So, you go looking for car insurance.

You think you get a great rate.

You sign up and make a down payment.

Only afterwards you are told your rate jumped through the roof!

Want to know why?
Many insurance companies give you their best price BEFORE they run any driving history and/or credit reports. Based on the report ran AFTER the sale, the price you pay can dramatically INCREASE from the original quote.

Make sure you're comparing apples to apples
If that rate looks too good to be true, check to see if it's for a 6-month or 12-month policy period.

Don’t be fooled. If you want a more accurate auto quote — at the best rate — with the least surprises, ask a fully licensed Connecticut Financial Exchange agent.

See Which Good Driver Discounts You May Qualify For BEFORE You Commit

• At Connecticut Insurance Exchange, we run reports BEFORE giving our best rate to see which good driver discounts you may qualify for
• Because we represent more than 20 A-rated insurance companies (not just one), chances are we can put you with a company that best suits your circumstances
• We save you time and money AND it won’t cost you a penny more

Get a surprisingly-affordable-without-big-surprises auto insurance quote from Connecticut Financial Exchange and see how many discounts you qualify for. (Remember to ask us about home insurance, umbrella, pet insurance, wedding and travel insurance, life insurance, too).

There’s nothing like purchasing a new vehicle. In fact, many people love them so much they even name them! But, they don’t love the fact that the value of their new ride drops as soon as it is driven off the showroom lot.

If you suffer a total loss, you may find you owe more on the remainder of your loan or lease than the settlement payout from your insurance policy. That’s because the amount outstanding may exceed the vehicle’s Actual Cash Value (ACV). In other words, there’s a “gap” between how much you owe on your vehicle and how much you’ll be reimbursed for it.

That’s Where Gap Coverage Comes In
Gap Coverage is an endorsement that is added to an auto policy. It would provide payment to the insured for the difference between the damage of the automobile and the amount still owed on it.

If you purchased your new vehicle with a loan, check with your Connecticut Financial Exchange agent about adding Gap Coverage. You’ll find in almost all cases, gap coverage is far less expensive from us than from a dealership. Here’s why — not only can the dealership’s price be much higher, it gets added to the loan agreement so you would pay interest on it as well.

What You Need to Know About Gap Coverage…

• It is typically only available for new private passenger autos, pickup, or vans
• It must be requested within 30 days of purchasing your new vehicle
• It is not automatically included in loan agreements
• Most often, it is automatically included in a leased vehicle agreement
• It does not cover things like overdue payments, extended warranties, credit life insurance, or carryover balances from previous loans or leases

So, before you sign on the dotted line, contact your Connecticut Financial Exchange agent and ask about low-cost Gap Coverage for your new vehicle today.

In the aftermath of a major storm, many insureds will need to hire contractors. Sadly, scammers target families at their most vulnerable times — when work needs to be performed quickly.

Before you commit to any home repair, here are some steps to help determine if your contractor is legitimate.

• Check references
• Get quotes from more than one contractor
• See that they are adequately insured if a worker is injured on the job. If not, then you may be held liable. Ask for a current copy of the contractor's worker’s compensation and liability insurance policies and verify that they are active.
• See if the contractor has the proper credentials for the work they will perform, by visiting the Connecticut Department of Consumer Protection (DCP) at www.elicense.ct.gov
• If someone is performing tree trimming or related work, they must have an Arborist License through the Department of Energy and Environmental Protection (DEEP).

The State of Connecticut Insurance Department has put out a Fraud Alert Bulletin with the Following Suggestions

Avoid doing business with any person or entity that:

• Requires that you pay in cash, by wire transfer, or in any form of untraceable payment;
• Refuses to offer you a contract in writing (contracts are required by law in the State of Connecticut);
• Offers you an incredibly low cost for work that needs to be completed, under the condition that you commit immediately;
• Knocks on your door, or otherwise solicits business specifically from you (instead of you going to them);
• Doesn’t provide references; and
• Will not provide proof of their credentials.

 Excerpted from CT Department of Insurance Consumer Alert
Click here to read the full bulletin.

Consumers have lots of choices when it comes to looking for insurance:

• Online do-it-yourself (no agent);
• Direct company agents (represent only one company); and
• Independent Agents (represent multiple insurance companies).

So, what are the benefits of working with an Independent Agent? Studies show buyers appreciate how Independent Agents…

• Respond quickly when you have a question or need
• Ensure the most comprehensive coverage for a good price
• Share knowledge and expertise
• Identify and offer important policy options buyers may not be aware of
• Save buyers time from having to research and compare options
• Assist with processing a claim, if there is one

The biggest advantage to using an independent agent is they get to know you and your needs. As you grow your family, make life or professional changes, or have questions, your independent agent is there to help you.

Contact Connecticut Financial Exchange today to put the value of an Independent Agent to work for you!.

Did you know, not all water damage losses are covered by the homeowners policy? These losses can be very expensive. But, there are ways you can safeguard your home from water damage losses. Here are a few areas of your home to consider:

• Check your home’s drainage system to see if proper water drainage occurs. EXAMPLE: gutter downspouts should extend the proper distance from the foundation. Keep gutters clear of debris so water can drain properly.
• Is your yard properly graded to slope away from the home to allow surface water to adequately drain?
• If your basement is vulnerable to water collection, consider installing a sump pump system to keep unwanted water out of this part of your home.
• Washing machine hose failures cause millions of dollars of water losses each year. Check hoses periodically and replace at the first sign of wear. When replacing, many insurance adjusters recommend upgrading to the heavy-duty wire mesh or stainless steel hoses.
  

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Based on a study by the National Center for Injury Prevention and Control, dog bites cause over 800,000 injuries requiring immediate medical attention each year in the U.S. If your dog bites someone, you can be held legally liable. Fortunately, this loss is normally covered under your homeowner's policy. But, what if you can take steps to HELP PREVENT or reduce the chances of dog bites?

Ponder these suggestions:

• Carefully consider the breed when choosing a dog since some breeds can be more aggressive than others. A veterinarian can help you decide which breeds best suit your lifestyle. Also note: some insurers may not insure all breeds, so check your insurance policy for limitations.
  
• You may want to spay or neuter you dog since this often decreases aggressive tendencies.
• Socialize your dog from an early age to encourage and foster appropriate behavior.
  
• Never leave dogs alone with small children.
• Avoid playing aggressive games like tug-of-war with your puppy or dog.
• Do not place your dog in a situation where it can be teased or feel threatened.
• Train your dog to obey commands.

Another loss exposure to consider.
You may face liability claims if your dog gets out in the road and causes or contributes to an auto accident. Homeowners can be sued for violation of leash ordinances by allowing their dog to "run at large." Use a well-maintained and sturdy fence or other safeguards to reduce this exposure.

Sadly, National Highway Traffic Safety Administration (NHTSA) data shows there are more than 6 million police-reported automobile accidents annually — that's one accident in every five seconds. On average, one person is injured in one of these crashes every 10 seconds and one person is killed every 12 minutes.  A large percentage of these auto accident deaths happen on our nation's highways because of the higher rates of speed.

But there IS good news! When you practice safe driving habits, you help reduce the chance of having a highway accident.

How many of these tips do you incorporate into your highway diving?

• When merging onto a highway, you should be at average traffic speed
  
• If drivers are entering the highway and you are traveling in the right lane where they enter, move to the left lane; if that's not possible, then slow down to allow them to enter traffic
  
• The faster the speed, the more distance you need, so put plenty of distance between you and other vehicles. Many experts advocate the two-second rule, which means start counting when you see the vehicle ahead of you pass a fixed object, then count, "one-thousand one, one-thousand two." If you reach the fixed object before "two," then you are following too closely
  
• Try to maintain average traffic speed — vehicles going much slower or faster are at greater risk of having an accident, and — of course — use common sense regarding posted speed laws
• Use extra caution when driving at night or in bad weather; adapt your driving to roadway conditions
  
• Avoid sudden moves since it does not allow other drivers time to react
• Continuously scan the roadway ahead of you for signs of trouble, like construction and traffic slowdowns
• Be aware of other drivers around you, particularly those beside you or slightly to the rear; and remember semi-tractor trailers and big trucks take a longer time to break than a car, so use caution
  
• Make sure your rearview mirrors are properly adjusted before you drive
• If you're driving long distances, take a break every few hours as reaction time and overall driving skills decline as you get tired
  
• When exiting the highway, begin to signal well in advance and do not significantly slow down until you start to turn off the highway

Safe driving!

Not all auto insurance policies are the same. Types of coverage vary. So does the amount of coverage.

Ask yourself — Do I have the right coverage? That’s why it’s important to understand what is available and how much of it you need in order to get you back to where you were before your auto accident.

Here’s a breakdown of the five parts of an auto policy
Coverage for the other party:
1. Liability — provides coverage for the other party if you are responsible for the accident.

Coverage for you:
2. Other Than Collision (OTC) or Comprehensive — provides payment for the loss or damage to the policyholder’s vehicle caused by something other than collision such as:

• Fire
• Damage caused by severe weather events such as hailstorms, hurricanes, lightening, tornadoes, etc.
• Animal collision
• Flood
• Vandalism or riots
• Stolen vehicles

 
Although optional, Comprehensive Coverage is most likely mandatory by your lender if your vehicle is leased or still financed.

3. Collision — provides coverage for your insured vehicle if it is physically damaged due to colliding with another vehicle or object, or if the vehicle is overturned.

4. Uninsured/Underinsured Motorist — reimburses the policyholder, covered family member or your passengers for bodily injury if they are the victim of an accident caused by a hit-and-run. It also covers the same if a driver who doesn’t have any insurance (uninsured motorist) or a driver who doesn’t have high enough limits to cover the damages or injuries (under insured motorist).

5. Medical Payments — Covers costs for the treatment of injuries to the driver, passengers or struck pedestrians/bicyclists of the policyholder’s vehicle no matter who is at fault, up to the limit of coverage. It also covers ambulance transportation, which is NOT covered under an auto policy.

The takeaway
Choose coverage(s) based on your circumstances, the vehicle use and its age. Then, choose your deductible, which is the amount you pay before the policy reimburses you for your claim.
Ask a Connecticut Financial Exchange licensed agent to help you choose the best options for your situation. They're here to help and it won't cost you a penny more for their expertise!

Auto Policy Tips

• The higher the deductible, the lower the premium
• Review your auto policy coverage when circumstances change such as buying a new car, adding a new driver, or buying a new home

You should also consider adding a personal umbrella policy to cover your assets when your auto policy coverage reaches its limits.

An umbrella policy works like this:
Let’s say you're at fault in a car accident that injures another driver. The other driver’s injuries are severe and cost $450,000. Your automobile insurance will cover the other driver up to the limit of your policy (let’s say that amount is $300,000), minus your deductible. Without an umbrella policy, you would be liable to pay the $150,000 difference out of your own pocket, but the umbrella policy would cover you for the difference up to the limits of its policy (usually $1,000,000).

No. A financial credit score factors in your payment history, the amount of credit you owe, the length of your credit history, the types of credit you have and the amount of credit for which you apply. On the other hand, an insurance score is a three-digit number used to estimate the likelihood of you filing a claim. Your insurance score is a combination of your credit score and your insurance claims history.

Insurance companies began incorporating financial credit scores a few years ago, because studies have shown people with a lower credit score have a greater chance of having more claims than those with a higher credit score.

Just like credit scores from companies Experian, TransUnion and Equfiax may be similar but not the same,  insurance scores differ as well because no two insurance companies use the exact same method to calculate your score. Some may also include information of other policyholders with similar traits to yours. Because Connecticut Financial Exchange represents over 20 A+ rated insurance companies, we are able to match you with the best company in light of your credit score. So, having a low score is not necessarily a deal killer — having a good driving record and minimizing homeowner risks matter.

Want to improve your insurance score? Check out these tips:

For your auto

• Drive safely and avoid moving violations
• If possible, keep your car garaged or covered to avoid weather-related damage
• Tire traction matters — replace worn out tires, especially in the winter

For your home

• Discourage burglars by leaving a light on when not home; Better yet, install a security system
• Install smoke detectors and keep a fire extinguisher handy, especially in the kitchen
• Before a big storm, put away toys and tools, and secure patio furniture
• Keep your walkways, driveway and steps free of ice and anything that can cause slips and falls

 For your credit score

• Pay your bills in time
• Reduce the balances on the credit you owe

A borrower who has a good mix of secured credit (such as a home or car) and unsecured credit (credit cards) scores better than someone who has only credit cards

The warm weather's here and summer is just around the corner! So, it's a good time to take a tour around your property for a safety inspection.

Here are a few things you can do to keep your family and guests safe this summer.

1. Check your outdoor equipment such as swing sets for sharp edges, rusty bolts and loose parts, and repair or replace if needed.
2. Digging up the yard by planting a tree, starting a garden, putting in a fence or sprinkler system, or having other excavation work done? Think safety first! Always contact CBYD online or by phone at 811 before you start digging so your underground utilities are located and marked. It's free!
3. Avoid grill grease fires and flashbacks by keeping your grill clean (especially the grease trap) and burner tubes where small insects may have made their home, which can block the flow of fuel. Learn more about gas grill fire safety from Travelers.
4. Going on vacation? Don't broadcast your plans on social media! You're not only telling your friends, but you're informing thieves who are waiting for an easy target like an unoccupied home. Wait until you return to post images and videos of your fun.
5. Don't invite crime by leaving bicycles and scooters out on your lawn for thieves to steal. Put your toys away when not in use.
6. Mosquitoes carry a number of diseases, including the Zika virus. One way to keep those nasty pests away is to eliminate standing water around your home, especially after a rainstorm.

SIDE NOTE:  If you have a contractor perform work in or around your home, be aware of the risks: the contractor or their workers could get injured on the job or damage your property. If they are not insured, you may be liable. Ask for a certificate of insurance, to confirm the contractor has insurance. If they have employees (as opposed to sub-contractors), check to see if they have Workers' Comp as well.

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