Car Insurance Basics: Terms You Need to Know

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Car insurance is one of those things that we pay very little attention to, until we need it. However, if we need it, that means we’ve been in an accident or something else negative has happened that is causing us to use our insurance, so it’s important that we understand some basic terms about insurance.

Luckily, if you are looking to learn about car insurance terms in Quinlan, TX, the team at Slaughter Insurance Agency can tell you all the terminology that you need to know.

Claim – A claim is a request made by the policy holder to the insurance company to pay for damages incurred to a vehicle, for medical treatments or other costs related to the covered vehicle/policy holder.

Collision Insurance – This coverage pays for damage to your vehicle in the event that it was in an accident (collision).

Comprehensive Insurance – This type of coverage pays for items that are not related to an accident. This can be anything from theft, to a fire or flood, or even a limb falling from a tree during a storm.

Deductible – This is the amount that you must pay before the insurance company will begin to pay towards your claims. For instance, if you get into a collision and your car sustains $5,000 in damage and you have a $500 deductible, your insurance will pay $4,500 towards the repairs.

Insured – The insured is also known as the policy holder. It is the drivers covered by the insurance policy.

Premium – A premium is how much your insurance costs. Premiums are paid either monthly, every six months or once a year. 

Call Slaughter Insurance Agency serving Quinlan, TX today and get all your car insurance questions answered!

When is it important to have commercial insurance in Texas?

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Those that are in the Quinlan, TX area and would like to be their own boss should consider starting their own business. If you are looking to start a business when you in this part of Texas, having the right insurance is very important. Commercial insurance coverage should be considered a necessity for a few reasons. 

Coverage is Often Required

A reason that you should obtain commercial insurance in this part of the state is that it is a requirement for a lot of businesses. Many businesses of all sizes in this area will take out loans, bring in new investors, or will need to rent a place to operate out of. In almost all of these situations, the business is going to need to carry insurance as the various agreements will have insurance requirement provisions. 

Coverage Provides Necessary Protection

You should also get a commercial plan as it can provide necessary protections. Anyone that is going to start a business will need to acquire various commercial assets to get the business off the ground. With commercial coverage, you will have protection to repair or replace these assets if you incur certain losses. Further, if you have a commercial insurance plan, you are going to have the coverage needed to mitigate commercial liability risks. 

Business owners in the Quinlan, TX area need to take their commercial insurance needs seriously. If you are shopping for a new insurance plan when you are in this part of Texas, it would be wise to contact the Slaughter Insurance Agency. There are a lot of choices that come with picking commercial insurance and Slaughter Insurance Agency will help you evaluate both your needs and options. This support will help you build a plan that is ideal for your situation and business. 

4 Things Covered By Home Insurance

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When you own a home in Quinlan, TX, you can’t afford to go without home insurance. Because a home is worth so much, you can’t roll the dice and hope nothing terrible happens to your home. Theft, vandalism, fire, hail, and other perils can damage your home; turning your dream home into a nightmare.

The good news is that you can purchase home insurance from Slaughter Insurance Agency to get coverage in the following areas.

Liability protection

The liability coverage in your home insurance covers you against bodily injury and property damage caused to third parties. For instance, if your dog bites a neighbor or you reverse your car into your neighbor’s wall, home insurance should pay for the arising liability claims up to the policy limit.

Structure protection

If your home and the structures within it are destroyed by fire, storms, or any other peril, your home insurance’s dwelling coverage reimburses the repairs or rebuilding costs of your home. 

Contents coverage

List down your assets — clothing, furniture, electronics, and other personal effects. You will be surprised that your belongings are pretty valuable. With this in mind, you need to protect your assets against theft, vandalism, and other risks that may cause damage or loss to your assets.

Remember, for high-value items like jewelry and cash, home insurance provides limited coverage. As such, talk to your agent for a separate policy.

Additional living expenses (ALE)

Is your home damaged by a storm or fire? Worry not. When you seek temporal shelter from a hotel, the ALE add-on covers meals, accommodation, and other expenses incurred beyond your average spending.

Do you need home insurance for your Quinlan, TX home? You are on the right track. Contact Slaughter Insurance Agency, and our team will help you purchase home insurance that gives you maximum protection.