Boating Accidents Happen – Are You Prepared?

Posted on July 30, 2024July 22, 2024 by admin

As a boat owner, the thought of potential boating accidents might be a fleeting concern, avoided by being cautious. However, boating accidents can occur in an array of unpredictable ways. Given their frequency and the potentially high costs of dealing with them, going out on the water without boat insurance is risky. Protect yourself financially by securing a boat insurance policy. Contact us at Vance Insurance Group LLC in Oklahoma City, OK, to set up your boat insurance.

Liability Boat Coverage

One of the key protections to have while boating is liability coverage, which covers you in case of accidents. Failure to have this coverage could leave you accountable and financially responsible for an accident. Property damage and bodily injury liability coverage are necessary to cover costs associated with accidents. A boating accident can cause injuries and property damage, which can be costly without coverage. If you have boat insurance in an accident, the policy will cover expenses such as lost wages, watercraft damages, medical bills, and more.

Collision Coverage

Liability coverage alone does not cover the cost of your own boat after an accident. Collision coverage is necessary to address such issues, whether the boat is damaged or sunk entirely. Repairing or replacing your boat can be exorbitantly costly, making it imperative never to be without this boat coverage. With liability and collision coverage, you can have peace of mind in on-water accidents.

Securing Boat Insurance

Being insured is crucial as long as you own your boat. To get started with boat insurance, don’t hesitate to reach out to Vance Insurance Group LLC in Oklahoma City, OK.

Understanding the Legal Landscape: How Umbrella Insurance Mitigates Risk

Posted on June 28, 2024June 23, 2024 by admin

Society has become litigious. It’s no different in Oklahoma City, OK. State requirements change all the time, so having umbrella insurance can save you if something happens.

Legal Environment and Liability Risks

Read up on business insurance updates from the Oklahoma Insurance Department. The OID is responsible for enforcing insurance-related laws. You’ll find the most recent state changes on their site. It’s also who you must contact if you’re unsure about your business needs. You can also call Vance Insurance Group LLC for some assistance.

Exploring Liability

Your business will still be responsible even if you are not directly at fault. As a small business owner, people expect you to compensate for damages caused to others.

Liability risks can include:

Slip-and-fall incidents
Defamation
Product liability
Professional Malpractice
Breaches of contract
Employee injuries

What Umbrella Insurance Covers

Umbrella insurance is supplemental insurance that kicks in after primary coverage is fully applied. Policies can offer coverage of between $1 million and more than $10 million.

It will cover liability scenarios such as:

Bodily injury
Property damage
Personal injury claims
Legal fees
Settlements

Gaps filled by umbrella insurance include:

Damages or injuries exceed primary policy limits
Lawsuit defense costs
Attorney fees and related court expenses
Possibly libel and slander
False arrest
Personal injury claims not covered by your standard insurance

Find Peace of Mind

When you have umbrella insurance, you know you’re protected if anything happens. Contact us at Vance Insurance Group LLC if you’d like to chat about your options. We’d love to work with you to figure out how umbrella insurance can help you in and around Oklahoma City, OK. Our experts are ready to help!

Unclaimed Insurance Funds

Posted on May 27, 2024May 24, 2024 by admin

If you’ve ever gotten a life insurance payout from a loved one who passed away, the knowledge that they thought of you can sometimes be more precious than the monetary endowment. If you’re near the Oklahoma City, OK, area, we encourage you to bring your life insurance questions to our Vance Insurance Group LLC team. We are an independent insurance agency that will give you our complete attention so that we can find the right policy for your insurance needs.

Unclaimed Life Insurance Benefits

According to the National Association of Insurance Commissioners, millions of life insurance benefit dollars go unclaimed annually. A September 2023 effort by the commissioners of the Oklahoma Insurance Department enabled Oklahomans to claim over $48 million in lost or unclaimed life insurance benefits. Oklahoma Insurance Commissioner Glen Mulready announced his department has been instrumental in utilizing that tool to match over $94 million to more than 4800 Oklahomans since taking office in 2019.

According to NerdWallet, life insurance benefits often go unclaimed because of a lack of communication between policyholders and their beneficiaries. At times, policyholders forget about the policies they purchased or the address information for their beneficiary changes. The same website recommends that anyone buying life insurance make every possible effort to remain in communication with their beneficiaries. Nevertheless, anyone who believes they may be due unclaimed life insurance funds can contact the Oklahoma Department of Insurance for assistance.

Call Us for an Appointment Today

Life insurance is a way to provide a financial legacy for someone you love. If you’re in the Oklahoma City, OK, area, we invite you to bring your insurance questions to Vance Insurance Group LLC. Call us for an appointment, and let us help you find your path to a lasting legacy.

Passenger Vehicle Coverage Add-Ons

Posted on April 26, 2024April 25, 2024 by admin

Understanding Passenger Vehicle Insurance Add-Ons

With the detailed information provided below, familiarize yourself with the various optional coverage types. These can considerably enhance your insurance protection while driving or storing your vehicle.

Vehicle Replacement Coverage

Vehicle replacement coverage is especially beneficial if your car is totaled. This coverage doesn’t take into account your vehicle’s rate of depreciation, and the value of your totaled vehicle matches the purchase value.

Gap Coverage

Gap coverage becomes handy when a vehicle is totaled. It compensates the gap between the vehicle’s actual value and the amount initially owed per the financing agreement.

Roadside Assistance

Roadside assistance coverage ensures you’re protected even when your vehicle breaks down. It usually covers the cost of towing, tire fixing, and battery recharging. The accompanying documentation outlines exact coverage details.

Parts and Equipment Coverage

Coverage for parts and equipment protects against potential damage or theft of vehicular materials. Especially relevant for owners of vintage or restored vehicles, it allows for the recording and valuation of individual automotive parts and equipment.

Choose Vance Insurance Group LLC

Automotive insurance add-ons are a wise choice for passenger vehicle owners, offering additional insurance coverage where needed. Vance Insurance Group LLC is more than ready to assist, matching you with suitable add-ons for the needs specific to the Oklahoma City, OK, region.

The Impact of Commercial Insurance on Employment Stability

Posted on March 29, 2024March 19, 2024 by admin

Beyond protecting assets and mitigating financial risks, commercial insurance policies create a stable environment for employees, promoting job growth, retention, and economic resilience. This is critical for employment stability around Oklahoma City, OK.

Protecting Business Operations

Commercial insurance provides businesses essential coverage, including business interruptions, property damage, and liability claims. By safeguarding assets and revenue streams, these insurance policies ensure the continuity of business operations even in the face of unforeseen challenges or disasters. This stability creates a conducive environment for businesses to thrive, enabling them to maintain and expand their workforce.

Minimizing Financial Risks

Unexpected events such as lawsuits, natural disasters, or accidents result in financial losses for all businesses. These losses can jeopardize the business’s economic viability without adequate insurance coverage, leading to layoffs or downsizing. Commercial insurance serves as a financial safety net, protecting businesses from bearing the full brunt of such losses and enabling them to retain their employees during adversity.

Facilitating Business Expansion

Access to comprehensive commercial insurance coverage can facilitate business expansion and investment. With the assurance of insurance protection, businesses can confidently pursue growth opportunities. This expansion creates new job opportunities and stimulates economic growth, contributing to overall employment stability within the community.

Attracting and Retaining Talent

Commercial insurance benefits packages, including health insurance, disability coverage, and other employee benefits, to attract the top talents. Job seekers often prioritize employers that offer comprehensive insurance coverage and workplace benefits, viewing them as indicators of stability and commitment to employee well-being. By providing attractive insurance packages, businesses can attract skilled workers, reduce turnover, and foster a loyal and productive workforce.

How Vance Insurance Group LLC Can Help You

At Vance Insurance Group LLC, we can help answer questions concerning commercial insurance. We serve the Oklahoma City, OK, area. Call us today.

Earthquakes, In Oklahoma?

Posted on February 16, 2024February 15, 2024 by admin

Oklahoma has been experiencing several earthquakes in recent years. Most have been from the Prague area, but a 5.1 magnitude quake on February 3, 2024, resulted in tremors that affected many Oklahoma City suburbs. Fortunately, no injuries were reported, and damage was limited to items falling off shelves. These earthquakes are due to the underground injection of wastewater from oil and natural gas extraction. Of course, "actions have been taken," but just in case, getting some insurance is a good idea. The next one might be a little bigger.

Earthquake Insurance

As earthquakes don’t fall under hazard insurance, your typical homeowner’s or renter’s insurance won’t cover damage done by an earthquake. An exception would be if a fire resulted from said earthquake. Then, you would be covered in the fire-related damages. That would include living expenses coverage should you have to evacuate your house until it can be repaired. Earthquake insurance would cover your living expenses should you need to leave your home in the event of an earthquake. It would also cover the cost of repairing or replacing personal property, the dwelling itself, and outdoor structures. Not many people in the South have earthquake insurance, but the incidents near Prague have shown that earthquakes can happen anywhere. If an earthquake destroys your home, you will need ample insurance to rebuild it.

Vance Insurance Group LLC Serving Oklahoma City, OK

If you live in the Oklahoma City, OK, area and think earthquake insurance would be prudent, please get in touch with Vance Insurance Group LLC. Our knowledgeable and helpful agents will aid you in finding the insurance policy that would best suit your needs.

Winterize Your Classic Car – Secure Storage Strategies

Posted on January 30, 2024January 30, 2024 by admin

Winterization practices will protect your classic car from damage, theft, and vandalism. Review the storage guidelines below. Upon doing so, contact an Oklahoma City, OK representative of Vance Insurance Group LLC for assistance preparing your insurance policy.

Storage Benefits

Properly storing your classic car will protect it when it is not being driven. Adequate protection will reduce the chance of needing to file an insurance claim. Sufficient storage will keep your vehicle out of view and preserve the condition of your vehicle’s body, motor, and tires.

Cleaning Steps

Before you store your car for the winter, provide it with a thorough cleaning. Use automotive cleansers and cleaning tools to remove grime from the body and undercarriage. Use a protectant to prevent your vehicle from rusting. Perform a thorough detailing session, including vacuuming and shampooing your classic car’s upholstery.

Garage Storage

If you own a garage, clear out an area within it where your car can safely be parked throughout the winter. If you plan to drive your vehicle occasionally, clean the driveway leading to the garage.

Canopy Storage

If you do not have access to a garage, a portable canopy can be used as a secure area to park your vehicle. The canopy’s coverage will prevent debris from coming into contact with your classic car.

Paid Storage

If you have limited space on your property, you may want to consider parking your vehicle in a paid rental unit. Rental units provide security and protection from the elements.

Reach out to Vance Insurance Group LLC

After winterizing your car, contact a Vance Insurance Group LLC representative. An agent who serves Oklahoma City, OK, will assist you with updating your classic vehicle insurance policy.

Keep Your Bikes Safe With Recreational Insurance

Posted on December 29, 2023December 29, 2023 by admin

At Vance Insurance Group LLC in Oklahoma City, OK, we know that bike owners may not have bike insurance policies. That’s a severe mistake that can end up costing you in the end. Here’s why you need recreational insurance for your bikes and the ways it can protect you.

What is Recreational Insurance?

Recreational insurance provides extra protection on recreational vehicles, such as four-wheelers, Jet Skis, and even bikes. Typically, it works like general vehicle insurance but focuses specifically on these unique machines to provide extra protection based on their needs.

As important, these policies are suitable for the occasional use you typically get out of recreational vehicles. Yes, you’ll pay for year-round coverage, but your premiums and other factors are usually more reasonable based on your usage.

Does It Protect Bikes?

Yes, you can extend recreational insurance to bikes if they’re used in specific ways. For example, a good insurance policy is an intelligent decision if you use it recreationally (including if you plan on racing bikes). It can help replace your bike if it gets damaged or stolen in any way.

Furthermore, a bike-related recreational insurance policy is important if you run a business lending or renting bikes. Your coverage will protect you if your bikes get damaged, or riders hurt others. You can’t ignore critical protection if you’re serious about your bikes.

Stay Safe on Your Bikes

No matter what kind of bike you own, our team at Vance Insurance Group LLC can help you find a policy that makes sense. We’ll help Oklahoma City, OK homeowners and businesses find recreational insurance policies that keep them safe when renting or lending bikes to others.

Filing a Renter’s Insurance Claim: The Basics

Posted on November 29, 2023November 29, 2023 by admin

Whether you live in Oklahoma City, OK, or somewhere else, you might be a Vance Insurance Group LLC customer. Even if you aren’t currently a customer of our insurance group, you may have a renter’s insurance policy. For some people, the process of filing a renter’s insurance claim can be confusing, especially if they’ve never filed a claim before. However, the process doesn’t have to be confusing, and here is an overview so you’ll know what to expect if you ever need to file one.

Filing the Claim

It’s pretty easy to file a claim. You can do it online via your carrier’s website or call the insurance company, and an agent will obtain the information for your claim and file it for you.

The Review Period

Once your claim has been submitted, it will be assigned to an agent. The agent will perform an investigation and possibly ask you some additional questions.

The Decision

Not all claims are approved. There could be several reasons why your claim might be denied, but in most cases, as long as you can prove the event that damaged your property occurred and it’s covered under your plan, it should be approved. Once approved, you will be contacted with an offer, and if you accept, payment will be mailed to you, or some other arrangements will be made.

As you can see, the renter’s insurance claim process is pretty simple. If you’re not already a customer of Vance Insurance Group LLC and live in Oklahoma City, OK, you might want to consider calling us. Switching to Vance Insurance Group might be a great idea unless you’re completely satisfied with your current insurance company. Not only do we pride ourselves on providing some of the best rates, but our licensed agents are friendly and go above and beyond to meet customers’ needs. Give us a call today for a quote.

Vintage and Collector Motorhome Insurance: Protecting Your Timeless Treasures

Posted on October 31, 2023October 31, 2023 by admin

Owning a vintage or collector motorhome is not just about transportation; it’s about preserving a piece of history and embracing the charm of a bygone era. These unique vehicles hold sentimental and sometimes even irreplaceable value.

However, insuring such treasures can be a different ball game compared to standard motorhome coverage. In this article, we’ll explore the world of vintage and collector motorhome insurance, including the challenges involved and how to ensure your cherished motorhome is adequately protected.

Valuation Methods

One of the foremost challenges in insuring vintage motorhomes is determining their value accurately. The value of older motorhomes varies based on factors like age, rarity, condition, and historical significance. To address this challenge, consider these valuation methods:

Agreed value policies: With this type of coverage, you and your insurer agree on the motorhome’s value at the outset of the policy. In the event of a total loss, you receive the agreed-upon amount, eliminating disputes over its value.
Professional appraisals: Hiring a professional appraiser experienced in vintage vehicles can provide an unbiased valuation. This method guarantees that an experienced appraiser will adequately evaluate your motorhome’s features and historical value.

Restoration Coverage

Restoring a vintage motorhome to its former glory is a labor of love, but it also involves significant investments of time and money. Standard insurance policies may not adequately cover the costs of restoration or modifications. Seek out policies with specialized restoration coverage.

Specialized Insurers for Vintage Motorhomes

Finding the right insurance provider, like Vance Insurance Group LLC, for your vintage motorhome is crucial. Look for insurers who specialize in classic or collector vehicle insurance. They understand the unique needs of vintage motorhome owners and can tailor coverage to suit your requirements. Specialized insurers offer extra benefits like coverage for spare parts and flexibility with mileage limits.

Your Motorhome Deserves Protection

Owning a vintage or collector motorhome in Oklahoma City, OK is a passion that deserves protection. You can overcome the challenges of insuring these unique vehicles by using agreed-value policies, getting professional appraisals, and searching for specialized insurers. With the right insurance, you can keep enjoying your vintage motorhome and pass it down with its historical significance intact.

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