Understanding Actual Cash Value vs. Replacement Cost in Auto Insurance Claims

Posted on June 28, 2024June 25, 2024 by admin

Understanding the Actual Cash Value (ACV) is vital for your financial expectations and for assisting you in making a fundamental decision about the right coverage during the underwriting process in Chesterfield, OH.

Actual Cash Value (ACV)

ACV represents the worth of your car when it is damaged. The calculation of this value depends on various factors, such as the vehicle’s age, condition, and current market demand. Depreciation is a significant factor in determining ACV, which represents the decrease in value over time due to wear and tear. For instance, an older vehicle will usually have a lower ACV than a newer model of the same make and condition.

When you file a claim based on ACV, you receive reimbursement equal to your vehicle’s worth at the time of the loss after deducting any applicable deductible amount. Thus, you may not receive sufficient reimbursement to purchase a new vehicle of a similar make and model, particularly if your car has undergone significant depreciation.

Replacement Cost

Replacement cost coverage differs from ACV in that it covers the expense of replacing your vehicle with a brand-new one of similar make, model, and features without deducting depreciation.

Choosing the Right Coverage

Deciding between ACV or replacement cost coverage depends on your preferences. While ACV coverage might be more affordable, it often results in lower payouts for older vehicles. On the other hand, replacement cost coverage provides excellent financial protection but typically comes with higher premiums. An educated decision depends on the perceived value, financial circumstance, and coverage preference.

M & M Insurance Group Helps You Choose

M & M Insurance Group is here to help guide you and demonstrate how auto insurance can benefit you in the long term. Our team services the Chesterland, OH area. Contact us today.

What to think about when building a commercial insurance plan?

Posted on May 31, 2024June 7, 2024 by admin

Being a business owner in the Chesterland, OH, area could be a great idea. If you would like to start a business here, it is important that you are diligent and careful when establishing your organization. At the same time, you must ensure you have proper insurance. There are many things to consider while building a commercial insurance policy.

Assets That Need Coverage

You should spend time thinking about the assets that need to be covered. A commercial business today could own various types of equipment, real estate, inventory, and even office furniture that are necessary to run a business. When adequately insured, you will have coverage to replace these items if you incur a certain type of loss.

Liability Risks

It would be best if you also thought about your commercial liability risks. When you run any business, there will always be a chance you could make a mistake that results in injury or illness to another party. In these situations, as well as others, you can be held liable. If you are insured the right way, you will receive support in these situations.

Obligations

It would be best if you considered your personal and business obligations regarding insurance. Your business will likely involve many stakeholders, including investors, customers, vendors, and lenders. Each entity will want you to be adequately insured and could require it in certain agreements.

Insurance is crucial for any business in the Chesterland, OH, area. When you are ready to shop for a new plan, contact us at M & M Insurance Group. At M & M Insurance Group, you will receive any guidance you need to create a plan.

Mistakes to Avoid When Shopping for Home Insurance

Posted on April 26, 2024April 23, 2024 by admin

Surprisingly, more than 6 million American homeowners currently don’t have home insurance policies. If you’re one of them, consider shopping for home insurance through M & M Insurance Group for your Chesterland, OH house. Just be sure not to make any crucial mistakes while doing it. Check out several common mistakes you should avoid below.

Shopping for Home Insurance on Your Own

You can technically shop for home insurance independently and find an excellent policy if you know what to look for. But why take this approach when you can have a professional from M & M Insurance Group on your side? They’ll help you work your way through the process of picking the right home insurance policy for your Chesterland, OH, home.

Selecting the Wrong Home Insurance Policy

The home insurance policy you choose should be based on everything from the value of your home to the personal possessions you keep inside it. The last thing you want to do is settle on a policy that won’t provide enough coverage. It’s another reason you should enlist a professional’s services to assist you in your search.

Failing to Shop for Home Insurance Often Enough

Your home insurance needs will likely change annually as your home will grow in value over time. For this reason, you should aim to shop around for home insurance yearly to ensure you have enough coverage for your house and everything in it.

Want to steer clear of making the mistakes listed here as you shop for home insurance in Chesterland, OH? M & M Insurance Group can lend a hand and leave you with the right policy in the end. Contact us today.

Automotive Insurance Upgrades For Your Fleet

Posted on March 29, 2024March 31, 2024 by admin

If you own a fleet of vehicles, you may want to pursue automotive insurance upgrades. Review the following add-ons, and then modify your policy if needed.

Vehicle Makes and Models

Before reviewing any add-ons, prepare a list of the vehicles part of your fleet. The types of add-ons you select may depend upon the actual make and model of each vehicle you own.

How you plan on using each vehicle will also affect the type of coverage you will need.

Towing Equipment

It is common to use vehicles for towing. Trailers, lights, hitches, and other towing equipment used for transport should be insured on your automotive insurance policy.

If you will be using multiple vehicles for towing, this may increase the amount of automotive insurance coverage you will need.

Distance

The distance you will be driving each of the vehicles in your fleet could influence the type of coverage you need. Take into account that your driving patterns could change periodically.

If so, you should plan on modifying your insurance policy as needed. The distance you drive should be calculated routinely.

Please keep track of each vehicle you own and the amount it drives. Then, submit this information when ready to update your automotive insurance policy.

Contact M & M Insurance Group

Consult with an agent who serves Chesterland, OH. An agent who is part of the M & M Insurance Group will prepare an automotive insurance policy for your personal fleet.

What to Do Before and After a House Fire

Posted on February 28, 2024February 28, 2024 by admin

Smart Strategies to Tackle House Fires

House fires can occur at any moment, caused by anything from electrical shorts to accidental mishaps. Our team at M & M Insurance Group in Chesterland, OH, has conjured some key tips on measures to take before and after a fire incident.

Before the Fire

The initial step towards safety is having operational smoke detectors in crucial areas around your house. A well-rehearsed emergency escape plan, practiced bi-annually, would ensure a safer exit from a fire scene.

Post Fire Management

After a fire catastrophe, certain steps can be pivotal for damage control and post-tragedy management.

Secure Your Property

Securing your property is crucial Once the fire is extinguished. Boarding up windows and doors can prevent intrusions, and covering a destroyed roof can be necessary.

Insurance Advance

If you require an advance on your insurance claim for essential items like clothes, toiletries, and other basics, your insurance plan may provide an advance. Remember to keep all the purchase receipts.

Quickly File Your Claim

Procrastinating your claim submission might delay the insurance process. Ensure that you report your damages to your insurance provider immediately and supply an itemized list of the damaged possessions with their values.

Get Insured With Us

Secure your home against unforeseen perils today by contacting M & M Insurance Group in Chesterland, OH. We deliver honest quotes quickly, issue policies immediately, and are committed to protecting your home.

Hailstorms and Auto Insurance: Repair Coverage

Posted on January 22, 2024January 24, 2024 by admin

Here at M & M Insurance Group serving Chesterland, OH and the surrounding neighborhoods, safeguarding your vehicle against hailstorm damage with comprehensive insurance coverage is crucial. Understanding how auto insurance covers repairs after hailstorms is essential for protecting your vehicle effectively.

Hailstorms and Auto Insurance: Repair Coverage

1. Comprehensive Coverage: Auto insurance policies with comprehensive coverage often include protection against hailstorm damage. This coverage extends to repair or replacement costs resulting from hail damage.

2. Policy Limits and Deductibles: Review your policy limits and deductibles related to comprehensive coverage. Understanding these aspects helps assess the financial impact on repair costs after a hailstorm.

3. Reporting Hail Damage Promptly: In the event of hail damage, promptly report the incident to your insurance provider. Timely reporting ensures a smoother claims process for repair coverage.

4. Assessment of Damage: After a hailstorm, assess the extent of damage to your vehicle. Document the damage with photos and gather the necessary evidence for your insurance claim.

5. Professional Repair Evaluation: Seek a professional evaluation of the hail damage. An assessment from a reputable repair shop can provide a detailed estimate for repairs, assisting in the insurance claim process.

6. Choosing a Repair Facility: Your insurance policy might recommend or require using specific repair facilities. Ensure compliance with these guidelines for seamless repair coverage.

7. Claim Filing Assistance: Our group offers support in navigating the claim filing process. Our experts can guide you through the necessary steps to ensure your hail damage repairs are covered.

Comprehensive Protection for Your Vehicle

Contact M & M Insurance Group today to safeguard your vehicle against hailstorm damage. Let our team serving Chesterland, OH and neighboring areas craft a customized policy for comprehensive coverage tailored to your needs. Protect your vehicle effectively. Reach out to us today!

Why Commercial Insurance Makes Good Business Sense

Posted on December 21, 2023December 31, 2023 by admin

No matter how profitable your business is, you need commercial insurance to ensure its continued financial stability. A single lawsuit or accident involving extensive property damage can put your entire operation at risk. Fortunately, commercial insurance can protect you from these and other problems that may arise. Meet with the team at M & M Insurance Group in Chesterland, OH to find out how to safeguard your business from the unthinkable.

What Is Commercial Insurance?

Commercial insurance covers losses due to events written into your policy. This frequently includes lawsuits, natural disasters, and business interruption. However, you can work with your agent to find the right coverage for your business. We’d be happy to review your existing policy to identify opportunities to save money or enhance your commercial coverage.

Financial Protection When You Need It Most

Commercial insurance transfers the risk of covered events from your business to your insurance company. This often includes assuming the financial burden for lawsuits, employee injuries, and covered damages. Additionally, you’ll pay a premium that remains stable each month. This allows you to budget your insurance cost prudently.

You’ll feel better knowing that your business is protected. You can save yourself a lot of stress and focus on running your operations. Further, with the right commercial insurance protection, you can look out for the well-being of your employees.

Mandatory Coverage Compliance

If you work in an industry that requires general liability or other types of insurance, it pays to work with an experienced agent who can help you make informed decisions. As well as assisting with mandatory coverage compliance, commercial insurance may help you meet the contractual requirements of certain vendors and clients.

From data breaches to professional liability to specialized coverage, we have you covered. One of our friendly agents can explain how commercial insurance can help you manage your risk. Reach out to M & M Insurance Group in Chesterland, OH today to set up an appointment for a free quote.

Smart Tips on Home Insurance

Posted on November 17, 2023December 1, 2023 by admin

First-time homeowners understand the importance of having quality insurance that protects them against financial losses caused by a natural disaster or unexpected house accident. M & M Insurance Group in Chesterland, OH can offer smart tips that provide the best possible home insurance for your house.

Check Limits on Personal Property Coverage

A standard home insurance policy will cover all personal property (clothing, furniture, electronic devices, and jewelry). However, it is the owner’s responsibility to set a limit that is enough to replace all items damaged or stolen from the home.

And if you have more expensive personal property (fine artwork, sculptures, and rare sports memorabilia), it may need additional coverage on your standard home insurance. Check the wording of your policy to confirm the items in question are fully covered.

Add Personal Liability Coverage to Your Home Insurance

All home insurance policies should include some form of personal liability coverage. It will protect a homeowner from being ruled liable if an individual gets injured inside their house. Too often, the injured party files a personal injury lawsuit after sustaining bodily injury or property damage done to their possession following a home accident. Being the policyholder, you have control over the amount of liability covered. The goal is to protect your assets with the coverage provided.

Do Not Under-Insure Your Home

The biggest mistake by first-time owners is under-insuring their homes. Too often, they stay with the coverage offered in a standard home insurance policy. It is perfect for the short-term but not the right coverage for the storm season. If your home is in a flood zone, add flood insurance to your policy. If not, the repair costs will come out of your pocket.

The best approach to gaining your home insurance needs is speaking with M & M Insurance Group in Chesterland, OH. Our staff will review your paperwork and create an insurance policy that protects your home. Please call and set up an appointment today.

Can You Insure a Salvaged Vehicle?

Posted on October 20, 2023November 2, 2023 by admin

If you are looking to purchase a car but do not have a lot of money, you may be considering purchasing a car with a salvaged title. One of the questions that we at M & M Insurance Group, serving the greater Kewanee, IL area, are often asked is whether you can insure a salvaged vehicle. Read on to get the answer to this question.

Can You Insure a Salvaged Vehicle?

As a general rule of thumb, you are allowed to insure a salvaged vehicle that has been rebuilt and deemed safe to operate and drive. However, most insurance companies will only offer you liability insurance or state minimum insurance. They will not offer you collision or comprehensive insurance to cover your vehicle in the event of an accident.

Liability coverage only covers any damage that you cause to other vehicles, properties, or individuals while you are driving. It does not cover any damage that is done to your vehicle, regardless of whether the accident was your fault or not. The reason for this is that the vehicle has been deemed a salvage vehicle and as such, does not really have a value associated with it. As such, insurance companies do not want to insure the vehicle, nor do they want to pay to repair damage to a vehicle that has already been repaired at least one other time.

Contact Us Today

If you are looking to obtain state minimum insurance on a salvaged vehicle so you can register and drive the vehicle, M & M Insurance Group in Kewanee, IL is here to help you. Schedule an appointment with us and let’s discuss the options that are available to you when it comes to insuring a salvaged vehicle.

What Does Commercial Insurance Cover?

Posted on September 15, 2023October 10, 2023 by admin

The M & M Insurance Group agents serving the Chesterland, OH area want you to know how important commercial insurance is for your business.

Is Commercial Insurance Required in Ohio?

The answer is yes. There are two types of commercial insurance you must have in place in Ohio for your business. Those two types of insurance include commercial auto insurance and workers’ compensation insurance. Read on for more information on both of these types of insurance policies.

Commercial Auto Insurance

In Ohio, all drivers must have at least a liability insurance policy to drive on public roads and highways legally. This includes any autos used for your business or owned by your business. This type of policy will provide a minimum amount of liability insurance if a vehicle for your business is involved in an accident.

Workers Compensation Insurance

All Ohio businesses that employ one or more full or part-time employees must have a workers’ compensation insurance policy in place. This will help pay the medical bills and lost wages of any employee injured or sick on the job.

Other Coverage Options for Commercial Insurance

Commercial Liability Insurance Coverage

Commercial liability insurance is critical for you to have to protect your business and yourself. For example, if someone falls at your business and is injured, it will help pay their medical bills. It can also protect you if the person decides to file a lawsuit. Commercial liability insurance coverage will also be useful if you are sued for slander, libel, or copyright infringement.

Commercial Property Insurance

You never know when a natural disaster will occur, a fire, or even an act of vandalism, so you want to be prepared. Commercial property insurance will help protect not only the building that your business is located in if you own it but your inventory as well. This policy will also help you if someone steals items from your business.

Contact M & M Insurance Group

To start your commercial insurance policy for your business, contact the experienced and knowledgeable agents at the M & M Insurance Group serving the Chesterland, OH area today!

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Actual Cash Value (ACV)

Replacement Cost

Choosing the Right Coverage

M & M Insurance Group Helps You Choose

Assets That Need Coverage

Liability Risks

Obligations

Shopping for Home Insurance on Your Own

Selecting the Wrong Home Insurance Policy

Failing to Shop for Home Insurance Often Enough

Vehicle Makes and Models

Towing Equipment

Distance

Contact M & M Insurance Group

Smart Strategies to Tackle House Fires

Before the Fire

Post Fire Management

Secure Your Property

Insurance Advance

Quickly File Your Claim

Get Insured With Us

Hailstorms and Auto Insurance: Repair Coverage

Comprehensive Protection for Your Vehicle

What Is Commercial Insurance?

Financial Protection When You Need It Most

Mandatory Coverage Compliance

Check Limits on Personal Property Coverage

Add Personal Liability Coverage to Your Home Insurance

Do Not Under-Insure Your Home

Can You Insure a Salvaged Vehicle?

Contact Us Today

Is Commercial Insurance Required in Ohio?

Commercial Auto Insurance

Workers Compensation Insurance

Other Coverage Options for Commercial Insurance

Commercial Liability Insurance Coverage

Commercial Property Insurance

Contact M & M Insurance Group

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