Does Your Teen Need Auto Insurance If They Just Have a Permit?

Before your teenager can obtain their driver’s license, they are required to have a permit. A learners permit has different rules than a drivers license, such as needing a licensed adult in the car with them at all times when they are driving. A permit is designed to give your teen the chance to learn how to drive before they get a license and can drive on their own. One of the questions that we at Schaller & Thomas Family Insurance, serving the greater Peoria, AZ area, are often asked is whether you need to add your teen to your auto insurance policy when they just have a permit. Read on to find out the answer. 

Most auto insurance policies do not require you to add a teen to your auto insurance plan if they only have a permit. Most require it only when your teen is licensed. However, you should never just assume that they do not need to be added. Calling your insurance carrier and asking is the best way to handle this situation. Your insurance carrier can let you know for sure if your teen needs to be added when they have a permit or whether they do not need to be added. 

In most cases, your teen does not need to be added to your auto insurance policy if they only have a permit. But soon enough, they will be getting their license and they will need auto insurance. Now is a great time to think about updating your policy and finding an affordable one for your teen. Here at Schaller & Thomas Family Insurance, serving the greater Peoria, AZ, we can help you find the right auto insurance. Give us a call now to get started. 

What is Mexico Insurance

It is always fun to travel outside of the United States but sometimes things happen while you are abroad that can make your trip less than fun. For those traveling outside of the United States to Mexico, you can purchase Mexican insurance to help keep you safe while you are out and about in Mexico. For those in the Peoria, AZ area, the agents with Schaller & Thomas Family Insurance can help you find your perfect policy.

So what is Mexican insurance? First and foremost it helps to protect the traveler while they are away. Though your typical health insurance might cover some things, it may be difficult to get medical help for instance in Mexico if you are using American insurance. With a Mexican insurance policy you can get the help you need with a bit more ease. This type of insurance may also cover things like theft, collision, vandalism, legal assistance and more.

It acts as an umbrella coverage to help protect you while you are out of the country so that you are going to still be safe and protected without your having to buy a long-term policy or having to buy a policy once you get to the country you are visiting. This is not a coverage that you will need if you are staying for a day or two then coming back. This type of insurance is best for longer stays or for stays where you may be driving or traveling within the country that you are visiting.

For those that live in the Peoria, AZ area and are thinking of taking out a Mexican insurance policy, the agents with Schaller & Thomas Family Insurance can help you find a policy that works for you and that works for your particular travel needs.

I Already Have Homeowners Insurance! Why Do I need Umbrella Insurance?

If you are a family with established assets you want to protect you could stand to lose a significant amount of money in the event of a lawsuit due to injury or liability. If you are sued, you could forfeit any assets you have built, including savings and investments. While the wealthy are at risk for liability, and libel claims, so are people who have no significant assets. While you might just be starting out in your career and have no tangible assets now, you have future assets that can be targeted, and a court can award benefits to a third party if you are held liable for injuries or damages. Having basic Peoria, AZ homeowners insurance is no guarantee that you and your future assets are safe in the event of an injury or claim. 

What Does Umbrella Insurance Do? 

Umbrella insurance provides added coverage above and beyond your homeowners insurance and protects your assets or future financial gains. It kicks in when a claim is more than what your homeowners, car insurance, or personal insurance policy limits are exhausted.  

What Does Umbrella Insurance Cover? 

Umbrella liability insurance provides a variety of protection from issues that arrive from personal and professional claims. For example, umbrella insurance from Schaller & Thomas Family Insurance protects you against claims of liability and slander whether related to home or business, in addition to: 

  • Excessive medical bills 
  • Lost wages due to negligence 
  • Rehabilitative therapy 
  • Litigation costs from injury or property damage 
  • Legal defense costs

I Have No Assets! Why Do I Need Umbrella Insurance?

You may have no assets now, but a court can obligate you to pay off damages awarded against your future earnings. For example, if you are a student studying for a higher degree, or are expected to be eventually promoted to a higher-paying position, when facing a lawsuit, your future projected earnings can be targeted. 

At what age should I take life insurance?

There is a lot of debate as to whether it is right for parents to purchase life insurance for their newborns. Life insurance is typically age-banded. Therefore, you can choose to purchase life insurance in Peoria, AZ right after birth. Here is a quick look at some of the available life insurance options at Schaller & Thomas Family Insurance and the considerations you should make.

Whole life insurance

It is possible to make a prepaid lump sum payment for a minor in a whole life insurance policy. When the child turns 18, he or she can decide to continue funding the policy as the insured or cash it out if the policy holds equity.

It is important to remember that the cash value of your personal life insurance grows tax-deferred. Hence, contributing to a whole life insurance plan over a long-term time horizon will accumulate considerable value, especially if it was purchased at an early age. This is possible because the policy’s cost is fixed for its entire term. Your child can use the cash values accumulated from the whole life insurance to buy his or her first home or supplement retirement home purchase if held for long enough. The primary function of personal life insurance is based on income and debt categories.

Life Insurance and Debt

When joining the workforce, fresh from college, a college graduate can also obtain credit to fund housing costs. Since card balances are supposed to be paid upon the death of the cardholder, acquiring unsecured debts can place a huge burden to the debtor’s estate. Ideally, the graduate buys a life insurance policy to help him or her cover the assumed debt. But, most individuals at this age will prefer paying their current bills rather than acquiring new or additional one.

While the optimal age to consider buying a personal life insurance is under 35, a majority of millennials are not likely to purchase the policy. Take the initiative to protect your future and that of your loved ones by investing in a life insurance from Schaller & Thomas Family Insurance. For more information on life insurance in Peoria, AZ, contact our knowledgeable life insurance agents today.

3 Tips for Buying Auto Insurance in Peoria, AZ

Life in Peoria, AZ comes with lots of sunshine, which means you’re probably on the road a lot getting from one beautiful destination to another.  If you’re looking to buy a new auto insurance policy or change an existing one, there are three ways you can save both money and time in your search.  Read on to learn about these three tips.

1.  Bundle your Policies

Do you own a home?  Perhaps you have another car or vehicle that is already insured?  If so, you can add these policies into a bundle package with one insurance company to save money on your premiums. Even if you own a recreational vehicle or a boat, these policies can also be lumped under an insurance company for extra savings.

2.  Compare Policy Quotes

To make sure you get the best auto insurance policy you are looking for, it is important to compare quotes. At Schaller & Thomas Family Insurance, the knowledgeable agents can help you with this. Together, you can go over each policy in detail to find the one that best suits your auto insurance needs.  Try to compare at least three quotes from different insurance companies.

3.  Work with a Reputable Agent

Before you buy an auto insurance policy on your own, you should consider working with a reputable agent. These agents have the experience to help answer any questions you may have about a policy.  

The team at Schaller & Thomas Family Insurance serves the Peoria, AZ area when it comes to purchasing auto insurance.  To learn more about how they can help you, contact them today at 623-580-8688.

Why Extending Home Insurance From Standard Coverage is a Good Idea

Having standard home insurance coverage is a good thing because it covers many of the basic risks to a home; however, it usually does not cover everything that most homeowners need to protect.

It is a good idea to discuss the specifics of home insurance coverage with your agent at Schaller & Thomas Family Insurance serving Peoria, AZ and the surrounding area. Your agent can help you understand what things may need extra coverage.

Some of the items to consider include:

  • Pests: Damage from vermin and insects may not be covered by a home insurance policy. If termites destroy a home, coverage for the damage is not something usually found in a standard policy. The size of the pest may affect the coverage. For example, if a bull stampedes through a living room, the damage may be covered; however, a rat chewing through electrical wiring may not be covered.
  • Mold: The problem with mold is that it can grow in places that are not easily seen. A home insurance policy may not cover old problems such as a roof leak that allows water to enter the home, which causes mold contamination within the walls over time.
  • Floods: Because of the new weather patterns from climate change, floods and flash floods are showing up in places that are not expected to have them. About 25% of flood damage now occurs outside of the traditional floodplains on maps maintained by the U.S. government that are desperately in need of an update.
  • Earthquakes and Sinkholes: Earthquakes and sinkholes are unusual risks that need to have special coverage. If the ground shifts beneath a home, this can cause cracks in the foundation, floors, and walls, which need expensive repairs.
  • Municipal Sewer Systems: In severe rainstorms, a municipal sewer system may get overloaded and cause sewage to back up and then to enter homes causing severe damage.

Get a home insurance review by talking with your agent at Schaller & Thomas Family Insurance in Peoria, AZ to add extra coverage to your home insurance as needed.

A Quick Description of Umbrella Insurance

Umbrella insurance is really just a catch-all term for extra liability insurance. It’s a way to go above and beyond your current protection to give you extra coverage should you land yourself in a legal mess. Those in Peoria, AZ who want to protect themselves, their families, and their livelihoods can consider umbrella insurance as a way to give them additional protection. Keep this explanation in mind before looking for policies, courtesy of Schaller & Thomas Family Insurance. 

Legal Fees 

A single undeserved liability claim against you will need to be fought in court, which requires costs ranging from court costs to lawyer fees to time and opportunities lost away from work. Cases may be dragged on for weeks or even months as everyone gets their evidence and appeals in order. If you have someone who’s determined to win the case however they can, you may end up having to spend far more than you realized to put the matter to bed. 

Reputation 

Sometimes when people’s names are dragged through the mud, it’s entirely deserved. But sometimes, it’s based on false allegations that are entirely fabricated by a single entity. Even though a case may be far less expensive to settle, a business leader may be hesitant to settle because it will look as though they did something wrong. Umbrella insurance is there to help handle the less tangible costs of reputation loss. It helps the holder take back control to clear themselves in the public eye against the charges. 

Calling Schaller & Thomas Family Insurance is a great way to learn more about how umbrella insurance can help you. If you live in Peoria, AZ, we can help you decide on a policy that can keep you safe from potential claims that come your way. 

Is Commercial Insurance Required for Me?

If you own your own business in the Peoria, AZ area, you will want to make sure that you are following all of the rules and regulations that are set forth for you. One very important rule that you will need to follow is in regards to Insurance. Small business owners are often required to carry commercial insurance to cover their business and employees.  there are several situations that could indicate whether or not you need to have commercial insurance coverage in place.

If You Have a Loan
One situation in which having commercial insurance could be a requirement for your business is if you have taken out a loan. When a bank gives a loan to a company for any reason, they want to make sure that the company will be able to repay the loan. Because of this, they will want to make sure that you have plenty of insurance coverage in place in the event you are sued. The lender may also need to be named as an additional insured party. 

If You Have Employees Working for You
In the state of Arizona, business owners are also required by law to carry workers compensation Insurance. When you have workers compensation coverage in place, it will give insurance coverage to an employee in the result they are injured while working. This will ensure they receive the medical care that they need to recover from the injury. 

If you are looking to learn more about your commercial insurance requirements, you should contact the Schaller & Thomas Family Insurance company to learn more. The Schaller & Thomas Family Insurance company can help Peoria, AZ companies to find the perfect commercial insurance policy for their business and can provide a range of insurance consulting services.

Understanding Taxes and Life Insurance

It’s important to understand different tax implications when buying life insurance, so you can make the right decision for your current situation and your future. Discuss with your agent at Schaller & Thomas Family Insurance.

Taxes on Life Insurance Premiums

Unlike other purchases you make in Peoria, AZ, you don’t have to pay sales taxes on life insurance premiums.

Employer-Provided Life Insurance

When an employer provides life insurance, the IRS will consider it income, which means that the employee may have to pay taxes. An employee will only have to pay taxes up to a certain amount of coverage.

Prepaid Life Insurance

Certain policies will allow the policyholder to pay a premium with a lump sum up front. This money will then get applied to the premiums throughout the plan. The lump sum will grow due to interest, and that interest money is considered income by the IRS. This means that money can be taxed either when the money is applied to the premium, or if the policyholder withdraws some of the money.

Cash Value Plans

Whole life insurance plans can also accumulate cash value, and a portion of those dollars can accumulate interest. Since these plans can accumulate interest some people use them as investments, along with the benefit that if they have an untimely death, their family is protected. This interest is still considered income and has tax implications, and financial advisors will advise not to go this route because the returns are usually minimal compared to other investments. However, the policyholder doesn’t have to pay income tax each year as the plan grows. The whole life insurance policy is tax-deferred and taxes don’t have to be paid until the policy is cashed out.

Life insurance premiums are not tax deductible. While many health insurance plans can be deducted from federal income tax, life insurance premiums are considered a personal expense that cannot be deducted on a tax return.

Contact Schaller & Thomas Family Insurance serving Peoria, AZ for a quote on life insurance.

 

3 Reasons to Acquire Commercial Insurance in Peoria, AZ

When you own a commercial business in Peoria, AZ, there are more than a few reasons you need commercial insurance. If you don’t currently have this coverage, then you need to contact the professionals at Schaller & Thomas Family Insurance.

If you want to know more about why this type of insurance is necessary, learn more here.

Protect Your Business Assets

The top reason you should carry commercial business coverage is to protect your assets. You put time, effort and money into what you have built in acquired – all this is worth protecting. Believe it or not, coverage to protect you from a devastating loss is actually more affordable than you may think. Don’t neglect this type of coverage or your business may be put at risk.

Protect Your Employees

Your employees are depending on you. You have to have insurance to protect these individuals. These are the most important people and with the proper insurance, you can ensure they are taken care of if they are injured in the line of duty. Also, by having insurance coverage, you won’t suffer a financial burden if an employee files for workers’ compensation benefits.

Protect Your Customers

While your workers may be injured while working for you, your customers may also suffer an injury. If this happens, they can sue you can result in financial devastation for your business. With commercial business coverage, you won’t have to worry about this, as this will cover any damages or injuries that have occurred.

If you need more information about purchasing commercial business insurance for your Peoria, AZ business, contact the staff at Schaller & Thomas Family Insurance for more information. Having the proper amount of coverage is the best way to protect yourself and your business.