Important terms to understand when choosing health insurance

Health insurance is something that everyone needs to have but it is one of the most confusing types of insurance. You will be asked to choose a policy to cover your healthcare needs and in some cases, it will seem like you are comparing apples and oranges. How can you make an informed choice when things are so different from one carrier to another?  You need to understand exactly what some of the insurance terms mean and by talking to the experienced team at  San Marcos Insurance Group in Chandler, AZ you can feel more confident with your decision. 

In order to choose the healthcare policy that makes the most sense for you, comparing copays, deductibles, networks, and formularies is important. Knowledge is power and knowledge will help you make the best decision for you. 

Copay

A copay is the portion of a medical expense that is your portion to pay. It can be a percentage or it may be a set amount. Examples are the amount you pay when you visit your doctor or the amount they ask upfront when you go in for blood work or Xrays. 

Deductible

The deductible is the amount of money you must pay before your policy goes into effect. High deductible policies are popular because they are less expensive but the reality is that if you don’t meet the deductible very few if any expenses will be paid. 

Formulary

This is the list of drugs that are covered under a plan. Drugs are assigned to a tier and each tier has a copay and some may also have a deductible. You should check which tier any drugs you take fall into. 

Network

These are the doctors and health facilities that you may use for coverage on your plan. Checking to make sure your personal doctor is in Network is something to do before signing on the dotted line. 

Call the San Marcos Insurance Group in Chandler, AZ to make an appointment to discuss your health insurance needs. 

Auto Insurance Facts vs Myths

Before purchasing auto insurance in Chandler, AZ, make sure you know the facts. Auto insurance myths could cause you to make costly mistakes in choosing your coverage. At San Marcos Insurance Group, we’ll help you separate fact from myth to ensure you get the protection you need without wasting money.  

Myth: You Only Need Minimum Liability Coverage

Fact: Arizona requires that you have minimum auto liability coverage to protect others in accidents you cause. Liability insurance, however, won’t protect you against theft or cover repair costs to your vehicle if it’s damaged in a crash. By adding collision, comprehensive and uninsured motorist coverage to your policy, you’ll receive greater protection against accidents, which could save you thousands of dollars in repairs out of pocket. 

Myth: Men pay higher auto insurance rates than women.

Fact: This may be true for young men and teens as they’re often viewed as a greater risk for accidents. In general, however, gender has little bearing on auto premium costs. Your driving experience, driving record and credit rating, however, could affect the cost of your auto coverage.  

Myth: If a friend or relative borrows your car and causes an accident, he or she is responsible for damages.

Fact: Car insurance follows the car, not the driver. If you give people permission to drive your car and they cause an accident, your auto insurer is responsible for covering the cost of damages.

Myth: Rental car expenses are automatically covered in auto policies in Chandler, AZ.

Fact: If you want your insurer to pay for a rental vehicle while your car is being repaired after an accident, you have to add it to your coverage. It isn’t automatically included in your policy.   

For quality auto coverage at affordable costs, contact San Marcos Insurance Group today.

When Is The Time To Increase Commercial Insurance?

San Marcos Insurance Group helps protect business owners in  Chandler, AZ with a variety of insurance services including commercial insurance. Most businesses would not dream of not having basic commercial coverage but sometimes insurance upgrades get overlooked as a business grows. 

It May Be a Good Idea to Increase Your Commercial Insurance Coverage When:

  • You hire more employees. There is a threshold that varies by state and type of business but each time you add another employee to your typical number of staff you should consider increasing your commercial insurance, and in many cases, it is required.
  • You add a location or change locations. Even if your business is running exactly the same in your new location there may be insurance considerations you need to take into account for the new location to make sure you are fully protected. In some cases, your premiums may actually decrease if the area is in a better location. 
  • You add to your services. Are you providing a whole new service within your existing company? There are many situations where your additional service may need better coverage so any risk increase is negated with protection. One instance would be if you are a restaurant that adds delivery to your service, you may want to add a line to protect your drivers in particular. 

Contact us at San Marcos Insurance Group if you would like to discuss your commercial insurance and the particulars of your coverage for your company. We serve Chandler, AZ and the surrounding areas with quality insurance services. Do not leave your company under-protected, call us to keep your insurance policy up to date with all your growth. 

I Quit Smoking, How Do I Get Lower Life Insurance Premiums?

Your life insurance provider would rather you not smoke, and you can generally expect a lower premium if you quit, but the lower premium won’t kick in overnight. Your insurer wants to make absolutely certain that you’re not smoking anymore, so there are a few provisions to getting your lower premiums:

  • Most insurers won’t offer lower premiums until you’ve been a non-smoker for twelve months.
  • In order to keep your lower rates, you need to remain a non-smoker for two years. If you start up again, your premiums will go up.
  • Your insurer may offer a few exceptions. Some life insurance providers will allow you to smoke up to four cigars a year or enjoy the occasional pipe without classifying you as a smoker.

It’s a good idea to call your insurer when you first start quitting, and again once a year is up. If you tell your insurer that you quit smoking, some insurers will have you undergo a test, while others may take your word for it, but if nicotine turns up in your next physical, you could be looking at charges of insurance fraud, so honesty is the best policy here.

Because being reclassified by your insurer can be so difficult, many life insurance buyers in Chandler, AZ will choose to simply switch providers rather than jump through all of the hoops with their current life insurance company.

If you are in Chandler, AZ, and shopping around for a new life insurance provider, we’d recommend giving San Marcos Insurance Group a call. San Marcos Insurance Group can get you the life insurance coverage that you need in order to take care of yourself and your family.

Will My Home Insurance Cover Water Damage from a Burst Pipe?

The agents of San Marcos Insurance Group offer Chandler, AZ residents a variety of options when it comes to home insurance. They are able to work with you to ensure that you have the amount of coverage you need to protect your home and family from financial loss in the event of an emergency.  Arizona’s high temperatures can wreak havoc on your home’s plumbing. While it’s essential to keep your plumbing in good working order, a burst pipe can happen and will wreak havoc on your home. 

Water Damage

Water damage inside your home can lead to black mold and the deterioration of the structure of your home. If a burst pipe is caught early enough, it can reduce the extent of your damage and will keep your remodeling costs low.  If the damage is minimal, you may be able to cover the cost without filing an insurance claim. When the damage is extensive, however, filing a claim may be the only way to sufficiently cover the cost of the remodel.

Repairs

Making the necessary repairs to your plumbing can be costly. It’s important to find the cause of the burst pipe so you can repair everything that may be damaged or broken. It is in your best interest to hire a plumbing contractor to come in and thoroughly inspect your system.

In Chandler, AZ, the agents of San Marcos Insurance Group work with their clients to ensure that they have the home insurance they need. If you are concerned about the condition of your home, have it inspected and then go over your insurance policy with your agent. It will give you the peace of mind you need!

Benefits to Bundling Your Auto Insurance with Other Types of Insurance You Need

Is it worthwhile to bundle insurance policies? There is evidence that this is ideal for most people to do. If you’re in the Chandler, AZ area and want to find out if this would be a beneficial move, an agent from San Marcos Insurance Group can assist you.

Bundling Is Popular

There are relatively few insurance agencies that stick to one type of insurance. If a young adult goes to an agency, chances are high that they require more than one of them. The best part is that most companies will give you a great discount if you bundle. Home and auto insurance are among the most popular policies to put together like this.

Saving Time and Energy

You’ll get to save time and energy when you go through one company for different types of policies. You won’t have to research and meet with several people at different agencies if one offers all that you need. There also may be a unique product tiers available if you get an insurance bundle.

Risky Protection

If you already have a policy with a company, they’re more likely to consider your risky situation for an auto or home policy. They’ll want to give you coverage if you’ve been a loyal customer for a while and won’t want to lose out on having you as a customer. Of course, there are limitations to this, such as anything that is against the law in your state.

If you want auto insurance and also are thinking about switching over to a new company for your home insurance policy or have a new home for which you need a policy, talk to us at San Marcos Insurance Group. We’ve been serving the Chandler, AZ area and would love to help you find just the right insurance to meet your needs.

Do Classic Cars Need Full Coverage Auto Insurance?

Getting the right auto coverage can be tricky in some cases, especially those involving a classic car. Some classic cars are categorized as investments and increase in value over time, which would require a special type of auto insurance designed specifically for classic cars. Those classic cars not fully restored or in less than perfect shape may rely on regular auto insurance. To determine which scenario fits, consult with an insurance agent.

Classic Car and Basic Auto Insurance

Classic Car insurance and regular auto insurance are very different. When it comes to classic car insurance, usually to amount of coverage is based on an appraisal by a qualified representative. If there is a claim the face value of the policy is paid in full. For regular auto insurance, the claim is based on damage assessments that may only pay the maximum claim amount if the vehicle is totaled. Those who have restored vehicles with substantial value should speak with an agent about classic car auto insurance. Those who have classic cars that aren’t restored may do better with a standard auto insurance policy. 

The Benefits of Working With an Agent

Navigating the world of insurance coverage without a professional to turn to for assistance can prove risky. Especially if there is a need for insurance in an uncommon situation such as covering a classic automobile. Those who are in the market for coverage for a classic vehicle should consult with San Marcos Insurance Group, serving Chandler, AZ. They have the insight and skill to recommend high-quality auto insurance products that provide comprehensive coverage for classic cars. 

Don’t risk selecting insurance for a classic vehicle without professional assistance. Call or stop by San Marcos Insurance Group serving Chandler, AZ to find out more about available options. 

When Should Health Insurance Have A Lower Deductible

Selecting the right type and amount of health coverage can pose a challenge. The best way to determine which options work best for each situation, consult a knowledgeable health insurance provider or an insurance agent. They can outline the current need and explain which instances require a lower deductible.

Frequent Health Needs

Those who have a chronic health condition, or have a job that poses a high risk for injuries will need comprehensive health insurance with lower co-pays and deductibles. This means that premiums will be higher, but it will reduce the burden over the course of time. In cases, where there is only the occasional need for emergency attention or regular healthcare, the lower deductible option may work best. The easier way to discern is to work with an insurance agency with a good reputation that is established in the community.

The Right Guidance

The right type of guidance can help prevent issues when the need for medical attention arises. A good insurance provider will have licensed agents who have experience helping customers get the coverage they need to prevent losses and help get the medical attention they need right away. Those who are currently in the market for quality health insurance should consult with San Marcos Insurance Group to find out more about their options. They are proud to offer the residents of Chandler, AZ insurance coverage that can offer complete protection when they need it.

Health insurance selection is easier and precise with the help of a licensed insurance agent. For answers to health insurance-related questions and additional general information, call or stop by San Marcos Insurance Group, serving Chandler, AZ. 

How much life insurance is enough?

Life insurance is something that just about everyone needs but very few understand. It is not easy to talk about and you may feel awkward even speaking to your spouse about the amount of life insurance that you need to protect each other. At San Marcos Insurance Group we want to make talking about life insurance in Chandler, AZ easy and comfortable for all of our customers. 

So where do you begin determining how much life insurance is enough?  You answer some simple questions. 

Who is dependent on you?   Do you have a spouse, children, aging parents? 

How long will you need to support them? Are your children young, college-age or somewhere in between? How long would you need to support your spouse?

Do you have debt? Most people have a mortgage, car payments, student loans, credit card debt and more. 

Have you taken care of your final expenses? 

Once you have answered these questions you will be in a better position to determine how much life insurance is enough. Financial experts recommend that you have at least ten times your annual income in life insurance. You may not need to buy this entire amount on your own.  You may get life insurance as a benefit from your employer. 

Once you have come up with a figure that makes sense in your particular case you need to determine the type of life insurance that you can afford. Whole life is the most costly but it offers long term advantages. With a young family and the potential for a long time of dependency if you should die unexpectedly and at a younger age, term life is probably the best option. 

How much life insurance you need is a very personal figure. It is different for everyone and it will change during your lifetime. Talking with the agents at San Marcos Insurance Group in Chandler, AZ is a great way to come up with not only an amount but the best way to reach your goal. Why not give us a call or stop by, your dependents will be glad you did. 

When is Commercial Insurance Required for a Chandler Business

Chandler, AZ is a great city that provides a lot of opportunities for all people. This includes small businesses that can take advantage of the favorable location and local amenities. If you are going to start a company in Chandler, you need to consider your insurance needs. There are several situations when you will be required to carry commercial insurance. 

When You Have a Loan or Investor

One situation when someone in Chandler, AZ is going to need to have commercial insurance is when they take out a loan. Running a business can be risky and any stakeholder that is involved will want to mitigate these risks as much as possible. This will require any formal investor or bank that provides you with capital, each of which are going to require that you have a full commercial insurance policy to protect your assets and against the risk of liability. 

Companies Have Employees

Another situation where it will be required for you to have commercial insurance is when you have employees. No matter what type of job they do, there is always a risk that someone could be hurt while working for you. To mitigate this risk, all businesses should get workers compensation as part of their commercial insurance package. In fact, in Arizona, you are required by law to carry this coverage for your staff. 

There are a lot of situations when having commercial insurance is a necessity for a company. If you need to have this insurance for your company, you should call the San Marcos Insurance Group. The team at the San Marcos Insurance Group can review your full company profile and information to determine what type of insurance you should get. This will ensure you stay fully compliant with this requirement.