FAQs About Auto Insurance

Many have questions when shopping for auto insurance, and they often forget to ask the agent when they have them on the phone for a quote. When starting to shop for auto insurance in Lake Wales, FL write down all the questions you have and have that list ready for when you speak with an insurance agent. If you still have questions about auto insurance, call the experts at Ramsgate Brokerage Insurance Services today. 

Below are some frequently asked questions about auto insurance: 

Can my rates go up if I am in a not-at-fault accident? 

Being in a not-at-fault accident could still raise your auto insurance rates. Though not always the case, there are certain circumstances where your auto insurance rates may go up after the accident. Each insurance company varies on this, so this question is best answered by calling your agent. 

Does where I live affect my auto insurance rate? 

The location where you live affects your auto insurance rates in two different ways. The first is if you live in an area with a higher population, rates may be higher as you are more likely to encounter heavy traffic while driving. Secondly, if you live in an area where there is a high amount of auto theft, you may have to pay a higher premium.

Why are auto insurance rates higher for younger drivers? 

Most auto insurance companies charge higher rates for younger drivers based on data and driving trends. After decades of collecting data, insurance companies recognize that the less experience a driver has on the road, the greater the risk they are. Additionally, younger drivers lack adequate financial history to have an insurance score. All of this means younger drivers pay a higher insurance premium. 

Those in Lake Wales, FL with questions about auto insurance should call our agents at Ramsgate Brokerage Insurance Services today to discuss. 

Commercial insurance requirements in Florida

Commercial insurance helps to take away some stress of owning your own business. No business can ever be stress-free but with the right policy, you can take a deep breath and concentrate on making your business succeed instead of worrying about protecting it from all the perils out there. In Lake Wales, FL you can turn to Ramsgate Brokerage Insurance Services. Our team has the experience you count on and as an independent agency; we can provide you with the choices you require.

In the state of Florida, the only commercial insurance that is required is workers’ compensation. If you have four or more employees, either full or part-time, the state mandates your business carries workers’ compensation insurance. The law requires you to cover work-related injuries and lost time and in the end, it is less expensive to pay the premium and let the insurance take care of everything.

Even though it is not required by the state of Florida, it is a good idea to have at least a couple of other types of commercial insurance to protect your business.  

Commercial property insurance is the lifeline your business may need if a peril that is covered hits. Just imagine a broken pipe flooding your business destroying your records, office equipment, supplies, and inventory. It could be catastrophic to your bottom line. 

Commercial liability insurance may be the most important coverage of all. Businesses are particularly vulnerable to being named in legal actions, and it doesn’t take much to cost a lot of money in legal fees. A judgment against you could take months to resolve and has the potential to kill your business. 

Business interruption insurance can help you to be able to pay your bills and maintain payroll in the event your business is closed by a covered hazard. It can be a business saver. 

Contact Ramsgate Brokerage Insurance Services in Lake Wales, FL for all your commercial insurance needs. 

Health insurance terms everyone needs to understand

Getting health insurance is one of the most stressful types of insurances to purchase, and it happens year in and year out. It never gets easier. Looking at the options is confusing but if you understand some terms it will make it easier to make an educated choice. In Lake Wales, FL Ramsgate Brokerage Insurance Services has more than 25 years of insurance experience. We believe that to be the best we need to go above and beyond for our clients. 

Deductible

A deductible is an amount you must pay each year before your health insurance starts to pay claims. Choosing a deductible that is low enough to give you coverage and high enough to keep the costs down is what you need to juggle every year.

Co-pay

After you meet your deductible, the co-pay is your portion of the medical services that you receive. Different services will have different co-pays. 

Yearly out-of-pocket maximum

This is the total amount including deductibles and co-pays that you will pay in a year for medical expenses. It is a very important figure if you have a major illness or a lengthy hospital stay. 

Network

The network is the health providers who have contracted with a carrier to provide medical services to their members. When your plan requires you to get service "in-network", they mean with one of their providers. If you have a preferred provider, make sure they are in the plan you choose. 

Formulary

The formulary is the list of drugs that are covered by a particular insurance plan. They are listed in tiers by their cost. Some prescriptions will also require a deductible. You should check if the plan has preferred pharmacies as well for the best price.

When it’s time to choose your health insurance, at Ramsgate Brokerage Insurance Services in Lake Wales, FL we are here to help you make this very important decision.