What Affects Car Insurance Prices the Most?

Living in Pomona, CA, most people need a car. There are a lot of things that will help you determine what car you want and ultimately purchase, but too many people overlook insurance when they make these decisions. You can think of your premium as an extension of your car payment. Fortunately, THINK Insurance & Financial Services has this list of things that impact insurance rates. When you understand how prices are set, you have more control over how much you have to pay.

Financial Risk

Insurance, in general, is built on the concept of risk assessment. There are a lot of things that make a particular car policy higher or lower risk. Where you live, even down to the exact block in Pomona, CA, impacts risk (rate of accidents and theft are calculated). Your age, gender, and job all play a role in assessing your risk of causing an accident. Topping all of this is your credit score. It can be frustrating, but it plays a big role in determining your rates.

Not all of this is easily controlled. If you’re in an accident-prone neighborhood, you might have to look at other ways to keep your rates down. That’s where the second assessment comes into play.

The Car

The car itself has more say in the cost of your policy than anything else. Insuring a Lamborghini is more expensive than insuring a used Civic, even if you only purchase minimum liability. The vehicle’s safety rating, seating capacity, age and theft protection all add into these calculations. When you’re thinking about insurance, the most control you have over the rates is in your vehicle selection.

There are other things that will change your prices in Pomona, CA, but they hold less impact than financial risk and vehicle choice. Still, if you have any questions, you can always reach out to THINK Insurance & Financial Services.

Renter Insurance for College Students and Other Renters

Going off to college and getting your first apartment is an exciting time. Family and friends may help out with the move and the expenses, yet one important thing may easily be overlooked. That is the protection of personal property with renters insurance. This is “must-have” insurance for those that are moving into a place that they rent or into the college dorms. It is easy to get this insurance with the help of your agent at THINK Insurance & Financial Services, serving Pomona, CA and the surrounding area.

Risks of Shared Spaces

Just think about it for a moment. Most students have expensive laptops, smartphones, televisions, or other valuable electronics. All of that personal property is at risk if not covered by insurance. With all the goings-on in the dorms and shared-apartments, there is ample opportunity for a bad person to steal something when a student is not home.

It is a good idea to have a lock on the door for a student’s room in a shared space; however, that will not stop a roommate who shares the room from entering and inviting someone else.

Burglary Loss Protection

Getting renters insurance provides peace of mind that there is some protection against a major loss that could cause a financial hardship for a student or any renter for that matter. It is a horrible feeling to come home to an apartment that has been cleaned out by a burglar. After a burglary, when you ask the neighbors if they saw anything, they may say that they heard stuff but that they simply thought you were moving out.

Burglars are becoming more brazen and may rob a place during the day even when seen by other people while doing it. It is very easy for a burglar to know when a student is not going to be home by observing their class attendance at school.

What To Do for Your Protection

If you are a student or renting an apartment for the first time, don’t wait for your parents to tell you about rental insurance. Instead, talk with your insurance agent at THINK Insurance & Financial Services in Pomona, CA by giving them a call at 855-484-4654 or using the convenient online form.

Get your rental insurance set up and then tell your parents what you did. It is likely that they will be impressed with the wise decision, which you made as an independent young adult, to get renters insurance.

Top 3 Tips for Purchasing Condo Insurance

Moving into a new condominium in Pomona, CA is exciting, but how do you know how much insurance coverage to purchase? Our THINK Insurance & Financial Services team has compiled this list of the three top tips for purchasing condo insurance.

Tip #1: Look Through Association and Master Policy Documents Carefully

The most important thing to do when purchasing condo insurance is to look through the association and master policy documents carefully. Each one is different and what one complex might deem as a covered component could be completely different at a different property. Clearly determine what you’re responsible for and what the association is responsible for prior to purchasing your policy.

Tip #2: Determine How Much Personal Property Coverage You Need

The next tip is to clearly determine how much personal property coverage you need. Consider a scenario where you had to replace every single item you owned—from your toothbrush and clothing all the way to your 80-inch HDTV. Use this figure to estimate an appropriate amount of personal property coverage. If this still doesn’t seem like enough, consider adding floaters and endorsements to your policy to cover specialty items like guns, jewelry, artwork, or computers.

Tip #3: Decide If You Want Optional Coverages

Another tip? You should also decide if you want optional protection like earthquake or sewer backup coverage. Flood insurance is also extra and not included in a basic condominium policy. These extra safeguards could keep you from having to pay out of pocket costs if there’s a major disaster or a drain backup in your condo community.

At THINK Insurance & Financial Services, we’re here to help Pomona, CA residents with all of their auto and condominium insurance needs. Please call us today to schedule an appointment.

 

Protect your equipment with a comprehensive commercial insurance policy

Are you a business owner in the greater Pomona, CA area? Does your commercial insurance policy provide the level of protection that you need? The team at THINK Insurance & Financial Services is here to help you determine the appropriate level and type of commercial insurance that your company should carry. Property insurance will provide coverage of your equipment, but these policies often contain policy limits in the amount of coverage and protection that they provide. Don’t wait until you have a loss to find out if you have the right insurance for all of your commercial needs!

Equipment protection through a property and supplemental insurance

When your business is involved in manufacturing or you have specialized equipment that is necessary for your firm to function, its value may exceed typical policy limits. Policy limits represent the maximum amount of protection that the policy can provide in the event of a covered loss. If your equipment value exceeds that amount you can bridge the gap with a supplemental or umbrella insurance policy. Comprehensive commercial insurance policies are sometimes sufficient for companies whose equipment does not exceed policy limits in their value. If you are unsure how comprehensive your property insurance policy is, and if it adequately meets your needs, it’s time to sit down with a professional agent and make sure. Owning a business is a lot of work and requires a lot of sacrifices, don’t let inadequate insurance cause an even more severe loss in the event of loss or damage.

Is it time for you to have a comprehensive review of your commercial insurance policies? If you are in the greater Pomona, CA area, the team at THINK Insurance & Financial Services is here to provide the information you need about available commercial policies.

How to Choose a Life Insurance Policy

If you know that now is the time for you to get a life insurance policy, you are likely wondering how you should go about picking one out. There are a lot of different options available in the market. However, you want to make sure that you have the right amount of coverage first. Once you know that, you can better determine the type of policy. In fact, choosing how much you need is the most difficult part. Use these tips from THINK Insurance & Financial Services, serving Pomona, CA, to get started. 

  • Get enough to cover your debts. The first thing you want to consider is how much debt you have. You do not want to burden your family with these debts so it is best to make sure you can cover the amount with your life insurance policy. 
  • Get enough to cover funeral costs. Funeral costs are increasing more and more and this is another thing that you do not want to burden your family with. Make sure you know how much you need to cover your own funeral so your family can focus on your memory instead of the money. 
  • Get enough to help your family. If you have children, a spouse, or both, you likely want to be able to provide for them even after you are gone. This is something that you can do with life insurance. How much coverage you want to leave for this can depend on your goals but you do want to include this.

Now that you know how much coverage you need, you can start to choose the right policy. We can help you with that here at THINK Insurance & Financial Services, serving Pomona, CA. Reach out today to get started and to explore all of your options. We can even get you a free quote. 

Car Insurance and Your Teen Driver

Teenagers need to be added to the auto insurance policy in Pomona, CA once they are licensed. Even though it may cost more, if your teenager is going to be driving, they need to be added per the law. While you need to add them to the policy once they are licensed, the best time to begin the process with THINK Insurance & Financial Services is before they get their learner’s permit. This will help you understand the added costs. Adding a teen driver to the policy will usually be much cheaper than getting the teen his or her own policy.

If you are looking to save money on adding your teenage driver, try adding your teen driver as the primary driver for the cheapest car that is listed on the policy. Be sure to ask for any discounts that could help with the costs. Some companies offer discounts for students who earn good grades or for those who complete a defensive driving course. You may also be able to get a discount by bundling policies with the same insurance carrier.

It’s recommended that you get full coverage for the teen driver, which includes the minimum liability coverage in the state as well as comprehensive and collision damage. You may want to consider adding some more liability coverage because, if your teen gets into an accident, it’s the parents’ assets that will be at risk if there is a liability claim. If your teen is going to have his or her own car, choose one that doesn’t have a powerful engine and one that comes equipped with safety features. Models that are rated as sports models are usually more money to insure. If your teen is gong to be heading off to college and not taking the car, let your insurance company know and you may be able to save money.

Contact THINK Insurance & Financial Services, serving Pomona, CA, to get a quote on car insurance. 

 

What’s the Difference Between a Deductible and Out-of-Pocket?

For many people, the details that go into a health insurance plan seem to be made up of a foreign language. Between the confusing terminology and varying numbers or percentages, it is really difficult to understand what it all means. It makes it that much harder to choose the best insurance plan for you and your family. When you do some research and begin to have a solid grasp on the basics, then you can get more into the specifics. THINK Insurance & Financial Services in Pomona, CA will be able to assist you with a deeper dive into the particulars of each policy.

Deductible vs. Out-of-Pocket Limit

At first glance, these two concepts may sound like the same thing. However, that is not entirely true. The deductible is the dollar amount that you will have to pay out of your own pocket before your insurance begins to kick in. Once you reach your deductible, insurance will start to help with the medical costs. The amount that your insurance company will pay after your deductible is met depends on the coinsurance set in your plan. It is usually a percentage. For example, if your coinsurance is 30%, then you will only be responsible for 30% of the remaining costs (after you have hit your deductible).

Your out-of-pocket limit is the total amount you will have to pay out of your own pocket up to a certain amount. This would include the coinsurance and copayments, if applicable, in addition to the deductible. Be aware that your insurance premiums do not count as part of your out-of-pocket costs.

It is also important to consider that you will most likely have a higher premium if your plan specifies a lower deductible and out-of-pocket maximum. If you think you might need a decent amount of medical care that could end up costing quite a bit, these plans would probably be the best option.

Contact THINK Insurance & Financial Services in Pomona, CA

For more information on deductibles and out-of-pocket limits, contact THINK Insurance & Financial Services in Pomona, CA. They will be able to answer any and all questions regarding your health insurance plan options and help you choose the right policy for you and your family.

Why you need your own renter’s insurance plan

When it comes to renting a new place, securing a renter’s insurance plan is as important as choosing the location or decorating the interior.

Renter’s insurance, which is sometimes called tenant’s insurance, covers your personal belongings in the property you are occupying in the event of a mishap such as theft or a fire.

While the owner or the landlord or owner of the place you are renting has his or her own insurance, their policy only covers the owner should something happen. Their plan will not protect renters or their belongings, which is why they should secure their own.

The same also applies to an insurance plan that a roommate may have, as such a policy will only cover his or her possessions. That is why the experts at THINK Insurance & Financial Services in Pomona, CA encourage renters to select and maintain a policy, even if your landlord does not explicitly require renters to do so.

In addition to a plan covering personal property, renters can also consider additional coverage options. Such additions typically include personal liability protection, loss of use and one covering others’ medical costs.

Renters should also consider whether they need coverage for actual cash value or the replacement cost. Coverage for actual cash value will compensate at the current value of the property, while replacement cost will replace the item at its current price.

With so many stories on the news about renters losing all of their possessions in the wake of a tragedy, securing renter’s insurance on the front end can eliminate headaches in the event a catastrophe should strike.

Renters in the Pomona, CA area with questions about renters, home, auto or other insurance should contact the team at THINK Insurance & Financial Services today.

Condo Insurance Moving to the Clouds

Condo insurance providers are among one of the newer industries to use cloud technology, and collectively, they have found ways to effectively implement this new business tool into their daily operations. This has boosted their own capacity to deliver immediate benefits to suffering condo insurance policyholders. 

The Benefits of Cloud Technology

After years of skepticism, the insurance industry has embraced the use of cloud technology, and it has improved website security and industry regulatory capabilities. Cloud technology has established itself as a vital component in the marketplace. Condo insurance agents like THINK Insurance & Financial Services in Pomona, CA has tapped into the potential of utilizing cloud technology to streamline their own business practices and unlocking savings for condo insurance policyholders. All of these actions should help to maintain a competitive advantage over other brokers in town.

The amount of information provided by cloud technology has increased dramatically in a short period of time. Condo insurance policyholders or potential clients have better access to analyze and gain a better insight into the coverage provided. Agents like THINK Insurance & Financial Services of Pomona, CA can make real-time changes to current insurance policies and potential packages in order to stay a step ahead of the competition. 

How Cloud Technology Helps Condo Owners

Utilizing cloud technology will enable condo insurance agents to better inform their clients of the rapidly changing laws and regulations that are inherent to the insurance industry. Adapting to using cloud technology in the workplace helps agents to make immediate changes to existing policies and potential insurance packages that available to all. Plus, it helps current insurers to check their own policy to see if the recent changes have effectively lowered their own premium. And all of this can be ascertain by having access to the information faster than ever before. Finally, cloud technology has shown to be well-equipped to protect a condo insurance policyholder’s sensitive personal information from hackers. 

 

How Does Commercial Insurance Help a Company?

When you are the owner of a business, you will need to do whatever you can to protect your business. For those that are in the Pomona, CA area, one great option would be to invest in a commercial insurance policy. A commercial insurance policy can help a company a number of ways. 

Protects Business Assets

When you own a business, you will undoubtedly spend a lot of money investing in assets and inventory for your business. If you are a victim of a fire, storm damage, theft, or other cause of loss, you could end up losing this investment. When you have commercial insurance in place at all times, you will have the protection that you need to replace these assets if you suffer a loss.

Ensures Compliance

There are a variety of entities that will require you to carry commercial insurance. This can include state and local laws, investors, and lenders that want their interests protected. When you have commercial insurance in place, you will be able to stay in compliance with these requirements.

Gives Peace of Mind

Ultimately, having commercial insurance will give you peace of mind. Owning and managing a business comes with a lot of stress. This level of stress will only increase if you are not properly protected by insurance. When you have commercial insurance, you can rest easier knowing that you are covered for losses related to property damage or liability. 

Once you have decided that commercial insurance is the right option for your business, you should contact THINK Insurance & Financial Services. The THINK Insurance & Financial Services company has been helping Pomona, CA area business get into great commercial insurance policies for a long time. This company will be able to explain the benefits of having commercial insurance and make sure that you get the right type and level of coverage.