The Early History of Auto Insurance

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Many things that we think of as common today were quite revolutionary just a hundred years ago. By now, many folks know some of the basics of automotive history, but have you ever considered the history of auto insurance and other types of insurance? We’re going to take a look. If you’re looking for (modern) auto insurance, feel free to reach out to Brent Young Agency LLC, serving greater Manchester, CT.

Now let’s take a look at the history of auto insurance in the United States.

A Quick Look at the History of Auto Insurance

The first auto insurance plan was taken out in 1897. While Michigan and Detroit specifically are perhaps the most famous place in America for cars, the first insurance plan was actually issued in Ohio. Gilbert J. Loomis of Dayton took out an insurance plan with the Travelers Insurance company.

Travelers Insurance Company had been around for several decades at that point. Up until Mr. Loomis took out auto insurance, however, the company was focused on fire insurance and maritime insurance. The oldest known insurance plans covered maritime trade. In the 14th century, traders in Genoa started to insure maritime shipments. The same principles of mitigating risks were eventually carried over to auto insurance plans.

These days, state governments typically require that you insure your car so that you can drive it on the road. Driving without insurance is often illegal. However, for a long time, insurance was treated as optional.

Things started to change in 1927 when Massachusetts became the first state to make auto insurance a must-have. Still, change was slow, and New York became the second state to institute a requirement, but that didn’t happen until 1956. By the 1970s, however, most states had made auto insurance mandatory.

Need auto insurance right now?

Get in touch with the Brent Young Agency LLC, serving greater Manchester, CT.    

The various types of commercial insurance

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Businesses of all kinds in the Manchester, CT area rely on commercial insurance to protect their investments and assets. Commercial insurance from Brent Young Agency LLC can cover an array of incidents such as property damages, product liability, workplace accidents, and more. It is important for companies to understand the different types of commercial insurance available so that they can make sure that their business is properly protected. 

The various types of commercial insurance

One common type of commercial insurance is property insurance. This covers physical property like buildings, equipment, furniture, and inventory from perils such as fire, theft, or vandalism. Property damage from natural disasters is also covered in many cases. Companies may also need liability insurance to protect them from lawsuits related to medical expenses or property damage caused by their products or services. 

Another type of commercial insurance is product liability coverage which pays for damages related to a defective product or service. Businesses that sell goods are especially vulnerable to this type of claim since they are responsible for ensuring their products meet industry standards and do not cause harm to their customers. Professional liability coverage protects businesses from claims related to mistakes made while providing professional services such as healthcare or legal advice. 

Workers’ compensation policies provide benefits for employees who are injured on the job and unable to work due to illness or injury. Employers must comply with state regulations regarding workers’ compensation in order for the policy to be valid and effective in covering medical costs associated with workplace injuries or illnesses. 

Contact Us Today

Commercial insurance plays an important role in protecting businesses from financial losses due to unforeseen events and circumstances beyond their control. For more information about commercial insurance, give us at Brent Young Agency LLC a call today. We serve the Manchester, CT area. 

Why do you need to have home insurance?

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Owning a home in the Manchester, CT area can be a great idea for a lot of people. When you are a property owner in this part of the state, you also need to make sure that you are insuring it the right way.

There are various reasons why you need to have a home insurance plan when you are here:

Protect Your Home

A reason to have a home insurance plan is to protect your dwelling. Your home is a significant asset that you will want to ensure is always properly covered and protected. If you are covered with home insurance, it will provide coverage to make repairs if damaged by a fire, weather damage, vandalism, or other covered issues. You will also receive a provision to provide coverage for your personal items. 

Reduce Liability Risks

It would also be a good idea to have home insurance to reduce your liability risks. Anyone that owns a home will take on some liability risks. If there is an accident on your property that leads to damages, you could be held responsible and will need to pay restitution. Fortunately, a home insurance plan will include coverage to cover these damages. This will provide valuable support during situations that are otherwise difficult. 

Contact Us Today

Having home insurance is a necessity if you are in the Manchester, CT area. When you are trying to cover and protect your home, calling Brent Young Agency LLC is a great way to start. If you do call the team with Brent Young Agency LLC, you can get all of the support that you need to build your next plan. We take a customized approach to help understand your options and needs as you create your next policy. 

What is Collision Automobile Coverage?

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Connecticut is an at-fault state, meaning you must carry insurance to pay for the other driver’s medical expenses and property loss in the event of an accident determined to be your fault. A minimum of $25,000 is required per person and $50,000 per wreck for injuries, while $25,000 is needed for property damage coverage. 

Collision insurance is not mandated in Manchester, CT, though many lenders will require you to purchase it as part of full coverage indemnification while you maintain a balance. 

Collision Automobile Coverage Can Protect You

There are many scenarios where collision insurance can protect your interests, as it specifically extends to circumstances where you come into contact with another object. You may, for example, hit another person’s bumper and need to fix damage to your car as a result. Ask a Brent Young Agency LLC agent for more information specific to your situation. 

In a situation where you roll your vehicle, you may be eligible for benefits. In addition, you may hit a guardrail, a light pole, a mailbox, or other stationary items. Your liability insurance takes care of the other party’s expenses when you cause an accident, but collision insurance pays for yours. 

Collision insurance gives you peace of mind if you’re driving a newer car that would be costly to fix. You are responsible for paying the deductible before this indemnification kicks in, so give consideration to how much out-of-pocket expense you wish to incur.

Typically, a lower deductible results in a higher premium and a lower cap will lessen your monthly outlay for insurance. Collision insurance can usually be purchased with or without full coverage protection. 

We Are Here to Assist You 

Brent Young Agency LLC aims to serve Manchester, CT residents with their insurance needs, and we invite you to reach out to us to find out more today. 

Commercial Insurance Considerations in a High Risk Area

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If you are ready to purchase commercial insurance for your business then there are a few things you should consider. Brent Young Agency LLC serves Manchester, CT and the surrounding areas with quality commercial insurance services. We can help protect your business and assets with consideration to the physical location of your company. 

Consider These Location Red Flags While Purchasing Commercial Insurance

  • High Crime – It is judicial to check the crime rates in an area before you decide to buy or rent a location for your business. High crime can drive away customers, damage and/or reduce your inventory, and possibly endanger your employees. 
  • High Traffic – If your business is in a high-traffic area you may be more vulnerable to damage and theft. These aspects may need to be addressed in a commercial insurance policy. 
  • Flood Zoning – If your business is in a flood zone then it is cut and dry, so to speak when it comes to your insurance needs. But what if your business is exactly right outside the line? You may be left unprotected if you base your flood insurance choices strictly on the designated flood zones. 
  • Inside Risks – Sometimes your commercial insurance needs to cover risks from within your company. This can be true when a lot of your business assets are in cyberspace. An insider risk management assessment and policy may be just what you need for protection from all fronts. 

Contact Us Today

At Brent Young Agency LLC we can answer any questions you may have about commercial insurance and special risks related to your unique business. We proudly serve the community of Manchester, CT. 

5 steps to take when preparing for a hurricane

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You can’t control the weather. But it doesn’t hurt to have a plan.

Most natural disasters are unavoidable. Heavy rain, high winds, and flooding make hurricanes particularly problematic. While it’s impossible to slow down these storms, being prepared can help minimize the damage. But, most importantly, it can also keep you and your family secure.

That’s why we at Brent Young Agency LLC in Manchester, CT encourage our clients to have a hurricane preparation plan.

Here are five steps for keeping your homes and loved ones safe:

Set an excavation route

Start by knowing where you’ll go and how you’ll get there. Select a meeting place or designate a family member as the point of contact. Staying in communication is key.

Check the exterior

Before the storm, limit any outdoor items that might pose a threat. Trimming large trees or bringing furniture inside is a must. Glass is especially dangerous. Install shutters or impact-resistant glass. Plywood over all windows also provides last-minute protection.

Secure the interior

Store all important documents and valuables in a safety deposit box or safe. Unplug all electronics and appliances. Move as many of these as you can into an interior room or closet.

Power up

You might have to go off the grid for a few days. Fill up with gas, test generators, and charge all phones in the event you are without power.

Gather emergency supplies

Make a bag filled with the essentials. At a minimum, it should include bottled water, some non-perishable food, blankets, a change of clothes, flashlights, a radio, and extra batteries.

Get Personalized Insurance Coverage Today

Our team at Brent Young Agency LLC in Manchester, CT knows the value of having a hurricane preparation plan. Along with a personalized insurance policy, their team can help you weather any storm. Schedule an appointment today.

Why should someone get auto insurance in Manchester?

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Manchester, CT can be a great place to work and live. If you are in this part of the state and want to be able to get around efficiently, you will want to own your own car. Along with a new car, you also need to have auto insurance.

There are various great reasons to invest in your own auto insurance plan:

Meet State Laws

An important reason to have an auto insurance plan when you are living in this part of Connecticut is to ensure you can meet state laws. Those that would like to drive a car need to meet standards set by the state in terms of auto liability insurance. If you do not have the basic level of coverage, you will be in violation of the law and can be penalized as such. 

Protect Your Vehicle and Investment

Vehicles today can be quite expensive and ensuring that your investment in them is covered is important. A great way that this can be done is by obtaining a full collision and comprehensive insurance plan. If you get this coverage, it will provide the support needed to replace or repair your car if you do experience a loss due to theft or an accident. This coverage will also typically be required by auto lenders. 

Give Us A Call

In the Manchester, CT area, you can find that owning a car is a good idea. If you want to purchase a car, you will want to know that you have the support needed to assess your insurance options. The professionals with Brent Young Agency LLC can give any advice and guidance necessary to select an ideal auto insurance plan. Brent Young Agency LLC will answer your questions and carefully review your situation to provide a customized solution. 

I’m A Landlord. Do I Need Commercial Insurance?

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Your first task as a landlord is to ensure that the property is well-maintained and safe. Keeping your properties safe from potential natural and man-made disasters requires commercial insurance. This can come in the form of a liability insurance policy or an injury, illness, property damage, or other casualty policy. 

Resident homeowners insurance policies can be another option if you’re planning on renting out your home but need some extra security. If you’re looking to get your insurance details, visit Brent Young Agency LLC in Manchester, CT.

Get Personal Insurance 

As a landlord, you’re required to maintain your properties. This means you can’t just walk away from a problem and hope it goes away. You have to be upfront about the condition of your homes and make an effort to repair damages as soon as you discover them. It also means you need a plan for not only fixing damage but also replacing lost or stolen property. 

While many landlords take advantage of neighborhood associations and building management associations to provide homeowners insurance, others rely on the state department of insurance to fulfill this responsibility. When you’re in the business of renting out your properties, you can usually find insurance coverage in a number of forms. One form that’s especially popular among landlords is homeowner’s protection insurance. 

If you’re an existing landlord and you’re looking to add commercial insurance, you’ll need to start the process early. The best course of action is to get in touch with an insurance broker in your area or to look into numerous other options. 

Give Us A Call

You can find insurance companies that will work with you on a monthly payment plan, but you’ll likely want to make an effort to negotiate a lower rate once you start making claims. If you’re ready to get started on your insurance journey, check out Brent Young Agency LLC in Manchester, CT.

How Often Should I Review My Home Insurance Policy?

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Most home insurance policies give you a 30-day grace period or more after your coverage. Ensure you’re updated on any required registrations and reporting. 

If there’s something outdated or not covered under the policy, address it or call Brent Young Agency LLC in Manchester, CT. 

What Entails Policy Review 

Many homeowners opt to set a due date in their calendar to review their policy each year. The best time to start reviewing your policy is at the beginning of the year. 

This is when you should look at your coverage levels, compare your policy to that of your neighbors, and renew your policy if necessary. After you’ve renewed your policy, don’t leave it up in the air — review it again in a few months’ time. 

The goal of reviewing your policy at the beginning of the year, at the end of the year, and in-between is to stay on top of things. Doing it regularly ensures that you always have a detailed knowledge of what’s covered and what’s not, as well as how much your policy will cost. 

First and foremost, you should always confirm that your home is insured. If you purchased your home recently, you may want to double-check that it’s covered by your mortgage lender’s policy. If you’re looking to add coverage to your home, you should compare the cost of that coverage to the cost of staying uninsured. 

Call Us Today

The frequency of home insurance policy reviews depends on the policy term length and the type of coverage you have. Most home insurance policies have a policy term length of three to five years. 

If you have a term length of less than five years, you should review your policy every year. The majority have a yearly policy term length. For expert aid, contact Brent Young Agency LLC in Manchester, CT.

How Does My Credit Score Affect My Auto Insurance Rates?

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If you’re looking to buy a new car, the lender will likely check your credit score. If it’s below a specific threshold, they may not approve you. In case you’re driving a car with low or average mileage, the lender may check your credit score as well. For questions and advice, contact Brent Young Agency LLC, and talk to the experienced team in Manchester, CT. 

What to Know About Credit Score 

Credit score is often the deciding factor between getting affordable car insurance or not, making it important to understand how it works. You can maintain a good score by keeping track of your bills and making timely payments. If you have a low or bad credit score, you could end up with a rate that is three to four times higher than someone with excellent credit. 

Your premiums are low if you’ve low scores. When you shop for car insurance, you’ll probably see a few different factors that affect your rate. What can affect your car insurance rate? There are several things you can do to improve your score, like staying current on bills and keeping a low balance on your credit card. Some of the factors include: 

  • Your age
  • Your credit score
  • Your car make and model
  • Where you live

With practically every provider and in most jurisdictions, a higher credit score lowers your vehicle insurance premiums, typically substantially. Almost every insurer will do a credit check on you. Getting a quotation, on the other hand, doesn’t impact your credit score. 

Give Us A Call

While credit history doesn’t directly affect your car insurance rates, it does impact your insurance premium indirectly by impacting your rate profile. When deciding on the amount to charge, the insurer will consider your profile. Are you a resident of Manchester, CT and you need help? Call Brent Young Agency LLC.