Jerry Farcone's Insurance Tidbits!

Life Insurance Tips!

2011-09-17T11:47:00.000-07:00

I get asked a lot for tips on how to reduce the costs of life insurance so since September is Life Insurance Awareness Month I put this together as a few things you can do.

I hope it helps...

* Make a Lifestyle Change - Nothing will decrease your policy bill like a lifestyle change! Rates are lower for people who don't take as many risks... so if you want to reduce rates, try cutting back on the sky diving and moto-cross racing.

* Only Buy What You Need - Consider taking a little time to determine whether your policy currently meets your needs. Although you dont want to buy too little insurance, buying more than you need can be expensive.

* Clean Up Your Credit - People with poor credit often get denied life insurance or are put into special programs with high premiums. Clean up your credit and go back to your agent to ask for a review of your credit to lower your rates.

* Consider a Rider Policy - Instead of paying large premiums by changing around your policy to include lots of extensions, consider adding on a rider policy to meet a few additional needs. This may be more cost effective than going through the process of changing your entire policy and trying to rework it to fit all of your needs perfectly.

If you have questions regarding other ways to save money on your life insurance policy, feel free to contact me at any time.

Get a review today!

We Are Farmers! Bum Bu Dum Bum Bum Bum Bum

2011-03-31T14:42:00.000-07:00

Are you ready for your 15 minutes of fame?
Farmers is looking for the best family friendly music videos for our
Farmers Jingle Contest!

The three categories are:

1) Solo - one person performing
2) Small Group - between 2 and 49 people performing.
3) Large Group - 50 or more people performing

Click here to enter our Contest!

How to protect yourself and your family if you get sued and what to do before you get sued!

2011-03-28T07:31:00.000-07:00

If insurance is for a rainy day, umbrella insurance is for a storm!

A day when someone hits you with a lawsuit for hundreds of thousands, even millions, of dollars. Think it can’t happen to you? Do you know how lawsuit-crazy this country is? You can’t pick up a newspaper these days without reading about somebody suing somebody else for … what? You read the article and say, “That’s crazy. There’s no way somebody should be able to sue for that.” Well, guess what? The courts are clogged with these “crazy” lawsuits, and sometimes the person bringing the lawsuit wins. Do you really need coverage for these crazy lawsuits? Maybe not.
But remember that a lot of lawsuits aren’t crazy at all. Some get settled. Actually, most get settled. Often, the person being sued winds up paying something to the person who brought the lawsuit. And that doesn’t even include the fees the defendant in the lawsuit has to pay to his or her attorney.

How Far Will Your Current Protection Really Go to Protect You?

∗ Example. Say you’re at fault in an auto accident that causes serious injuries to the driver and/or passenger(s) in the car you hit. Your auto insurance has liability limits of $100,000 per person and $300,000 per accident. (Which are pretty common limits, by the way, even for people with a lot of assets.)
How far do you think $100,000 will go, particularly if the person or persons involved suffer injuries that keep he/she/them from working for months, even years? The accident victim(s) could sue you for his/her/their medical bills, lost income, even pain and suffering. In this scenario, $100,000 is not nearly enough coverage.

Guess what happens if, say, you are hit with a judgment in the case of $250,000 for one person involved in the accident? Your auto liability insurance will cover the first $100,000 — and you’re stuck for the rest. And that doesn’t even include the legal fees you have to pay to your attorney. In addition, in some cases, you might have to pay all or part of the legal fees the other party or parties incur. Ouch.
Umbrella insurance is for these very rainy days. While it may seem unnecessary, it really isn’t, particularly for people with homes and other significant assets to protect. Do you really want to hand over your house and/or gains in the stock market to someone you injure in an auto accident? It could happen. But it doesn’t have to.

Umbrella Insurance: Massive Protection for Pennies a Day

Because it is designed for those really rare rainy days, umbrella insurance is cheap. It is also versatile. Umbrella insurance provides additional coverage not only for your auto policy, but also your homeowners or renters policy. Further, umbrella insurance covers things auto, homeowners and renters policies don’t.

Such as? In the insurance world, there’s something called “personal injury.” This is not damage to someone’s body, but to his or her career or reputation.

∗ Example. Imagine you say in public that a certain person is a lying, no-good so-and-so. Maybe you really believe this to be true, but the person is very offended. He or she can sue you for slander (if you say it) or libel (if you write it). If this happens, your umbrella policy will provide coverage, including legal fees, up to the limits of the policy.
Umbrella insurance also covers personal injuries such as invasion of privacy, wrongful entry, wrongful eviction, false arrest, false imprisonment and malicious prosecution. Some umbrella policies will provide coverage if you are sued because of your service on the board of a civic, charitable or religious organization.

∗ Note. Umbrella insurance doesn’t cover everything. For example, if you are sued and the court assesses punitive damages against you, those damages won’t be paid by your umbrella insurance. What are punitive damages? They are damages awarded to someone in order to punish the person being sued. Punitive damages are awarded for outrageous, totally reckless conduct — at least what a judge or jury perceives to be outrageous, totally reckless conduct.
You can usually buy umbrella policies with $1 million limits for $200 to $300 a year. If you need more than $1 million limits, you can usually buy each extra $1 million of coverage for $100 to $200. Think about this. For only a few hundred dollars, you can increase your per-person liability limits 10 times, 20 times, even 30 times — and it applies to both your auto and homeowners or renters policies as well.

Umbrella Coverage: How It Works…
Umbrella insurance actually “sits” on top of your auto and homeowners or renters liability coverage. Say you have a per-person liability limit of $100,000 on your auto policy. Say also that you cause an accident in which a driver or passenger in the other car is ultimately awarded $250,000.
Your auto policy will pay the first $100,000, and your umbrella will kick in the remainder. Well, almost the remainder. Like auto policies, umbrellas have deductibles. Usually anywhere from $250 to $2,500. But a deductible of even $2,500 is a small price to pay if you’re hit with a $250,000 judgment.
Because umbrellas are over the top of the auto, homeowners or renters liability limits, some insurers offering umbrella policies require you to have your auto and homeowners with these companies as well. But that’s not really a problem because most insurers are positively tickled to be able to provide someone’s auto, homeowners or renters, and umbrella insurance.

In addition, most insurers offering umbrella coverage require you to have liability limits of a certain amount on your auto and homeowners policies. Typically, this minimum is $100,000 for homeowners and $100,000 per-person for auto.
Yes, you could chose to increase your auto and homeowners liability limits to, say, $1 million for each policy. But not every auto and homeowners insurer offers such high limits.

∗ Tip. And, do you know what? Your umbrella policy is usually a cheaper option than increasing the limits on your auto and homeowners insurance. Plus, you get the additional “personal injury” coverage that is not available in your auto and homeowners or renters policies.

Be a smart consumer...but don’t try to be your “own agent.” Protection for you and your family requires constantly vigilance....and a partnership between you and your professional agent. For the latest information on how to save money AND get the best protection for yourself and the people you care most about
call Farcone Insurance at 888-327-2663.

Farmers Term Life Insurance Policies: Simple Term and Term

2011-03-22T21:39:00.000-07:00

Life insurance is one of the most important insurance component of a family household. The least expensive way to get a life insurance policy is to purchase a Term Life Insurance policy. This is the simplest form of life insurance coverage. There are two types of Term Life Insurance - what's called Simple Term and Term.

Farmers Simple Term Life Insurance works like the Term life insurance product, except that the insured does not have to take the medical test which simplifies the life insurance application and speeds up the entire underwriting process. Farmers Simple Term Life Insurance offers fixed payments with face amounts low enough to fit most budgets and guaranteed premiums for 10, 20, or 30 year terms. The maximum death benefit that is available with the Simple Term Life Insurance product is $150,000. Customers who are seeking a higher death benefit must apply for the regular Term life insurance and take the medical exam.

Term Life Insurance provides coverage at a fixed rate of payment for a fixed amount of years. Farmers Life Insurance has a 10 year, 20 year, or 30 year term (or period). If the insured dies during the term, the life insurance company is required to pay out the death benefit to the beneficiary.

Upon completing the life insurance application for a Term Life Insurance policy, the insured is required to complete a blood and urine sample. Based on the results of the application, the underwriting department will determine if the insured is a premier, preferred, or standard risk. Most insured’s will fall into the preferred or standard risk category.

Farmers Auto and Homeowner (including renters) customers could save up to 6% on their auto and home insurance by adding a life insurance policy to their household.

Please call me at 949-709-7860 or visit my website if you have any questions about Farmers term life insurance products.

Frank Magana wins our Grand Prize for the 2010 FIA Just keep Talking Referral Program

2011-03-13T16:23:00.000-07:00

We are very happy to announce that our 2010 winner of our FIA Just Keep Talking Referral Program is Frank Magana. Frank won a Vizio 42" LCD HDTV for just referring his friends, family and clients to the Farcone Insurance Agency. Everytime you send the Farcone Insurance Agency a referral you have a chance to win! Frank did and he is our big winner in 2010!

2011 we are giving away an IPAD and $500.00 cash! Plus every month we will be picking two winners for a $25.00 and a $50.00 American Express gift card. Plus... We are giving away quarterly prizes as well!

So what are you waiting for?

Refer a friend today and get your entry in our two grand prizes for Farcone Insurance 2011 "GOING THE EXTRA MILE" Referral Program !

Make sure you record the contents in your home.

2011-03-10T21:52:00.000-08:00

In case of a fire or flood or any other disaster – a burglary, whatever – inventory your personal belongings and keep record of the list. knowyourstuff.org is a free, useful tool to get you started.

In the dreadful case of a disaster, having a thorough recording of your stuff will make the claims process go more smoothly and get you back to normalcy more quickly.

http://ezasset.appspot.com/viewOnlyNoLogin.do?page=front_kys_take&brand=iii

Safety Tips For Summer Fun

2010-06-08T13:10:00.000-07:00

Summer is officially upon us!

School's is almost out and it's time to visit the pool and fire up the grill. Hopefully you enjoyed a relaxing Memorial Day weekend and are ready for the hot days that follow.

As your insurance agent, I want to remind you of a few important grilling safety tips:
• Check grill hoses for cracking, brittleness, holes and leaks before use.
• Always keep propane gas containers upright and keep gas hoses as far away as possible from hot surfaces and drippings.
• Never keep a filled gas container in a hot car trunk.
• When using barbeque grills on decks or patios, be sure to leave sufficient space from siding and eaves.
• Keep in mind that charcoal produces carbon monoxide gas. Make sure it is only burned outside and in well ventilated areas.

June Home Maintenance Tips
• Exterminate rodents and bugs, inside and out.
• Check for leaky faucets and pipes.
• Change your furnace filter.
• Clear out gutters.
• Wash the exterior walls of your home and garage.
• Examine caulking.
• Don't forget to water and fertilize plants at least twice a week.
• Clean outdoor furniture once a week to once every other week.
• Oil and sharpen all tools and equipment.
• Mow grass once a week or every 10 days.

Thank You For Your Referrals! These clients all earned referral rewards this month:
• Meredith Lancona
• Julie Bullock
• Judy Jean
• Arshad Arshi
• Richard Janics
• Derek Torok
• Steve Perez
• Wetzel Hill
• Jimmy Hoey

And the winner in our monthly $50 giftcard drawing is Jimmy Hoey! Thanks for sharing our agency with your friends and family!

You can read more about our Referral Rewards here. http://farconeinsurance.com/Referral-Incentive

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How Life Insurance Works for You!

2010-04-07T08:40:00.000-07:00

What is the best way to assure your family's survival if something were to happen to you?

The simple answer is: Life Insurance...

There's a lot of confusion around the benefits and purpose of life insurance. But at its heart, life insurance is there to help survivors keep their lives intact if something were to happen to the main breadwinner.

Why do you need life insurance?

Life insurance has different value depending on your stage of life...

When you are younger and working, life insurance is there to provide funds to pay off the mortgage, provide income, and pay for education for the surviving family.

As you age, life insurance can be an important part of estate planning because life insurance (structured correctly) is exempt from estate tax!

What are the types of life insurance?

These days, insurance is more complicated and varied just like life itself. However, there are still two main types of life insurance:
• First is term insurance. Like the name says, it has a "term" of years which the insurance covers and then it evaporates. It is the least expensive form of insurance if you are under age 50 and the term is often lined up to expire with your retirement date.
• Second is whole life insurance. As the name implies, this insurance stays with you for your "whole life." The chief advantage is that in the years when you most likely will use it, you will be insured. As long as you continue to pay the premiums, it will never be cancelled.

So, what is the cost of life insurance?

Life insurance is paid by the holder in annual or monthly premiums. These premiums come down to a math formula based on the likelihood you will use the insurance.

If you are young and healthy, your premiums are less. The older you are, the higher the premiums. Of course, the younger you are, the longer you will pay the premiums...

There are a host of choices in life insurance and it would make a lot of sense to discuss these with a professional ahead of making a decision.

Choosing a safe new car

2010-02-10T11:25:00.000-08:00

You know... Nothing beats the new car smell when you sit in a brand new car.

But how do you know how safe your new car will be if you are ever in an accident?

It is simple: before you buy a new car, research the crash rating tests for that vehicle and check for some important safety features.

The easiest way to check for safety of a model of car is to go to the government-sponsored web site, www.safercar.gov.

Here you will find the results of safety tests for every model of car sold in the US through a simple search.

How do they rate auto safety?

Three tests are conducted and models are rated from one to five stars for each test with five being the best.
1. The first test is for a head-on collision with a fixed barrier at 35 mph. To get five stars, the auto needs to have less than 10% chance of serious injury to front-seat passengers.
2. The second test measures a side impact crash with another automobile travelling 38 mph. To receive five stars, there needs to be less than a 5% chance of serious injury for any passenger.
3. The last test is a rollover test since more than 10,000 people die of rollover crashes each year. Again, to get a five-star rating, there needs to be less than 10% chance that any passenger will suffer serious injury during a rollover.

Finally, at the same site, you can see descriptions of the latest safety equipment you may want for your vehicle:
• Electronic Stability Control
• Side Impact Airbags
Remember that wearing a seat belt reduces your chances of serious injury by up to 75% if you are in an accident.

All of us here at Farcone Insurance Agency, Inc. wish you safe driving.

Sincerely,

Jerry Farcone
Farcone Insurance Agency, Inc.
www.farconeinsurance.com
888-327-2663

Financial Review! Add “insurance policy checkup” to your to-do list!

2010-01-06T06:18:00.000-08:00

A financial review may not be at the top of everyone’s New Year resolution list. But as homeowners start 2010, they should add “insurance policy checkup” to their to-do list.

During the course of a year, many changes could affect the insurance coverage. The addition of a room or a major room remodel; new appliances or electronics bought or received during the holidays; or a homeowner retiring from a job and now spending much more time at home could all be changes that affect the cost and type of homeowner insurance needed. In these tough economic times, a thorough policy review could also save some money.

“Now is the best time to make the necessary changes to your homeowner insurance,Just as homeowners may change batteries in smoke detectors or begin to prepare their taxes, they should add an insurance review and home inventory to their New Year’s priorities.”

While most homeowners agree that it’s their responsibility to keep their insurance updated, less than a third said they had done so in the last year, according to a statewide poll. Many homeowners also think they have coverage for earthquake and flood damage, even though most standard homeowner policies exclude both.

A year-end insurance check-up should include:

An analysis of the reconstruction cost of the home, including the adjusted costs of materials, labor and upgraded building codes;

A thorough home inventory matched with sufficient coverage for all the homeowner’s possessions; and

A review with an agent or insurance company representative to understand qualifying discounts.

Homeowners should also know that by increasing the deductible, the cost savings may offset an increase in coverage.

For more information on reviewing your insurance coverage and related subjects, visit www.farconeinsurance.com or call us at 888-327-2663.

Market Value vs Replacement Cost

2009-08-24T09:35:00.000-07:00

Homes all across the nation have
been decreasing in value – in
some areas up to 30% in the past
3 years!
Meanwhile, the cost of labor and
construction materials have increased
dramatically due to increased global demand for
lumber, steel and concrete.
What does this mean for your insurance plan?
With your home likely being one of the biggest assets,
you want it adequately protected. What is adequate
protection? Do you insure it for the amount you paid for
your home? Do you insure it for the (shrinking) resale
value?
The answer is, neither. Think of it this way: Your
insurance serves to restore your home to its pre-loss
state. That means, if your house burns down, you want
a policy that pays the cost to replace your home, taking
into consideration any increases in construction costs. In
other words, you want a policy that offers *replacement
cost* (as opposed to “actual cash value.”)
Keep in mind that rebuilding after a major loss actually
costs more than new construction, because you also
have to account for demolition and debris removal
expenses. (Think about the cost of your last trip to the
dump…)
If building costs continue to
rise, it means that your
homeowner’s policy should
be reviewed regularly to
make sure that its *limits* still
provide adequate
protection.
The same is true if you have
made substantial additions
or improvements to your
home. When in doubt, just
give our office a call.

Farcone Insurance Agency, Inc.
888-327-2663
Get a free review

C.A.R. Car Accident App

2009-08-07T07:54:00.000-07:00

This is a great app, very detailed, oh and free! download it, pre-fill it out and hope to never use it.

C.A.R. is the most advanced accident report application built upon the latest iPhone OS 3.0 technologies. Being involved in a car accident is a very stressful situation. C.A.R. assists you to collect all necessary information through an innovative user interface. You can easily collect people and vehicle information, capture location details, and accumulate witness information through built-in multi-media utilities. All collected information and media assets can be emailed via the iPhone email client.
Features highlight:
· Support Free Apps - 100% ads free
· Auto save - application saves critical data automatically, user doesn't have to click Save on every page.
· Revolutionary user interface – designed for users under stressful condition.
· Dynamic data arrangement – support Multi-vehicle collision scenarios.
· Most comprehensive accident report – this application composes all audio, photo, drawing and text in one single email report.
· Customizable email contents for sending accident reports to all drivers, witnesses, injures and insurance company.
· Built-in advanced utilities – camera, voice recorder, text notepad and drawing pad.
· Automatic GPS look up – automatically retrieve current location, such street names, city, state and country.
· Google Map enabled – tag accident location using the embedded Google Map Kit.
· User profile setting – save time by pre-filling information.
· Privacy protection – all information stored within your iPhone.
· Latest iPhone 3.0 technologies – utilized iPhone capabilities such as Map Kit, Media Player Framework, and In App email.

http://www.inventivetouch.com/products/car/

How To Avoid Common Summer Accidents

2009-06-23T09:44:00.000-07:00

Are you safe outside this summer?

Think about it: summertime usually revolves around things like grilling, fireworks, camping, and lazy afternoons in the hot sun.

What else does it mean?

Burns from those grills, firework explosions, tick bites…you see where we’re going here.

With the cost of health care steadily going up, it’s become ever more important to lower your risk for accidents and other health issues.

And don’t worry: this doesn’t mean you have to avoid all the good stuff this summer. Here are some easy ways to prevent these summer health issues…

Let’s think about grilling for a minute. There’s nothing better than burgers and hotdogs cooked on the grill, right?

But, grills are more dangerous than you might think. According to Consumer Reports, over 5,000 people went to the emergency room in 2007 because of grill related injuries (source: http://blogs.consumerreports.org/home/2008/07/grilling-safety.html).

What can you do to avoid that costly trip?

•   Never grill in an enclosed area like the garage. Always pull your grill into an open area.

•   If you’re cooking with charcoal, never spray the grill with lighter fluid after the fire has been lit. Flames can often follow the fluid back to the container that’s in your hand.

•   Keep the grease pan empty. Grease easily catches on fire, and can cause flare-ups.

Mosquitoes, ticks, horseflies, bees…now that it’s summer all of nature is out in full force.

And, don’t underestimate these little bugs; according to MSNBC, they send over 500,000 of us to the emergency room each year with potentially fatal allergic reactions (source: http://www.msnbc.msn.com/id/19979406/).

So, how can you have fun outside without getting eaten alive?

•   Think bug spray. If you’re uncomfortable with the chemicals used in traditional bug spray (like OFF), there are several organic brands that use natural ingredients, like EcoSmart (link: http://www.ecosmart.com/).

•   MSNBC suggests spreading a 3 ft. layer of wood chips between your yard and the woods. Ticks can’t cross the chips, so this will keep them out of your yard.

•   Also, make sure there is no standing water in your yard. And, this includes your gutters. Standing water is a breeding ground for mosquitoes.

Now let’s take a look at fireworks. Who doesn’t love fireworks?

They make all of us feel like kids again. But, fireworks are incredibly dangerous…

According to the Center for Disease Control (source: http://www.cdc.gov/ncipc/factsheets/fworks.htm ), 2006 saw over 9,200 people in the emergency room over firework related injuries. There were 11 deaths.

Fireworks are a great addition to any celebration, but it’s vital that you use them safely. Here are some tips:

•   The CDC reports that more injuries occur with sparklers than rockets. Surprised? We sure were. Watch children carefully when they’re using sparklers. And never light, or combine, more than one sparkler at a time.

•   Never try and re-light a firework that didn’t go off. The National Council on Firework Safety (source: http://www.fireworksafety.com/) recommends waiting 20 minutes, and then soaking it in a bucket of water.

•   Always have a fire extinguisher or a bucket of water close by in case of an emergency.

With all the exciting, fun things that we do during the summer months, it’s no surprise that accidents can increase as well. But all it takes is a little prevention to dramatically lower our risk…

All of us here at Farcone Insurance Agency, Inc wish you safe, healthy summer fun.

Sincerely,

Jerry Farcone
Farcone Insurance Agency, Inc
jerry@farconeinsurance.com
888-327-2663

www.farconeinsurance.com.

Your Pet Loves You!!! Be a Responsible Pet Owner In An Emergency

2009-05-18T21:43:00.000-07:00

Weve all heard about emergency go-bags in the event of a family
emergency and you need to leave your home. Cash, emergency contact phone
numbers, doctor info, etc.

But what about our pets?

Did you know that the biggest reason people do not leave their homes in an
evacuation is because of a pet?

(Being a lifetime dog owner, I can relate to that.)

Thats why the Red Cross recommends to arrange for your pets to a
safe location in an emergency situation.
Here are some items to consider packing up in advance:

o Blanket/sheet
o Pet carrier with contact info written on the outside
o Your pets medication (2 weeks worth), prescriptions, and medication
schedule
o Muzzle, leash, collar or harness
o A photograph of the pet
o Medical records including rabies certificate, vaccination records, and
license in a waterproof container
o Flashlight
o Disposable latex gloves
o Plastic bags for pick-up
o Water
o Feeding dishes (water, dry food)
o Pet first-aid kit
o Dry food (up to two-weeks)

Where to find Shelter for your pet:

Your vet or normal boarder can get you a list of kennels for use in an
emergency.

Ask friends and family outside of affected area if they would be
willing to take in your pet.

Check with local motels if theyre pet-friendly ahead of time.

Dont forget a disaster or evacuation could happen while you are on
vacation or at work. Make sure a trusted neighbor or friend can take care
of your pet in such a situation.

Red Cross shelters do not allow pets.

One last suggestion from the County Animal Response Team: in an
emergency, keep your pet in their carrier. Animals feel more secure.
Placing a sheet over the carrier makes pet feel safer and calmer.

By following some of these simple steps you can better insure the
safety of your family, your pets and first responders in an emergency.

Have a great day!!!

Jerry

What happens when you have an insurance claim?

2009-05-14T17:23:00.000-07:00

Not surprisingly, most people are neck-deep in running their own businesses and don't really understand how their insurance works ... and that can have catastrophic consequences.

You should have a basic understanding of what you'll be paid if something happens to your business property. If you don't get the money you need to replace it, how will you stay in business?

One way insurance companies pay for damaged or destroyed property is the Actual Cash Value (ACV) method. ACV is calculated as fair market value or cost less depreciation. Now think about that in this example ...

What's the value of ... let's say ... a 5 year old refrigerator?
Whatever it's worth, it's most definitely a lot less than the cost of a new one, right? A new fridge might be $1,000 but the used one may be worth only $500.

With an ACV settlement, if that fridge is destroyed, you'll get $500 from the insurance company. BUT, it will cost you $1,000 to buy a new one.

Now ... that's not necessarily a problem. It's simply a choice. You have other options.

One of them is Replacement Cost ... and under this method you essentially get "new for old". When that $500 fridge is lost, the insurance company buys you a new one - they replace the lost property - as opposed to compensating you at actual cash value.

Of course, choosing Replacement Cost means higher premiums. After all, the insurance company has more at risk when insuring replacement cost. And more risk means more premium.

Neither option is right, and neither option is wrong. It depends on your individual circumstances and your capacity to keep some risk yourself in exchange for lower premiums. (By the way there are other options. I just want you to understand the basics.) And don't forget, the value of your property changes from year to year.

In reality there are greater complexities, but if you understand the basic difference between Actual Cash Value and Replacement Cost, you'll be well on your way to protecting your property to your desire and your budget.

Give me a call if you want to discuss this topic further, or to make sure your property is protected like you want it to be.

Jerry Farcone
President, Farcone Insurance Agency, Inc.
888-327-2663

Reasons I owe my Mother!!!

2009-05-08T16:04:00.000-07:00

Here are a few reasons that I owe my Mother...

1. My mother taught me TO APPRECIATE A JOB WELL DONE. "If you're goingkill each other, do it outside. I just finished cleaning."

2. My mother taught me RELIGION. "You better pray that will come out ofthe carpet."

3. My mother taught me about TIME TRAVEL. "If you don't straighten up,I'm going to knock you into the middle of next week!"

4. My mother taught me LOGIC. "Because I said so, that's why."

5. My mother taught me MORE LOGIC. "If you fall out of that swing andbreak your neck, you're not going to the store with me."

6. My mother taught me FORESIGHT. "Make sure you wear clean underwear, incase you're in an accident."

7. My mother taught me IRONY. "Keep crying, and I'll give you somethingto cry about."

8. My mother taught me about the science of OSMOSIS. "Shut your mouth andeat your supper."

9. My mother taught me about CONTORTIONISM. "Will you look at that dirton the back of your neck!"

10. My mother taught me about STAMINA. "You'll sit there until all thatspinach is gone."

11. My mother taught me about WEATHER. "This room of yours looks as if a tornado went through it."

12. My mother taught me about HYPOCRISY. "If I told you once, I've told you a million times. Don't exaggerate!"

13. My mother taught me the CIRCLE OF LIFE. "I brought you into thisworld, and I can take you out."

14. My mother taught me about BEHAVIOR MODIFICATION. "Stop acting likeyour father!"

15. My mother taught me about ENVY. "There are millions of less fortunate children in this world who don't have wonderful parents like you do."

16. My mother taught me about ANTICIPATION. "Just wait until we get home."

17. My mother taught me about RECEIVING. "You are going to get it when you get home!"

18. My mother taught me MEDICAL SCIENCE. "If you don't stop crossing youreyes, they are going to stay that way."

19. My mother taught me ESP. "Put your sweater on; don't you think I knowwhen you are cold?"

20. My mother taught me HUMOR. "When that lawn mower cuts off your toes,don't come running to me."

21. My mother taught me HOW TO BECOME AN ADULT. "If you don't eat yourvegetables, you'll never grow up."

22. My mother taught me GENETICS.. "You're just like your father."

23. My mother taught me about my ROOTS. "Shut that door behind you. Wereyou raised in a barn?"

24. My mother taught me WISDOM. "When you get to be my age, you'll understand."

Farcone Insurance wants to wish all of our customers and friends a wonderful Mothers Day to you or to your mother.

Take care,

Jerry

Rental Car Coverage (IMPORTANT READ)

2009-05-07T23:30:00.000-07:00

Rental Car Insurance

Rental-Car Contracts Raise Coverage Stakes. Two revisions in rental-car contracts have significantly increased the renter's portion of the risk. One is an added charge for "diminution in value" whenever a rental car is repaired. The other is "before and after", a method of determining the renter's responsibility when a car is substantially damaged.

Diminution in Value-About five years ago, rental companies began holding the renter liable for a "diminution of value" charge when a rental car was damaged. This charge represents the reduction in a vehicle's market value due to its having been in an accident. When a repaired car is eventually sold, it brings a lower price.

When a renter returns a vehicle in damaged condition, he or she receives one bill for repairs and another for diminution in value. Most auto policies cover most of the repairs but few cover diminution in value. This exclusion was introduced for the personal auto policy in 1999, with one for commercial auto a few years later.

There has also been extensive litigation addressing how coverage applies in the absence of an exclusion. Most courts have found policies do not cover the exposure, so the renter can expect to self-insure for diminution in value. Unfortunately, that's not the end of the story.

Diminution in value is a concern when the rental company repairs a damaged vehicle--but today many cars are never repaired. With some types of damage, liability concerns make rental companies reluctant to return a repaired car to the fleet. Instead, they simply sell the damaged car for salvage. They then charge the renter the difference between the market value on the day of rental ("before") and the amount the car brought at the salvage auction ("after").

The following language is found in a the contract of a major rental car company: "If the car is damaged, you will pay our estimated repair cost, of if, in our sole discretion, we determine to sell the car in its damaged condition, you will pay the difference between the car's retail fair market value before it was damaged and the sale proceeds."

A recent Michigan example illustrates this practice. The insured rented a Ford Freestar with an estimated market value of $26,500 and brought it back damaged. The cost of repairs, loss of use and the appraisal fee totaled $7,800. The rental company chose not to repair the vehicle but to sell it at a salvage auction, where it brought only $11,700. The renter received a bill for about $14,800, or the difference between the before and after values. The renter's auto policy paid only the estimated repair costs, leaving a balance of almost $7,000. That became the responsibility of the renter--quite a significant self-insured retention.

"Both provision are being added to all rental car contracts," stated Jim Maher of Midwest Car Corp. The company holds a 17-city franchise for two major rental car lines. He added that since the renter has signed a legally binding contract, rental companies have no difficulty collecting.

As these new provisions are activated, the gap between what the renter owes and what his or her insurance will pay has become too wide to ignore.

Isn't some coverage for damage to a rental car included with a credit card? Only some credit cards provide any coverage for a rental car. It's generally excess over the renter's auto policy, and payment is limited to the cost of the repairs. A renter should not expect a credit card company to pay diminution in value or before-and-after charges.

There's really only once place renters can obtain full coverage and that's through the purchase of the loss damage waiver offered by the rental car companies.

The Loss Damage Waiver--Rental-car companies hold the renter responsible for all damage to the rental car, including an act of God. If a tree totals the rental car during a severe windstorm, the renter is liable. The rental company will waive its right to hold the renter responsible if he or she pays an additional fee and abides by the terms of the waiver. This waiver, which is not insurance, can add between $15 and $30 per day to the cost of the rental.

With the waiver, the renter will not be liable for any damage to the vehicle. He or she will not be charged for repairs to the vehicle, for diminution in value, for before-and after assessments or for loss of use. The renter can walk away from all responsibility for damage to the vehicle as long as he or she has not engaged in any prohibited use.

All rental car waivers have a clause voiding the waiver if the renter improperly operates the vehicle at the time of the accident. Although wording varies, most waivers prohibit reckless or intoxicated use or use off paved roads. There is no coverage if an unauthorized driver uses the vehicle, so handing the keys to a valet parking attendant voids the waiver. Theft of the vehicle is not covered if the keys are left in the car or if the vehicle is unlocked.

Buying the loss damage waiver is the only way to close the significant rental car gap that now exists. A renter must weigh the benefits against the cost. The renter who purchases the waiver should review the prohibited use provisions and avoid engaging in any activity that would void the waiver.
Where do we stand on this issue? Well the most important factor is inspect the car before leaving.. never never take off in a rental car with out a thorough inspection of the car and an inspection sheet with you. We pay for a lot of rental car claims every year that our clients say, "that damage was already there!" Secondly, I pay for the rental coverage offered by the rental company if I am renting a car for a day or two, maybe three... If I am renting a car for weeks, the cost usually doubles so I waive it.