Three Mistakes Drivers Make When Getting Auto Insurance

Avoid Common Auto Insurance Setup Mistakes with Tackett Insurance Inc.

Setting up auto insurance is a process involving significant decisions and substantial knowledge. Avoiding common setup mistakes can be crucial to securing the proper coverage. In this blog, we’re going to discuss some common mistakes to look out for briefly.

Securing Adequate Coverage

A frequently seen mistake is not securing enough coverage for your vehicle. State-required coverages might not suffice for your specific needs. Explore additional options like comprehensive and collision coverage to protect your vehicle against potential damage. Determine if something like rental car reimbursement could be helpful in case your car requires extensive repairs and ascertain many more coverage options suitable for your situation.

Opting for the Correct Liability Limits

Another commonly observed mistake is settling for liability limits equal to the state’s minimum requirements. Accidents could easily surpass these limits, leaving you liable for hefty expenditures. An advisable approach would be opting for significantly higher liability limits, providing ample protection should you be held responsible for an accident.

Assessing Annual Mileage Accurately

Underestimating the distance you cover annually can lead to unanticipated issues. Since more mileage increases your chances of being involved in an accident, it affects your insurance premium accordingly. So, it would help if you weren’t underestimating your annual mileage to save a bit on premium costs, as it might lead to complications later. Agents at Tackett Insurance Inc. can provide an average mileage estimate for most drivers and help you make an informed guess.

Ensure these common mistakes do not plague your auto insurance setup. For professional help with the process, contact us at Tackett Insurance Inc. We cater to clients from Memphis, TN, and are ready to serve you.

Do You Need Commercial Insurance for a Home-Based Business?

Memphis, TN, entrepreneurs who operate businesses from their homes should understand commercial insurance and how it might apply to their businesses. At Tackett Insurance Inc., our knowledgeable agents can provide expert advice on whether your home-based business should be covered by commercial insurance.

Liability Insurance

Liability insurance is a cornerstone of risk management for any business, including those based in a home. It protects against claims arising from your business activities, such as injuries or damages caused to third parties. 

Even though a home business may be small, it takes just one lawsuit to devastate a business financially. That’s why liability coverage is important for virtually every business, regardless of location.

Property Insurance

While homeowners’ insurance covers personal property, it often doesn’t extend to business equipment or inventory. Therefore, home-based business owners in Memphis, TN might need additional property insurance to protect their business assets. This can include computer coverage, specialized equipment, and inventory stored at home. Coverage is also needed when equipment or inventory is taken elsewhere, such as to a worksite or customer location.

Whether you should have commercial property insurance depends on what assets your business has. One of our agents at Tackett Insurance Inc. can help you evaluate whether this coverage should be included in your commercial insurance policy.

Balancing Coverage with Business Needs

The extent of commercial insurance needed by a home-based business can vary. Contact us today, and we’ll ensure you find liability and property coverage (if required) that works for your business.

Moving Out? Make Sure Renters Insurance is Included in Your Budget

People move into an apartment or rental property for a variety of reasons. They may be going to college, taking a job in another city, or don’t want the commitment involved with buying a home. Some may not have the financial resources to buy or are downsizing. No matter your reason for moving out into an apartment, don’t forget to include renter’s insurance in your budget.

For those moving to or within the Memphis, TN, area, Tackett Insurance Inc. can help get you covered. Here are some aspects of renter’s insurance you should know.

Renters Insurance Covers Your Personal Property

When you sign up for renter’s insurance, your items like clothing, furniture, small appliances, kitchenware, bedding, and more are covered. This is why roommates should each have renters’ insurance, so all tenants’ possessions are covered.

Liability Protection

Renter’s insurance can also include liability protection. This means you will be covered if a friend, visitor, or delivery person suffers an injury while at the rental.

Liability protection can cover legal costs associated with a liability claim and any settlement or judgment.

Coverage While Traveling

Renter’s insurance may cover the personal possessions you take with you when traveling.

It is Generally Affordable

One of the big reasons to include renter’s insurance in your budget when you move is that it is frequently very affordable and easy to acquire.

Contact Tackett Insurance Inc. to get started with renter’s insurance. If you rent a home or apartment in the Memphis, TN area, put renter’s insurance in your budget. We look forward to assisting you.

Mississippi Auto Insurance Must-Haves

At Tackett Insurance Inc., we want our Memphis, TN, customers to understand the auto insurance that they have to have to drive legally on the state’s roads and the auto insurance they should add to protect their financial investment in their vehicle properly. Driving without insurance results in fines and the potential loss of your license if caught.

Mississippi Auto Liability Insurance Requirements

The state of Mississippi, like all other U.S. states, mandates auto insurance coverage for its drivers. The state requires 25/50/25 liability coverage. Let’s consider what that means each policy must have.

  • Bodily injury coverage for $25,000 per person per accident
  • Bodily injury coverage for $50,000 for all persons total per accident
  • Property damage for $25,000 per accident.

Each driver can choose to add other coverage to their policy, such as uninsured/underinsured motorist (UM) coverage, comprehensive, collision, medical payments, and roadside assistance.

Why Add Other Coverage?

The state-required insurance only covers your liability. If you cause an accident, the auto policy covers the injured party’s medical bills and damage to their vehicle. Adding coverage like collision protects you financially because it pays for your vehicle repairs or replacement. Comprehensive covers damage from acts of nature and humans, such as hail storms and riots. Without these additional types of insurance coverage, you would have to pay out of pocket for damage to your own vehicle or your medical expenses, which medical payments coverage handles.

Contact Tackett Insurance Inc. Today

Don’t back out of your Memphis, TN driveway without the appropriate auto insurance. Contact Tackett Insurance Inc. today to purchase or update your auto insurance so you can drive fully protected.

Reasons You Need Life Insurance

Life insurance is a critical insurance policy to have because it provides the peace of mind and security that you need and deserve while you are still on this earth. This type of insurance serves as a safety net that can ensure that your family is financially protected in the event of your untimely death.

The Importance of Life Insurance

Our agents at Tackett Insurance Inc., serving the Memphis, TN area, want you to know and understand how important a life insurance policy is.

Life insurance is essential because it can serve as an income replacement for your family so that they can maintain their standard of living, pay bills, and cover their other expenses. This type of policy can also help you with debt coverage on your car loans, credit card bills, and mortgage payments after your death or even while you’re still alive.

Even smaller life insurance policies, such as one you may have through your employer, can help cover your funeral expenses, which will spare your family from having to shoulder that financial burden during an already difficult time.

Types of Life Insurance Policies

There are many different types of life insurance policies that you can choose from. Listed below are the four most common types.

Term life insurance will provide coverage for you and your family, but only during a specified period. Those terms usually are 10, 20, or 30 years. This policy will offer a debt benefit, but only during the term it is in effect. Remember that you can renew it at the end of its term.

A whole life insurance policy will provide your family with a guaranteed death benefit, and it even has a cash value component that will grow over time. The premiums are higher than those for a term life insurance policy, but the death benefit will remain the same throughout the duration.

A universal life insurance policy is the most popular with most people. This is because you can adjust your death benefit and premiums throughout the time you have it in place and can borrow money from it to pay off debts ahead of time.

Contact Tackett Insurance Inc.

One of our experienced and trustworthy agents at Tackett Insurance Inc., serving the Memphis, TN area can assist you in choosing the correct type of life insurance policy for you and your loved ones. Call today for an appointment.

Auto Insurance for Electric and Hybrid Vehicles: What You Need to Know

The rise of electric (EV) and hybrid vehicles marks a shift towards a more sustainable mode of transportation. As more consumers make the switch, it’s essential to understand how this transition impacts auto insurance. Here’s a guide about auto insurance for electric and hybrid vehicles from Tackett Insurance Inc., serving the greater Memphis, TN region.

Differences in Insurance Costs

Many factors determine insurance rates and vehicle type is one of them. Historically, some EVs have had higher insurance premiums than their gasoline counterparts, mainly due to the high cost of parts and repairs. However, this dynamic may change as technology becomes more widespread and competition increases.

Potential Discounts and Incentives

Some insurance providers offer discounts for EV and hybrid drivers, recognizing their contribution to environmental conservation. These incentives and government rebates for electric vehicles can help offset the potential higher insurance costs.

Coverage for Specialized Equipment

Electric and hybrid cars come with specialized equipment, such as charging stations at home. It’s crucial to ensure your policy covers these specific components. Typically, a comprehensive policy covering equipment and installation costs is a wise choice.

Safety Considerations

Modern EVs and hybrids come equipped with advanced safety features, which might lead to lower insurance premiums. Enhanced safety can mean reduced accident rates, which is always a bonus for insurance companies.

While insuring electric and hybrid vehicles may present unique considerations, being informed can help you find the best coverage. As the automotive landscape evolves, ensuring you remain protected on the roads remains paramount. The team at Tackett Insurance Inc., serving the greater Memphis, TN, would love to ensure you are fully covered, regardless of what you drive. Call now to schedule an appointment.

Commercial Insurance and International Business

Expanding business operations in and around the Memphis, TN area for international purposes offers exciting growth opportunities. Still, it presents a complex web of risks that can impact the success and stability of a company. Organizations need to understand the unique insurance considerations when venturing into international markets, including coverage for foreign liability and global property protection.

Foreign Liability Coverage: Mitigating Legal and Regulatory Risks

Foreign liability coverage, often called international liability insurance, helps protect businesses from legal claims and lawsuits arising from their global operations. This coverage addresses risks such as:

  1. Third-Party Bodily Injury or Property Damage: Foreign liability coverage helps mitigate financial losses from legal actions.
  2. Product Liability: International liability insurance helps cover legal expenses and potential damages if a company product causes harm to consumers in another country.
  3. Compliance with Local Regulations: Foreign liability coverage assists businesses in navigating complex local laws and regulations, ensuring compliance and minimizing legal repercussions.

Global Property Protection: Safeguarding Assets Across Borders

Operating internationally often involves establishing physical assets in foreign countries, such as offices, manufacturing facilities, and warehouses. Global property protection insurance ensures that these assets are adequately covered against risks such as:

  1. Property Damage: Natural disasters, fires, theft, and vandalism can lead to significant property damage. The safeguard is on a broader scale of coverage. 
  2. Business Interruption: A disruption in operations due to property damage can lead to revenue loss. Global property protection is for financial support during the recovery period.
  3. Political and Currency Risks: Businesses may face political instability or currency fluctuation risks in certain regions. Global property protection lessens the losses resulting from these unpredictable events.

Tackett Insurance Inc. Can Help You

At Tackett Insurance Inc., we can answer all your questions concerning commercial insurance. We assist the Memphis, TN region. Contact us today.

Will my homeowners insurance cover my damaged mailbox?

Homeowners’ insurance creates peace of mind for many people. It protects the exterior and interior of your home and other structures on your property. It also provides protection and coverage for your personal belongings. However, although many incidents are covered by homeowners insurance, not everything is. Our team at Tackett Insurance Inc. knows that many homeowners are confused about what’s covered by a homeowner’s policy. We’re dedicated to erasing the confusion for our Memphis, TN residents.

What is Homeowners Insurance?

Homeowners insurance is designed to cover your home, the structures on your property, and your personal belongings. Homeowners’ insurance can pay for repairing or replacing your home if it’s damaged due to a covered incident. Fire, theft, and some natural disasters are covered by homeowners insurance. You also have liability coverage as well. Suppose you damage someone else’s property while visiting your home or due to a covered incident. In that case, your homeowner’s insurance policy will pay for repairing or replacing the damaged item. Many forms of coverage and protection are part of homeowners insurance. It’s a good idea to understand what’s covered and what’s not. A licensed insurance agent can walk you through your insurance policy and eliminate confusion. 

Will Homeowners Insurance Cover My Damaged Mailbox?

Maybe. Your homeowner’s policy covers "other structures" on your property. This form of coverage would include your mailbox. However, the damage must be caused by a covered incident. Your insurance company will determine whether or not an event covered by your policy caused the damage. The damage may have been caused by an incident not covered by your policy. If you have questions about homeowners insurance, call us. We’d be happy to answer all of your questions. 

Renter Responsiblities

Choosing to rent is a great housing option for many people. To make the most of your rental experience, though, you need to be aware of your responsibilities as a renter. Here at Tackett Insurance Inc., serving Memphis, TN, we want to help reduce liability risks in all aspects of their lives. Keep reading to learn about important renter responsibilities you should be aware of. 

Property Cleanliness

The renter is always responsible for keeping the property clean and free of clutter. Cleaning the property may not seem like a big deal, but it can affect your relationship with the landlord over time. If your lack of cleaning causes any safety hazards or pest infestations, you might also be held liable. Always keep your rental home clean to avoid these risks. 

Replacement or Repair of Broken Items 

Your lease will outline which if any, broken items you will be responsible for replacing or repairing if you are the one who broke the item. Some examples might be windows, door frames, ceiling fans, light fixtures, faucets, door handles, or other items. You should take care not to damage things in a rental home, but it does happen sometimes. 

Report Damage or Repair Needs

You are responsible for quickly reporting any damage or things that need maintenance. When you fail to do this, you might create bigger repair issues later. For instance, if you notice that a toilet is leaking and you do not report it, the leak could cause water damage which is expensive and difficult to repair. 

If you want to learn about renter’s insurance, contact us at Tackett Insurance Inc., serving Memphis, TN, and the surrounding areas. We will be happy to help you find the right policy today. 

When does umbrella insurance kick in?

Umbrella insurance is a form of coverage that can provide additional protection when other insurance policies have reached their limits. It can help protect you from the financial costs associated with lawsuits and other legal issues here in Memphis, TN. We at Tackett Insurance Inc. are often asked when umbrella insurance kicks in. 

Umbrella insurance typically kicks in after your primary liability coverage has been exhausted. If you are facing a lawsuit, your auto or homeowners policy will pay out up to its maximum limit, but your umbrella insurance policy will cover any additional costs. For example, if you were sued for damages exceeding $500,000, but your auto or homeowners policy only provides up to $200,000 in liability coverage, the remaining $300,000 would be covered by your umbrella policy. 

Umbrella policies also offer personal injury protection, which can cover legal fees and court costs associated with a lawsuit. Since umbrella policies don’t come with a deductible like other forms of insurance, they can provide great peace of mind should you ever find yourself needing additional coverage beyond what your primary insurer offers. 

Ultimately, when it comes to understanding when umbrella insurance kicks in, it’s best to speak with an experienced agent who can explain the details and help determine if it’s right for you. Protecting yourself and understanding when additional coverage is needed is critical to ensuring you’re adequately insured for unexpected events.

For more information or to explore a policy that will protect you, call us at Tackett Insurance Inc. today. We proudly serve the Memphis, TN area and would be happy to help you find a policy that suits your needs and budget.