Frequently asked questions

Flood

For a complete list of Flood Insurance questions and answers, Click Here, and you will be taken to our page dedicated to Flood Insurance questions.

Auto

Q: What is the difference between Split Limits and a Single Limit?


A: Click here to discover the differences between Split Limits and a Combined Single Limit. This applies to the Liability coverage and also to Supplemental Uninsured Motorists coverage. Are you missing out on a very big coverage advantage to save a small amount of premium? The advantageous Combined Single Limit is usually only offered by independent insurance agents.

 

Q: What is Transportation Expense coverage?


A: If you have a covered comprehensive or collision claim and need alternate transportation, such as a rental car, this will pay your extra expense. Some policies include $20 day, with a max of $600. Higher limits are available. Ask us what we think is the best value, as rates vary significantly from company to company.

Keep in mind that if another party is responsible for your claim, you can expect to be reimbursed your reasonable and necessary basic transportation expenses.

 

Q: A deer just hit my vehicle. Any advice?


A: Don't wash your car. You may want evidence of the deer hair or blood. This proves it is a comprehensive claim & not a collision claim. By definition, a collision with an animal is covered under comprehensive coverage. You may have a lower deductible on comp than on collision. Also, underwriting-wise and claim history-wise, a comprehensive claim is considered less severely than a collision claim.

 

DMV

Q: I'm replacing my vehicle. The dealer suggested new plates. Your thoughts?


A: If you're replacing a vehicle, try to transfer the plates. Your auto policy will have only one endorsement to replace the vehicle. If you get new plates, there will be one endorsement to add the new vehicle. Then another endorsement to remove the old vehicle effective the date the plates were surrendered to the DMV. How promptly will the dealer surrender plates & forward the receipt for plates surrender to our agency for processing?

 

Q: I have questions about the Dept of Motor Vehicles.


A: You can ask us the more common questions.
Here is a link to www.nysdmv.com/ to search your question.  

 

Long Term Care

Q: Long Term Care insurance can be expensive. What are some ways I can save money on my policy?


A: Buy before your next birthday. Prices can increase a lot from one birthday to another. (potential savings 5-15%)

Ask if you qualify for preferred health rates. Premiums are based on health. (potential saving 10-15%)

Consider your deductible amount, also called the elimination period. Changing this option can effect the premium (potential savings 10-20%)

Maximize you tax advantages. New York State gives a 20% tax credit on LTC insurance policies, and the Federal Government allows you to count part of your premium as a medical expense.

Take advantage of couples discounts. Both married couples and domestic partners may be eligible for a discount. (potential savings 20-25%)

Consider how much you could afford out of pocket for nursing home or home care. Then you may not need to purchase as much insurance benefit.

Sharing your benefits can save you money. Some policies allow you and your spouse/partner to share benefits. That way you don't have to purchase as much coverage for yourself.


Q: What happens if I use up my insurance benefit and still require care?


A: The New York State Partnership plan guarantees that if you use up your insurance benefit, you can then qualify for Medicaid without having to spend down any of your assets. In other words, your assets are 100% protected!

 

Q: Is the NY State Partnership program more expensive than traditional LTC programs?


A: No, not if the same benefits are compared. For example, a traditional policy with a 3 year benefit period, $250/day, 90 day elimination period, and 5% compound inflation protection might cost a 55 year old married person, in good health, $1600/year. The same policy with the NYS Partnership would cost the same amount per year with the added advantage of 100% asset protection after the 3 years of benefits have been used.

 

Q: What about inflation?


A: Options are available to cover inflation increases in the future. Generally the younger you are, the more significant effect inflation will have on the value of your policy benefits. The most valuable type of inflation coverage is called 5% Compound inflation coverage.