Taking the Car Keys from My Dad, by Insurance Agent Peter Wallin

Taking the Car Keys from My Dad
                      by Peter Wallin, Elmira NY Insurance Agent
                      www.WallinInsurance.com

       A retired Dean from the University of Buffalo Law School, Dad was my idol and mentor in life.  He taught me all about finances, the value of a good education and how to be a good husband and father.   This past year however, his memory skills and response time have faded.  He sometimes appeared lost and confused when driving to the grocery store or coffee shop.  When asked why it took so long to return home, more often than not he couldn’t give us an acceptable answer.

       It was time to have the talk with our 83-year old dad.  Although we knew it would be difficult, my oldest sister Lisa (a nurse) and I visited with him and explained that, in the interest of safety, it may be wise for him to no longer drive.   I put a note on the refrigerator reminding him of an agreement not to drive alone.  Fortunately, Mom is still able to drive to the coffee shop and his regular medical appointments.   We hid the car keys and eventually sold one of their cars.  

       I must honestly and proudly state that Dad has been a good sport here, and rarely questioned our decision.  We now can sleep better knowing he, as well as many innocent drivers and pedestrians are safe.

Road Fitness
       Today, Seventy-eight percent of Americans 70 or older still drive, according to the Institute for Highway Safety.  That’s up from 73 percent in 1997, a trend that’s expected to continue as baby boomers age.
       Several skills, specifically vision, response time and neuromuscular control, worsen with age.  It’s also clear that driving skills can deteriorate as cognitive abilities – memory, language, perception, reasoning, and thinking – decline. 

       In April 2010, the American Academy of Neurology issued guidelines to help doctors decide when a patient should stop driving.  They offer a few indicators of decreased driving ability:  A crash in the past year to five years, a traffic citation in the past two years, or an aggressive or impulsive personality.  Other ailments that can impede driving include glaucoma, angina, arthritis, respiratory illness and neurologic conditions such as Parkinson’s disease. 
        To avoid a tragedy, family and caregivers should discuss a loved one’s recent driving history and health, and observe their driving behaviors.  Make plans for proper ways to have a frank discussion with them about their future driving and seek potential alternatives for transportation.  And don’t forget to tell them that you love them.

Elmira NY Insurance agent explains how credit is used to determine rates

By Peter Wallin, Insurance Agent
www.WallinInsurance.com

How is Credit Score Used for Insurance Purposes?

A credit score is a number that insurance companies use in developing your auto or home premium.  It also is used to help them during the underwriting process.

Many insurers will use the score as a rating variable. The better credit score you have, the better rates you could possibly have. Also, many insurers decide whether or not you are eligible for their insurance based upon your rating in combination with your driving history. A general rule of thumb is the higher the score, the better the score. A poor credit score (which could be indicative of previous payment issues) with a poor driving record could determine whether or not an insurer will provide you with insurance coverage.

 

How can I raise my score?

While you can improve your future score, it is unlikely that any single action you take will have a large impact on your score immediately. That is because your score reflects credit patterns over time. There are things you can do now to improve your score in the future, such as:

• pay your bills on time—delinquent payments and collections can have a major negative impact on your score; and

• apply for new credit sparingly. There is no single action that will raise your score. Each time a credit score is calculated, specific reasons are delivered along with the score. If you have received your score, you can ask for the reasons that came back with your score. These reasons, listed in order of importance, represent why your score was not higher.  Addressing these reasons will most likely result in an improvement in your score.

 

How long is credit information kept?

Payment in full does not remove your payment history. The length of time

information remains on your credit file is:

• credit and collection accounts—seven years from the date of last activity;

• courthouse records (judgments, liens and bankruptcies)—seven years from   the date filed; Chapters 7 and 11 remain on file for 10 years from date filed;

• satisfied judgments—five years from date filed; and

• paid collections—five years from the date of last activity with original creditor.

 

Peter Wallin CLU
Wallin Insurance Agency Inc
1364 College Ave
Elmira, NY 14901

607-734-8799

Serving Elmira, Horseheads, Big Flats, Chemung & Corning.

How to lower your car insurance rates? Watch your credit card spending

By Peter Wallin, Elmira NY Insurance Agent 

 

    I am trying to teach my kids the value of money.  Sometimes I wonder if they really understand it.  With Mike and Pete Jr. both away at college and Angela in her last year of high school – their lives are very busy.  They “Live for Today” and I am ok with that.  But along the way I want them to know that the spending decisions they are making will ultimately affect their future buying power.  I certainly don’t want to micro-manage their bank accounts, but it is important that they learn not to get into credit card debt.

     We all know that in order to get a home mortgage we have to have a good credit score.  Well, the same holds true these days for your insurance rates.  What you now pay for your Home and Auto insurance is a direct result of how well you manage your credit.  We call this an “Insurance Score.”

     In the past we all paid insurance based on where we live, how many tickets or accidents we’ve had and what kind of car we drive.   While much of this is true, the main factor now revolves around our financial score.  The better your score the lower your insurance rate.

     Here’s the takeaway:  Watch your credit card!   According to financial expert Clark Howard, consider committing to the following 3 habits:

1. Pay your bill on time every month. 
2. Know how much your available credit is and keep your spending very low.  The smaller amount you spend the better your credit score will become.  Lesson:  Don’t max out your credit.
3. Once you pay off a particular card, don’t stop using it.  Even though you may no longer carry your card in your wallet or purse anymore you should still use it two times a year to keep it active.  (and keep it paid off).  This shows the credit card companies you still need credit, and are using it responsibly.

Peter Wallin, Agent
Wallin Insurance Agency, Inc
1364 College Ave
Elmira, NY 14901
607-734-8799

www.WallinInsurance.com

 

Floods and heavy rains hit Chemung, Tioga and Broome County

                                                               By Peter Wallin, Insurance Agent
                                                                            www.WallinInsurance.com

It certainly has been devastating season for homeowners and businesses here in the Southern Tier.  We have had several claims in our office and yes, FEMA is doing a good job helping out with emergency funds. 

It will take weeks to clean up the debris that has been left behind by these recent storms.  Friends and Neighbors have come together to help each other with the clean up.  Rotary clubs and other community organizations have held fundraisers and have collected bare necessities to help the people that have been affected. 

My own family has been spared the personal tragedy, but we’ve seen the disaster first-hand.  My son Peter is a student at Binghamton University, and they opened up the entire event center for victims of the flood who were evacuated and needed a place to sleep.  And even as order is restored, we are watching people go home to homes that have been severely damaged by flood waters.  Mold and the rotten smell of contaminated water and mud are beyond measure.

Insurance – how is this handled?  If you had a flood insurance policy we are seeing the claims departments coming out to assess the damage.  In most cases they will pay for damages to the structure of the building  (not contents unless you purchased contents coverage separately).  In many cases it looks like the claims representatives are assessing the damage and creating estimates for repairs.  These estimates may increase if more damage is found in the coming weeks

We are also seeing claims paid on regular home insurance policies for SEWER AND DRAIN backup.  This is an endorsement that is added to a policy that will pay when there are power outages or drainage backups from sump pumps or drains that cannot handle the water load.  Basement floods  (a lot of homeowners remodel their basements) are being paid in some areas where the drains backed up with resulting water forming in low areas of basements.    Water that seeps in from the outside is not covered.

It is important to note that Flood insurance and Home insurance are two separate policies.  Moving forward, everyone in our community shoudl assess their own situation to determine if they should buy both policies.  It may prove to be a very wise decision.

Elmira NY Insurance Agent answers your questions: “Is it cheaper to insure a new car if I pay cash?”

As your local insurance agent, it is important for you to understand the differences if you pay cash for your new car, or finance it or lease it.
                               Peter Wallin, Insurance Agent, Elmira New York

If you finance the car, you are most likely going to be required to carry “full coverage”  which is a combination of mandated coverages like Liability, Personal Injury and Uninsured/Underinsured Motorist coverages AND Comprehensive and Collision Insurance.

Comprehensive pays for damages as a result of a deer or other animal hitting the car, as well as glass breakage.  Collision covers all other moving accidents.  Once you pay your deductible, the insurance company pays the rest.

Car Dealers want to sell you a NEW Car and finance it!

Smart Money magazine quotes the National Auto Dealers Association (NADA) as stating that the average new car purchased for cash makes the dealer very little profit.  If they can get you to finance or lease the car they make a lot more money.   So the next time the salesman says he or she would be happy to help you get into that shinny new car for little downpayment – be on the alert that this could cost you big bucks.

• Pay cash for an average new car – the dealer makes a profit of $92
• Finance the car and watch the dealer earn a profit of $775
• Lease the car and the dealer makes $1300(source:  Dave Ramsey, Total Money Makeover,  2009)Bottom line – it’s nice to be able to buy a car and pay cash.  If you cannot afford to do this, perhaps you should buy an older car that has already seen some depreciation.  The interest costs and insurance costs are certainly a lot higher when you buy new.  So take your time and make wise decisions.

Elmira NY Insurance Agent lists 7 Ways to Save Money for College Students

 

7 Ways to Save Money when you send your kids to College
                                                                 by Peter Wallin, Insurance Agent

1. Living with parents and remaining on their policy often is the easiest way to find cheap car insurance for college students.  

  – If your child is living away from home at college without a car, you qualify for a discount.  They can still drive the car when they come home for school breaks.  

2. Drive an older car. Older vehicles require less coverage and lower collision limits.  

3. Purchase a car without financing. You required to carry collision or comprehensive insurance.  

4.  Strive to keep a clean driving record. Cheap car insurance for young drivers becomes much more unlikely with a few speeding tickets or an accident.  

5. Never drive intoxicated. A Driving Under the Influence (DUI) conviction may result in a young driver not qualifying for car insurance policies offered by reputable inexpensive companies.  

6. Combine car insurance with Renters Insurance. Many companies offer discounts for college students who carry both their renters and car insurance policy with the same company.  NOTE:  With Erie Insurance you do not need to buy renters insurance, Mom and Dad’s home insurance covers your belongings while you are away at college

7. When moving it is important for a students to understand how where they move will affect their insurance rate. Insurance companies use the driver’s zip code to help determine the risks the driver represents.

Wallin Insurance offers Defensive Driving Class online

Wallin Insurance offers Online Defensive Driving Class July 19, 2011

Save money on your auto insurance. Now you can take an online class, at your own leisure, and save up to 10% on your insurance.

“I have seen families save hundreds of dollars on their insurance,” says Peter Wallin, Agent at Wallin Insurance Agency in Elmira, NY. “Especially when young drivers are just beginning to drive.” Examples of savings include a household that saved $350 dollars when all 5 drivers completed the class. The discount lasts for 3 years, so in this case the savings is over $1000 (over 3 years).

The cost of the class is $29.95 per driver. You can sign up at http://www.WallinInsurance.com. Look for the registration details on the home page. The benefit of taking the class online is that you can take up to 30 days to complete the required 6-hour course. Feel free to take breaks along the way and enjoy each module at your own pace. Their are no written tests and no studying. Once the class is completed you will be sent a completion certificate in the mail. Take that to your insurance agent and begin enjoying the discount immediately.

Among drivers 16-20 years old the leading cause of death is traffic accidents. That’s why your friends at Wallin Insurance are suggesting young drivers take this class. Learning lessons of the road will give experience that may can be beneficial at a critical time. All drivers can benefit of course, but our emphasis is on young drivers.

So sign up today and begin saving money on your insurance. Drive safe, Drive smart. Visit www.WallinInsurance.com.

Remember, “You’ve Got a Friend in the Business at Wallin Insurance. ——————————————————————————–

Elmira NY Insurance Agent shares 5 Ways to Save on Car Insurance

 The Wallin Insurance Agency in Elmira is committed to helping you with your car insurance.  We are pleased to offer these 5 strategies to saving money, without sacrificing the protection you need in the event of an accident.

 

 

Strategy #1 – Take a Defensive Driving Class.  We now offer this class on our website.  Now, in the comfort of your own home, you will receive a 10% discount on your current insurance – which could amount to hundreds of dollars over the next 3 years.  Check out www.WallinInsurance.com for the link (at the bottom of the home page) for more details.

 

Strategy #2 – Combine your Car and Home with the same insurance company.  Multi-policy discounts range from 10-15% off.

 

Strategy #3 – Utilize Higher Deductibles – remove optional coverages on your older cars.  Many people still carry low deductibles on their home and car insurance.  If you are willing to increase your deductible (or remove comprehensive or collision coverage altogether) the savings gained can pay for itself even if you have a loss in the next 2-3 years.

 

Strategy #4 – Review your Discounts.  Insurance companies offer a wide range of discounts.  If you have not reviewed the rating on your car and home insurance in some time, you may find new discounts to which you are entitled.  Ask one of our staff members to review your policy to be sure you are receiving the proper discounts you deserve.

 

Strategy #5 – Reduce your Number of Payments – Most insurance companies now offer significant discounts on your bill if you pay up front, by Electronic Funds Transfer (EFT) or with fewer payments.  Some companies reward customers up to 10% for making fewer payments or with EFT, and the monthly fees are eliminated.