It's clear that autonomous vehicles are coming to the market place. The only question is how quickly.
Google garnered attention with its prototype of a self-driving car, Ford Motor Co. says it plans to sell driverless cars to the public by 2025, and several other manufacturers, such as Mercedes, BMW and Volvo, are in the test phase. And, in the United States at least, a true sign of the coming technology: The federal government issued regulations on autonomous cars on Sept. 20.
The vehicles are touted as a way for aging drivers and people with disabilities to maintain their independence. They're also predicted to increase traffic safety and cut down on distracted driving. Commercial truck fleets are also testing autonomous vehicles, and cargo container ships are interested in the technology as well.
Earlier this year, the driver of a Tesla was killed in an accident while operating the vehicle on autopilot, and Chinese researchers recently claimed to have hacked into a Tesla and taken control of the brakes, among other things.
A recent report from the Boston Consulting Group, "Self-Driving Vehicles, Robo-Taxis, and the Urban Mobility Revolution," found that 58 percent of the 5,500 consumers surveyed across 10 countries would be willing to ride in a fully autonomous vehicle, although 23 percent aren't willing to cede control to the vehicle.
Here's a look at eight reasons that drivers are reluctant to use self-driving cars, according to a survey by the Boston Consulting Group and the World Economic Forum:
In the survey, 23 percent of the respondents were concerned that the car could be hacked.
7. Price tag
In the survey, 25 percent said they were unwilling to pay for self-driving functionality.
6. Traffic concerns
In the survey, 26 percent of respondents said they wouldn't trust self-driving technology in mixed traffic.
5. Unknown technology
More than a quarter of survey respondents - 27 percent - say they don't know enough about the technology yet.
4. Loss of a pleasurable experience
Almost 1 in 3 survey respondents - 30 percent - said that driving a motor vehicle is a pleasurable experience that they're reluctant to give up.
3. Driver' error
Of those surveyed, 43 percent don't want the car to make "mistakes" on the road.
2. Need for control
In the survey, 45 percent said they have a need for the driver to be in control of the vehicle at all times.
1. Safety concerns
Half of the people surveyed - 50 percent - responded that they wouldn't feel safe in a self-driving car.
Autonomous vehicles will certainly change auto insurance - both personal and commercial - in ways we're not completely sure of yet. But what do consumers really think about self-driving cars? Will the technology be adopted as quickly as we adopted smartphones?
We'll continue to keep an eye on the driverless car developments as it relates to insurance. Certainly insurance companies are very busy analyzing these risks and how to insure them properly and for the right price. We'll pass along anything we learn as this subject progresses.
If we can help you with driver-controlled car insurance, we're here and ready. Please reachout to any of our staff at info@BentonWhite.com or contact us at 615.377.1212. We're ready to EARN your business!
[Portions of this post taken from a recent article by: By Rosalie L. Donlon, PropertyCasualty360 // October 20th, 2016]
Every insurance policy is different. Properly understanding what's covered requires the homeowner to ask a lot of questions and to read the fine print on his or her insurance policy. Though there are differences between policies, there are some things that almost all insurance policies will have in common.
Homeowners insurance typically covers a broad range of possible damages. You can expect that your actual dwelling is covered, as well as some other structures on your property, like a garage, fence, driveway or shed. However, if you run a business on your property that's housed in a separate structure, this is generally not covered in the typical insurance policy.
Personal Property is typically accounted for in your policy as well. This is sometimes known as contents insurance. The amount of coverage for personal property may be limited on certain types of high-value items, such as jewelry or artwork, unless additional coverage is purchased for these items.
Replacement Cost vs. Fair Market Value
Not all insurance policies offer homeowners the replacement cost of the property. Buying coverage for replacement cost helps to bridge the gap that can be caused by inflation and loss of value when property items are no longer new. Otherwise, if a claim is made, it will be assessed at fair market value. Since some items depreciate quickly, this means that you may not get enough money from a claim to cover or replace the items that were lost or damaged. Coverage for replacement costs will ensure that you're able to replace the items that were lost, with similar items. If having this coverage is important to you, you'll want to be sure that both your home and personal property are covered for replacement cost. (At Benton White Insurance, we automatically include replacement cost on both dwelling and personal property.)
Car Broken in at Home
Most homeowners insurance policies generally include coverage for personal effects and separate structures on your property, such as a garage or a workshop. But what happens if your car is broken into while it's on your property? This is where the distinction between your home and auto insurance policies can become a little blurry. Many home insurance policies will provide some insurance for personal items that are stolen from your car, but some of the more comprehensive auto insurance policies may cover this, too. Insurance companies may also limit the coverage available through your policy, if the items stolen were purchased for use in the vehicle exclusively.
Natural Disaster Coverage
A wide range of natural disasters are typically covered by your homeowners insurance policy, though not all of them. If you live in some regions, you'll want to be sure to inquire about things like tornado or earthquake insurance. However, the typical inclusions for natural disaster include fire, lightning, windstorm and hail. Your policy may also include coverage for smoke damage, or damage caused by falling items. Earthquakes and other natural movements of the earth are not typically covered by insurance policies, though you can purchase separate insurance to cover these types of events.
Flooding is much the same as earthquakes, when it comes to homeowners insurance. Flash floods and even sewer backups are not generally covered in basic homeowner insurance policies, though you can ask your insurance company about adding coverage to your policy, especially if you live in a region that is prone to flooding. (For related reading, see Understanding Lender-Required Flood Insurance.)
Most homeowner insurance policies include coverage for injuries incurred by those on your property where you are liable. This could include something like someone slipping on a patch of ice that's on your front walk, or falling as a result of a broken step on your porch. This coverage is usually limited to a certain dollar value, so you definitely want to know how much coverage you have and exactly what's included. We're strong advocates of perosonal injury and personal liability coverage that extends above the base limits of your policy at Benton White Insurance. And, the pricing of the extra coverage is just pennies per day!
The deductible is the amount that the insured party has to pay when a claim is made. You can decrease your insurance costs by increasing the amount of your deductible, meaning you'll be required to pay more if you ever do have an incident that requires you to make a claim. Keep in mind that many mortgage providers require homeowners to carry a certain amount of insurance on their property with a deductible that's below a specified limit. Check with your mortgage provider before opting for the lowest possible rate with the highest possible deductible. It might be tempting to go for the lower rate, but if you ever do have to make an insurance claim, you might regret it, if you're responsible for a $10,000 deductible.
The Bottom Line
It may not seem like particularly interesting reading material, but it's a lot better to take the time to thoroughly read up on what your insurance policy covers, than to be stuck in a situation where you're not sure when you really need it. We often feel here at the agency that we are more in the education business than in the insurance policy business. We work hard to blend both so you end up with the most competitive coverage for the most affordable pricing. It's our job to educate you on all types of coverage's and make sure we don't miss anything that you need insured. Who knows, you might need additional coverage to cover your original Van Gogh painting or that giant diamond ring. We can help!
At the end of the day, doing your homework before purchasing a policy could really pay off if you're ever stuck in an unfortunate situation when you actually need to rely on your homeowners insurance.
We're here to help! Contact any of our staff at info@BentonWhite.com or call us at 615.377.1212. We're here to earn your business and help you to understand it too!
Portions of this blog post taken from: What Is and Isn't Covered by Homeowners Insurance | Investopedia | By Janet Fowler
Not that we've had questions about this .... and honestly, not that we have a tremendous interest in this story. However, there is ALWAYS an insurance angle that many don't consider. When there is $10Million in jewelry stolen in a robbery in a foreign country, many questions have to be answered before a claim could be paid. I thought this article from Billboard Magazine was interesting enough that we should share it. It's interesting reading!
This comes from an article entitled: HOW MUCH INSURANCE MONEY WILL KIM KARDASHIAN RECEIVE FOR HER STOLEN JEWELS? THAT DEPENDS / 10/6/2016 by Lauren Indvik, Billboard
"A multi-million dollar claim like this one is going to be difficult, both to investigate and to resolve," says Heather Perkins, head of underwriting at L.A.-based jewelry insurance specialist Lavalier.
A few hours after midnight on Monday morning, Kim Kardashian West was robbed at gunpoint in her Paris hotel of what is now estimated to be more than $10 million worth of jewelry - a story that has captivated the media, both in Europe and the U.S., in the days since.
As there is little chance the jewels will be recovered, Kardashian is now presumably about to enter into a complicated claims process with her insurance company - most likely Lloyd's of London (which specializes in insurance for multimillion-dollar gems), according to Scott Andrew Selby, co-author of Flawless: Inside the Largest Diamond Heist in History.
But how much Kardashian West will receive for the loss (assuming, of course, that each piece was insured) depends on a number of factors, including the category and conditions of her coverage. "It all depends on the type of jewelry coverage the customer purchased," Janece White, North American vice president of underwriting and jewelry specialist at Chubb Personal Risk Services, a multinational property and casualty insurer, tells Billboard. "Was it worldwide coverage? Was there a maximum amount of coverage provided while traveling? Were there any restrictions with regard to the security required while traveling with the jewelry? In some instances restrictions are placed on the policy, which require that when traveling the jewelry be kept in a secure hotel safe - not the room safe."
The conditions of Elizabeth Taylor's insurance on the famous, 69.42 carat Taylor-Burton diamond, for example, specified that Taylor should only wear it in public 30 days per year and when protected by security guards, according to Lloyd's. If anything had happened to the diamond while violating those conditions, she would not have received the full value of her claim.
Assuming Kardashian West is indeed insured, and was following the dictates of her policy to a T, the claims process will still be complicated. "Very high value, unique and rare items can be tricky to replace with pieces of 'like kind and quality,' which is the standard for most insurance companies," Heather Perkins, head of underwriting at Los Angeles-based jewelry insurance specialist Lavalier, tells Billboard. "So a multi-million dollar claim like this one is going to be difficult, both to investigate and to resolve.
"It is common for those who own jewels as pricey as Kardashian West's to wear imitation jewelry while traveling - something White strongly suggests for other owners of high-ticket items. And if an imitation set is not an option, storing the jewels in the hotel security safe when they aren't being worn is a must. "I would also be wary of making my whereabouts known, as individuals who could wish me harm could use that information," she adds. "And lastly, because even when all precautions are taken, sometimes bad things happen. I would want to make sure I had the best insurance coverage in place to protect my valuables."
We insure jewelry, music instruments, sports equipment and many other personal type articles. And yes, if you have $10,000,000 to insure, we have companies. So let us know if we can help! Contact any of our staff at info@BentonWhite.com or call us at 615.377.1212. We're always ready to earn your business!
BCBST to pull out of Obamacare exchange in Nashville, Knoxville and Memphis - Read The Full Article
What This Means For Us...
Tennessee's insurance regulator approved hefty rate increases for the three carriers on the Obamacare exchange in an attempt to stabilize the already-limited number of insurers in the state.
The rate approvals, while a tough decision, were necessary to ensure that consumers around the state had options when open enrollment begins in November, said Julie Mix McPeak, commissioner of the Tennessee Department of Commerce and Insurance. BlueCross BlueShield of Tennessee is the only insurer to sell statewide and there was the possibility that Cigna and Humana would reduce their footprints or leave the market altogether.
"I would characterize the exchange market in Tennessee as very near collapse ... and that all of our efforts are really focused on making sure we have as many writers in the areas as possible, knowing that might be one. I'm doing everything I can to prevent a situation where that turns to zero," McPeak said to The Tennessean.
Cigna and Humana both refiled their requests earlier this month after telling the TDCI that the first requests were likely too low.
McPeak said insurers asked for the opportunity to refile rates last year but she said no. This year, however, was different because many of areas of the state will only have one or two choices.
"I felt like I didn't have any choice but to allow them to refile their rates," said McPeak, who is concerned about the limited number of insurers..
Cigna asked for and received an average 46.3 percent increase.
Humana asked for and received an average 44.3 percent increase.
BlueCross BlueShield of Tennessee, which did not refile its request, asked for and received a 62 percent increase.
The increases underscore the complex environment of the exchange. People who buy plans on the exchange are heavier users of services than anticipated. In addition, there are changes to federal transitional programs in 2017 that will impact insurers financially.
We're keeping an eye on it here at the agency and are fielding calls trying to help our folks navigate through these challenging times in healthcare. If we can help you, please let us know. EMAIL our staff at info@BentonWhite.com or call us at 615.377.1212. We're always ready to help you and earn your business!
Throughout my career, many have asked why I don't represent just one company like State Farm, Farmers, GEICO and others. "Why are you independent?" It's always an easy answer consisting of many reasons. The best way to show it is in this new video! Enjoy!
Red cars and speeding tickets
Common traffic violations
- Take pictures or video of your vehicle - before and after. The images should be enough to exonerate you if there's a bogus damage claim.
- Report any pre-existing damage, no matter how small. Don't let an employee reassure you with promises that smaller scratches don't count. They do count. If the car is dented and scratched, you should refuse it.
- Get insurance. Being covered means you won't have to face a $3,096 bill. Check with your credit card company and car insurance companies before you spring for the optional insurance, which can be overpriced.
- Do you have a job?
- Do you have a retirement account?
- Do you own a car?
- Do you own a home, condo or rental property?
- Does your spouse have any assets or property?
- Does your spouse have a job?
A neighborhood child runs over to your dog sleeping in your yard, startles it, and causes it to bite and seriously injure the nerves in the young child's hand. The suit is over $5,000,000 because not only did the parents and the child have to endure trauma, but also the child was a very talented pianist with the potential of becoming a star until the accident. You will have to pay for the estimated loss of income, as well as emotional injury, even though the child startled your dog.
Your son is away at college with one of the family cars, and he lends the car to one of his friends. The friend gets into a four-car accident; two of cars involved had no insurance and five people are seriously injured, including the friend who had borrowed the car. Did you know that if your child gives permission for someone else to drive your car, it's the same thing as you giving permission, and therefore you are liable for that driver's actions as owner of the vehicle? While the driver of your car was not fully at fault, the injuries from the accident cause the lawsuit to come in at $10,000,000. If nothing else, you will need legal defense. These suits can take years to settle, and the defense costs add up very quickly.
Someone walks up the stairs to your home only to find out that she has the wrong house. However, when leaving, she trips and falls down your stairs, seriously injuring herself in such a way that she could no longer work. Yes, your homeowners policy will defend and pay the lawsuit against you; however, if that limit is exhausted and there is no umbrella, you will be liable for the rest.
It's no secret: Adding a teenage driver to an auto policy can be risky.
Teen drivers are often inexperienced, nervous and wreckless. In fact, according to the Arlington, Virginia-based Insurance Institute for Highway Safety, the fatal crash rate per mile driven for drivers between the ages of 16 and 19 is almost three times higher than all other age groups.
Not surprisingly, adding a teen driver often causes a dramatic spike in annual auto policy premiums â€• so much so that they can even double in some areas. According to some sources, on average U.S. families who add a young driver to their auto insurance policy will see an annual premium increase of 79%.
For the fourth year in a row, Quadrant Information Services conducted a survey to examine the economic effect of adding a driver between the ages of 16 and 19 to a family's car insurance policy. According to the study, this year's average premium increase is down from last year's average of 80%, and is even lower than 2013, when the average increase was as high as 84%.
These gradual decreases speak to a larger trend in teen driver safety and fewer teens being behind the wheel. According to a study from the University of Michigan, 69% of 17-year-old Americans had a license 30 years ago. Today it's 45%.
It was not surprising for us to see that TENNESSEE is one of the Top 10 most expensive states where adding a teen driver to an auto policy is the most costly. This is the first year Tennessee has made the survey and dropped into the #10 spot. According to this survey, a parent adding a teen to their auto policy could face a 92.21% average auto insurance premium increase. The number 1 state in the survey? New Hampshire with 125.39% average premium increase.
Here at Benton White Insurance, we're not seeing quite that much of an increase with our companies. I usually suggest that you could see a 50 to 75% increase if you add a son to the policy and about 40% increase if you add a daughter. Nevertheless, parents of future teen drivers need to be aware that it definitely will upset your budget when you add teens to your auto policy.
Let us help you manage all of this. If there is something else we can help you with, we're an email away at info@BentonWhite.com or make that easy call to any of our staff at 615.377.1212. Thanks for reading!
Robert P. Chappell Jr., author of "Child Identity Theft: What Every Parent Needs To Know," sometimes jots down names, insurance information and other bits and pieces as he listens in those places and then approaches people afterward to gently correct their data hygiene. So far, nobody has punched him in the nose. "Most of them are very nice and have no idea about the harm that can come from it," said Mr. Chappell, who works in law enforcement by day. "Usually, I'm in civilian clothes."
Based on what I keep seeing either with insurance claims or from observation as I drive around the Middle Tennessee area, the pattern seems to continue. When you take ONE SECOND to glance at or do something with your mobile device while you are behind the wheel, you, those who are with you and those around you are at risk - GREAT RISK!
The following video was released a couple of weeks ago and it's getting attention as being an example of a very common place story with common everyday people doing common everyday things. But ONE SECOND changed it all!
Thanks for viewing and passing this along to others! Here's a blog link you could share or email with your friends. Many people still aren't seeing the need to put the phone down when they are driving. So let's help others to remember!
If it's safe to do so and you aren't seriously injured, move your car out of further harm's way, like to the shoulder of the road. If moving your car just isn't possible, flip on your hazards to warn other drivers that your vehicle isn't going anywhere any time soon.
Make sure your car is no longer moving, turn off the engine, shift into park, or set the handbrake if you drive a manual. Take a moment to catch your breath. Check to make sure it's safe to get out of your car before opening the door. If you have flares or similar road safety items, consider using them.
Check on all the other parties involved, including drivers, passengers, and pedestrians, to make sure no one is hurt. Call 911 if anyone may be injured. Even a seemingly minor symptom like dizziness should be checked out by a health care professional.
Even in minor accidents, a police accident report can prove invaluable when dealing with one of our companies or any other company you might need to deal with in settling this accident and other drivers. Cooperate fully, but avoid admitting fault or blaming others while at the scene. Let the police objectively judge events and determine who, if anyone, was at fault for the crash.If the police can't make it to the scene (which is more likely if there are no injuries), you can file an accident report through the Tennessee Department of Safety.
Try to write down as much info as possible in the accident aftermath, including:
- Driver and passenger names
- License plate numbers
- Insurance info
- Makes and models of all vehicles involved
- Contact info for any eyewitnesses
- Location of the accident
- The name and badge number of any responding police officers
Pictures, pictures, pictures! Pull out that smartphone and snap some photos of the accident scene from ALL angles. They'll come in handy during the claim process.At Benton White Insurance, you can file a claim from our website at http://bit.ly/BWIClaims. Some of our companies have mobile apps where you can file the claim from their mobile app and take pictures within the app to send.
We make it easy for you to get to us when you need to file a claim. You can use our online process mentioned above or call us at 615.377.1212 and we'll be ready to help make it easy for you. If you happen to need claim help after hours, all of our companies offer 24/7 claim filing service. That directory can be found here: http://bit.ly/CoClaimDir. If you don't remember who your insurance carrier is or forgot how to reach us, look on your auto ID card... the information is there!
- Pack a safety kit
- Keep important documents at the ready (ID, Auto Insurance Card ID, additional insurance company contact information, vehicle registration, health plan info, etc.)
- Have your phone on you and charged whenever you hit the road
- Keep loose items in the center console or glove box, and not on the seats, where they can get lost or fly around in an accident
No matter how clean your driving record, you never know when an accident can happen. You'll be glad you kept these 4 elements in mind if (and we do mean "if") you find yourself handling the aftermath of a crash.
If you have a question or we can help you in anyway, simply email us at info@BentonWhite.com or call our team at 615.377.1212
IMG's mission is to protect and enhance the health and well-being of their members. IMG is our primary travel insurance carrier here at Benton White Insurance for travel medical coverage because they are leaders in the space. Both our customers and this agency are assured to be safely protected during travel!
Teen Driving Safety
Vehicle crashes leading cause of teen death
- Your bike is damaged while it is secured to your vehicle
- In most states, a claim can be filed under the personal property provision of your Homeowners' or Renters' insurance policy. If the policy includes a provision for replacement cost value coverage, the insurer will pay the replacement cost of the bicycle, less any deductible. However, if the policy provides for actual cash value coverage, the insurer will only pay the current depreciated value of the bicycle.
- A different vehicle damages your bike while it is secured to your vehicle:
- If the liability of the other motorist is clear, then his or her insurer will pay the full actual cash value of the bicycle. If the motorist is uninsured, that same 100% actual cash value payment will be paid by the insurer of the owner of the vehicle to which the bike is attached. However, this payment occurs only if the owner has uninsured motorist coverage.
- A hit-and-run motorist damages your bike while it is attached to your vehicle:
- This claim would be paid under the owner's Homeowners' or Renters' policy. The replacement cost value would be paid, less the deductible.
- Another person's bike is damaged while it is secured to your vehicle:
- In this scenario, the liability portion of your Auto insurance will pay the actual cash value to the owner of the bike.
- A bike attached to your vehicle is stolen:
- As long as an incident report is filed with the police, your Renters' or Homeowners' policy will pay the replacement cost value, less the deductible.
We have been writing insurance policies with TRAVELERS Insurance Company for several years now. They’re one of our premier companies who we quote daily to our prospects & insureds who want competitive pricing and enhanced coverage’s. I attended a regional meeting a few days ago where we learned many front-edge initiatives that Travelers will be implementing over the next 12 to 24 months. They are innovative and consumer favorable on many levels. These A+ rated Top 10 carriers are ramping...
Boating season is literally upon us. Whether you fish, ski, or just take the boat out to relax, you HAVE to ask the question - "Am I covered for what might happen out on the water!?" What we find is that many boat owners just purchase a policy by making sure the price is affordable, and they sometimes miss the small print about what IS and what IS NOT covered. We write insurance on boats and have several policies in force for happy customers. But as I've mentioned, we always want to make sure...
03/01/2018Introducing Our New Texting Service!
At Benton White Insurance we are always trying to make our service as streamlined and as simple for our wonderful customers! We want you to be able to contact us and get answers to your questions as quickly and easily as you can. That is why we are introducing TEXTING as an option to those who would like to use it! Question about billing? Text or Call us! Claim question or confusion? Text or Call us! Want to make a policy change? Text or Call us! Got an insurance question? ...