Abbott Insurance Agency Blog

Updating Your NJ Jewelry Insurance for Current Gold Prices

William Abbott — Mon, 18 Oct 2010 23:54:55 +0000

With the price of gold trading as high as $1,383 an ounce last week, it is highly recommended that jewelry owners determine if they have adequate insurance coverage for their jewelry. Compare the increasing value of your jewelry inventory with the coverage limits of your existing homeowners policy. It may now be necessary to purchase additional protection through an endorsement to your policy. Contact Abbott Insurance Agency to get NJ jewelry insurance quotes.

Do You Live in a High Hazard Flood Area?

William Abbott — Thu, 14 Oct 2010 04:08:46 +0000

Since damage caused by floods is not covered by homeowners insurance policies, separate flood insurance is a necessity for those living in areas prone to flooding. Years ago, private insurers were unable to offer such policies because they were too costly. Since Congress established the National Flood Insurance Program (NFIP) in 1968, residents of communities that participate in the program are able to purchase flood insurance.

Your NJ insurance agent can help you determine whether or not you live in a high hazard flood area and if flood insurance is available in your community. Your agent can also explain to you what is covered by the insurance, what the waiting period rules are, and what the coverage dollar limits are. You can visit www.floodsmart.gov which is the official website of the NFIP for more information.

Why You Should Consult an Insurance Agent Before Buying a Car

William Abbott — Tue, 05 Oct 2010 01:32:59 +0000

Due to the current economic climate, increasing numbers of New Jersey consumers are analyzing ways to cut down on their expenses. It is important for them to turn to a New Jersey car insurance agent for advice on getting the best car insurance deal. In fact, it is prudent to contact an agent before, rather than after, buying a new vehicle.

According to a spokesman from the Insurance Institute of Highway Safety, the make and model of your car can have a big impact on your car insurance bill. Knowing the cost of insurance for a particular vehicle is important. Typically, vehicles found at the top of the cost list are high horsepower, high price, and expensive to repair.

NJ Texting-While-Driving Laws Become Strictest In Country

William Abbott — Wed, 22 Sep 2010 02:02:59 +0000

The New Jersey Senate Law and Public Safety Committee approved a bill on September 13, 2010 which would make New Jersey’s texting-while-driving law the strictest in the country. The bill must now go to the full Senate for consideration. Senators Richard Codey and John Girgenti advanced the legislation because they felt that too many NJ drivers were still violating the State’s hands-free cell phone law and that stiffer penalties were necessary.

Their bill would establish a graduated penalty structure. First-time offenders would have to pay $200. If a second offense occurred within 10 years of the first, there would be a $400 fine. Drivers convicted of a third or subsequent offenses within 10 years of the first would be subject to a $600 fine and would face a 90 day driver’s license suspension. Both lawmakers cited recent studies that found that texting while driving impairs a driver’s reaction time significantly more than reading an e-mail while driving or driving drunk. They hope that tougher fines and the possibility of license suspension will deter NJ drivers from texting while driving.

Recent Hurricane Activity Reminds Us To Be Prepared

William Abbott — Tue, 14 Sep 2010 03:31:13 +0000

Television news programs often remind viewers to protect themselves in the event of a hurricane by planning an escape route, having adequate supplies of food, drinking water and medicines and having access to flashlights and fully charged cellphones. The New Jersey Department of Banking and Insurance website recommends several ways to protect personal property as well. They suggest storing an inventory list (including receipts and photographs) of personal property in a safe place off the premises. This way it will be easier to file an NJ homeowner’s insurance claim if there is damage to the home. Also, it is important to keep your insurance policy number and your agent’s phone number handy since property damage should be reported immediately.

New Jersey Young Driver Decal Law to be Reviewed

William Abbott — Wed, 01 Sep 2010 02:15:33 +0000

Public outcry over certain provisions of Kyleigh’s Law has prompted the NJ Legislature to approve a measure calling for a review of the law. Currently, all permit or probationary drivers under age 21 are required to have fluorescent red decals on their license plates. The purpose is to aid police officers in identifying these drivers so they can enforce restrictions such as the hours they can drive and the number of passengers they can transport. Some parents feel that the decal system helps criminals easily identify potential victims. They hope that the law will be changed or repealed. Young drivers have enough to worry about, like finding cheap auto insurance for teens.

Hybrid Drivers Have Higher Claims Costs

William Abbott — Tue, 24 Aug 2010 01:39:17 +0000

The latest edition of the Mitchell Industry Trends Quarterly Report claims that owners of hybrid cars actually have higher insurance claim costs and more tickets. In particular, drivers of the Toyota Prius get an average of 65% more tickets than non-hybrid drivers. According to Greg Horn, Vice President of Industry Relations for Mitchell International, the rapid growth of hybrid cars has caused a sharp increase in the number of accidents involving them.

Now that hybrids are becoming more mainstream, hybrid buyers don’t drive as conservatively as the early adopters did These changes have affected the risk profile, and Horn predicts that hybrid owners may see higher car insurance rates as a result.

NJ Motor Vehicle Inspections No Longer Required For Motorcycles

William Abbott — Wed, 18 Aug 2010 03:00:06 +0000

As of the beginning of this month, motorcycle riders are no longer required to take their bikes for inspection. This comes as part of a series of changes to New Jersey inspection laws which ease the requirements on motorists. The changes are expected to save $11 million for NJ taxpayers, but some have raised concerns about safety.

Motorcyclists should be mindful that although they will not have inspections anymore, they still need to properly maintain their vehicles. Police can still issue citations for mechanical problems, and neglecting problems for too long can cause accidents. Your NJ motorcycle insurance rates can suffer as a result.

NJ Residents Buckling Up More in Front, Less in Back

William Abbott — Tue, 03 Aug 2010 01:47:09 +0000

According to a recent study by the New Jersey Institute of Technology, the percentage of New Jersey residents buckling their seat belts in the front seat is increasing, but passengers in the back seat are wearing them less often than before.

The survey says that 93.73% of New Jersey residents buckle up in the front seat, which is an increase of about 1% from last year. It is estimated that even this small increase is enough to prevent about 8 deaths, 236 serious injuries, and 177 minor injuries per year.

However, the statistics about back seat passengers are alarming. Only 27.09% of adult passengers in the back seat are buckling their seat belts. This has decreased by about 5%, even though it is now required by New Jersey state law. The number of back seat passengers between ages 8 and 18 using seat belts also dramatically declined in the last year, from 53.06% to 36.97%.

Even if all occupants of a vehicle are buckled up, accidents can cause serious injury and massive damage to your vehicle. Make sure you have a good NJ auto insurance policy so you are covered for damages that may result.

25% of NJ Drivers Admit to Texting While Driving

William Abbott — Mon, 26 Jul 2010 23:22:20 +0000

A recent poll conducted by Fairleigh Dickinson University found that approximately 25% of drivers in New Jersey admit to texting while driving. This is a sharp increase from 2008, when the poll showed that only 15% of New Jersey drivers had texted while driving.

The respondents who admitted to texting while driving are not all teens and college students as one might expect. In fact, 37% of those between ages 30 and 44 say they have done it. Even 17% of those 45 to 60 admit to texting while driving.

Texting while driving can result in hefty tickets and serious accidents, both of which can cause your NJ auto insurance rates to go up.

In an article about the Fairleigh Dickinson University poll, NJ.com conducted its own poll among its readers, and found the rates were even higher. 36% of all who responded on NJ.com said they had texted while driving.