type. There are a few amounts required to be in this policy. These are an amount for property damage liability, an amount for one person who has injuries from an accident, and an amount that is for everything who becomes injured. In California, these amounts are extremely low, so adding to the minimum coverage for better protection may be a good idea. 

Get Commercial Insurance 

Call us at THINK Insurance & Financial Services in Pomona, CA for your commercial policies. 

Renovating Your Home and Your Home Insurance

You updated your home to a proverbial castle, and it probably feels great to enjoy the time there. Your update improved your quality of life and the other individuals living with you. Your home insurance policy from THINK Insurance & Financial Services helps you do this, and this blog explains why you need to update your home insurance policy after renovating your home.

Renovation Improves Your Home

Your Pomona, CA, home improvements didn’t just make your home more fun to spend time in; it also made it more valuable. Improving the curb appeal, adding insulation, building a deck or porch, or many other projects add value to your home.

Some items, like a new bathroom or bedroom, add thousands of dollars to the value of it. Renovating the kitchen adds about $20,000 in lasting value to your home. That figure applies if you update all appliances, update the cabinets and the counters, and replace the floors if they need it. Many projects add whopping amounts to the value of your home.

Your Home Insurance Requires an Update

Aha! When you increase the value of your home, you need to increase the value at which your insurance covers it. When you purchased your policy, it included the home value from the purchase. If you paid $240,000 for your home, that’s the amount you insured it for.

Just as the bank checks the home’s actual value before offering you a mortgage and only funds it, home insurance lets you insure it at its actual value. When you renovate, adding $100,000 of value, you need to update the home policy to cover the home’s new value of $340,000.

Contact THINK Insurance & Financial Services Today

Insure your Pomona, CA, home fully. Contact THINK Insurance & Financial Services today for a home insurance update. Let us help you protect your financial investment in your home.

Auto Insurance for Rideshare Drivers: What You Need to Know

Providing rideshare services can be a great way to leverage your vehicle to earn a full-time or part-time income in Pomona, CA, and the surrounding areas. But before you sign on with Lyft or Uber and start taking customers, you’ll want to ensure your auto insurance policy is comprehensive enough.

We at THINK Insurance & Financial Services can help you assess your current insurance and determine whether you need an upgrade. But in the meantime, check out the following information for a quick look at what you should know.

Your Existing Policy Might Not Cover You

Many new rideshare drivers assume that since they’re using their car, their existing car insurance policy will be protection enough should they get into an accident. However, unless you happen to know your current policy also covers business use of your vehicle, you’re probably dealing with a coverage gap.

Failing to disclose the fact that you’re now using your car to earn money and update your policy accordingly can land you in hot water with your insurer. Not only will they likely not compensate you if you have an accident while driving your car for business purposes, but they may decide to drop you as a client altogether.

Your Rideshare Service Might Not Cover You, Either

Yes, services like Uber and Lyft provide some protection for their drivers while they’re on the job; but it’s not enough. You still need rideshare coverage to ensure you’re always protected – with or without passengers in the car and whether or not your rideshare app is on.

If you’re in or near Pomona, CA, drive for Uber or Lyft, and need help upgrading your auto insurance, call us at THINK Insurance & Financial Services. We’ll help you make sense of everything and settle on the perfect policy for you.

Should I have more life insurance than I receive through my job?

Employees can often acquire life insurance through their employee benefits plan when beginning a new job and during open enrollment periods. That leads many to ask whether the life insurance received through work fully meets their needs. The answer depends on several factors, and the THINK Insurance & Financial Services team, serving the Pomona, CA area, will be happy to review them with you.

Life Insurance Through Work

Companies often subsidize employee life insurance coverage as part of their benefits plans, and the plans have advantages for employees:

  • Cost: Companies often provide some coverage for free with the opportunity to buy more.
  • Guaranteed: Employees are eligible for the policies regardless of medical history.
  • Convenient: Acquiring insurance takes little effort.

While these are good reasons to accept or supplement work-related life insurance, the plans often do not meet a family’s complete needs.

  • Limited Coverage: Policies often fall short of coverage recommendations for limited dollar amounts. 
  • Tied to Job: A job change often means a loss of coverage
  • Term: Most are term policies, leaving no value when the term ends.
  • Spouses: Spouses are seldom eligible for coverage.

While you should take steps to get free coverage through work, your need for additional or individual coverage depends on your age, family makeup, job mobility, medical history, and financial resources. Each influences your recommended coverage amount and need for additional life insurance.

Working with The Insurance Shop USA

If you are in the Pomona, CA area, the THINK Insurance & Financial Services team can determine a life insurance plan to fit your needs. Call or stop in today for a quote, so you can get back to living life knowing your family is adequately protected.

The History of the Motorcycle and Motorcycle Insurance

Curious about the history of motorcycles and motorcycle insurance? We’ve got you covered. However, if you have specific questions about motorcycle insurance policy options, contact THINK Insurance & Financial Services, serving Pomona, CA, and beyond.

A Speedy Look at the Motorcycle and Motorcycle Insurance

The late 19th century was a period of small-shop innovation, with many inventors working on various vehicles to replace horses and buggies. In 1895 Gottlieb Daimler invented the Daimler Reitwagen, which many consider the first petrol-powered motorbike. That same year, Karl Benz (also in Germany) invented what is widely considered to be the first combustion car.

The Reitwagen was a bit impractical, and in 1894, Hildebrand & Wolfmüller’s ‘Motorrad’ hit the market, offering a more modern experience. In 1898, the first production motorcycle in the USA, the Orient-Aster built by Charles Metz, hit the road. Over the next few years, other famed American motorcycle manufacturers, including Indian and Harley Davidson, were founded. Meanwhile, in the UK, Triumph bikes were also being produced.

Driving was initially quite dangerous, however, and if someone was injured in a car accident, they may have had to pay for all the medical bills and property damage out of pocket. In some cases, they might have been able to sue another driver or other liable party in court. However, court cases are a burden, and outcomes are often uncertain.

Fortunately, by 1897 automobile insurance was already available. In the USA, the first policy was issued to Gilbert Loomis in Dayton, Ohio. Policies would expand to cover motorcycles and other motorized vehicles. In 1927, Massachusetts made automobile insurance a state requirement. By the 1970s, most states required vehicle insurance, including for motorcycles.

Are you looking for modern motorcycle insurance options? Visit THINK Insurance & Financial Services, serving Pomona, CA, and other areas.

Seat belts save lives

Seat belts are one of a vehicle’s most important safety features, both here in the Pomona, CA area and anywhere you get into a vehicle. Wearing a seat belt can significantly reduce your risk of injury or death in the event of an accident. In fact, according to the National Highway Traffic Safety Administration, seat belt use is estimated to have saved nearly 14,000 lives in 2017. At THINK Insurance & Financial Services, we urge you to use one whenever you get into a car.

The benefits of wearing a seat belt far outweigh any potential discomfort it may cause. When worn correctly, a seat belt keeps you securely restrained against the back of your seat and prevents you from being thrown forward or off your seat in the event of an impact. This greatly reduces your risk for serious injuries that could be fatal if not adequately protected by a seat belt. 

In addition to saving lives, wearing a seat belt provides other safety benefits too. It helps keep drivers from being distracted while driving and keeps them aware of their surroundings at all times. Seat belts also reduce vehicle damage in crashes because occupants are less likely to fly around inside the vehicle and impact fragile components like windows and airbags. 

To ensure maximum protection and safety when driving, always remember to wear your seat belt every time you get behind the wheel or are a passenger in an automobile. For more safe driving tips, call us at THINK Insurance & Financial Services today. We proudly serve the Pomona, CA area and would be happy to help you find a policy that meets your needs and budget.