The Balance of Premiums and Deductibles with Health Insurance Policies

Shopping for health insurance is a balancing act in trying to find that ideal value for you and your family. Do you have a firm grasp of exactly what your needs are when it comes to health insurance? Knowing the history of your medical bills is a high starting point. Work with us at The Smith Insurance Group, Inc. in Sandy, UT, and we can help you balance deductibles and your health insurance.

Balancing the Deductible and Premium

You need to balance the deductible and the premium when it comes to health insurance. The deductible is the amount of money you can expect to pay out of pocket in any given year. If you have a $1,000 deductible on your policy, you will pay all of your medical bills up to that $1,000 over the effective policy period. Once that is hit, it is then that coinsurance will likely kick in.

If you have a deductible that is as low as $1,000, chances are you will have a higher premium or price you will pay for the health insurance policy.

The Value Point

The idea is to find the value point, and that may be different from one person to the next. You may like the idea of paying more out of pocket in premiums, knowing you will have a lower deductible, and less to pay out later. Vice versa, you may like the idea of paying lower premiums, but more of the medical bills on your own. The value point will differ from one person to the next.

The process of shopping for and buying health insurance should always have the value be top of mind. You need to be sure you are paying premiums and getting coverage that meets your exact needs. You may be buying coverage that is too extensive, for no reason at all. Work with us at The Smith Insurance Group, Inc. in Sandy, UT to find that ideal balance point to give you exactly what you need for health insurance coverage.

When Should You Get Life Insurance?

Life insurance is not always a type of insurance that people think about getting. However, there are a few times when it does make sense to get life insurance. If you are not sure whether you should have it or not, you can use this guide from The Smith Insurance Group Inc., serving Sandy, UT, to help you make the best decision for you and your family. 

When You Need Life Insurance

  • When you are married – If you have a spouse, they may not be able to support themselves on one income if they are used to two. You want to make sure that they are well taken care of financially if anything were to happen to you which is why life insurance is a great option. 
  • When you have kids – The same is true if you have children. They rely on your income, and if you were no longer around, you would want them to be taken care of. Of course, this depends on the age of your children because if they are adults and live on their own, it is not as much of a concern. 
  • When you have debts – If you have some large debts, you want to be able to take care of them if you are gone instead of leaving them to your family to take care of. 

If you think that life insurance is the right option for you and your family but are not sure how much you need or what kind, be sure to reach out to The Smith Insurance Group Inc., serving Sandy, UT, today. We can help you find the right type of life insurance, the right amount, and we will even make sure that what you choose fits your budget.

We also provide insurance for those in Idaho, Arizona, Nevada, and Montana if you are located in another state. Reach out to our agents for more information.

Which autonomous driving features should you choose for your next vehicle?

The world is a few years away from the time when you will be able to hop into a self-driving car and let the computer take you where you need to go. However, a number of features exist now that will make your daily commute or road trip a little bit easier and a lot safer. But what are the best features to ask for when making your next car purchase? Consumer reports have a list of available features. Here are some that The Smith Insurance Group, Inc., serving Sandy, UT, recommends.

Autonomous Driving Features

Many accidents happen when the driver is not being as attentive at the wheel as he or she should be. This can result in the driver rear-ending the vehicle in front of them. Automatic emergency braking will apply the brakes when a collision appears to be imminent, thus preventing the accident. Another similar feature is a collision warning system that will give an audible or visual warning to alert the driver to an oncoming collision.

Shifting lanes into another vehicle is also a cause of accidents. A blind spot warning system will sound an alarm if another vehicle is in your blind spot as you begin to change lanes. A lane departure warning system will alert you if you start to depart your lane through inattention. A lane keeping assist system will keep you in your lane.

Finally, you should consider getting adaptive cruise control, using a suite of sensors to keep a set distance between your vehicle and the one ahead of you. When the traffic slows, your car will slow as well. When the traffic speeds up, so will your vehicle.  

For more questions on auto insurance and car safety, contact The Smith Insurance Group, Inc. serving Sandy, UT.

What are the dangers of conducting business without commercial insurance?

Commercial insurance plans cover multiple aspects in any business, but most importantly, they may cover liability, damages, and even vehicles. Owning a small or large business will require insurance no matter what, but let’s take a look at what can go wrong if you were operating without any coverage. If you need a reliable package and your business is in the Sandy, UT area or one of the numerous states we serve, take a look at The Smith Insurance Group, Inc. for some unbeatable plans.

Lawsuits by Customers

Operating a business with lot’s of customers coming in and out, you never know what kind of mishaps may happen. Imagine if a customer slips and falls, your business may be financially ruined if you did not have insurance to cover legal costs or damages.

Lawsuits by Employees

Owning a business in which employees are working with dangerous equipment, you should expect the possibility of an accident happening while on the job. Employees that are injured may then sue business owners with the accusations of negligence, such as not providing sufficient safety equipment.

Legal Requirement

Some sort of liability insurance is required by law so that employees are covered in the event of an accident. Your business will be at risk of closing down and facing fines if you are caught without sufficient insurance.

Losing Money

Imagine if something goes wrong in your business and you don’t have insurance to protect you. It is very likely that you will be hit hard by the upfront costs of damages and legal fees when something bad does happen.

Since you are now aware that running a business without sufficient insurance is risky business, you should go out and get a plan that covers your basic needs. If you conduct business in the Sandy, UT area or one of the many other states we conduct business in, consider reaching out to The Smith Insurance Group, Inc.

3 Things Motorcyclists Do That Affect Their Insurance

Most people on the road aren’t considering how their actions are affecting their insurance — they’re simply trying to make it from one place to another as safely as they possibly can. However, the more motorcycle drivers realize what they’re doing, the more likely it is that they’ll have a far safer experience when they’re out and about (and potentially a more palatable policy.)

1. Speeding 

It’s a beautiful feeling to have the wind in your hair and no one in front of you, but it’s also tempting enough to get drivers in trouble when they’re supposed to be following the speed limit. Those in Sandy, UT who want the best possible insurance should be following the rules of the road.

2. Living Situations 

If you live in a particularly crime-ridden area, then your insurance is likely to be higher based on the risks that you face on a daily basis. However, there are things that can be done to help this. Speak with an agent for more details on this section.

3. Preparation 

Insurance companies like The Smith Insurance Group, Inc. take into account what you’re doing to protect your bike. From GPS tracking devices to taking extra motorcycle safety courses, the more you work on yourself as an owner and a driver, the more likely it is you’ll get the policy you want. 

If you have questions about your policy or just want to get a quote for comparison, then call The Smith Insurance Group, Inc. today. We serve those of Sandy, UT who are looking to get a little more coverage and protection in their lives. We can also help you decide how you can best prepare for the future when it comes to your time on the road.

If you are looking for motorcycle insurance outside of Utah, The Smith Insurance Group, Inc. offers policies to the states of Arizona, Idaho, Montana, and Nevada as well.

A Short Guide to Boat Insurance

You probably don’t need coverage if you have a slow, small, inexpensive boat, otherwise, you should look into a boat insurance policy. Even if you have a homeowner’s insurance policy that covers your boat, it probably doesn’t offer much coverage. It’s common for a homeowner’s policy to only cover $1,000 or up to 10% of your home’s insured value. If you have a personal watercraft, jet boat, large sailboat, a yacht, or any type of boat that goes faster than 25 miles per hour, you should consider reaching out to The Smith Insurance Group, Inc., which serves the Sandy, UT area, to discuss your options for boat insurance.

What Does Boat Insurance Cover?

Liability coverage offers financial protection if your boat causes damages to others. According to the Insurance Information Institute, coverage amounts usually range from $15,000 to $300,000.

A boat insurance policy usually covers the following:

  • Destruction or damage that was caused by a fire, collision, lighting, vandalism, or theft.
  • Any type of damage caused to a boat or permanently attached equipment, such as oars, anchors, or water skis.
  • Expenses incurred when someone is hurt on your boat — this coverage is called bodily injury liability.
  • Property damage liability coverage pays for damages that were caused by your boat crashing into someone’s property.
  • If you let someone else driving your boat with your permission, guest passenger liability coverage pays for the legal expenses in the event of a crash.
  • Medical payment coverage pays medical costs for you and the passengers in your boat.

There are some things that a boat insurance policy won’t cover. Don’t expect your policy to pay for the following:

  • Regular wear and tear.
  • Defective machinery or machinery damage.
  • Damage caused by large creatures in the water, such as sharks.
  • Any damage caused by insects, mold, animals, or other creatures. However, some policies do offer coverage for damage caused by zebra mussels, but it’s rare.

For more information about creating a boat insurance policy that meets your needs, call The Smith Insurance Group, Inc. An insurance company serving the Sandy, UT area. We also provide policies for Idaho, Arizona, Nevada, and Montana.

What Are My Options For Getting Health Insurance?

Health insurance provides a sense of financial security for those who suffer injuries or become ill. It seems like a challenge to get coverage, but you may have more choices available.

Explore Your Career Options

If your current employer is not providing you with health insurance, then you may be able to find someone who does. Even if you’re not in a high-end career field and all you’re doing is working the cash register at a retail outlet, there are other employment options out there for you. Devote your weekends to looking into other employers that can offer a health benefits package. Do not stay complacent with a job that has no opportunity to grow or gain benefits.

Shop Around

You don’t have to call every single insurance provider in the phone book. You can connect with The Smith Insurance Group, Inc. and we’ll help you acquire excellent coverage that’s in your budget in Sandy, UT, and several surrounding states. Even if you’re paying for your own individual health insurance, it does not have to be prohibitively expensive.

State And Federal Healthcare

If your income is below a certain level, you may qualify for state and federal health benefits through groups like Blue Cross. Head to the dot gov website and see what you can find.

In Sandy, UT you have multiple choices to pick when it comes to health care. From individual insurance policies at The Smith Insurance Group, Inc. to a company policy provided by a new employer, the options are there. You don’t want to be stuck paying out of pocket if something goes wrong, so don’t waste any time, explore your options.

Our agents at The Smith Insurance Group, Inc. are ready to answer your questions and provide residents in Utah, Idaho, Arizona, Nevada, and Montana with quality healthcare policies.

What Will Your Life Insurance Actually Do for Your Family?

If you have life insurance through your Utah, Idaho, Arizona, Nevada, or Montana employer, there’s a good chance that it probably won’t truly take care of your family if you should pass away at an early age. When considering what kind of policy you might wish to buy from The Smith Insurance Group, Inc., it’s a good idea to decide what you need it to do for you.

Single Earner vs. Double Income Household

If both you and your spouse bring home a sizeable income and don’t plan on having one parent stay home to raise children, you may not need to add an additional life insurance policy. However, if you are the sole breadwinner in the home, how would your spouse survive without you? How long will that $50,000 or $100,000 benefit last? One year? Five? What will happen in twenty years?

Are Your Kids Going to College?

Perhaps if you aren’t around, you’re thinking the kids won’t be attending an ivy league school in ten years. However, even if they attend a state school, they will still need $50,000 just to cover tuition and books. How many children do you have? Make sure to include their needs through the age of 25 when calculating your required benefit.

What Remains on the Mortgage?

Will your family be able to afford to pay the mortgage or rent? What would it take to pay off the mortgage and at least ensure there is a safe place to live? These are all topics you will need to take into consideration when shopping for life insurance.

Take the time to make an appointment with your agent at The Smith Insurance Group, Inc. in Sandy, UT. You can discuss all the options available on a life insurance policy. We do go beyond Utah and also write for Idaho, Arizona, Nevada, and Montana. Reach out to our agents to learn more and have your questions answered.

4 Benefits of Finding the Right Commercial Insurance

Before you choose commercial insurance, there are a lot of factors to consider. Many of these factors involve thinking about all the many things that could go wrong with your company. The Smith Insurance Group, Inc. knows this can be unpleasant for anyone, let alone an owner who has a hundred other things to do on any given day. One trick to make this process easier is to focus on the benefits of getting an insurance policy that will be there for you when you need it the most. 

Personalized Support

If you pick a carrier who understands your needs, you’re more likely to make better decisions for the length of time you have the business. The right carrier can help you decide on a policy, help you fill out a claim, and provide you with the updates your business needs as it grows.

Better Coverage 

From customers who want to sue your company to an employee who slips in a stray puddle after a nasty storm in Sandy, UT, there are an infinite amount of benefits to finding the right level of coverage and protection. An accident can lead to a string of unfortunate events.

More Customers 

When you take care of your property, people notice. You have the opportunity to build your reputation up as a solid member of the community while assuring your customers they will be well taken care of at the same time. 

A Trusted Partner 

Having a trusted partner is not a benefit to be taken for granted in this day and age. The Smith Insurance Group, Inc. helps the people of Sandy, UT keep their businesses safe, and we’re proud to be of service. Give us a call if you have questions about your policy today. We also serve the states of Utah, Idaho, Arizona, Nevada, and Montana. If you have any questions about the legal differences in your state, reach out to us to learn more.

Things You Should Know about Home Insurance in Sandy UT

 

Let’s start off with the acknowledgment that you need home insurance to cover losses on your home and property. It’s also important to protect yourself against liability for accidents that happen on your property. The better your Sandy, UT home coverage, the less you pay if you ever need to file a claim. You might even be required to carry a specific minimum coverage for your home loan. 

Coverage and Deductibles

In some cases, your lender decides how much coverage you need based on the amount of your outstanding mortgage. You should consider additional coverage if you are close to paying off your home. Ask our local agents at The Smith Insurance Group Inc. what coverage might be beneficial to you. In general, the amount of coverage in the policy for your house, furniture, and other property increases as premiums go up. If financially feasible, get at least enough insurance to cover your home and belongings.

The deductible is how much you pay out-of-pocket on each claim. It refers to coverage on your home and personal belongings. Although higher deductibles can bring cheaper rates, it is important to make sure you can afford to replace items up to the deductible amount in case of an emergency.

A good rule of thumb is to cover at least 80 percent of the value of your home.

Basic Coverages Available

Whether you own or rent in Sandy, UT, The Smith Insurance Group Inc. can help you understand the different policies available. Each package covers a number of events that can damage your home and belongings.

The three types are fire, windstorms, and protection against theft with medical, property damage, inability and additional living expenses covered as specified.

Yearly Review

Check with your The Smith Insurance Group Inc. insurance agency representative once a year to review your policy for any changes you may need to consider. Reach out to us to learn more.