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Anthony Lancaster Insurance, Inc Blog

Four things you shouldn’t assume about motorcycle insurance

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Purchasing motorcycle insurance is essential if you are a biker in Memphis, TN. Let us meet your motorcycle insurance needs at Anthony Lancaster Insurance Inc.

Don’t allow yourself to make inaccurate assumptions about motorcycle insurance. It’s important that you’re informed when you’re choosing a motorcycle insurance policy.

The following are four things you shouldn’t assume about motorcycle insurance:

Comprehensive and collision motorcycle insurance coverage are the same. 

Comprehensive motorcycle insurance is a type of coverage that covers the costs of damage from issues like theft or vandalism. On the other hand, collision coverage covers you for damage to your bike that results from a vehicle accident. 

Your auto insurance policy will cover you when you’re on your motorcycle.

Any auto insurance policy you have is separate from your motorcycle insurance policy. You need to buy motorcycle insurance coverage even if you already have auto insurance. 

You have enough motorcycle insurance if you just purchase minimum coverage.

While purchasing minimum coverage might mean you’re meeting basic legal requirements, it doesn’t mean that you have as much coverage as you should. Going beyond the minimum requirements will make you more protected financially. 

Your driving history behind the wheel of a standard vehicle won’t impact your motorcycle insurance coverage.

Your driving history as both a biker and a car driver are linked. If you have a driving infraction on your record from when you were driving your car, this could push up your motorcycle insurance expenses. 

Reach Out To Us

Are you looking for a quote on motorcycle insurance in Memphis, TN? You can call Anthony Lancaster Insurance Inc to get a quote on a policy that is appropriate for your needs. Call us today to learn more. 

How to Choose the Right Boat Insurance Policy

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For many people, owning a boat is a dream come true. But, with that ownership comes responsibility—ensuring you have adequate coverage. If you live in Memphis. TN and are looking for boat insurance, it’s important to know the policies available and how to choose the right one for your needs.

Types of Boat Insurance Policies 

Before deciding on a boat insurance policy, it’s important to understand the different coverage available. There are four major categories of boat insurance policies: liability, uninsured boater, medical payments, and physical damage coverage. Each type offers its own set of benefits and protection. 

Let’s look at each type more closely:  

 Liability Coverage

This type of policy protects you from financial loss if you cause an accident that causes injury or property damage to another person or their property. It also covers legal fees if you are sued because of the incident.  

Uninsured Boater Coverage

This provides coverage if you are involved in an accident caused by an uninsured boater. It can also cover your repairs if they exceed the other party’s coverage limits. 

Medical Payments Coverage

This policy helps cover medical expenses incurred from injuries sustained while operating your vessel. It can also help pay for lost wages due to lost time at work associated with treating those injuries.  

Physical Damage Coverage

This helps cover repair or replacement costs associated with damaged or destroyed vessels resulting from an accident or natural disaster, such as a hurricane or flood.      

Your Anthony Lancaster Insurance Inc agent can help you understand the different options available and choose the policy that best fits your needs.

Choosing the Right Policy for You 

When selecting a boat insurance policy in Memphis, TN, several factors – such as age, size, and purpose – should be considered. These factors will help determine the type and amount of coverage you need.

Contact Anthony Lancaster Insurance Inc today for more information about our services!

What does flood insurance cover?

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If you live in a flood-prone area, it’s important to have flood insurance. Flood insurance will help protect your home and belongings in the event of a flood. Anthony Lancaster Insurance Inc in Memphis, TN is happy to assist with any queries you may have. 

Here we discuss what flood insurance covers, how much it costs, how to get it, and the benefits of having it. We will also provide tips on what to do if your home is flooded.

Flood Insurance: What You Need To Know

First, let’s talk about what flood insurance covers. Generally speaking, flood insurance will help protect your home and personal belongings in the event of a flood. This can include damage to your home or property, as well as damage to your personal belongings such as furniture, clothing, electronics, and other valuable items.

Next, we will discuss how much flood insurance typically costs. The cost of flood insurance depends on a number of factors, including the location and severity of the flooding risk in your area. In general, though, you can expect to pay several hundred dollars per year for coverage. However, it is important to remember that this is a small price to pay for peace of mind in the event of a catastrophic flood.

Now let’s talk about how to get flood insurance. Most people obtain flood insurance through the National Flood Insurance Program (NFIP), which is run by FEMA and is part of the federal government. You can find out more information and purchase a policy on the NFIP website, https://www.fema.gov/national-flood-insurance-program. Alternatively, you can also contact an independent insurance agent, like those at Anthony Lancaster Insurance Inc, who can help you get a policy that meets your needs.

Get Flood Insurance Today

If you have any additional questions about flood insurance, please give Anthony Lancaster Insurance Inc a call today. We proudly serve the Memphis, TN area.

What is the value of having a life insurance plan in Tennessee?

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For those that are in the Memphis, TN area, ensuring that they are appropriately covered by insurance is very important. While there are many types of insurance to consider obtaining, one of the most valuable can be life insurance. A life insurance plan is a unique form of coverage that offers various advantages and forms of support. 

Life Insurance Benefits

Financial Protection

One of the primary reasons why someone will obtain a life insurance plan is so they can receive financial protection for the beneficiaries of the policy. If you have dependents in your life that rely on your income for their basic needs, it is important to ensure that they are covered financially in the future. A life insurance plan can be built to ensure they get the coverage necessary. Even if you do not have dependents, life insurance could provide your loved ones with some additional resources. 

Good Investment Option

It is also a good idea to get a life insurance plan when you are in this area as it can provide you with another investment option. Whole life insurance is a popular option as you receive life insurance protection and a part of your payments are built into an account that grows with interest. At some point, you can close the account and take the cash out of it. 

Contact Us Today

If you are looking for a new life insurance plan and are in the Memphis, TN area, it would be a good idea to begin your search by calling Anthony Lancaster Insurance Inc. The professionals with Anthony Lancaster Insurance Inc understand the value and need for this coverage. Our team will offer any support that you need to create an ideal policy that meets your needs. 

When do I need to add my teen driver to my policy – when she gets her permit or when she gets her license?

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You’ve done it – your child is old enough to start learning to drive! Maybe they’re excited, maybe they’re nervous, but one thing is for sure – you’re probably wondering when you need to add them to your car insurance policy. Do you add them when they get their permit or when they officially get their license?

Here are some thoughts from Anthony Lancaster Insurance Inc:

Adding Your Teen Driver To Your Policy: Permit vs. License

In Memphis, TN, you are not required by law to have your teen driver added to your policy until they actually get their license – but that doesn’t mean you shouldn’t add them as soon as they get their permit! By adding them to your policy early, you can build up their driving record and start receiving the Good Student Discount if they have a "B" average or above in school.

Some companies will automatically add your teen driver to your policy once they receive their permit, so it’s always a good idea to check with your provider about their specific policies. And of course, if you have any questions about car insurance in general or want help finding the best deal for your family, our team is always happy to chat!

Contact Us Today

In Memphis, TN, you aren’t legally required to add your teen driver until they receive their license, but you may want to add them once they receive their permit. The best way to figure out what’s right for you and your family is to contact Anthony Lancaster Insurance Inc. We’ll help you sort it all out!

Does renters’ insurance cover items stored elsewhere?

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Most home policies, renters’ insurance included, cover items kept off-site in a storage unit. Anthony Lancaster Insurance Inc. in Memphis, TN can help you understand the basics and make sure your policy fits your needs.

Does renters’ insurance cover items stored elsewhere?

You probably know that your renters’ insurance policy covers your personal items in your Memphis TN home. Your furniture, audio/visual equipment, computer, appliances, etc. all receive coverage under your renters’ policy.

Most renters’ policies also cover items stored off-site at a formal business that offers storage lockers, garages, or units. These areas separate your items from others using walls and a locked door. Only you have access to these items via a key or security code. If those items incur damage due to a named peril or someone steals them, your insurance policy covers the theft.

Not all renters’ policies automatically cover this. That’s why you need to check your policy’s documents to see what it covers. Some policies don’t include this unless you specifically ask for it, while others require an inventory list, sometimes including photos of the items. Other policies automatically include it. Asking your insurance agent remains the best way to know what your policy includes.

That means that the Christmas decorations and high school memorabilia that you store at a storage unit can receive coverage and so can your mountain bikes stored in a storage unit owned by the apartment building from which you rent.

Get Renters Coverage Today

Contact Anthony Lancaster Insurance Inc., serving the greater Memphis, TN community, for more information on renters’ insurance or to review your policy to find out if you need to add this helpful rider to your policy.

New Motorcycle? Three Questions to Ask Your Insurance Agent

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So you’ve just bought a new motorcycle! Congratulations! Now, it’s time to contact your insurance agent and make sure you’re fully protected. But what questions should you ask? Anthony Lancaster Insurance Inc in Memphis, TN can provide you with guidance on this much-needed insurance coverage.

Here are three important questions to ask:

What Type of Coverage Do I Need?

The first question you should ask your insurance agent is what type of coverage you need. There are numerous types of motorcycle insurance, and the one you need will depend on the type of motorcycle you have, where you live, and how often you ride.

For example, if you have a newer motorcycle, you’ll probably want to get collision and comprehensive coverage, which will protect your bike if it’s damaged in an accident or stolen.

Likewise, if you live in a state that requires motorcycle insurance, you’ll need to get at least liability coverage, which will cover damages if you’re at fault in an accident.

I’m I Eligible for Any Discounts Available?

The second question you should ask is whether you’re eligible for any discounts. Many insurance companies offer discounts for things like taking a motorcycle safety course, insuring multiple bikes, or having a clean driving record.

Some companies also offer discounts if you buy other types of insurance from them, such as homeowner’s or renter’s insurance. So it’s always worth asking if you could save money by bundling your policies.

What’s the Process for Making a Claim?

The third question you should ask is what the process is for making a claim. This is important because you need to know what to do if you ever have to file a claim.

Your insurance agent should be able to walk you through the process step-by-step so that you know what to do if you ever need to use your insurance.

Get Your New Motorcycle Insured Today

Asking these three questions ensure that you have the right motorcycle insurance for your needs. So don’t forget to ask them when you contact an agent.

And if you’re looking for motorcycle insurance, Anthony Lancaster Insurance Inc in Memphis, TN is here to help. Give us a call today, and we’ll be happy to give you a quote.

5 Tips for Renewing Your Boat Insurance

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Anyone who owns a boat knows that insurance is a necessary expense. Not only does it protect your investment, but it also gives you peace of mind when you’re out on the water. Unfortunately, it’s easy to let your boat insurance lapse, especially if you don’t use your boat often. Anthony Lancaster Insurance Inc. is here to guide you on this important insurance coverage.

Here are five tips for renewing your boat insurance:

1. Know Your Risk Factors

Your risk profile is one of the most important things to consider when renewing your boat insurance. Are you an experienced boater with a perfect record? Or are you a new boater who is still learning the ropes? Your risk factors should guide your decision on how much coverage you need and what type of policy is right for you.

2. Consider Your Deductible

Another important factor to consider is your deductible. How much are you willing to pay out of pocket in the event of an accident? The higher your deductible, the lower your premium will be. But remember, you’ll need to be able to afford the deductible if you do have an accident.

3. Review Your Coverage

When you’re renewing your boat insurance, it’s a good idea to review your coverage to make sure it’s still adequate. Has anything changed since you last bought a policy? Perhaps you’ve added some new equipment or made some modifications to your boat. Make sure your policy covers these changes.

4. Compare Quotes

Once you’ve decided how much coverage you need, it’s time to start shopping around for a policy. Be sure to get quotes from several different insurers so you can compare prices.

5. Read the Fine Print

Finally, be sure to read the fine print before you purchase a policy. You don’t want to be caught off guard by a clause in the fine print that excludes coverage for something you thought was included.

Get Boat Insurance in Memphis, TN

These are just a few things to keep in mind when renewing your boat insurance. For more information or for a free quote, contact Anthony Lancaster Insurance Inc. in Memphis, TN today.

How to Decide if You Need Flood Insurance

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Flood insurance is not optional if you live in a high-risk flood area, as most lenders require it. But what if you don’t live in a high-risk area? Is flood insurance worth the investment? The answer depends on several factors, including your home’s location, personal risk tolerance, and budget. Anthony Lancaster Insurance Inc. in Memphis, TN provides this guide in navigating this important coverage.

Factors to consider when deciding if you need flood insurance:

1. Consider Your Home’s Location

FEMA, which is responsible for floodplain management in the United States, designates high-risk, moderate-to-low risk, and undetermined risk areas. If you live in a high-risk area, your lender will require you to have flood insurance. If you live in a moderate-to-low-risk area, it is still recommended that you have flood insurance, as flooding can occur even outside of designated flood zones. If you live in an undetermined risk area, your decision to purchase flood insurance is entirely up to you.

2. Know Your Risk Tolerance

A key factor to consider when deciding if you need flood insurance is your personal risk tolerance. Ask yourself how you would feel if your home was flooded and you didn’t have insurance to cover the damages. If the thought of being financially responsible for repairing or replacing your home and belongings is too much to bear, then flood insurance may be a good idea.

3. Understand Your Homeowners Policy

Even if you don’t live in a high-risk area, your home may still be vulnerable to flooding. Homeowners’ insurance policies typically don’t cover flood damage, so it’s important to understand your policy’s limitations. If you have questions about what your policy covers, reach out to your insurance agent or company. This way, you’ll know if you need to purchase additional coverage.

Contact Us Today

If you’re unsure whether or not you need flood insurance, reach out to Anthony Lancaster Insurance Inc. in Memphis, TN for help. Our team of experts can help you understand your risk and make the best decision for your needs. Give us a call today to get started.

I’m only 20. Do I need life insurance?

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Many young people believe that life insurance is for older people. Logically speaking, many young people feel that the absence of a family and significant assets make life insurance unnecessary. However, even as a young person, life insurance could benefit you. Our team at Anthony Lancaster Insurance Inc in Memphis, TN is committed to helping young people explore life insurance.

What is Life Insurance?

A life insurance policy is a legal contract between you and an insurance company that pays a beneficiary a set amount of money in the event of your death. However, some life insurance policies pay the beneficiary if you become terminally ill or critically ill. You choose a beneficiary, the person who will receive payment, and this person is paid if/when you die. 

How Can Life Insurance Benefit Young People?

As a young person, one benefit of life insurance is less expensive premiums. If you get life insurance at a young age you have the ability to lock in good rates. Also, if you’re someone who hopes to have a family one day, life insurance can create peace of mind. Knowing that your family will be financially taken care of can be a practical way to put your mind at ease.  If you wait until you’re older to invest in life insurance, your health may have declined, making it more challenging to get a good premium from a life insurance company. 

Give Us A Call

Conversely, if you have no interest in having a family and don’t plan on acquiring significant assets, you may opt to forego life insurance. Our team at Anthony Lancaster Insurance Inc can discuss your future plans and goals to help you determine if life insurance would be a wise investment for you. We are here to answer any questions our young Memphis, TN clients may have regarding life insurance. 

Other areas that deserve consideration are your present and future financial obligations. Even if you don’t plan on marrying or having a family, you should still consider your financial obligations. If you have significant financial obligations or anticipate having some later in life, life insurance may be a good investment. Call us if you have any questions about life insurance.

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