The basics of motorcycle insurance.

Whether you are a recreational motorcyclist or a serious cross-country motorcyclist, it’s important to have the right insurance cover which meets your needs in order to protect yourself while on the road. Most states require motorcyclists to have basic liability insurance but due to the risks associated with riding a motorcycle, it is important to purchase more than just basic liability insurance.

The basics of motorcycle insurance include:

1. Liability coverage

Naturally, this cover includes protection of damage property and bodily injury to the motorist. It ensures you do not pay injury and repair bills for you and others. Despite the fact that It’s not the best option, it’s required.

2. Comprehensive and collision

While liability coverage shields another person’s expenses, collision coverage pays the bills in case of an accident. This policy pays for repair of your bike, riding apparel, helmets etc.

Collision coverage pays for damages to your bike in case of an accident while a comprehensive policy protects your motorcycle in case of theft, fire or vandalism. It comes in when it’s a non-collision incident an example being theft of your motorcycle.

With motorcycle insurance, it is possible to get special coverage which includes:

  1. Personal injury protection which includes physical therapy, psychiatric visits, and other costs regardless of whether you were at fault or not.
  2. Medical payments which cover expenses related to an accident
  3. Replacement value which covers the replacement cost of the motorcycle. It’s considered the original value less depreciation. If you have added any special features to your bike, you should consider upgrading your cover to replacement coverage so that it is not undervalued in case of theft or damages.
  4. Uninsured//underinsured motorist which will protect you in case of an accident with a person who has insufficient insurance cover for damages
  5. Trip interruption which covers any costs or expenses in case your bike breaks down when you’re far from your home until your bike is up and running
  6. Accessory custom parts equipment which will protect your bike against any additional unique parts which you purchased for your bike.

If you are a motorcycle enthusiast looking for coverage, visit us today at NE Arkansas, GTW Insurance for an array of motorcycle insurance coverage. Our team of professionals understand the importance of this cover and know exactly you need.

What to Look for in Renters Insurance

Renters can have a lot of personal property in their homes in NE Arkansas, and it’s necessary to get the proper coverage for those belongings. Many renters are under the assumption that insurance from their landlord will cover personal belongings, but that is not the case. In order to protect belongings and personal items, it’s necessary to have a renters insurance policy that adequately covers everything.

The main thing to look for in a renters insurance policy is adequate coverage for any personal property. This includes anything inside the home, which can be furniture, clothes, and your TV. Keep in mind that anything valuable, like jewelry or expensive art, will need a separate part of the policy. Also be mindful of any limits for expensive property. In order to determine how much coverage you need, do a complete inventory of your possessions. Having this inventory list will be helpful in the event that you need to file a claim. It’s important to note what isn’t covered as well. Policies won’t cover belongings if there is damage by floods, and you will need to purchase separate polices to cover these events. Ask an agent at GTW Insurance to explain what is covered and what is not.

Pay attention to the different coverage types and if it’s for full replacement or actual cash value. Actual cash value will take into account depreciation, so you won’t get as much money for your items, but your premiums are lower.

The second important thing to look for is proper liability coverage. This will protect you if you are sued because someone is injured on your rental property. Many times, people don’t get renters insurance because they think nothing like that will happen to them, but accidents do happen.

Contact GTW Insurance, serving NE Arkansas, for a quote on renters insurance.

Four common misconceptions about life insurance.

Often at times, people keep off from life insurance topics and discussions not knowing how important it is for their family’s well-being when they are gone. With the technicalities and rules revolving around it, it’s important to have proper knowledge which will give you more confidence to make the right decision before purchasing life insurance.

Below are four common misconceptions about life insurance that are mostly misunderstood making individuals stay away from purchasing this product.

1. I have enough insurance at my workplace

In as much as your employer may provide you with life insurance, there are many other factors to consider. Usually, the employer provides insurance equals to 1-2 times your annual salary which might not provide for your family expenses when you are gone.

2. My family won’t need much when I die and they can easily move on

Unless you have made certain provisions to have all the expenses, mortgage and other utilities paid monthly, it might be very difficult for your family to move on smoothly after you die. It is therefore important to have an income need of at least 70% of all your household income catered for before you die.

3. I’m too young and healthy to buy life insurance

Getting a life insurance cover earlier is of great advantage to take care of your future. This is because circumstances could possibly change. In addition, getting a life insurance while healthy and young enables you to to get lower premiums.

4. Life insurance is expensive

Lately, there are a number of options for finding affordable life insurance coverage. Before purchasing a life insurance cover, talking to an insurance agent who will give you various alternatives is important. Often, you can start with an affordable term policy or a combination of both term and permanent policies. There is also an option of being a policy rider which gives you the opportunity to buy coverage but at a future date.

Since every person’s situation is unique, always ensure to make informed decisions when it comes to life insurance. At NE Arkansas, GTW Insurance our insurance agents will be glad to assist with any queries regarding life insurance matters.

 

What Are The Risks If I Don’t Have Commercial Insurance?

If you an owner of a business, finding ways to cut down on costs is always very important. One way that some people try to cut down on the amount of money they spend each month is by cutting out their commercial insurance costs. While this might be able to save you a little bit of money, there are many different risks that are covered by commercial insurance. If you do not have commercial insurance in place, you are running a variety of different risks that you should be aware of.

Liability Risk

One of the biggest risks that you are taking on when you do not get commercial insurance is an increased liability risk. When you have a full commercial insurance policy in place, your liability insurance will be a major part of the policy. If you do not have this type of coverage in place, it could place a significant amount of risk on your company. If you are sued for liability, the loss and legal defense costs could cause a serious setback. 

State Violations

Another risk that you are taking on if you do not have commercial insurance is the risk of state violations. When you own a business in Arkansas, you may be required to carry workers compensation insurance. If you do not have this type of coverage in place, you could end up being penalized by the state. These penalties can include significant financial penalties and even the closing of your business. 

If you are a NE Arkansas business owner, having good commercial insurance in place is very important. Because of this, you should speak with the team at GTW Insurance today. When you speak with the team at GTW Insurance, you will be able to learn more about the benefits of having a good commercial insurance policy.

3 Tips To Keep your Boat Safe This Summer

Your boat is a vessel of freedom for you. Taking it out on the water on the weekends is exactly what you need to unwind from a stressful week. This means you will want to protect your freedom from any potential damages or mishaps. Anything can happen in and out of the water, and you want to ensure that you are prepared for any scenario. Here are 3 ways to keep your boat safe this summer that will give you peace of mind.

Prevent Theft

One of the most common threats any boat owner faces is boat theft. Whether the boat itself or belongings inside of it are stolen, thieves are on the prowl for what you have. Most boat theft incidents happen when they are parked and still attached to your vehicle. Make sure your boat cannot be easily moved when it is parked. Tie it to something secure to avoid it being taken off the trailer hitch.

Avoiding Collisions

Boat collision accidents can cause serious damage. Make sure to be aware of your surroundings at all times to avoid any accidents. Maintain proper speed control to avoid accidentally colliding with other boats and environmental hazards.

Boat Insurance

You will want to have your boat covered with proper insurance before heading onto the water. Not having proper coverage puts your boat at risk. Insurance will help cover repair costs in the event of any accident that occurs on and off the water.

Finding the Right Boat Insurance

GTW Insurance has you covered for all your boat insurance needs. We service the NE Arkansas area and provide professional customer service for all. Don’t take your boat out on the water without the right insurance coverage. Your boat is your freedom, and you don’t want anything to happen to it. Contact us today to schedule your appointment to protect your boat before you take it on the water.

Four Lesser-Known Ways Life Insurance Can Benefit Your Family

Most people know that life insurance can pay for funeral and other final expenses. It can also benefit you and your family in other ways. NE Arkansas, GTW Insurance has put together four of the ways life insurance can help you and your family that a lot of people don’t think about.

Life Insurance Can Pay Estate Taxes

Arkansas doesn’t charge estate or inheritance taxes but other states do. If you inherit property from one of the states that impose estate or inheritance taxes, you could owe them. The Federal estate tax charges 40% after an exemption of $5.7 million which includes property and investments. A life insurance policy can help pay taxes due after your death so your family won’t have to sell your house or other assets.

Help Replace Reverse Mortgage Equity

A lot of people are choosing reverse mortgages to help provide living expenses. If you plan to leave an inheritance and you have a reverse mortgage, a life insurance policy could cover the gap between equity in your home and the inheritance you want to leave. 

Set Up a Special Needs Fund

If you have a family member with special needs who requires care after you’re gone, life insurance can help. You may also have children or grandchildren who want to go to college. Life insurance could reduce or eliminate the need for student loans.

Become a Life Insurance Trust

Life insurance policies can be placed into a trust so that the benefits will be used the way you specify. A life insurance trust can help to ensure the policy provides an inheritance, helps a family member with special needs, or pays for college.

Here at GTW Insurance serving NE Arkansas, we’re always glad to talk to you about how life insurance can meet your family’s needs.

Does Renter’s Insurance Cover Flooding?

If you have never purchased renter’s insurance, or are unsure about the details of the policy, you may have many questions about the scope of the coverage that the policy offers. One of the most common questions about renter’s insurance is whether or not it covers flooding and water damage. Unfortunately, most renter’s insurance policies do not cover damage from flooding. 

Protection From Flooding

If you are renting in an area that is prone to flooding or is near a coastline that has frequent storms, you will have to purchase a separate flood insurance policy in addition to your renter’s insurance policy to give yourself complete coverage from potential losses. Your insurance provider may offer flood insurance policies so inquire about it before making a decision.  Discuss your options with your insurance provider to gain more insight and become a more informed consumer. In most cases, they can offer you protection options that will give you the level of coverage you need. 

Working With Your Agent

Your insurance agent is one of the key elements in getting insurance products that benefit you and protect you from covered events. Discuss the fine print and terms and conditions associated with your policy. An informed agent can explain what is covered and what is not as well as coverage amounts. If you live in or around the NE Arkansas area, GTW Insurance is an excellent option for renter’s insurance coverage. 

For more information on renter’s insurance, call or stop by GTW Insurance. They proudly serve the residents of NE Arkansas. Get the insurance products you need to fit your lifestyle and protect you from the uncertainties of tomorrow. 

What Does Commercial Property Insurance Really Cover?

A NE Arkansas business like yours needs commercial property insurance to ensure the business and the property it’s located on. Ozark culture is unique, and GTW Insurance can keep your local Ozark business operating and successful for years to come, no matter what. (GTW Insurance is a locally owned and operated independent insurance agency in the St. Louis, Missouri, area serving NE Arkansas, as well.) Let’s take a look at what commercial property insurance is and what it covers in the Natural State.

What is Commercial Property Insurance?

Commercial property insurance is a great idea for any business in NE Arkansas. It often goes hand in hand with commercial insurance options for autos, general liability, and workers compensation, all of which GTW Insurance offers in its Business Owner Packages tailored to your business. Give us a call to discuss the commercial insurance package that works best for your business.

What does Commercial Property Insurance Cover in NE Arkansas?

Commercial property insurance ensures your business’ physical assets against fire and explosions; vandalism and theft; burst pipes; and severe weather that may hit NE Arkansas such as severe thunderstorms, hail, lightning, straight-line winds, and tornadoes. (Earthquakes and floods may need to be added to your policy.)  In April 2017, there was deadly flooding in the state and in 2014 the Mayflower/Vilonia Tornado hit. Severe weather can cause serious damage to your commercial property and business, and GTW Insurance can help you stay prepared.

Since commercial property insurance covers your business building, everything in it, and everything just outside of it, you can expect the following items to be covered:

  • Computers, monitors, and devices
  • Exterior signage
  • Furniture
  • Equipment
  • Landscaping and fencing
  • Product and supplies inventory
  • Others’ property

This is great news if you live in an area prone to severe weather and are worried about your business if a disaster occurs. Let GTW Insurance help you find the best commercial property policy for you, and get you started on ensuring your valuable business today.

How to find the right motorcycle insurance

The thrill of riding a motorcycle is one that many individuals crave for; however, before you strap on to your proactive gear, it is considered illegal to ride a motorbike without getting insured. A motorcycle insurance cover aids in returning the bike as well as the rider to full normalcy (or as close as possible to normalcy), in case either is involved in an accident. At NE Arkansas, GTW Insurance riders are advised to get insurance policy packages that provide additional value on their side, by taking into considering issues regarding cost and liability.

  • Costs

Most insurance agencies use four main aspects to determine the cost of your cover namely; rider’s age, the model and make of the motorbike to be insured, bike storage when not in use, and rider’s previous insurance record.

For instance, if you are 18 years, owning a Ducati 848 Evo, kept in public view overnight, and you have been involved in bike-related accidents before your monthly insurance premiums are expected to be high. However, by simply improving on storage from public view overnight to secure garage you are bound to decrease the premiums.

  • Liability

When insuring your motorbike, NE Arkansas, GTW advice to individuals is to always take in consideration the kind of liability most susceptible to them. For instance, collision plan covers all payments damage to your motorcycle, less any deductible outlay. Subsequently, this constitutes to increased compensation in case of any accidents. Riders are also recommended to take into account all liability cover ‘extras’ when searching for the best over.

For example, when taking up Economy coverage most riders only consider the compensation in case of theft. However, some insurances agencies use the economy cover as a third party policy thus covering guest passenger liability or the provision of compensation in the event one is involved in an accident with an individual without any vehicle insurance.

Tornado Season Is Coming: Is Your Commercial Insurance Up To Date?

Living in NE Arkansas can be a great experience for many people. However, tornado season is often dangerous in this area and can be particularly problematic for businesses. That’s why you should contact us at GTW Insurance to learn more about this type of coverage or to buy a policy for your commercial business.

Why Tornado Insurance Is So Critical

Tornado insurance is critical for people in Arkansas because it protects their home and their belongings from destruction. It is particularly essential for businesses because it creates a comprehensive package that keeps you from total loss in many destructive situations.

For example, tornado insurance will help to repair your building if it gets damaged by a tornado. Even better, it will replace your stock and important appliances in your commercial building. Make sure that you fully itemize everything you own to ensure that you get the total coverage you deserve.

Important Issues To Consider When Getting Tornado Insurance

While commercial tornado insurance can protect you, it may not be as efficient as you hoped. That’s why it is important to consider several issues when buying policies. These include:

  • Notice and Proof of Loss
  • Business Interruption
  • Cause of Damage
  • Valuation of Loss
  • Types of Damage Considered Loss
  • Appraisals

Each of these issues can affect how your policy works. For example, you need to note how long your daily business operation was interrupted by the tornado. In this way, you can get money for lost wages and income while you repair your building.

Keeping Your Business Safe

So if you live in NE Arkansas and want to avoid the dangers of serious tornado season, please don’t hesitate to contact us at GTW Insurance. We will work with you to find a coverage type that suits you and which will ensure you properly.