Archive for Insurance

Residents Lack “Over Land” Water

Residents Lack “Over Land” Water

Have you heard about the Overland Water coverage that was introduced this past year in Ontario? The article below is a great reason why the new coverage is so important.

 

The heavy rains last Tuesday have caused many residents in Newfoundland and Labrador to file for claims for flooded basements, but the region’s insurance association reveals that many lack proper coverage to deal with the water damage.

“I don’t know what the percentages are, but a lot of people don’t have the coverage, let’s put it that way,” Insurance Brokers’ Association of Newfoundland and Labrador (IBAN) president Kent Rowe told CBC News.

The insurance industry classifies the flooding of basements due to rising water levels on rivers, streams, brooks, ponds and lakes as “over land water damage.” There is a specific coverage for this type of damage, but Rowe pointed out that many homeowners lack the added coverage.

“The over land water flood protection has only been available in this province in the past 12-18 months,” Rowe explained. “Not every insurance company offers it.”

According to Rowe, over land water damage coverage was created in response to the increased frequency and severity of significant rainfalls over the past few years.

“Water damage claims are the number one source of claims in our industry right now,” he said. “It used to be that fire was. Water is the new fire.”

Although many initially missed out on the insurance feature when it first came out, last week’s flooding has convinced several homeowners to finally opt for over land water damage coverage. Rowe said that while it may be a little too late for some, this is a good development—more people are likely to be protected the next time flooding occurs.

CBC News reported that the added coverage could cost $60 to $90 a year in low-risk zones. High risk zones could see costs as high as $2,500 a year. Those who opt for over land water damage coverage should expect higher deductibles, as well.

Call Moller Insurance today to speak to one of our brokers to make sure you have the right coverage! (905)642-2745 or 1(800)603-4279

Source:
Adriano, Lyle. “Residents Lack “over Land” Water Damage Coverage.” Insurance Business. Insurance Business Canada, 17 Oct. 2016. Web. 17 Oct. 2016.

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Yahoo Hack Steals Personal Information

Yahoo Hack Steals Personal Information

Yahoo hack steals personal info from at least 500 million accounts.

SAN FRANCISCO – Computer hackers swiped personal information from at least 500 million Yahoo accounts in what is believed to be the biggest digital break-in at an email provider.

The massive security breakdown disclosed Thursday poses new headaches for Yahoo CEO Marissa Mayer as she scrambles to close a $4.8 billion sale to Verizon Communications.

The breach Thursday dates back to late 2014, raising questions about the checks and balances within Yahoo – a fallen internet star that has been laying off staff to counter a steep drop in revenue during the past eight years.

At the time of the break-in, Yahoo’s security team was led by Alex Stamos, a respected industry executive who left last year to take a similar job at Facebook.

Yahoo didn’t explain what took so long to uncover a breach that it blamed on a “state-sponsored actor” – parlance for a hacker working on behalf of a foreign government. The Sunnyvale, California, company declined to explain how it reached its conclusions about the attack, but said it is working with the FBI and other law enforcement as part of its ongoing investigation.

MOST ACCOUNTS EVER STOLEN

“This is a pretty big deal that is probably going to cost them tens of millions of dollars,” predicted Avivah Litan, a computer security analyst for Gartner Inc. “Regulators and lawyers are going to have a field day with this one.”

Litan described it as the most accounts stolen from a single email provider.

The stolen data includes users’ names, email addresses, telephone numbers, birth dates, scrambled passwords, and the security questions – and answers – used to verify an accountholder’s identity.

Last month, the tech site Motherboard reported that a hacker who uses the name “Peace” boasted that he had account information belonging to 200 million Yahoo users and was trying to sell the data on the web.

Yahoo is recommending that users change their passwords if they haven’t done so since 2014. The company said the attacker didn’t get any information about its users’ bank accounts or credit and debit cards.

THE VERIZON IMPACT

News of the security lapse could cause some people to have second thoughts about relying on Yahoo’s services, raising a prickly issue for the company as it tries to sell its digital operations to Verizon Communications.

That deal, announced two months ago, isn’t supposed to close until early next year. That leaves Verizon with wiggle room to renegotiate the purchase price or even back out if it believes the security breach will harm Yahoo’s business. That could happen if users shun Yahoo or file lawsuits because they’re incensed by the theft of their personal information.

Verizon said it still doesn’t know enough about the Yahoo break-in to assess the potential consequences. “We will evaluate as the investigation continues through the lens of overall Verizon interests, including consumers, customers, shareholders and related communities,” the company said in a statement.

DELAY OF ACQUISITION?

At the very least, Verizon is going to need more time to assess what it will be getting into if it proceeds with its plans to take over Yahoo, said Scott Vernick, an attorney specializing in data security for the law firm Fox Rothschild.

“This is going to slow things down. There is going to be a lot of blood, sweat and tears shed on this,” Vernick said. “A buyer needs to understand the cybersecurity strengths and weaknesses of its target these days.”

Investors evidently aren’t nervous about the Verizon deal unraveling yet. Yahoo’s stock added a penny Thursday to close at $44.17. But the Verizon sale represents a sliver of Yahoo’s total market value, which primarily consists of a stake in Chinese e-commerce leader Alibaba Group currently worth $42 billion.

 

 

Contact a broker at Moller Insurance Ltd. today to learn more about cybersecurity and how to protect your personal information.

Source:

Liedtke, Michael. “Yahoo Hack Steals Personal Info from at Least 500 Million Accounts.” Canadian Underwriter. Associated Press, 23 Sept. 2016. Web. 26 Sept. 2016.

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Young Drivers: Emoji Road Signs

Young Drivers: Emoji Road Signs

It’s a sign of the times: younger drivers better understand road signs in emoji form over the traditional ones. This was revealed in a survey of 1,000 young drivers by insurer more than a subsidiary of RSA.

More than six in ten (61%) of drivers aged 17-25 understood emoji road signs better, showing how embedded emojis are in the current lexicon of millennials.

The surveyed drivers had difficulty correctly identifying the standard road signs for zebra crossings, ring roads, no bicycles and steep hills—but had no problems understanding road signs that indicated emojis. In fact, 37% of young drivers would be open to having emoji signs on the UK’s roads and highways.

Young drivers’ misinterpretation of real-life road signs is a cause of concern. The sign for a ring road was mistaken by 27% of those surveyed as a sign for a ‘carbon neutral road’. Meanwhile, 25% thought that the sign for ‘no vehicles carrying explosives’ was a warning of spontaneously combusting traffic.

According to Kenny Leitch, director of telematics for more than: “Emojis have changed the way the younger generation converses, so it’s understandable they can comprehend these symbols with ease. However, emojis have no place on our roads. Thankfully, there is little prospect of official road signs ever becoming like emojis, but we still find ourselves in a situation where a significant number of young drivers do not understand the meaning of authentic road signs.”

The 63% of those who disagreed with using emoji road signs cited that they were too frivolous, confusing for older drivers, or would encourage use of mobile phones while driving.

The last reason is particularly problematic, as 32% of those surveyed admitted to using their phone behind the wheel, and one in 20 (5%) had an accident or nearly missed one due to being distracted by their gadget.

 

Source:

Olano, G. (2016, May 20). Young Drivers “Understand Emoji Road Signs Better Than Real Ones” Retrieved September 22, 2016, from http://www.insurancebusiness.ca/news/auto/young-drivers-understand-emoji-road-signs-better-than-real-ones-207660.aspx?keyword=telematics

Posted in: Car Insurance, Insurance, New Features, News & Events, People

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Airbnb Insurance Even More Essential

The sharing economy is growing and Airbnb is one of the most popular in the industry. However, the following article might make you think twice about renting out your own place.

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Samia Bendhamane only found out that her apartment had been robbed by her Airbnb renter when she received a call from police last Friday, Aug. 12. Bendhamane assumes that the robbery took place between Thursday and Friday of last week, with the robber making off with a Canada Goose jacket, a Louis Vuitton purse and a games console.

Anyone who’s been the victim of a robbery knows how awful it feels; it’s not just the loss of material goods – it runs deeper.

But for Bendhamane, things then got weird. On Saturday she discovered that her cousin, Othmane Zniber, had also been robbed… by the same renter.

“Airbnb had hours to alert us to let us know that this guy had robbed my cousin – to let me know and anyone else know that he was a thief. And they did nothing,” Zniber told CBC Montreal’s Daybreak.

Zniber said he is charging Airbnb $8,000 for his valuables and loss of income incurred after having to cancel a visitor who wanted to rent his apartment for 20 days.

It’s just the latest in a string of sharing economy stories that has insurance implications.

“It’s a challenging space for brokers, because most insurance companies are reluctant to insure clients’ homes if they’re renting it through Airbnb,” explains Daniel Mirkovic, President at Square One Insurance. “In most cases, the broker needs to direct the customer to a commercial insurance provider. We do insure homeowners that participate in Airbnb but we don’t resell that product, we sell directly to consumers. There is a higher deductible for crime related losses.”

Mirkovic believes brokers have a responsibility to remind their clients about informing their home insurance provider if they intend to rent their property, otherwise the policy could be void. He also sees a couple of major insurance challenges in the short-term rental space. “There is an Airbnb Host Guarantee, but it’s unclear what type of protection it provides: how does it work with what a client’s home insurance provides – should it replace it?” he says. “The reality is that the Host Guarantee is meant to supplement home insurance and pick up where it leaves off. Home insurance is there to protect against sudden and accidental loss and damage caused by you or your renters. The Host Guarantee kicks in if there is intentional damage by a renter.”

So, in the case of the two unfortunate hosts in Montreal: are their losses covered? “I suspect they would be covered because this was an intentional act by a criminal,” Mirkovic says.

 

Contact a broker at Moller Insurance Ltd. if you want further information on how to protect yourself, your home and your belongings.

Phone: (905) 642-2745

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Why Older Homes Can Be Harder to Insure

Insurance Coverage Issues Affecting Older Homes

Did you know that… OlderHome Sale

If your home is over 30 years old, your insurance company may require you to upgrade the plumbing, electrical and/or heating systems in your home prior to providing you with or renewing your homeowners insurance policy.

Buying an older home

If you are looking to purchase an older home that has galvanized steel plumbing, 60-amp electrical service, knob and tube electrical wiring, a wood-burning stove or a fuel oil tank, make sure to factor the cost of necessary upgrades into your offering price! Your insurance representative will be able to advise you on what upgrades may need to be completed prior to obtaining homeowners insurance coverage.

Your insurance company’s concerns with galvanized steel plumbing

Galvanized steel pipes, commonly installed in homes prior to 1950, have an average life expectancy of 40–50 years.

Over time, the galvanized steel pipes begin to rust or corrode from the inside out, resulting in reduced water pressure and restricted water flow. This presents an increased risk of leaks or ruptures occurring in the pipes and the potential for flood damage.

Your insurance company may require you to replace galvanized steel piping with copper and plastic piping before providing you with insurance coverage.

The dangers associated with 60-amp electrical service

Insurance companies are concerned that the 60-amp electrical service, common in homes built prior to 1950, poses the threat of overuse and overheating, potentially increasing the risk of an electrical fire and a subsequent claim.

Before providing you with insurance coverage, your insurance company may require you to upgrade your 60-amp electrical service to 100 amps (the standard for new home construction) or install a switching device that allows for the operation of only one major appliance at a time.

The problem with knob and tube wiring

Knob and tube wiring, also commonly found in homes over 50 years of age, consists of parallel hot (black) and neutral (white) wires, separated by knobs (or insulators) and ceramic tubes. Knob and tube wiring is considered a higher risk than contemporary wiring installations mainly because

There is no ground wire (in contrast to contemporary wiring).

Given their age, the wires are highly susceptible to wearing and exposure, presenting a serious safety hazard.

The unintentional contact of the hot and neutral wires may potentially cause an electrical fire. As a result, you may be required to replace all exposed knob and tube wiring with approved permanent wiring material before an insurance company will provide you with homeowners insurance coverage.

Wood-burning stoves can be a hazard

If they are not installed and used properly, wood-burning stoves can pose a serious fire hazard.

To reduce potential risk, your insurance company may require that your wood-burning stove be inspected by a certified Wood Energy Technical Training (WETT) technician and certified by the Underwriters’ Laboratories of Canada (ULC), Canadian Standard Association (CSA) or Warnock Hersey before agreeing to provide you with homeowners insurance coverage.

Similarly, your insurance company may request that you have your wood-burning stove thoroughly cleaned and inspected by a professional sweep or technician at least once each year, prior to renewing your policy.

Why your insurance company is asking you to replace your fuel oil tank

Tanks 25 years or older are highly susceptible to rusting, deterioration and leakage and are considered environmental hazards. If a fuel oil leak occurs and goes undetected, the environmental cleanup for such a situation can be immense. A pinhole leak can spill 750 litres of oil in eight hours and have cleanup costs ranging from $5,000 to $15,000.

Most insurance companies will only insure a fuel oil tank provided it is less than 20–25 years old and has been inspected and certified by a Technical Standards and Safety Authority (TSSA) inspector.

If your oil tank is 25 years or older, your insurance company may require that you remove and replace it with a gas or electrical furnace, prior to providing you with homeowners insurance coverage.

Given the wide range of inspection/upgrade requirements that insurance companies may have, it’s always best to speak to your insurance representative about your specific situation.

Moller Insurance Ltd.

“Insurance Coverage Issues Affecting Older Homes.” Financial Services Commission of Ontario. FSCO, n.d. Web. 16 Aug. 2016.

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Rio Olympics: One of the Riskiest Games Event Ever

Rio Olympics: One of the Riskiest Games Event Ever

Special Coverage Needed for One of Riskiest Olympics Ever

Olympics

 

The Olympics are underway, putting the pressure on thousands of businesses and associations to ensure the events go off without a hitch – no small feat, considering this is one of the riskiest Games ever, says an expert.

“With this Olympics in particular, with the heightened risk and awareness of potential terror threats and there being some circumstantial or anecdotal evidence of there being less-than-pristine conditions in Rio, it would be wise for anyone with a financial stake in the event happening as scheduled to have insurance,” says Jared Zola, partner at Blank Rome’s policyholder-only insurance coverage practice.

“Certainly the potential risks appear to be higher, whether they actually happen – everyone is hopeful they won’t – it really is just where the world is, and in the present day, there actually does seem to be greater potential for risks at this Olympics.”

While event cancellation coverage is often overlooked or hedged by entertainment venues, the Olympics are of such a scale that it’s vital all stakeholders protect themselves, Zola adds.

“Any entity with a financial stake in the Olympics happening, and happening as scheduled should be taking out a broad form event cancellation policy,” he says. “The event is so big in terms of not just for the IOC but for the media, the television networks, the merchandise vendors, even the local hotels and restaurants – everyone is going to see a huge uptick in finances as a result of the event happening as scheduled.”

And, while extreme precautions have been taken to prevent terror, health or crime crises, Zola says an interesting insurance precedent could be set should such an event occur.

“An interesting question will be if something does happen in terms of the quality of the facilities, or the standards of the venues, whether there was any information known by the IoC that would affect whether they should move forward with the games,” he says.

“If, for example, one of the venues where an event takes place is shut down, and there ends up being damage or potential for bodily injury, or if people end up bringing claims against the IoC for negligence for bringing the games to a place that has such a low standard and conditions – whether or not they have any merit – there could be some interesting insurance questions that arise from this.”

Moller Insurance Ltd.

 

 

Graham, Penelpe. “Special Coverage Needed for One of Riskiest Olympics Ever.” Insurance Business Canada. Insurance Business Canada, 08 Aug. 2016. Web. 08 Aug. 2016.

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Virtual Craze Opens Up Real World Risk

Virtual Craze Opens Up Real World Risk

Pokemon GO – Gotta Catch ’em All…Carefully

“Third-party liability coverage – I choose you” are words that have been hopefully uttered by Pokemon Go developers, as today’s hottest virtual app can lead to real world dangers.

Pegged as the first augmented reality experience, the new app – which utilizes a smartphone’s location tracking, GPS and digital image camera overlay – sends users on a digital monster hunt in their immediate surroundings. That means thousands are literally taking to the streets – often with gazes glued to their phones – to seek out Pikachu in the digital flesh.

Along with the app’s overnight popularity – Nintendo’s stock has soared U.S. $7.5 billion in the days since launch – safety concerns have been mounting, with images of game-induced injuries being uploaded on social media.

As well, the game has designated certain buildings, landmarks and businesses as Pokemon ‘training gyms’, without the knowledge or consent of owners, driving thousands of unwanted visitors to trespass or disrupt businesses. Criminals have also taken advantage of the game’s potential, with three St. Louis men allegedly using it to lure unsuspecting players with the intention of robbing them.

All said, Nintendo and app developer Niantic Inc., had better have air-tight liability coverages – an area often overlooked by smaller developers and businesses when launching new technology says an underwriting expert.

“Consumers use apps in ways that one cannot always predict and thus claims are brought that insureds cannot always predict,” stated Charlie Murray, technology underwriter at CFC Technology limited in a previous interview with Insurance Business. “Therefore, app developers should be seeking a broad E&O wording, covering exposures such as user generated content, bodily injury, property damage, breach of contract and civil liability, which can give insured’s peace of mind and balance sheet protection in the event an allegation is made against them.”

He adds that given the rapid growth enjoyed by some apps, insurance is an immediate need for any developer bringing a new app to market.

“It doesn’t always post a problem to small businesses when not purchasing insurance from the offset; when very small the exposure to a business is generally minimal. However, the growth you see in the Tech sector is profound, they can go from zero users to widespread adoption almost overnight, and so insurance should be sought from day one.”

While it’s unclear what type of coverages Nintendo and Niantic currently have, the latter web developer has taken extensive protections via disclaimer in the past. Niantic’s earlier game Ingress, upon which the location and gameplay technologies of Pokemon Go are based, urged players to be aware of their surroundings, not to trespass while in gameplay, and protected the developer from all liability for injuries or losses incurred during gameplay.

Just goes to show – when it comes to liability coverages, it’s smart to catch em’ all.

 

 

Graham, P. (2016, July 13). Virtual Pokemon Go Craze Opens Up Real World of Risk. Retrieved July 13, 2016, from http://www.insurancebusiness.ca/news/virtual-pokemon-go-craze-opens-up-real-world-of-liability-210319.aspx

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The Insurance Side of a Home Explosion

The Insurance Side of a Home Explosion

Insurers Await Cause of Loss in Mississauga Explosion Aftermath

As residents begin to return home following the mysterious house explosion that destroyed swaths of a Mississauga street, uncertainty remains surrounding the blast’s cause.

Pete Karageorgos, director of consumer and industry relations‎ at the Insurance Bureau of Canada, says that’s the burning question for insurers and adjustors, many of whom are awaiting access to affected areas.

“Part of the question that has yet to be answered for the insurers and the community is the cause of the loss,” he says. “The impact and damages are due to an explosion – but explosions don’t just happen. What was the factor that triggered that, and might there be any liability for another third party as a result of that explosion?”

Suspicions of foul play behind the blast have arisen, as it was revealed one of the deceased residents of the house was convicted of murder in the city in the 1980s. Handwritten notes with troubling messages found at the scene are currently being analyzed as evidence by Peel Region Police. Should criminal actions be a factor, it will complicate any resulting claims, says Karageorgos.

“Like any insurance claim, if the cause of loss was due to the intentional actions of an insured, or criminal actions, then the property the insured was affiliated with will likely have its claim denied,” he says. “Neighbouring properties would be fine. But if it was determined that it was an intentional and criminal act, odds are the insurers will deny any coverage.

“If there are mortgages in place and lenders who may have a claim, that would be the next step in terms of assessing who may have a valid claim.”

The full extent of damage has yet to be determined by adjustors, as roughly 69 addresses remain uninhabitable. However, progress should move quickly, stated Mississauga Fire Marshal Tim Beckett to the media, now that response teams have entered the ‘recovery phase’. Sections of the site will be released to residents and insurers over the coming days, allowing adjustors to board up affected houses and being their assessments.

Karageorges adds the incident holds a valuable lesson for brokers, as many area residents, while knowledgeable about who their insurance was with, seemed in the dark concerning their specific policies. “It’s worthwhile for the broker community to note… this really highlights that events like this do happen, and it’s incumbent of those in the industry to continually eduate customers to help them understand what their policies have and cover,” he says.

“As an industry we have to do a better job of educating people because the types of coverages within a policy that people don’t understand such as coverage for the dwelling, the contents, the additional living expenses, there are various layers of the policy that people don’t understand and take for granted.”

Graham, Penelope. “Insurers Await Casue of Loss in Explosion Aftermath.” Insurance Business Canada. Insurance Business Canada, 05 July 2016. Web. 05 July 2016.

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The Truth About Renters Insurance

The Truth About Renters Insurance

Renters insurance is a form of property coverage that protects a policyholder’s personal belongings within a rental property. When renting an apartment, many tenants wrongly assume that their landlord’s insurance coverage protects them from damages. This is one of the many myths associated with renters insurance—myths that may cause some tenants to avoid coverage altogether.
This can be costly, and it’s important to understand some of basics of a renters insurance policy before making a decision.

4 Myths About Renters Insurance

1. Renters insurance only covers your possessions. Renters insurance typically includes liability protection in addition to standard property coverage. This is important in the event that you are responsible for injury or property damage to others. For instance, if someone slips and sprains his or her ankle at your apartment, you are likely to be protected under a renters insurance policy.
2. It’s unaffordable. In actuality, renters insurance is very affordable for the average tenant. While policy prices will vary, most tenants can receive up to $25,000 of property coverage and $100,000 of liability coverage for about $16 per month. For more savings, some policies offer discounts to those who add renters insurance onto existing coverage.
3. You only need renters insurance if you own a lot of expensive items. Personal property values can add up quickly. To demonstrate this, tenants should take an inventory of their belongings. When you start adding up things like furniture, laptops and televisions, the importance of renters insurance can become a bit more apparent. When considering renters insurance, it’s important to keep in mind that items like collectibles and antiques may be out of the scope of traditional policies and that special coverage may be required.
4. You don’t need renters insurance if your roommate has it. Renters insurance only protects the policyholder’s personal belongings. In the event of a fire of theft, you will have to recoup any losses if you are without some sort of coverage.

 

Like any insurance policy, it’s important to take your unique situation into account before committing. Contact Moller Insurance Ltd. today for more information.

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Thinking About Getting A New Car?

Thinking About Getting A New Car?

If you’re like most people shopping for a new vehicle, safety ranks high among things you’re looking for. Every new car must meet certain federal safety standards, but that doesn’t mean that all cars are equally safe. Many automakers offer safety features beyond the required federal minimums. Find out more about what safety features should be considered when purchasing a car.

Shopping for a Safe Vehicle

Seat BeltSafety Features

When you think about buying a new vehicle, chances are you spend a good deal of time thinking about what kind of vehicle you’d like to buy, what colour you’d like, and the “must-have” features. But don’t forget to consider a vehicle’s safety features, too

 

  1. Crashworthiness: These features reduce the risk of death or serious injury when a crash occurs. You can get a rating of     crashworthiness for just about any car from the Insurance Institute for Highway Safety’s Web site at www.highwaysafety.org.
  2. Vehicle structural design: A good structural design has a strong occupant compartment, known as the safety cage, as well as front and rear ends designed to buckle and bend in a crash to absorb the force of the crash.
  3.  Vehicle size and weight: The laws of physics dictate that larger and heavier cars are safer than lighter and smaller ones. Small cars have twice as many occupant deaths each year as large cars
  4. Anti-lock brakes: When you brake hard with conventional brakes, the wheels may lock and cause skidding and a lack of control. Anti-lock brakes pump brakes automatically many times a second to prevent lockup and allow you to keep control of the car. Anti-lock brakes may help you keep steering control, but they won’t necessarily help you stop more quickly.
  5. Daytime running lights: Daytime running lights are activated by the ignition switch. They are typically high-beam headlights at reduced intensity or low-beam lights at full or reduced power. By increasing the contrast between a vehicle and its backgrounds and making the vehicles more visible to oncoming drivers, these lights can prevent daytime accidents.
  6. On-the-road experience: Other design characteristics can influence injury risk on the road. Some small utility vehicles and pickups are prone to rolling over. “High performance” cars typically have higher-than-average death rates because drivers are tempted to use excessive speed. Combining a young driver and a high-performance car can be particularly dangerous.

Whether new or used, buying a car is an investment. Make sure your vehicle is properly protected by calling our office today to learn more about all of our insurance solutions for your auto, home and life.

 

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