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Category: Auto Insurance

The Hardening of the Personal Insurance Market

Posted on by Marc Zettl
Umbrella Insurance word cloud collage, business concept background

How the Economy Affects Insurance Rates

Rising costs are a concern for both insurance companies and consumers. Inflation, higher interest rates, increased costs, and weather and climate events all affect the cost of insurance coverage.

Here’s a look at some of the factors that may be influencing what you pay.

Auto

  1. Supply chain shortages have made it difficult to repair vehicles efficiently and at a low cost. (1)
  2. Nearly 80% of collision repair shops are scheduling appointments 2 weeks or more into the future. (2)
  3. Driven by rising prices, the amount insurers paid to cover claims increased by $30 billion in 2021. (3)

Costs have increased:

  • 19.5% for motor vehicle repairs (4)
  • 9.9% for motor vehicle parts and equipment (4)

Home

Prices for materials continue to rise:

  • 12.5% Floor coverings (4)
  • 18% Drywall (5)
  • 14.8% Concrete products (4)

There are more frequent and severe weather and climate events, including wildfires and hurricanes. (6) The annual cost of natural catastrophes around the world is estimated at $123 billion. (7) There has also been a surge in nonweather-related water damage, such as plumbing leaks.

Each year:

  • There’s approximately $8.24 billion in these types of property losses. (8)
  • 1 in 60 insured homes has a claim caused by water damage or freezing. (9)

As we all navigate a changing economy, there are plenty of ways to save. Talk with your agent today to review your products and discounts.

References

[1] “Repair Costs & Labor Issues Affecting Insurers in 2023,” agencyheight.com/car-repair-costs (Jan. 9, 2023).

[2] “Crash Course 2022 Mid-Year Update: Gearing Up for What’s Ahead,” cccis.com/news-and-insights/insights/crash-course-2022-mid-year-updategearing-up-for-whats-ahead/ (May 31, 2022).

[3] “Countering inflation: How US P&C insurers can build resilience,” mckinsey.com/industries/financial-services/our-insights/countering-inflation-how-us-pand-

c-insurers-can-build-resilience (Aug. 25, 2022).

[4] Bureau of Labor Statistics/Nationwide Economics (December 2022).

[5] “CoreLogic Quarterly Construction Insights Q4 2022,” corelogic.com/wp-content/uploads/sites/4/2022/12/QCI-Q4-22.pdf (accessed Jan. 26, 2023).

[6] “Global warming frequently asked questions,” climate.gov/news-features/understanding-climate/global-warming-frequently-asked-questions (Oct. 29, 2020).

[7] “Global Average Annual Insured Losses from Extreme Events in Excess of $120 Billion, New Report from Verisk Finds,” verisk.com/newsroom/globalaverage-annual-insured-losses-from-extreme-events-in-excess-of-$120-billion-new-report-finds/ (Sept. 28, 2022).

[8] “WaterRisk: The first and only predictor of non-weather water claims,” locationinc.com/water-risk-data (accessed Jan. 26, 2023).

[9] “Facts + Statistics: Homeowners and renters insurance,” iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance (accessed Feb. 10, 2023).

Tips for driving in the snow

Posted on by admin

If you’re one of the millions of people hitting the roads this winter, it’s important to be prepared for driving in the snow. Here are a few tips to help you stay safe while driving this winter.

  1. Plan your route before you go. This is especially important if you’re driving in an area with common snowfall and icy conditions, as it can help you avoid treacherous roads and hazardous driving situations. Consider checking weather forecasts and traffic alerts in advance, so you know what to expect on your drive.
  2. Slow down and use caution when driving in the snow. This is especially important during heavy snowfall, as it can be difficult for drivers to see and react quickly on slick roads. Keep an eye out for black ice, and take it slow when turning corners or braking suddenly.
  3. Keep a safe distance from other cars. It can be easy to lose track of how far away other vehicles are in snowy conditions, so it’s important to give yourself plenty of space. Not only will this help you avoid accidents, but it can also allow you the extra time to react if something goes wrong on the road.
  4. Know how to handle skids and slides. If your car starts to skid or falls on the road, remain calm and focus on steering in the direction that you want to go. Avoid slamming on the brakes, as this may worsen the situation, and never try to overcorrect your steering.

If you have questions about staying safe in the snow or want more auto safety tips, give ASZ International Inc. a call today. We proudly serve the Westchester, NY area.

Higher Annual Costs of Vehicle Ownership…Not Driven by Insurance

Posted on by Marc Zettl

Are you shocked by the high cost of owning a vehicle? You’re not alone. The annual cost of vehicle ownership has been on the rise for years and shows no signs of slowing down. But while many people assume that insurance is one of the main culprits behind these costs, this isn’t actually the case. In fact, insurance rates have remained relatively stable over the past few years. So what’s driving up the cost of owning a car? Keep reading to find out!

One of the biggest expenses associated with owning a car is the cost of gas. As you probably know, gas prices fluctuate pretty frequently. And while they’ve been relatively low over the past few years, they’re starting to creep back up again. This means that if you’re not careful, you could end up spending a lot of money on gas each month.

Another cost that has been on the rise is the cost of car repairs and maintenance. As cars become more complex, it’s becoming more expensive to keep them running properly. This is especially true if you own an older car that requires more frequent repairs.

The cost of purchasing a vehicle has also climbed over the last couple of years. While there are a number of factors that contribute to this, one of the biggest is that cars are becoming more and more technologically advanced. This means that they’re often packed with features that drive up the price tag.

So what does all this mean for you? If you’re looking to save money on the cost of owning a car, you’ll need to be extra careful about how you spend your money. Gas, repairs, and purchasing a new car can all add up quickly. But if you’re smart about your spending, you can keep the cost of owning a car under control.

Additional forms of auto insurance coverage in New York

Posted on by admin

Basic liability coverage to protect others against the damage caused by any driver is always a requirement in Westchester, NY, and other areas. However, auto insurance companies can provide additional services and coverage to protect against various losses drivers may experience. In many cases, it is recommended to research these other types of coverage, as they can be instrumental, and it is financially beneficial to pay into a policy rather than have to pay a large sum for a vehicle repair or other forms of damage all at once. ASZ International Inc. can help with any of these coverage types. 

Comprehensive coverage

There is the possibility of damage to a vehicle in situations that do not involve an accident with another vehicle. This tends to be because of theft, vandalism, damage from wild animals, severe weather, or fire. Comprehensive coverage is helpful for most drivers because a car is always exposed to the elements, and there is a risk of damage even when the vehicle is not being driven.  

Underinsured or uninsured motorist coverage

A driver who does not have any auto insurance coverage may cause an accident. It can be challenging to get any compensation for losses in these situations unless the victim has already planned for this possibility with uninsured motorist coverage. In other situations, an accident may cause more damage than the driver’s insurance policy will pay for. An underinsured motorist policy can help pay additional medical costs or lost wages beyond the settlement amount. 

Learning more about auto insurance

Agents with ASZ International Inc. who serve the Westchester, NY area are available to provide more information. Drivers can contact them today to get an insurance quote and learn more about what kind of auto coverage is best in their situation.

What is inflation and how does it affect the insurance industry and your premiums?

Posted on by Marc Zettl

Inflation is a term that is thrown around a lot in the news, but what does it actually mean? In short, inflation is when prices for goods and services increase. In the world of insurance, this can have a big impact on premiums. In this blog post, we will discuss how inflation affects premiums and why it’s important to keep track of changes in the rate of inflation.

There are a few different ways to measure inflation, but the most common is the Consumer Price Index (CPI). The CPI measures changes in the prices of a basket of goods and services that are commonly consumed by households. In the United States, the CPI is released on a monthly basis by the Bureau of Labor Statistics.

When the CPI goes up, it means that prices are rising and the purchasing power of your dollar is decreasing. In other words, it takes more money to buy the same amount of goods or services. Inflation can have a major impact on your insurance premiums because insurance companies use something called the “cost of living adjustment” (COLA) to account for changes in the CPI.

The COLA is a percentage increase or decrease that is applied to your insurance premiums to keep them in line with the rising cost of living. For example, if the CPI goes up by two percent, your insurance company may raise your premiums by two percent as well. Inflation can also affect the insurance industry in other ways. Another example would be, that if the cost of medical care goes up, it would be likely that you would see an increase in your health insurance premiums. In addition, inflation can erode the value of investments that insurance companies hold, which can impact their financial stability and ability to pay claims.

While there are a number of factors that can affect your insurance premiums, inflation is one of the most important to keep in mind. While this may seem like a disadvantage for consumers, it’s important to remember that insurance is designed to protect you from financial loss in the event of an unforeseen circumstance. In other words, while your premiums may go up in response to inflation, so will the payouts you receive if you need to make a claim. In the end, this ensures that insurance remains an effective way to protect yourself and your family from financial hardship.

If you have any questions about how inflation affects your insurance premiums, or if you would like to learn more about how insurance works, we encourage you to speak with one of our experienced agents. We would be happy to help! In the meantime, please check out our blog for more informative articles like this one.

Thank you for reading!!!

Catastrophic Events

Posted on by Marc Zettl

We are officially in hurricane season, and along with hurricanes also come disasters like flooding, severe storms, and even wildfires. Informing our clients on how to be prepared for events like this, through purchasing the right coverage, is something we strive to do. Though it may not seem like something that could happen to you and your home, you never know when a storm may blow through. According to Asta (2022), in 2021 there were 18 weather and climate disasters in which damages were around $1 billion or more.


Something important that all homeowners should know is that your homeowner’s policy might cover many natural disasters such as hail, windstorms, and lightning, but what it likely does not cover is floods, earthquakes, and/or tsunamis (Asta, 2022). Flood insurance is coverage we always suggest to our customers, as we feel it is very beneficial. We’re also able to provide standalone wind coverage. For our clients who live in coastal areas, this policy provides coverage for damage from hail and wind, regardless of whether the damage is from a named storm or an everyday storm (Orchid).


Now, although flood and wind coverage is something all homeowners should look into purchasing, it’s also an important thing for business owners to consider as well. Catastrophic events don’t just affect homes, they destroy anything in their path. As a business owner, you want to make sure you plan in advance by making educated choices on what insurance coverage you really need (Asta, 2022).


One final way you can help protect your home, business, family, and employees from catastrophic events is to have a plan of action. If a disaster does strike, your family members and employees should know the procedure. For example, where to take shelter in the event of a tornado, where the fire extinguisher and emergency exits are located, or where to meet if everyone must evacuate the premises (Asta, 2022).


If you don’t already have flood or wind coverage, give us a call today so we can get you a fast and easy quote!

References:
Asta, Donna (March 1, 2022) Planning for the Future with Catastrophic Insurance. Big I Independent Agent. https://www.iamagazine.com/magazine/issues/2022/march/planning-for-the-future-with-catastrophic-insurance
Orchid. www.orchidinsurance.com. Accessed July 5, 2022.

Getting a Personal Insurance Quote

Posted on by Marc Zettl

So, now that you have a little background knowledge on insurance, such as why it’s important to have, and which type of agent you should work with, it’s time to start thinking about getting insurance quotes. Before you start calling around to different agencies, you should first know what types of insurance you’re looking for. If you own a house, apartment, or condo, you will need homeowners’ insurance. If you rent a house, apartment, or condo you’ll need renters’/tenants’ insurance. If you own a vehicle or motorcycle, you’ll need car or motorcycle insurance. The list goes on…so take a minute to stop and think about the major things you own, rent or lease. If you’re still unsure of what coverage you need, plan to have a conversation with the agent you speak with, they can help guide you.

Next, do some research about agencies near you. Google and social media can be a good place to start. Once you find an agency, you may want to review their website and look over reviews. Once you’re ready to call, you may want to start by asking which specific carriers the agency works with. The more carriers, the more opportunity the agent will have to find you the best quote for your needs.

Many agencies will ask you questions like your first and last name, your date of birth, driver’s license number (if you’re looking for auto insurance), your marital status, and who your current carrier is. Here at ASZ International, we ask that you provide us with your declaration pages. This simply outlines the coverage you have in place right now, so we can make sure that when we look into a new policy for you, we are not giving you anything less. If you don’t want us to know how much your current premium is, we totally understand that, feel free to cross it out on your paperwork.


Now the tedious part is over. Your agent will begin to look into quotes for you. Again, if you work through an independent agent, they will plug your information into a comparative rater which will populate many different options. This is beneficial to you as it will allow you to compare coverage apples to apples with more than one carrier.

If you’re ready to start looking into quotes, download our app by clicking here and then following the on-screen instructions. We would be more than happy to assist you in finding the right coverage for you and your family!

Independent Agents vs Captive Agents

Posted on by Marc Zettl

When looking for insurance, it can be incredibly stressful trying to decide which provider is right for you and your family. The entire process can be overwhelming, from narrowing down a provider, to getting the right coverage you need, and of course trying to stay within an affordable budget. Many people do not even know where to begin, and if that’s how you feel, don’t worry, you’re not alone.

This is where insurance agents come into play. First, let’s go over the difference between a captive insurance agent versus an independent insurance agent. A captive insurance agent is contracted to work for one insurance company and can only sell that one specific company’s policy (West Bend, n.d.). For example, if you reach out to a Nationwide insurance agent, they would only be able to get you quotes with Nationwide. Whereas an independent insurance agent is contracted to work with a variety of insurance companies and can sell policies from multiple providers (West Bend, n.d.). For example, if you reach out to us here at ASZ International, Inc., we can get you quotes from many different carriers like Nationwide, Lemonade, Erie, Travelers, and more, and then we compare them, apples to apples for you. This way you know exactly what each company has to offer, and it allows you to make a more educated decision on which policy is absolutely right for you.

Working with an independent insurance agent, in our opinion, is much more beneficial. Not only does your agent have the ability to go to different carriers who sometimes vary in the coverage they provide, but they can also shop around for you to see where they can get you the right coverage at the most affordable price. Another benefit is that when it comes time for your renewal, your agent will keep an eye out to see if they can get you a cheaper rate with another carrier. If they can, they’ll switch your coverage over and continue to be your assigned rep. Which leads me to another benefit of working with an independent insurance agency, not having to wait on hold or talk to a 1-800 representative. Instead, you get to call a real person, who is there to support, educate, and guide you throughout the whole process.

Here at ASZ International, that is exactly the kind of people we strive to be. We are here to work with you and for you. We don’t work for any specific insurance company, that’s not our job. Our job is to help you, the policy holder.



Reference:
West Bend. (n.d.) Does Your Insurance Agent Have Your Best Interests At Heart? The Silver Lining. https://www.thesilverlining.com/common-topics/independent-agents-versus-captive-agents

The Basics and Benefits of Insurance

Posted on by Marc Zettl

Let’s talk about insurance, and why it’s so important. Do you own a home, apartment, vehicle, or any type of personal belongings? If you do, then you want to make sure those things are protected in case of a loss. When you buy insurance, you’re transferring the cost of a potential loss or accident to the insurance company in exchange for a fee. You’re buying yourself protection at a fraction of the price of what it would cost to get back those belongings. If you suffer a loss that is covered by your policy and you file a claim, insurance is there to help you pay for that loss based on the terms of your policy (Grange Insurance, n.d.).

Insurance not only provides protection against theft and damage from perils like fire and water, but it also protects you from the financial responsibility that could result from a visitor or guest being accidentally injured on your property. In a nutshell, insurance is very important. Though it is something you hope you never have to use, because nobody wants something bad to happen to them, it is something that you don’t want to be without if you end up suffering a loss.

So how does insurance work? When you purchase insurance, you are known as the policyholder. When multiple policyholders purchase insurance with the same insurance company/carrier, the insurance company uses the money collected from the policyholders and other investments, to pay for its operations and claims made by its policyholders (Grange Insurance, n.d.). So when you buy insurance, the payments you make are in exchange for being covered from certain risks (Araujo, 2021).

Next, we’ll dive into how to choose the right insurance provider for you and your family.


References:
Araujo, Mila. (2021, July 12). Get the Basics to Learn How Insurance Works. The Balance. https://www.thebalance.com/basics-to-help-you-understand-how-insurance-works-4783595


Grange Insurance. (n.d.). What is insurance and why is it important? The Grange Guide to Insurance. https://www.grangeinsurance.com/tips/what-is-insurance-why-is-it-important

Is Car Insurance a Good Investment?

Posted on by admin

Yes, auto insurance is mandatory in New York, but is that the only reason you should buy auto insurance? The simple answer is no. Car insurance is a lot cooler than that. If you are asking whether car insurance is a worthwhile investment, listen as ASZ International Inc. of Westchester, NY, shows why you shouldn’t regret buying auto insurance. 

It protects your car

The simple concept of car insurance is “pay now and save later.” This means that while premiums might appear expensive now, they are a fraction of the cost it would cost to repair or replace your vehicle when calamities strike.

Car insurance protects your vehicle whether on the road or parked in your garage or driveway. Since perils like accidents, fire, theft, vandalism, and so on can damage your car, auto insurance ensures that any damage to your car is taken care of. This way, you don’t have to dip in your pockets when mishaps occur.

It shields you against liabilities

While car ownership is fun, it comes with its fair share of potential woes. For instance, if you are deemed liable for an accident, you could be accused of bodily injury and property damages. Without car insurance, your assets could be on the line. However, liability coverage on your car insurance pays for third-party claims. 

It gives you peace of mind

Driving should be fun. You shouldn’t be thinking about what would happen if you got into an accident. Investing in auto insurance enables you to drive your car confidently, knowing you are covered against mishaps. 

Buy auto insurance today

When you hear someone say that auto insurance is a waste of money, walk in the opposite direction. Auto insurance is a worthy investment that saves you countless losses if the unthinkable happens. If you are in Westchester, NY and its environs, don’t hesitate to contact ASZ International Inc. for affordable coverage.


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