Since teenagers are the riskiest drivers out on the road, it makes sense that your auto insurance rates are going to rise when you add one to your policy. While you might have been paying $200 per month for you and your significant other on your policy, you end up getting hit with a bill for almost double just because you added your teenager to your policy.

Until you actually add your teen, there is no way to know what your rates are going to be, but you can definitely expect them to rise. To help you along the way, here are a few questions you need to ask about insuring your teenager.

When do you have to add your teen to the insurance policy?

• Every insurance company is going to have different guidelines that determine when you have to add your teen to your current policy. 
• Some insurance policies require your teen to be added as soon as they have their learner’s permit, while others don’t require them to be added until they have their actual driver’s license.
• Depending on what state you live in, your teen might qualify for a good driving discount in just three years. That could save you as much as 20 percent on the cost of insurance.

Can the insurance company force you to add your teen even though they aren’t allowed to drive yet?

• Just because you might not be letting your teen drive your vehicle, that doesn’t mean you don’t have to add them to your insurance policy. Most carriers require you to list anyone who is old enough to drive. 
• Rules can vary from one state to the next, so you will need to ask your insurance agent for the specifics where you live. 

Is it cheaper to have a separate policy for my teen or put them on the family policy?

When adding a teen to your insurance policy, there is a good chance that your insurance rates are going to end up doubling, if not tripling. It often ends up saving you money by adding your teen to your policy than it does to end up getting them their own policy. 

Is the damage covered if a teen crashes the car and they aren’t on the policy?

While your vehicle might still be covered even if your uninsured teenager ends up crashing it, there are going to be ramifications. You could end up with a higher premium or the insurance company might refuse to renew your policy because you didn’t report your teen as a driver. Policies where the teen was specifically excluded are another story. Your insurance company doesn’t have to pay anything in those situations.

Does the type of vehicle the teen drives affect the premium amounts?

If you don’t want to get stuck paying an arm and a leg, you need to stick with a sedan or minivan for your teen driver. Sports cars or newer vehicles in general are going to cost the most amount of money per month. Look for different safety features such as daytime running lights and automatic seat belts. Even though your teen might have done exceptionally well in school, you are better off going with a decent used car than you are a new one, especially when it comes to your insurance pocketbook.

By going through the tips above, you can save yourself a lot of hassles and headaches along the way. Having a teenage driver doesn’t have to be as stressful as you might think. It just takes proper planning and a little extra precaution to make sure you get what you need at a price you can afford.

Everybody wants to pay less for their home insurance. But not at the expense of reduced or inadequate coverage. However, you might be able to lower your rates thanks to new technologies to protect your home.

It’s amazing the new innovations that are available for your home! Many new technologies can help you in the kitchen, help keep your home cooler in summer, and some even reduce your homeowners insurance premiums. Basically, if somebody has some sort of temperature-monitoring system in their house, we hope they can pay less.

Technologies Help Safeguard Homes

Here are a few technologies that help keep your home safe, and sometimes also lower insurance costs.

1. Security systems: It seems like everywhere you go, there’s a camera capturing images. If you own a smartphone or tablet, you probably have a camera built into the device. You can not only secure your home, but actually see what is going on through videos.
2. Electronic locks: Nowadays you don’t even need a key to get into your home! These electronic locks can add additional security to your home.
3. Connected appliances: Appliances that you can turn off and on from your smart phone not only help with your lifestyle, but also keep your home safe.
4. Leak detection systems: Smart homes can be controlled from your phone, and when connected to your home’s water and electrical system, can provide you with real-time updates on how these systems are performing. If you are using more water than normal, you will be notified that there is likely a leak present.
5. Timed lighting: Having outside and inside lights come on during the evening while you are away deters burglars.
6. Smoke and fire detectors: Having good detection systems keeps your family safe and insurers provide discounts for these.
7. Home weather warning systems: There are weather warning programs that can detect high winds and identify severe weather earlier than ever before.

Always give us a call at Mikeal Taylor Insurance Agency to learn exactly what technologies can help you reduce your home insurance premiums. Not all technologies qualify. We’re happy to answer your questions.

Restaurant ownership can be quite rewarding. Most owners gain tremendous satisfaction from serving and pleasing their customers with great food. However, things happen. And any successful restaurant still needs to be properly insured. Without the right insurance coverage, you risk losing all that you worked so hard to build.

Here’s an example of what happened to one restaurant:

The Royal Thai Restaurant located on Capitol Hill in Washington D.C. is a good example of how ‘things happen.’ In the spring, storms knocked out power to a large section of the city. Old trees fell and broke power lines. Despite all efforts, the power outage lasted ten days. The owner was unable to save frozen and fresh food supplies on hand. The entire staff reported for work as scheduled. They were sent home for the most part. Managers asked a few to stay and clean up.

Heavy rains fell while no one was there, and the basement flooded. With no power, automatic pumps did not start; the flooding covered the entire basement in four feet of water and mud. Wiring, alarms, and computers in the basement were ruined along with stored food and kitchen equipment.

The Royal Thai was in a tough situation. It lost business and income. It still had to pay staff. Food supplies had to be thrown or given away. The flooded basement had to be drained, restored and repaired. The electronic equipment had to be replaced by experts. The sad news is, the Royal Thai had only a small insurance policy; it never recovered its losses and went out of business.

All of this could have been taken care of had they been properly insured.

Business and Government Agree

The insurance industry recommends insurance policies specifically designed for restaurants. The US Small Business Administration offers in-depth information on types of business insurance for restaurants.

What Are the Risks of Restaurant Ownership?

The are countless events that put a restaurant owner at risk for liability. Restaurants serve food that could make someone sick if not safe. People can get hurt from defects in the walkways, or furniture. Restaurants serve alcohol and people could drive while drunk. The list goes on.

Kitchens Have Dangerous Things

Restaurant employees work with and around several hazards that can cause bodily injury and puts you at risk for liability. These include:

• flames
• hot pots and pans
• boiling liquids
• steam
• chemicals

Additionally, there can be damages to your building, equipment, or other assets. Restaurant insurance provides coverage for loss, damage, and theft.

How to Get Help in Colorado Springs, CO

We at the Mikeal Taylor Insurance Agency offer the range of business owner insurance. We make sure your restaurant is covered for:

• general liability
• life
• property and interruption
• worker compensation
• premises liability
• loss of Income
• health and disability

Focus on You and Your Restaurant

Our team studies your restaurant business carefully. We look carefully at fire hazards, flooding, possible employee mistakes or bad conduct. We look at credit information systems and Internet security. We offer solutions for improvements. Best of all, we offer a free quote for you to learn about your coverage details. Give us a call today.