Mexico Insurance and US Rental Cars

You might think that US rental cars automatically come insured, but you need your own liability insurance to cover them. That includes trips to Mexico requiring Mexico insurance. This blog from Schaller & Thomas Family Insurance explains what insurance you’ll need to rent a car you drive in Mexico.

Just as each state has its own insurance requirements, so does each country. US car insurance does not cover you driving on Mexico’s roads, so if you want to road trip across the border from Peoria, AZ or any other location, you need what US carriers refer to as Mexico insurance. That’s auto insurance coverage that meets Mexico’s requirements.

If you plan to drive across the border or rent a car while in Mexico, you will need a Mexico insurance policy. Many factors influence the cost of this type of policy.

  • Policies vary by carrier, so some Mexico policies cover autos, RVs and motorcycles.
  • Some policies only cover travel within a specific distance of the US border.
  • The length of time of the policy.
  • If the policy also includes legal assistance and bail coverage.
  • If the driver needs coverage for theft and vandalism, too.

Mexican auto insurance covers many of the same contingencies as US insurance, such as liability and injury to other drivers. Driving without this insurance in Mexico can result in serious penalties, including jail time in Mexico.

The US’ southern neighbor requires "proof of financial responsibility" to pay for an accident throughout its borders. The specific insurance requirements vary by area within the country, just as they do by the state in the US. In Mexico, you have to provide financial responsibility to the police if you are found at fault in an accident. Until you provide you can pay for damages, the police can detain you.

Schaller & Thomas Family Insurance in Peoria, AZ can help you obtain the Mexico insurance you need before your trip. Call or come by our office to pick up your Mexico policy before you leave on your trip south.

How does life insurance work?

Only an agent from Schaller & Thomas Family Insurance can provide the ins and outs of a life insurance policy in Peoria, AZ. You, however, can learn the basics of the nature of life indemnity plans below!

What is life insurance?

In simple terms, life insurance is a contract between the buyer and seller. The buyer (you) agrees to purchase a policy and pay monthly, semi-monthly, or annual premiums to the seller (the assurance company). The indemnity company, in return for such trust and loyalty, agrees to pay the buyer’s relatives in the instance of the policyholder’s death.

Life insurance policies do not require a beneficiary to know that he will gain a financial benefit from the policyholder’s assurance plan. The buyer must, however, choose beneficiaries and should inform such persons of his decision to include them in his policy. A beneficiary does not need the policy number of the deceased holder to file a claim. The benefactor does, however, need to know the name of the assurance company to begin paperwork proceedings. There is no other way for a loved one to know the company with which you hold a life insurance policy unless you tell them.

What factors influence premium payments?

Premium payments are calculated according to several factors that could influence life expectancy. A person’s age, for instance, could cause the quote to rise or fall. Whereas young policy seekers may pay pennies on the dollar for an indemnity plan, those consumers who are older may find themselves paying ten times more for the same policy.

Medical records and lifestyle habits also influence premium payments. Nicotine users and those with chronic illnesses such as diabetes or cancer can generally expect to pay more for life insurance in Peoria, AZ than an individual who has a clean bill of health.

Call Schaller & Thomas Family Insurance for help!

We have been in the business of life insurance for many years and can walk you through the process. Let us help you find the policy that fits your lifestyle and needs today!

Who Should Purchase Mexico Insurance?

If you are planning to travel to Mexico in the near future, you may be interested in Mexico insurance. Even if you have auto insurance in the United States, authorities in Mexico don’t recognize the insurance coverage. If you plan to drive when you are in the country, it may be necessary to purchase before you leave to visit the country.

Mexico Insurance Coverage

If you are planning to drive, or even think you may drive when you are in Mexico, then you need to purchase Mexico insurance. You can’t drive in the country without this coverage, otherwise, you may find yourself in a serious situation. Don’t take chances in another country while driving. Purchase Mexico insurance from a reputable and knowledgeable insurance agency that will explain the terms and conditions and work with you to get the temporary coverage you need while exploring Mexico. 

Find The Right Coverage

Not all insurance policies and agencies are the same. Always work with a top agency that offers high-quality insurance products that will offer peace of mind and protection while you are away from the country. If you plan to visit Mexico anytime in the near future, contact Schaller & Thomas Family Insurance serving the residents in the Peoria, AZ area. They will work closely with you to outline your coverage needs and suggest products that work for your needs. 

For more information about Mexico insurance and how it can protect you when you drive in that beautiful country, consult Schaller & Thomas Family Insurance serving Peoria, AZ and the surrounding areas. Call or stop by to speak with a friendly agent ready to give you the details. 

The Importance of Life Insurance

The purpose of insurance is to plan for the future and to protect what you have today. One form of protection is life insurance, yet many individuals do not take advantage of what life insurance offers. There will be a time where you are not able to provide for your family. With life insurance, you can continue to provide for them even after you’re gone. So whether you live in or around Peoria, AZ, Schaller & Thomas Family Insurance is here to help. 

You Won’t Always Be There

You will not always be there to provide for your family. Final expenses for funerals is expensive. These costs can quickly push into the tens of thousands of dollars. This also doesn’t include medical bills that will likely be attached to it. For some who do not have large bank accounts and investments they may not be able to pay for this. Life insurance is exactly that and it is there to provide money for not only final expenses but for your family for years to come. 

The Right Amount For Your Family

Not everyone needs the same kind of life insurance policy. What you need is going to be likely different from your neighbor. The team at Schaller & Thomas Family Insurance can work with you in determining the right coverage for what you and your family will need in life insurance. 

It is important to invest in life insurance as it will provide for your family even after you are gone. So if you have a family or, at the very least, want to prepare for the future, it is critical to consider life insurance. Whether you live in or around Peoria, AZ, the team at Schaller & Thomas Family Insurance is here to help. 

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.

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.

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.