Classic Car Values On The Rise

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1967 Shelby

 

Seasons are changing and so are the values on classic cars. In just the last 8 months, the following collector cars saw substantial value increases (statistics from Hagerty Insurance Company):

  • 1992 Pontiac Firebird SLP Firehawk: Up 70%
  • 1963 Ford Thunderbird- Up 33%
  • 1977 Mercedes Benz 450SEL- Up 33%
  • 1983 Datsun 280ZX- Up 26%
  • 1969 Porsche 912- Up 24%
  • 1972 Chevrolet Corvette Convertible- Up 18%

These value increases are a good example as to why you should make sure that your collect car valuation is up to date, along with your insurance coverage.

In many cases, collector cars are insured for a specific dollar amount, which is the maximum an insurance company will pay at the time of loss. This means that increased values are not covered unless your policy has been updated with a new valuation and coverage amount.

Our agency understands that the classic car marketplace behaves differently from the standard new/used car arena. Classic cars are typically subject to more scrutiny towards detail as there is a lot of emotion (and hard work) that goes into even the smallest improvements and additions. Factors such as low mileage, documentation history, condition, rarity, improvements and overall market demand play a large role in determining the proper value behind a specific vehicle.

As we approach the popular Fall driving season in Wisconsin, make sure to get an up to date valuation or quote on your classic car. If our valuation process can be a resource, please don’t hesitate to contact us.

Colonial Insurance Agency | N112W15237 Mequon Rd Germantown, WI 53022 | info@colonialinsurance.net | Ph (262) 255-3770

How to Avoid Holiday Scams

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Holiday Scams

Photo: dedMazay, Getty Images/iStockphoto

Holiday scams are in full swing as scam artists are at work for their busiest time of year. From attempts at credit card fraud to disappearing packages from your door step, thieves are constantly looking for opportunities to leave you in the cold this winter.

Here is a list of 8 common holiday scams that you should be on the lookout for and how to avoid them:

  1. Fake Websites:  Often times, scammers will create websites with the real company name, but adding symbols or small variations to the web address that are often overlooked by the consumer. When shopping online, make sure that you are on a verified website, with the “lock” in the URL.
  2. IRS Phone Scams: Unsolicited calls being made demanding payment for unpaid taxes. Calls often ask for credit, debit, or prepaid card numbers. The IRS Never:
    • Asks for credit card, debit card, or prepaid card information over the telephone
    • Insists that taxpayers use a specific payment method for tax obligations
    • Requests immediate payment over the telephone and will not take enforcement action immediately following a phone conversation. Tax payers typically receive prior notification of IRS enforcement regarding tax liens or levies.
    • IRS Scams can be reporting directly to the: Treasury Inspector General For Tax Administration.
  3. Fake Shipping Notifications: Emails are sent stating that an item has been shipped. If you do not recall the order/purchase, do not open the link as it will likely be encrypted with a virus or malware.
  4. Bogus Charities: Emails, letters, or door to door tactics are used to support a fake charity. Do your research before donating. Groups like the Better Business Bureau, Charity Watch or the IRS have many suggestions on how to donate safely.
  5. Free Gift Cards: Often used on social media or through email. Scammers ask for further information to “claim” the gift card. Another ploy to steal your personal information or download malware. Nothing is free!
  6.  Package Theft: One of the most popular holiday scams is for thieves to follow delivery trucks and steal delivered packages, right from your front door. To avoid this, require a signature or have packages held at a local service location.
  7. Card Theft: When shopping in stores or online, consider using your credit card instead of your debit. Credit cards offer more security and theft reimbursement.
  8. Temporary Holiday Jobs: The holiday season is a busy time for retailers and delivery services, requiring temporary job positions. Beware of solicitations that require personal information to apply for these jobs or for job leads. Search for job opportunities directly through employer websites to avoid this risk.

To find out more about holiday scams or to report one, visit the BBB Scam Tracker.

Holiday Crime Prevention Tips

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holiday_safety-tips-boston

As we enter the busy holiday season, consider these holiday crime prevention tips!

  • When shopping, park in a well lit and well traveled area. As always, be aware of your surroundings.
  • When you return to your vehicle, make sure that are no signs of forced entry. During the holiday season, criminals know that vehicles are filled with gifts and purchases as shoppers make their way from store to store.
  • When storing items purchased from stores, place them out of sight. The best place is in the trunk.
  • Do not leave your purse, cell phone, or wallet in plain view as those all make for an easy target.
  • If you go to an ATM, check your surroundings before withdrawing cash.

 

Life Insurance: Who Needs It?

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Life insurance provides cash to your family after your death. With that being said, if someone will suffer financially when you die, chances are a life insurance policy is needed.

The cash, also known as a death benefit, provides income replacement and can help your family meet financial needs such as funeral costs, living expenses, child care, college savings and more. When a death benefit is issued, there is no federal tax income.

Below are examples of how life insurance might apply to your particular situation:

 

You’re Single:

Most single individuals don’t have many people that depend on them from a financial standpoint. That being said, single people tend to shy away from life insurance. However, there are exceptions. Some single people may be providing support for their parents or a sibling. Others may have a significant amount of debt, that they wouldn’t want to pass on to surviving family members. A critical reason to consider life insurance when you’re single is insurability. If you’re young, healthy, and have good family health, your insurability will be at it’s best from a rate perspective. In return, life insurance companies will be able to offer you their best pricing.

You’re a Single Parent:

As a single parent, you undoubtedly have a child that is depending on you financially and socially. Although that is the case, nearly 4 in 10 single parents have no life insurance. There are a lot of costs associated with being a single parent, but don’t leave out life insurance as being one of them as your child’s financial future is tied directly to you.

You’re Married:

Marriage typically triggers a life insurance conversation between spouses. If you died tomorrow, would the other spouse have the income means to pay off debts like credit card bills, student loans, or a car loan? Along with the debts would be the ability to cover monthly rent expenses and utilities. If you’re planning on having children, it might be a good idea to consider coverage prior to becoming pregnant.

You’re Married With Children:

If marriage didn’t trigger the thought of life insurance, having children will likely start the process. When you become a parent, you realize that your children literally depend on you for everything. Most families depend on two incomes to balance their budget. What would happen if you died suddenly? Would your family being able to meet all of the financial obligations i.e. mortgage, child care, groceries, utilities and any potential investment or college saving goals? Life insurance helps make sure that financial goals can still be met if you were to die.

The Empty Nesters:

Your children are now old enough to be on their own, with their own financial obligations and dependents. Does that mean that life insurance is no longer a need for you? Not necessarily. If something were to happen to you, would your spouse have the means to either pay off existing debts and maintain his/her style of living or would they have to consider dipping into retirement accounts?

You’re Retired:

Depending on the size of your estate, your heirs could be charged an estate tax (up to 45%) after you die. The life insurance proceeds related to your policy could help take care of such taxes, funeral costs, and current debts. This helps avoid the need to quickly liquidate assets.

You’re A Small-Business Owner:

Life insurance is also used to help protect your business. What kind of position would your business be in should you or a key employee die? A common strategy used for business owners is a buy-sell agreement. This allows remaining owners to buy the company interests of the now deceased owner. This way, both the business and the family are compensated. Key person insurance is also available and payable to the company. This type of coverage provides flexibility to the owner should they need to hire a replacement or set up alternative terms.

 

 

2015 Daylight Saving Time

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Spring-Forward

 

Daylight Saving Time begins this weekend—at 2:00 A.M. on Sunday, March 8.

Before going to bed on Saturday, March 7, remember to “spring forward” by setting your clocks 1 hour ahead. Not every place practices Daylight Saving Time (exceptions: Arizona, Hawaii, Puerto Rico, the Virgin Islands, and American Samoa).

Fun Facts:

Credit for Daylight Saving Time goes to Benjamin Franklin, who first suggested the idea in 1784. The idea was revived in 1907, when William Willett, an Englishman, proposed a similar system in the pamphlet The Waste of Daylight.

The Germans were the first to officially adopt the light-extending system in 1915 as a fuel-saving measure during World War I. The British switched 1 year later, and the United States followed in 1918, when Congress passed the Standard Time Act, which established our time zones.

This experiment lasted until 1920, when the law was repealed due to opposition from dairy farmers (cows don’t pay attention to clocks). During World War II, Daylight Saving Time was imposed once again (this time, year-round) to save fuel.

Holiday Home Safety

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Winter Home

We’re heading into the heart of the holiday season.  Last minute shoppers are finishing their lists and houses are being prepped for parties with family and friends.  With all that goes on during the month of December, it’s easy to forget about the importance of home safety.  According to the FBI, nearly 400,000 burglaries occur during the months of November and December alone.  During this time of year, home invaders know that homes are filled with expensive gifts and that the good silverware is out for holiday dinners and parties.

The holiday season brings lots of in and out, family travel, and empty homes. With our minds in three different places, it’s easy to forget to keep a light on, lock the back door, or to close the garage door.  Remembering to do something as simple as keeping a light on can greatly reduce your chance of becoming a burglary statistic.  Last year, our agency suggested 8 products or services that you could use to prevent a holiday break in.  To view those items, follow this link: 8 Ways to Prevent a Holiday Break-In.  This post will offer 8 more suggestions to address home safety during the holidays.

  1. Keep a light on:  Making your home appear that it’s occupied is a great crime deterrent.  Putting lights on timers or leaving a TV or music on are also good ways to make it look like you’re home.
  2. Lock up: Keep your doors and windows locked, even if you’re stepping out for a short trip.  Keep in mind that running lights and extension cords through windows can make for easy access for home invaders.
  3. Keep gifts hidden: Leaving gifts and valuables in plain site adds further incentive for a home invader to choose you over your neighbor.  Keep gifts and valuables out of plain site when you’re away from home or out shopping!  Car thefts are also very popular this time of year, leave the bags in the trunk!
  4. Be careful what you share on social media: Whether it be your travel plans or the gifts you received, you never know who else is looking at that.  Check your privacy settings on your social media channels to control who can see what.  Also keep in mind that when a friend likes, comments, or favorites a post/tweet that others may see that as well.
  5. Break down your boxes: This is one time that your home should not offer great curb appeal.  Once gifts are exchanged, break down the boxes so that potential home invaders don’t have an easy look at what’s inside.  This is especially important for any big ticket items.  Failing to do so makes it very easy for potential home invaders to case a neighborhood and choose their targets based on the gifts you received.
  6. Don’t let mail or newspapers build up: If you’re heading out of town for an extended period of time ask a neighbor, friend or family member to collect your mail.  Again, giving the appearance that the home is occupied with mail being collected and your lights on timers will help deter home invaders.  Another option is to ask the USPS to hold your mail.
  7. Get to know your neighbors:  This suggestion follows on asking a trusted person to pick up your mail, check on the house etc.  Your neighbors are a great resource and the best security system you could ask for.  They know your vehicles and likely have a general idea on your schedule.  Talk to them if you’re going out of town for an extended period of time.  A neighborhood of informed and alert neighbors will help prevent a burglary loss.
  8. Post a sign: Purchase a security monitoring sign and place it in the window or the yard.  The thought alone might be enough to convince the home invader take a pass on your house.

No one is completely immune to a burglary loss.  However, taking these home safety precautions can reduce the risk of it happening to you.

Happy Holidays from all of us at Colonial Insurance Agency!

2015: Personal Insurance Review

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LogoIndependent Agent

2015: Personal Insurance Review

A new year brings new opportunity, a fresh start. As 2015 approaches, many of us are setting new personal, career, and financial goals. Those goals can range from dropping or adding a habit, developing a strategy to grow your business or advance your current career position, or to simply review your current budget. Regardless of what you aim to achieve in 2015, consider a personal insurance review with an independent agent. A personal insurance review is a great way to not only save money, but to make sure your coverage protects against the specific exposures that relate to you. Here’s what you should look to review and discuss:

  1. Cost Savings: The most common reason for reviewing insurance coverage is to cut cost. Independent agents are able to review rates for current and prospective clients with several insurance companies. This approach saves a lot of time and offers policies that are not available through direct writers or captive agents. Insurance isn’t a one size fits all industry; make sure you find a company that fits you…an independent agent is a great resource to do so.
  2. Customer Service: Companies are constantly searching for new ways to meet policyholder expectations. Such ways include: mobile apps, online policy servicing, towing/roadside hotlines, preferred auto body shop recommendations, claims handling technology, social media communication and so on. An independent agent can help match you with a company that meets your expectations.
  3. Liability Limits: Your liability limits are the most important aspect of your personal policies. A home can be replaced; a substantial bodily injury or wrongful death liability claim could impact your financial status for life. Talk about your current limits. Are they high enough? Do you have an umbrella policy? The good news, good coverage doesn’t have to break the bank.
  4. Discounts: Consider combining all of your insurance with one company. Second, see if you apply for any job industry/career discounts (ex: CPA’s, teachers, engineers, and more). If you’re 50 and over and belong to a senior organization, you’ll have many different discounts available to you. Lastly, talk with your agent about your home and any updates that you’ve made. Discuss your vehicles and the drivers on your policy. If you have a young driver and they’re good students, there’s a discount!
  5. Deductibles: An independent agent will review your current deductibles for both your home and auto insurance. Increasing deductibles will reduce your premiums. Lowering deductibles will do the opposite and will increase your premiums. Being financially able to meet the deductible requirement in the event of a claim shouldn’t be overlooked. Find what deductibles work for your budget by weighing the different options.

Check your calendar for 2015 and set aside a date for your insurance review.  If you’re interested in scheduling a review with one of our agents, please contact us at info@colonialinsurance.net

How to prepare for trick-or-treaters!

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Trick or Treat WI

Trick-or-treaters will soon be taking to the streets, expecting a fun filled day or night with family, friends, and of course candy. Unfortunately, all of this fun can come at a cost if homeowners don’t take the right precautions to keep visiting trick-or-treaters safe. This post is designed to point out liability exposures that Halloween can present to homeowners.

(Child safety is of course number one, so reference this Reader’s Digest article on how to keep your trick-or-treater safe: 7 Trick-or-Treating Safety Tips. )

  1. Trips and Falls: Speed and efficiency are two important qualities in a dedicated trick-or-treater. Kids are often focused on how quickly they can get from house to house. To avoid any trips and falls on your property, check the path (that you hope) trick-or-treaters will take. Make sure that the path is well lit and that all decorations and landscaping features are removed from the path. A serious fall could put your homeowner liability limit on the line.
  2. Vehicle Vandalism: On Halloween, the Highway Loss Data Institute found that vehicles are almost twice as likely to be vandalized than any other day of the year. Halloween generates an average of 1,250 vehicle vandalism claims each year. Your best bet, park your vehicle(s) in the garage.
  3. Dog Bites: Halloween brings heavy traffic to the home and while it can be fun for kids and homeowners, it can be a stressful time for dogs. Even the most docile dog can act out due to anxiety. The dog may be used to kids and visitors…but those kids may not always be dressed up as Darth Vader or Batman. If a costume is enough to make you step back when opening a door, consider being eye level with it as a dog! This isn’t meant to say that all dogs need to be put in a kennel or a separate room, just be careful. The Insurance Information Institute found that in 2013, $479 million in dog related damages were paid out (not just on Halloween).
  4. Burglary: A dark and empty house usually encourages trick-or-treaters to skip you and move on to the next one. However, the local burglar would be happy to stop by for a visit. A dark empty home is an easy target and increases the chance of theft. Keep a couple of lights on and reduce those chances. Have a dog? They’ll help too!
  5. You got “TP’d”: Pranksters will be pranksters, there is no avoiding that. If you get toilet papered, please just don’t do this: Family Burns Down House Cleaning Up Toilet Paper.  If there is severe damage to the tree or property, contact your agent for guidance and policy details.

Lastly, a little laugh. Check out this video of a Mutant Giant Spider Dog.

Auto Insurance Myths

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Understanding your auto insurance policy can be a difficult task, so hopefully you rely on an independent agent to explain your policy details and how they better protect you.  Adding further confusion to auto insurance are popular auto insurance myths and how they can impact your rate and coverage.  Some of the myths even cause consumers to shy away from buying certain vehicles.  The purpose of this post is to debunk some of the popular myths that agents come across.Red Car

  1. The color of my car impacts my rate. Color actually has zero impact on your auto insurance rate.  It’s widely believed that red cars have higher rates because they may “look faster”…not true.  Insurance companies are more concerned about the year, make, and model of your vehicle.  The year, make, and model along with your driving record and credit score will help companies determine your rate.
  2. If I borrow my car to a friend, their insurance policy is responsible.  Not true. When you borrow your car to a friend, you’re also borrowing them your insurance policy.  In the state of Wisconsin, insurance follows the vehicle-not the driver.  Choose wisely when lending your vehicle to a friend! 
  3. My policy automatically covers theft, fire, vandalism, damage from hail, wind, fire, flood or a vehicle/animal.  These causes of loss are a few of many popular claim payouts for insurance companies.  Physical damage protection for your vehicle is provided through your comprehensive deductible (also known as other than collision)  as well as your collision deductible.  Each deductible applies to a particular set of losses, so be sure to consult with your agent to find out what you need for your vehicle.  Simply asking for full coverage without an explanation could leave you exposed to coverage that you thought you had.
  4.  My personal property is automatically covered in my car.  Example: your expensive golf clubs are stolen from your car.  It’s likely that your auto insurance policy  will not provide any coverage.  Why the vague answer?  Because this gray area can be easily solved by simply talking to your agent.  There are coverage features that you can add to your policy to provide a limit of protection against circumstances such as theft.  If there is no such coverage, you would have to file the claim under your home, condo, or renter’s insurance policy…subject to your deductible.  Consult with your agent to find out your specific policy details when it comes to your personal property and your auto insurance.
  5. I’m covered if I rent a car. When you rent a car, most personal auto insurance companies transfer coverage over to the rental vehicle during the time the rental is utilized by you.  However, this is an area that you must discuss with your agent.  Your agent may suggest purchasing a physical damage waiver or checking with your credit card carrier to see if they’ll pay for some of the rental expense.

Take advantage of your independent agent and ask them to help clarify any areas of confusion on your policy, hopefully the above auto insurance myths are no longer a worry to you.  Remember tat working with an independent agent not only opens up your options of insurance carriers to choose from, but also provides a knowledge outlet for complex questions on your policy, don’t hesitate to use them!  If you have any additional myths or coverage questions, please don’t hesitate to ask to have your policy reviewed.

 

8 Ways to Winterize Your Home

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Are you ready for another Wisconsin winter?  Ready or not, you can make sure that your home is ready for the winter months ahead by following these 8 ways to winterize your home. Gutters

  1. Clean Your Gutters: Once the leaves fall off of the trees, be sure to remove them from your gutters.  Clean gutters will help prevent against icicles and ice dams.  A serious ice dam problem can lead to a very messy water loss to the inside of your home.  If you have certain areas on your roof that are prone to large ice build up, consider a de-icing cable kit, such as the Frost King product found at your local Home Depot store.
  2. Flush the Water Heater: Over time, particles and sediment will collect at the bottom of your water heater.  This reduces the efficiency of the unit and can lead to malfunction.  Winter is a bad time to be without a water heater.  Take the time to flush the water through the drain valve.  This will help remove the particles and sediment build-up.
  3. Replace Filters: This should be a routine task in maintaining your home.  The winter months in Wisconsin typically mean long run times for your heating system, making replacement filters that much more important.  A clean and quality filter can greatly improve the efficiency and longevity of your system.
  4. Insulate:  Increasing the amount of insulation in your walls, attic, floor, and basement is a great way to keep heat inside.  An insulated home typically loses about a quarters of its heat through the roof.  Apply a thicker layer to your attic to keep those heating costs down!
  5. Check the Fireplace:  To start, make sure that your chimney is clean.  If it hasn’t been professionally cleaned for a while, call a chimney sweep to remove the soot and creosote.  Chimney fires are a major cause of loss for homeowners, a clean one can greatly reduce the likelihood of it happening to you.  Also, be sure to check that your caps and screens are in place…nobody needs a critter running through their house.  Lastly, make sure that the damper is operating correctly.  If you follow these steps, your chimney will continue to be a great source of added heat and relaxation during the Wisconsin winter months.
  6. Check Your Plumbing:  Locate your water main, just in case you need to shut it off in an emergency.  Be sure to drain and remove all outdoor hoses and to close their valves.  On the inside of the house, make sure that exposed plumbing is insulated.  Taking these steps will greatly reduce the chance of experiencing a pipe burst.
  7. Check Your Safety Detectors:  Make sure that your smoke and carbon monoxide detectors are working properly.  Test the battery and the function of each unit.  If you’re not sure when the battery was last replaced, spring for a new one.
  8. Furnace Inspection:  Call an HVAC professional to inspect your furnace.  An HVAC professional will be able to diagnose any problems or deficiencies in your unit.  From there, their knowledge and expertise will be able to get your unit running to its full capacity, keeping you and your home comfortable during those cold Wisconsin nights.