How Quickly Should You Drop a Car From Your Auto Insurance After Selling It?

Auto insurance is required when you own a car. However, if you have sold the car, you may wonder how long you need to insure the car before you drop it from your auto insurance policy. This is a questions that we are often asked at Schaller & Thomas Family Insurance, serving the greater Peoria, AZ area. Here is what you need to know if you are selling a car and wonder about insurance.

Technically, once you have sold a car, you can drop it from your auto insurance policy. And it is strongly recommended that you do so immediately when you sell it to a dealership. However, if you have sold the car to a private party, it is recommended that you continue to carry coverage on the car until you file paperwork with the department of motor vehicles in the state of Arizona. You are required to file a release of liability with this entity within five days of selling the car. Until this is filed and approved by the department of motor vehicles, you can be held liable if the car is in an accident and the new buyer does not have auto insurance. This is the reason why it is recommended that you continue carrying insurance when sold to a private party. Once the paperwork is approved by the DMV, you can drop auto insurance immediately, as you are no longer liable for the automobile.

If you have questions about your current auto insurance policy, or are looking to purchase a new one, Schaller & Thomas Family Insurance, serving the greater Peoria, AZ area, would love to help you. Call us today for a free price quote or to schedule an appointment to talk about your insurance needs.

Self-Care for Stress Reduction

Feeling stress can come from a wide variety of sources, and everyone feels stressed at times; even if you live in the Sandy, UT area. What is important is how you manage your stress. Poorly managed stress can lead to many different health issues, such as a depleted immune system, cardiovascular damage, hair loss, and poor concentration that can lead to accidents. Follow these self-care tips to help reduce your daily stress and improve your overall health.

  • Sleep is vital to emotional and physical health because it helps replenish your energy, aid your natural healing process, and reset your thinking.  Work to get enough sleep that you feel rested the next day.
  • Watch what you eat. Stress can lead to a poor diet that can actually make you more vulnerable to stress. Maintain a healthy diet to reduce your stress.
  • Keep a regular exercise routine. Stress causes the release of the hormone cortisol, which can damage you internally, and the best way to rid your body of cortisol is through exercise. It also releases endorphins that make you feel happier.
  • Keep your social supports close to help you vent off steam from the day and process your emotions about stressful situations.
  • Use hobbies that you enjoy to help provide a distraction from stressful thoughts and promote happiness and calm.
  • Take time to pamper your mind and body. A nice bubble bath is an easy way to give yourself some well-deserved pampering!
  • Keep a positive attitude. Use positive affirmations to help when you’re feeling drained or down about life.

Smart Way Insurance Agency

Smart Way Insurance Agency provides health insurance in the Sandy, UT area. We will help you personalize your health insurance to your unique situation and select a plan that provides the coverage you need.

What Is A Personal Umbrella Policy and Why Do I Need One?

Your top priority is protecting your family, your home, and your personal assets, which is why you have insurance. But, what if you have a lot of assets to protect that aren’t covered by your homeowner’s or automobile policy? Personal umbrella insurance can bridge that gap. Umbrella insurance adds extra liability coverage above and beyond another insurance policy and is designed to protect you from potentially devastating large liability claims or judgments. When your Peoria, AZ homeowners or auto insurance policy limits have been exhausted, personal umbrella coverage kicks in. Personal umbrella insurance covers:

  • Bodily injury
  • Personal injury
  • Landlord liability
  • Property damage

How Does a Personal Insurance Policy Work?

If you are found to be at fault in an automobile accident that injures another driver, the other driver may be covered up to the limit of your selected Schaller & Thomas Family Insurance policy, for example, $250,000. But what will you do if that coverage limit isn’t enough to cover the injured party’s excessive medical bills?

If their injuries are severe, and you are found to be responsible, your $250,000 car insurance policy won’t cover the extra costs, and if they sue you, your personal assets could be on the line. For example, what if the injured party is a highly paid professional such as a surgeon, and the collision you caused resulted in injuries that kept her from being able to practice medicine for six months or more? They would likely sue you for the time they are away from work. If they sued for a million dollars to cover their down time, how would you pay for it?

While your automobile policy’s liability coverage might pay up to your $250,000, but you’ll be responsible for the remaining $750,000. With a personal umbrella policy in place, additional costs beyond your standard insurance policy will be covered so you won’t be left struggling to pay the remaining balance yourself. Having umbrella coverage could help you protect your bank balance, your Peoria, AZ home, and other personal assets and property.

Are you interested in increasing your asset protection in the unfortunate event of an accident? Contact your Schaller & Thomas Family Insurance agent today for answers to questions you may have about personal umbrella policies. We’ll help you determine if having additional liability coverage makes sense for you and your family.