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Auto Insurance Deductibles: FAQs

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Most insurance policies have a deductible in place. The deductible is what must be paid by the policyholder before the insurance company pays for the remaining amount of repairs. Deductibles can be a bit confusing, which is why Brent Young Agency LLC, serving the Manchester, CT area, wants to share some information regarding insurance deductibles.

How Do Insurance Deductibles Work?

A deductible is a pre-determined amount of money that you will need to pay after a covered event occurs. The deductible is in place to help prevent frivolous claims. For instance, if you are involved in an auto accident that results in $1,500 worth of property damage and you have a $500 deductible, you will need to pay $500 out of your own pocket before the insurance company will pay the remaining $1,000 in damages.

When Does the Deductible Need to Be Paid?

Your deductible will need to be paid if you are filing a claim with your personal insurance company. However, if another individual is responsible for the accident, then you will not need to pay your deductible. In the event they don’t have their own insurance policy, you would need to pay your deductible so you could move forward with the uninsured motorist coverage of your policy.

How Much Should Your Deductible Be?

The deductible amount you choose should be based on your individual situation. Ultimately, the higher the deductible, the lower the insurance premium. However, you must take into consideration whether you can afford to pay a high deductible on short notice in the event of an accident. You can speak to an insurance agent to help you determine a suitable deductible based on your budget, vehicle, driving habits, etc.

If you have any questions about auto insurance deductibles, reach out to our team at Brent Young Agency LLC. We are happy to help the residents of Manchester, CT and the surrounding areas with any and all auto insurance needs.

What home insurance do you need for your Connecticut home?

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Homeowners in Connecticut live in one of the most scenic states in the country. But even though it is scenic, that doesn’t mean the risks of living there are any less. Manchester, CT is a Hartford suburb that offers good schools and affordable housing. At Brent Young Agency LLC, we are independent agents who provide our customers with access to more carriers and an experienced team to make sure you get the insurance you need. 

The laws in Connecticut don’t require that homeowners have home insurance. If, however, you have a mortgage, the lender will require it. Even if you don’t have a mortgage, given the fact that purchasing a home in Connecticut is one of the biggest investments you will ever make, you will want to protect it. Your local independent insurance agent can help you find the right policy for your needs. 

Home insurance offers several different types of coverage. It protects the physical structure of your home as well as other structures on your property. It covers the contents of the home and structures. It provides liability coverage for you and family members and it also provides loss of use protection. 

Structure coverage protects against a variety of perils. Things like tornados, fire and theft. It covers the home, a deck, a porch, attached and detached garage, a shed or casita. 

When it comes to content, you have choices about the type of replacement you get. You can choose cash value or replacement cost. 

Liability protection is important and safeguards your assets from suits that may be brought against you or your family members. 

If your home is damaged, loss of use allows you to stay in a hotel or get a rental while you are waiting for repairs to be completed. 

If you live in Manchester, CT or the surrounding area, the Brent Young Agency LLC can help you to find the perfect home insurance for your home. 

Commercial Insurance Explained

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If you are thinking about starting a business in Manchester, CT, you need to think about commercial insurance from Brent Young Agency LLC. While you may have the business acumen, when it comes to matters of risks, you can’t predict their occurrence with certainty. It’s for this reason you need insurance to cushion your business when the unthinkable happens.

But because we know that not everyone is familiar with commercial insurance, we have taken time to ensure you understand commercial insurance basics. Here is what you need to learn about commercial insurance.

Is commercial insurance mandatory?

Yes, some aspects of commercial insurance are compulsory in Connecticut. If you have commercial vehicles, you are required to purchase commercial auto insurance. Similarly, if you have workers, you must invest in worker’s comp insurance.

Are there optional commercial insurance coverages?

Commercial insurance is broad — there are many options to consider for your business. Here are the most common commercial insurance coverages:

  • General liability insurance: This coverage protects your business when accused of bodily injury, property damage, and advertising injury. Furthermore, this policy protects you when sued.
  • Commercial property insurance: If you have business assets, you must invest in commercial insurance to protect your valuables against perils like fire, theft, vandalism, and natural disasters.
  • Cyber liability insurance: Because of the rising cybercrime activities, you need cyber liability insurance to protect your business when faced with online attacks.
  • Umbrella insurance: If you want extra liability protection, you need to invest in umbrella insurance to protect your business when faced with significant liability claims.
  • Flood insurance: Since typical commercial insurance doesn’t protect your business against floods, you need a stand-alone flood insurance policy to protect your business.

Would you like to learn more about commercial insurance? Don’t hesitate to contact Brent Young Agency LLC for more information. Better yet, you can pop in our Manchester, CT offices to speak to one of our agents.