Electric vs Gas-Powered Cars

Forbes Advisor compared hypothetical annual insurance costs on electric versus gas-powered vehicles. Check out their findings in this image!

These rates were determined using a hypothetical female driver with a clean record getting the following coverages:

  • $100,000 in bodily injury liability per person
  • $300,000 per accident
  • $100,000 in property damage liability
  • Collision coverage
  • Comprehensive coverage
  • Uninsured motorist coverage
  • Any other coverage required in the state
  • $500 deductible

Read more about Forbes Advisor’s findings here.

So, electric vehicles are great for the planet and will save you gas money. But, electric vehicles may not save you insurance money. Why? Because the repair and replacement costs for electric vehicles are higher than that of gas-powered vehicles.

However, the other factors that go into determining your insurance premium are still relevant too! These includes age, driving and claims history, and coverage levels, to name a few.

If you want an electric vehicle, you don’t have to let the insurance cost change your mind! Simply give us a call or send us a message and we’ll help to get your rate as low as possible without sacrificing your coverages.

Wedding Insurance?

Did you know you can insure your big day?! 💒🍾

We know firsthand how much time, effort, emotion, and money goes into planning a wedding. And if there is anything we learned from COVID, it is to always have a back-up plan. That is why we are thrilled to be able to write our clients wedding insurance policies!

Wedding insurance covers any potential mishaps on the wedding weekend. These include:

💒 Cancellation or postponement

💒 Extreme weather

💒 Vendor no-shows

💒 Injury or sickness

💒 Damage to gifts

💒 Special attire and jewelry

💒 Wedding photos and videos

And more!

The best part? There is no deductible for these reimbursements!

You can purchase your plan as early as two years ahead of time or just a few days before, although we advise getting it sooner rather than later.

Your wedding is a big investment. A wedding protector plan will help protect those memories that will last a lifetime.

Give us a call or send us an email if you’d like a quote. We’d love to help make your big day as special and stress free as possible!

How does COLOR affect a car’s value?

Mythbuster: the color of your car does NOT affect its insurance premium! It can, however, greatly impact its resale value.

A recent study by iSeeCars compared the Manufacturer’s Suggested Retail Prices (MSRP) of more than 650,000 recently sold 3-year-old used vehicles. Here are some highlights from their findings:

🛞 The average depreciation rate of a car is 15%.

🛞 Bold colors tend to hold their color best, so their value depreciates very little. For example, yellow cars only depreciated an average of 4.5% over three years! “Yellow is among the least popular car colors with the lowest vehicle share and is commonly a color for sports cars and other low-volume vehicles that hold their value relatively well,” said iSeeCars Executive Analyst Karl Brauer. “Because yellow vehicles are so novel in the secondhand marketplace, people are willing to pay a premium for them.”

🛞 More “neutral” colored cars tend to depreciate in value more quickly, with brown having the worst rate of 17.8%. Brauer explains, “If a color doesn’t resonate with enough used car shoppers it will hurt resale value, even if it’s uncommon.”

More here.

Whether you are buying a new car or planning reselling your current car, be sure to carefully consider its color!

Bicycle insurance?

No matter where the location, biking is a family affair!

If you live in Greater Boston, you know firsthand how popular bicycles are! The number of protected bike lanes is rapidly increasing, as are the number of bike rental stations. For some, biking is way more than a hobby — it is a lifestyle, and their go-to means of transportation.

Whether you are a casual biker or a bike-commuter, it is important to understand how your bicycle may be, or may not be, insured. The key is your homeowners policy.

🚲 Your bicycle is covered under the personal property section of your home, condo, or renters policy. How? Well, if your bike is stolen or damaged, you’ll be reimbursed by your insurance company for it, after you pay the deductible. Therefore, it is essential to save receipts for any bicycle-related equipment you buy. Receipts will speed up claims processing. Plus, it should guarantee that you are accurately compensated if there is a loss.

🚲 Your homeowners or renters policy also provides coverage if you cause harm to someone else or their property in an accident. If the injured party decides to sue, you will be covered up to the liability limits of your policy. We will be happy to offer some guidance if you aren’t sure if your liability coverage is adequate or what your risk looks like.

🚲 If you’ve invested into an expensive, high-end bicycle, you may want to call your agent (us) to see if you need an additional endorsement.

More bicycle safety tips here.

No matter how or where you bike, don’t forget that helmet!

What is the “average” cost of auto insurance?

The cost of auto insurance, like all other lines of insurance, is increasing countrywide. The most recent stats from the National Association of Insurance Commissioners show that the average auto insurance expenditure rose 1% to $1,070.47 in 2019 from $1,059.41 in 2018. This means it is even more important to understand your auto policy’s coverages, discounts, how your premium compares to the “average”, and why it stacks the way it does.

A 2021 AAA study found that the average cost to own and operate a 2021 model vehicle was $9,666 when the vehicle is driven 15,000 miles per year. The study also found that the average insurance cost for all vehicles, including pickups and hybrid and electric vehicles, was $1,342. The average insurance cost for medium sedans was $1,403, compared with $1,296 for a medium SUV.

But before you rush to compare these rates to your own, keep in mind that these cost estimates were based on specific parameters! The following coverage rates were used: $100K/$300K personal liability, $25K medical, $100K property, and $25K/$50K uninsured/underinsured motorist coverage, with a $500 deductible for collision and comprehensive claims. While these rates are pretty typical, yours may be higher or lower based on your specific needs.

Additionally, this average cost was analyzed for drivers under 65 years of age, with over six years of driving experience, no accidents, and living in a suburban/urban location. If you don’t fit those parameters, this may not be the most accurate comparison for you to consider. For example, young city drivers with some points on their license will likely have a higher average cost.

In conclusion, the “average” cost of owning and operating a vehicle is tricky to determine since there are so many variables. Your Smoller Insurance team will always provide you with the most updated facts and stats to help guide your understanding of your own auto needs. 🛻

If you’d like to search for a lower auto rate, give us a call at 617-965-1830 or email info@smollerinsurance.com.

Celebrating Women’s History Month!

Pictured above are a few of the fabulous women on our team: our Director of Personal Lines, Danielle, and CSRs Erica and Taryn.

We know March is about to end, but it is never too late to celebrate the accomplishments of women! Since 1981, March has been dedicated to empowering women and celebrating their contributions to society.

Women are integral to the world of business. In fact, according to the Insurance Information Institute, women comprised 58.9% of the insurance industry in 2021. In fact, women have comprised about 60% of the insurance workforce every year for the last decade. The same applies to independent agencies: women also make up nearly 60% of insurance agency employees, according to data gathered by Liberty Mutual. Compare this to only 47% of the U.S. workforce being female!

Perhaps the reason so many women thrive working in insurance is its flexibility. 80% of women in insurance said their job allows them to balance their personal life and work.

Learn more about women working in insurance here.

Here at Smoller Insurance, we are especially proud of the women on our team! Did you know a large majority of our team are women? Get to know our team here. 😊

How are you uplifting the women in your life this Women’s History Month?

Working from Home WORKS!

Did you know that many of Smoller Insurance’s team members work partially or entirely from home? Here are a few of our employees’ at-home desk set-ups.

Since 2009, the number of people who work from home in the USA has risen by 159%, due to both the pandemic and technology’s rapid advancement. Remote work looks like it is here to stay. Here’s why:

Studies indicate that working from home has many benefits. According to a survey from Global Workplace Analytics, 97% of office workers in the U.S. have worked from home, at least partially, during the pandemic. Of that 97%, 67% had never worked from home regularly before.

73% said they are very successful working from home and that they perform as well as they do in the office. 70% of managers agree, reporting equal or improved performance from their employees.

However, there is a consensus that collaboration is more efficient in person. Moving forward, workers say that their ideal work week would include an average of 2.5 days remote.

The full results from this fascinating survey can be found here.

At Smoller Insurance Agency, we value the flexibility, freedom, and comfort our hybrid model offers. And don’t worry — we guarantee our service is still just as excellent. 😉

Pet-proofing your holiday home

Are your holiday decorations pet-proofed? Everyone deserves a happy and healthy holiday season, even your furry friends. Here’s our holiday gift to you: a few tips to keep the whole family safe this December!

🎄 Broken ornaments can be a choking hazard and cut your pets’ paws and/or mouth. So, if you have a Christmas tree, place fragile ornaments towards the top of the tree and plastic or fabric ones towards the bottom.

🎁 Skip the tinsel if you have a cat. Tinsel can severely damage a cat’s intestinal tract and even prove deadly if ingested.

🎄 Ribbons or strings on presents or decorations can be a choking hazard for curious pets, so tuck those loose ends away.

🎁 Electrical cords can easily become a chew toy for puppies and playful pups. Run the cords through PVC pipe or an extra cardboard roll of wrapping paper, or simply tuck them away to protect your furry friends from an accidental electrical shock.

🎄 While chocolate may be a holiday staple for people, it is toxic for cats and dogs, so desserts should be securely stored away. If you want to include your pets in your holiday snacking traditions, consider special pet-friendly treats!

🎁 Poinsettias, holly, mistletoe, hibiscus, and potpourri are very dangerous if consumed by a cat or dog. Place those plants far out of your pets’ reach or use fake plants.

🎄 Many snowglobes contain ethylene glycol (antifreeze) which is highly toxic, and even fatal, to all pets. Keep your snowglobes in a very safe location so they don’t run the risk of breaking.

More tips here!

How to Prevent Frozen Pipes this Winter

According to Travelers homeowners claims spanning the last five years, non-weather water damage is the most common homeowners claim in both the fall and winter!

Burst pipes can cause devastating and expensive damage. Here are some tips on preparing your plumbing system for plummeting temperatures this winter.

• Drain and disconnect all hoses, and turn off the water to outside spigots during the winter. Even if this outdoor water freezes, it can increase the pressure of the pipes inside your home.

• Add insulation to outside walls that contain pipes. These walls can get much colder than indoor walls. If they feel cold or are showing signs of damage, try re-insulating or using spray foam.

• If you have a guest or pool house, or have a home with multiple heating zones, be sure to keep them all at at least 65 degrees.

• Try adding snap-on insulation or a heated plumbing tape/cable to pipes that are routed through unheated areas like attics, crawl spaces, and garages.

• If you’re especially considered, consider smart technology! This way, you can control your thermostats remotely, be alerted to freezing temperatures, and even have the water automatically shut off if a leak happens.

In the worst case scenario, your homeowners policy will cover water damage from burst pipes. Give us a call or send us an email if you want to check on your coverage amounts!

Debunking Umbrella Insurance ☂️

You may have clicked this wondering: “What even is umbrella insurance?”

Quite simply, umbrella insurance provides extra liability coverage beyond what your other policies cover. If a serious and unexpected event were to occur, your umbrella insurance offers you an extra level of financial protection, the same way an umbrella guarantees you extra protection from the weather!

Let’s break down some myths behind umbrella insurance:

1. “Umbrella insurance isn’t affordable. “

False! According to the Insurance Information Institute, an umbrella policy with $1,000,00 coverage costs about $150-300 annually. That is less than a dollar a day!

2. “Umbrellas are only for billionaires!”

In 2021, this is not the case. It remains true that many people with umbrella policies have a substantial amount of assets and/or savings or work in the spotlight. However, unexpected events can happen to anyone and can cost the negligent party thousands, or even millions, in a court.

3. “My auto and home policies will cover me.”

This depends on the situation. For example, if you have $400K in liability coverage on your home policy and get sued for an injury on your property for 1 million, you are responsible for paying that $600K out of pocket.

Give us a call at 617-965-1830 if you’re curious if an umbrella policy is right for you.