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Maine Auto Insurance

We are often asked, "Do I need to buy more than the state minimum bodily injury liability protection?"

Maybe not, if you’re a billionaire and aren’t concerned about forking over hundreds of thousands of dollars if you injure others in a car accident.

For most all others, the answer is always yes; your Maine auto insurance plan need to be above minimum liability.

Higher liability limits can be what stands between you and bankruptcy. By carrying higher limits of insurance, you can lean on your insurance company to cover you in case you get in a wreck that seriously injures one or more people. (not the passengers in your car, the insurance that takes care of you and your passengers is called Medical Payments or Personal Injury Protection.)

In Maine most carriers offer either a split limit of bodily injury and property damage or a Combined single limit (CSL) Split limit bodily injury liability coverage is defined by two numbers, individual and total coverage amounts. The former is what would be paid to a single person injured, the latter is for everybody in the other vehicle. The Maine auto insurance state minimums are really quite low: $50,000 for an individual, $100,000 for everyone. $25,000 for property damage. Maine auto insurance also requires you to carry equal Uninsured/Under insured liability limits. Medical bills can easily top those amounts in a serious accident. The CSL limit is $125,000...

How much bodily injury protection should I buy?

It’s not out of the realm of possibility that someone could suffer injuries that cost millions of dollars, and insurance companies offer policies that cover sums that high. But it’s a very rare case to cause that much harm.

So what you’re trying to determine is how much bodily liability insurance you are likely to need and what amount would be excessive. As a rule of thumb, insurance companies recommend $100,000 for an individual and $300,000 total. If you can afford the extra amount, it may be worth going beyond those numbers for an extra feeling of security. Better yet, carry higher limits and then purchase an umbrella policy on top of that.

You’ll get advice from some people not to go beyond the minimum amounts on the theory that if you don’t have the money to cover the extra expenses, they can’t collect it from you. This is a very dangerous way of thinking.

For example: You’re a 26-year-old graduate student and you get into a wreck that causes serious injuries to three people in the other car. You’ve got $125,000 in total bodily injury insurance. The total medical bill for the other three that you’re expected to cover is $225,000. You might say, "Hey, sorry – I don’t have $100,000 in the bank for you. Guess you're out of luck." But a judge in a civil case against you isn’t likely to agree. If your are negligent the judge will order that as you earn a salary in future years, part of it will go to the three injured people until you’ve covered the $100,000 debt (with perhaps interest and court fees on top of it.) The technical term for this arrangement is garnishing your wages, and it happens in courts across the U.S. every day.

Keep in mind as well that there are two types of damage that insurance covers: bodily injuries and property damages. If you have a very cheap, old vehicle, you might be tempted to think you don’t need much insurance. That may be true for other parts of your insurance, but not bodily injury – your old clunker is just as capable of causing major bodily harm (maybe more) as that CEO’s brand-new Mercedes. So don’t go cheap on protection for medical expenses.

The best way to keep your financial well-being protected without spending too much on insurance is to consult an independent insurance agent to get help finding a company that fits your needs and budget, and think about that umbrella too!

What Is Umbrella Insurance and Who Needs It?

Do you really need to buy an umbrella? No. It’s not essential to survival; however, who is going to be happier outside when it does inevitably rain? It’s fair to say that the person covered by an umbrella is likely happier for being prepared. 
Umbrella insurance can be thought of as insurance on your liability insurance. For example, If you are ever sued for negligence, umbrella insurance is normally capable of covering many, if not all, of the often unpredictable expenses you are most likely to incur. In addition to legal representation, you might need to pay for property damages, medical bills or lost wages due to negligence. Perhaps the biggest reason to have umbrella insurance is that it can serve to protect you from having your personal assets, financial savings or even your home seized in order to pay legal fees and other possible costs resulting from your negligence. 
Some of the basic information you will most likely be required to provide when inquiring about umbrella insurance include: 
Name, date of birth, sex, marital status, occupation, driver’s license information. 
Accident and violation data for the last five years. 
Current insurance information, including the company, your expiration dates, and claims and losses for the past five years. 
Listing of other assets you own, including recreational vehicles, rental property and land. 
Listing of watercraft, aircraft and other vehicles you own or use for business purposes. 
Listing of all business activities conducted in your household, if any, as well as on other property you own.
Who Needs Umbrella Insurance? 
 Anyone who has a liability insurance policy which he or she could be sued for negligence, such as a vehicle or home, would be doing themselves a favor by at least considering additional umbrella coverage. 
Two important factors to consider, one, anybody can be sued, and two, umbrella insurance is affordable protection no matter what your budget. In fact, the Insurance Information Institute says that personal liability coverage of about $1 million can be purchased for as little as a few hundred dollars a year. So, since pretty much anyone can be sued, and pretty much anyone with a job can afford it, umbrella insurance coverage would be a smart purchase before the financial storm hits. 
Contact Maine Insurance Agency for Coverage 
We have been protecting our customers from life’s storms for more than 100 years. Contact us today and we can review your coverage and lifestyle so we can decide together whether umbrella insurance is protection you can use.

Classic Car Insurance is an Affordable Way to Protect Your Ride

We’re a nation of collectors. Just look around your home and you’ll find all the things you couldn’t part with that you haven’t used in years. Some of those items aren’t worth much and others may be worth more than you ever thought. 
One of item people love to collect is cars. Some of our old cars are collector items and can be quite valuable. Cars are one collectible that you want to be sure is properly insured with classic car insurance rather than a regular auto insurance policy. 
Classic car coverage is an affordable alternative designed solely for the special needs of the car collector enthusiasts. The classic car policy can cover the usual risks of loss, much like your regular auto policy but with significant differences regarding use of the vehicle and the method of determining value. 
What Is a Classic Car? 
Classic cars are generally no less than 15 years old; many car insurance companies require them to be 25 years old. However, the market is quickly changing. There are cars being collected for many reasons that may be newer than 15 years old and yet will qualify for a classic car policy. It does not even need to be a car. There are classic policies available for many other vehicles. Street Rods, tractors, motorcycles, restoration projects and even fire trucks can be insured. Ask us if your car fits the classic car insurance requirements.
Will You Qualify for Classic Car Insurance? 
Besides your car qualifying, you also need to qualify for collector car insurance. You are eligible if you’re at least 25 years old with 10 years of driving experience and a good driving record. You usually must own and insure a daily driver also.
What’s Different about a Classic Car Policy? 
There are four keys to a collector car policy that sets it apart from a standard auto insurance policy. 
Valuation of the Car. Standard car policies value your vehicle on an actual cash value (ACV) basis, and the value of your car is reduced to reflect depreciation. Some policies allow for stated value, which is your declared value at purchase and the maximum amount the carrier will pay for a loss. The drawback is that the policy pays the cost of the repairs or the stated value, whichever is less, when a claim is filed. 
Agreed Value is generally not offered under a standard policy but is offered under a classic car policy. You and the insurance company agree to the value that will be paid at the time of a loss. With agreed value you are guaranteed the amount you will be paid, with no reduction for either depreciation or a lesser value at the time of the loss. 
Storage of the Car. A classic car policy will likely require you to protect your car from the weather; which generally means storing it in a fully enclosed garage. 
A Separate Daily Car. The insurance company will want to know that you drive another vehicle daily to and from work or for other uses. 
Mileage Restrictions. Generally, you are restricted to no more than 2,500 miles per year with your collector car. You can certainly go for pleasure drives but not on a regular daily schedule and no commercial usage. 
What Premium Will You Pay? 
When you factor in the driver’s requirements and mileage restrictions, the result is lower risk for a carrier that a significant loss will occur. Therefore, the premiums are generally much lower than for vehicles without the restrictions. For example, the liability charge on your daily car insurance policy is much higher than the liability charge on your collector policy. Even if you have more than one collector car, generally you will pay only one premium for the liability versus on each car under your regular auto policy. 
Call Us to Find Out How to Protect Your Classic Car. 
It’s worth your time to contact us for a quote on classic car insurance. We will advise you on how to insure your classic car and save you money on your car insurance premium. Contact us and we will find the coverage that’s best for you. 

We’ve Got You Covered with Car Insurance

Sure promises of low-cost auto insurance quotes get your attention, but will the online or 800 number insurance company be there for you? Maine Insurance Agency will because we need you. We are a local presence in Maine for well over 100 years. Customers don’t come easy and we know that.  So while the other companies continue to advertise low cost coverage, understand that they have to in order to replace customers that leave because of unfulfilled promises. 
Saving money may be your top priority when shopping for car insurance, but it’s not always the smartest approach to protecting yourself against the very real risks associated with driving. Maybe you got the lowest rate, but maybe you may have just the minimum protection required in Maine. 
Talk to Maine Insurance Agency about protection that is smart for your family and lifestyle. We have longstanding Independent relationships with many insurance companies, so we are prepared to assist you with your unique situation. Whether it’s standard automobile insurance, or coverage for your work truck or classic Chevy, we will find the best coverage at the best price. 

What to Expect from Maine Insurance Agency

 One-stop shop for all your insurance needs 
 No-obligation quotes 
 Choice of insurance companies you can trust 
 Efficient claims process 

Do You Qualify for Auto Insurance Discounts? 

At Maine Insurance Agency, we will help you find affordable auto insurance based on your family’s unique needs. You can lower your rate if you qualify for certain discounts: 
 Defensive driving (clean driving record, driver’s ed for teens) 
 Both auto and homeowner insurance from one company 
 Insuring more than one vehicle 
 Car safety features (airbags, alarms, anti-lock brakes, etc.) 
 Teen driver who goes to school more than 100 miles away. 

Car Insurance Terms to Know 

It’s important to understand your car insurance coverage, even though it can seem complicated. Take a moment to review these key auto insurance terms. 
Liability Insurance – Reimburses others for injury, damages or losses caused by your driving or your car. There are two types: 
Bodily Injury Liability – In a car crash where you’re at fault, bodily injury liability will provide compensation for pain and suffering, lost earnings and related expenses resulting from injury or death. We can help you determine the right amount of coverage, based on whether you own a home and other substantial assets that could be at risk in a lawsuit. 
Property Damage Liability – This coverage will pay to repair or replace things you damage in an accident other than your own car. Again, it’s best to consider your personal situation. 
Collision Insurance – Covers the replacement or repair of your car, regardless of who is at fault in the accident, even if you are hit while parked or hit by an unknown car or object. If you have a car loan, you are required to have collision protection. On the other hand, if your older car’s value rises and falls based on the gas in its tank, you may consider dropping collision coverage. 
Comprehensive Insurance – Protects against damage to your car that does not involve a collision. For example, fire, theft, hail, flood, windstorm, flying objects or animals. It’s likely required if you’re paying a car loan, but unnecessary if you own an older car that’s not worth much. 
Medical Payments Coverage – Pays for physicians, hospital bills, continuing care, funeral costs and compensation for you and your passengers, regardless of who is at fault. If you have adequate health insurance, you may not need this optional coverage, but it can pay expenses your health insurance may not cover. 
Uninsured and Underinsured Coverage – Covers you, and members of your household, for losses in an accident with a hit-and-run driver or a driver who has no car insurance or not enough car insurance. Some states do not require that you purchase it, but Maine is not one of those states. Maine Insurance Agency can help you determine your needs.