Is It Time to Upgrade My Auto Insurance?

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Ask most car owners when the last time they updated their car insurance, and they will stare at you with surprise. Many motorists rarely upgrade their car insurance. All they do is renew their policies without scrutinizing whether their current needs are captured. If you are such a car owner, please listen to Thompson Insurance Services of Highland Village, TX, as they share reasons that may necessitate you to upgrade your auto insurance policy. 

When you change the use of your car

Are you using your vehicle to run business errands? It would help if you upgraded to commercial auto insurance. Texas requires businesses to purchase commercial auto insurance for all business vehicles. As such, if you use your personal car to run business operations, you need to upgrade to commercial auto insurance to protect your vehicle and driver when accidents occur.

 

When you are letting go of your current car 

There are numerous reasons you would want to part with your current car. Perhaps, you are looking to upgrade, downgrade or your lease has expired, and you need to figure out what to do next. Whatever the reason, you need to update your auto insurance to ensure that your current needs are taken care of. 

If you upgrade to a newer, more expensive car, you need to update your auto insurance, especially if financed by a bank. While you may transfer your old auto insurance to your new car, you may need to upgrade to include more coverage. 

When you let a teenager drive your car

When you decide that your teenage son or daughter should drive your car, you need to add them to your auto insurance policy. Since teenagers are considered risky drivers, you need to inform your insurer to adjust your premiums accordingly.

Are you still not sure whether to upgrade your car insurance in Highland Village, TX? Please contact Thompson Insurance Services for guidance.

What is Umbrella Insurance Used For?

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Sometimes, you just need to cover all your bases or add some extra coverage above and beyond standard policies. Thankfully, there is umbrella insurance. Umbrella insurance is exactly what you expect it to be—a little coverage over your head in the event of a storm (which often happens in life). And because life can be unpredictable at times, you want to make sure that everything is covered to the fullest that is appropriate for you and your needs.

At Thompson Insurance Services in Highland Village, TX, servicing Texas, Arizona, and Nevada, we understand the need for something dependable that goes more than just standard coverage, and we can help you explore your coverage options. Just because the likelihood that you find yourself in a drastic scenario, it is never impossible. And with the ever-changing world we live in, it can be comforting to know that you are protected when life throws a wrench in the mix.

Umbrella insurance policies can be greatly beneficial. Speaking with a Thompson Insurance Services agent can help you find out if you would be best served by getting an umbrella insurance policy. Here are some of the benefits of umbrella policies:

Extending Coverage:

  • Property damage: in the event of extensive damage to your car or home in an accident or disaster, your standard insurance policy may not cover the liability or the cost of repairs
  • Bodily injury: homeowner’s insurance can be exhausted quickly if there is a serious injury to you, your family, or any guests on the property
  • Landlord liability: if you own property and rent it out to tenants, you can be held liable for any injuries they sustain on the property. Umbrella insurance can protect you against the extensiveness of your liability

Legal Coverage:

  • Slander/Libel: umbrella insurance can help you cover liability if there is litigation against you for any abusive or implicating statements made to another individual in terms of their character
  • Malicious Prosecution/Intention lawsuit: umbrella insurance can help financially if you find yourself in a pickle with a case against you for malicious prosecution

Covering Others:

  • Animal attack: If your dog, cat, or other household pet seriously harms another individual, umbrella insurance can help cover you from paying everything out of pocket
  • Harm to another: any physical altercations or well-intended acts gone wrong (food poisoning, allergic reaction, etc.) can be covered with the help of umbrella insurance
  • Serious automobile situations: if there is a major accident, and you are at fault, umbrella insurance can help cover all harmed parties, or if someone under your care is arrested for driving under the influence, umbrella insurance can be helpful

 While umbrella insurance is by no means (or rarely) required to have, it is a nice little supplement to existing policies. When life hands you lemons, we here at Thompson Insurance Services want to help you make lemonade. Umbrella coverage is handy to have in your back pocket if you find yourself in a sticky situation and your standard policy does not quite cover everything.

If you currently have an umbrella policy, it can be helpful to find out the exact extent of coverage. Your present umbrella insurance may not cover everything you need or want it to protect in the event of an emergency. If you find that your policy is not a good fit anymore, it may be time to update your coverage.

To find out more about umbrella insurance or to find the right policy for you, please do not hesitate to contact us at Thompson Insurance Services in Highland Village, TX. We service the states of Texas, Arizona, and Nevada, and are here to answer any questions you may have about umbrella insurance. One of our agents can help you explore coverage options and find the best policy for you.

Do All Highland Village Homeowners Need Home Insurance?

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Buying a home calls for a huge investment. As such, you need to protect your home with homeowners insurance. At Thompson Insurance Services located in Highland Village, TX, we often receive several questions about whether home insurance is mandatory in Texas. If your home is financed by a mortgage, your lender is legally allowed to ensure you have home insurance as long as the loan payment is pending.

Types of home insurance coverages available for Texas residents

Whereas the law doesn’t require you to have homeowners insurance, this coverage provides the below protection.

Dwelling coverage: Provides coverage to the structure of your home, including ceiling, roof, walls, floors, and other attachments to your house. As a perils’ policy, it protects your home against the below: 

  • Riots
  • Fire and lightning
  • Falling objects like aircraft
  • Volcanic eruptions
  • Theft
  • Vandalism

Given its limited coverage, you may have to look out for other home insurance options for optimal coverage.

Contents coverage: Covers for personal belongings such as electronics and furniture against fire, vandalism, and theft.

Liability insurance: Provides bodily injury and property damage coverage for incidences that you are legally liable. It covers medical expenses, lawsuits, and property damages that you might have caused.

Outbuildings: Protects structures like sheds, garages, and gazebos, which aren’t permanently attached to your house.

Medical payments: If a person gets injured while within your property, this policy can cover the medical costs.

Flood insurance: Most homeowners have a misconception that home insurance protects them from flood damage. This notion isn’t true. For flood damage protection, you have to purchase separate flood insurance. 

Home insurance for Highland Village, TX residents

While Texas homeowners aren’t required to carry home insurance by the law, it’s super critical to purchase home insurance to protect your invaluable asset. If you are a Highland Village, TX resident and its environs, contact Thompson Insurance Services for your home insurance needs. We offer custom-tailored home insurance policies to meet your needs.

Who needs renters insurance in Highland Village, TX?

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Renting a home is nothing like owning a house where everything in the compound is under your protection. When renting a home in Highland Village, TX, tenants only have to worry about their personal belongings. That’s why many people often ignore the value of renters insurance. So should you buy renters insurance? Here are a few possible reasons you may need it.

If your landlord requires it?

Your landlord may buy insurance to protect the entire building but not your personal space. For this reason, they might require you to buy your own renters insurance to protect your property and their investment. Most landlords in Highland Village, TX will not allow you to rent their property without proof of insurance.

For more liability coverage

Depending on where you live, you might want to consider more liability coverage in your policy. Renters insurance comes with liability coverage designed to protect you financially if someone gets injured in your home and decides to sue you for the injuries. At Thompson Insurance Services, we recommend having personal property coverage that equals the value of your belongings.

If you travel often

The majority of tenants in Texas prefer to rent apartments because they travel frequently. If you have valuables in your rented apartment, you might want to protect them if something happens when you are away. Renters insurance protects your personal belongings up to the covered limit.

Can help pay for additional living expenses

Nobody knows tomorrow. If one day you woke up and went to work only to come back and find your home destroyed by fire or a covered peril, your renter’s insurance is all you need to get back to normalcy. The insurance company will pay for temporary accommodation while they find you somewhere safe and comfortable to stay.

It’s never too late to protect what matters to you most. Thompson Insurance Services cares about your insurance needs. Call us for a warm discussion about renters’ insurance.

How to Get Started With Auto Insurance

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Owning your first car is an exciting moment. For most first-time car buyers, navigating all the processes necessary to ensure your auto is up and running is often problematic. This is why you need a trusted auto insurance company to advise you throughout the entire process of applying for auto insurance coverage. 

Are you wondering where to start with auto insurance? Here, you’ll learn everything on where to start with your auto insurance coverage.

What Is Auto Insurance? 

Auto insurance is a kind of coverage, which seeks to provide financial protection for cars in case of bodily injuries or physical damage to the vehicle. You also get to experience safeguards against the liabilities that may be emerge following such accidents. If it’s your first time handling auto insurance, these tips should come in handy. 

Determine How Much Insurance You Need 

Conducting a self-assessment is essential when seeking insurance coverage. You can start by estimating how much insurance cover you might need for your auto. 

Factors such as the age of the car often affect the number of auto insurance premiums. You should also consider the specific state minimum liability insurance requirements.  

Find an Auto Insurance Provider 

When starting with auto insurance coverage, finding the right insurance provider is often a deal-breaker. Unless you settle for a reputable provider, you might end up getting a low-deal in the long-term. At Thompson Insurance Services, we are keen on ensuring that first-time clients get the best deal from their coverage. If you live in Highland Village, TX, then our services are worth trying. 

Determine Scope 

Understanding what you are buying is the other important part when starting with auto insurance. It’s important to know who the plan covers. It would be best if you also considered the exclusions and limitations in the specific coverage. Further, probe the provider on how much coverage they provide. 

Get Auto Insurance Coverage Now

When looking for auto insurance as a new client, there’s often the risk of getting a low deal. This is why you need to get in touch with our team at Thompson Insurance Services to assist you in navigating the process of first–time auto insurance. 

If you live in Highland Village, TX, or any other region within the locality, then trusting our services will guarantee a safe mind even when driving.

What is umbrella insurance and what can it do for me

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Insurance is designed to offer protection from a variety of different risks. Many types of insurance offer a liability component. Liability insurance offers protection against claims filed against you for medical expenses, physical damage, pain and suffering, and more. At Thompson Insurance Services in Highland Village, TX, we are a family-owned and operated independent agency. We understand the benefits of umbrella insurance and will gladly discuss the reasons why it can help to protect you and your family. 

Umbrella insurance is a form of liability insurance called excess. It can be added to any policy that already has liability coverage. It is not a policy you buy without already having some form of liability coverage. Some policies that have this coverage include auto, home, commercial, boat, and motorcycle policies. You may not have paid a lot of attention to the amount of liability protection you carry on the policies you have. If your assets have increased since you purchased the policy, chances are you are under-protected. 

Picture an umbrella, the visual helps you see the coverage an umbrella policy offers. Your assets are represented by you under the umbrella feeling dry and protected. Without it, you would be out in the rain. In a society that encourages suing for any reason, it has become a necessity to protect your assets. A typical policy that provides liability protection likely has less coverage than you need to feel safe. An umbrella policy starts at 1 million dollars and goes up to about 5 million in additional liability protection. When your primary policy reaches its maximum, the umbrella policy picks up the coverage.  

At Thompson Insurance Services in Highland Village, TX, we want to help our customers to get the coverage that they need. Give us a call to set up an appointment for a consult and a no-obligation quote. 

3 Tips for Purchasing Home Insurance in Highland Village, TX

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Your home is most likely your most valuable asset in Highland Village, TX. You have put a lot of work, love, and time into it, and having it insured is one of the smartest things you can do. Even if you own your home, or vacation home, outright, you never know when disaster could strike. Rather than losing your asset, you’ll want it protected with a home insurance policy. Ready to get started? Read on to learn about three tips for purchasing home insurance in Highland Village, TX. 

1. Compare Several Quotes

You’ll want to start by comparing several home insurance quotes with a reputable agent from Thompson Insurance Services. He or she will ask you some questions to find the right policies to compare. Together, you will go over each policy’s cost and coverage. Ask questions and get any clarifications you may need. We recommend going over three or more quotes before making a decision on home insurance. 

2. Bundle Your Policies

After you’ve decided on the home insurance policy you want to buy, ask your reputable agent to help you bundle them under one insurance carrier for a discount on your premium. You can bundle auto, life, umbrella, and more. 

3. Work with a Reputable Agent

Finally, it is important to work with a reputable agent to make sure you’re buying the right policy. A reputable agent will be quick to point out the differences in policies and help you make the right decision.

To learn more about purchasing home insurance for your property, contact the team at Thompson Insurance Services. Our friendly, reputable agents are available right now to take your call. 

Auto Insurance: Beyond Minimum Coverage

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If you’re considering purchasing just the state minimum insurance, think again because you will not have your vehicle fully protected. Thompson Insurance Services of Highland Village, TX wants you to understand that purchasing just the minimum coverage means you bought protection for the other people on the road only because of liability and property damage payout to the person you hit when you cause an accident.

Those two types of coverage ensure that you can pay for an accident you cause, but to protect your vehicle, you need collision, comprehensive, and uninsured motorist coverages. To protect your health and well-being, medical payment insurance protects you when you caused the accident whether your vehicle was the only one involved or it was a multiple vehicle accident. Other important coverages include roadside assistance and car rental insurance.

While collision and comprehensive pay for damages to your own vehicle regardless of the accident type, your uninsured motorist coverage only pays for damages when you incur damage from another vehicle, but the driver of it does not carry insurance or did not carry enough insurance to cover the damage. It takes the place of their property insurance or pays for what theirs does not in cases of uninsured motorists.

Roadside assistance probably sounds self-explanatory. It is. If your vehicle breaks down anywhere, you can phone the insurance company’s toll-free number and they will send a tow truck or service vehicle. Pair it with car rental insurance so you can get back on the road quickly while your vehicle receives repairs. Your car rental insurance pays for a rental vehicle for a short time. The typical coverage provides a car for about a week, but you can get policies that provide for longer terms.

Contact Thompson Insurance Services serving Highland Village, TX to learn about adding coverage to your auto insurance. We can help protect your auto investment.

What are the benefits of getting auto insurance?

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The Highland Village, TX area is a great place for anyone to work or live. When you are in this area of Texas, there is a huge range of recreational activities that are within a short drive as well as many professional opportunities. To ensure you are able to enjoy the area as much as possible, you will need to get auto insurance. There are several benefits that come when you get a full insurance policy.

Liability Protection

One of the primary benefits of having auto insurance is that you can receive valuable liability protection. Even if you are a very safe and cautious driver, there is always going to be a chance that you could cause an accident. If you do cause an accident while driving, you will need to cover the damages. Fortunately, if you get a full auto insurance policy, you can receive protection against this risk.

Covers Vehicle

Another advantage of an auto insurance policy is that it can cover your vehicle. If you invest in a full auto insurance policy with collision and comprehensive coverage, you can be assured that you will be protected if your vehicle is stolen or damaged. Not only will this help to provide you with financial protection, but it will also ensure you are in compliance with any lender’s insurance requirements. 

If you are going to get auto insurance in the Highland Village, TX area, it never hurts to get advice from someone experienced and that you can trust. For those that are in this area, reaching out to Thompson Insurance Services would be a great option. When you do call Thompson Insurance Services you can get personalized support and guidance. This will help to ensure that you get into the best policy for your situation. 

Why should I get umbrella insurance?

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There are a lot of important decisions that need to be made when you are looking for insurance. Those that are in the Highland Village, TX area should carefully consider their personal liability risks and determine if additional insurance is needed. For those that would like more personal liability coverage, getting umbrella insurance would be a great option. There are several reasons that someone should get this protection.

Ensures Enough Coverage

A reason that a lot of people will get umbrella coverage is that it can ensure that they will have enough coverage. When you have home or auto policies, you will receive a coverage limit. This is often going to be enough if you do cause an accident, but there are situations when damages could be higher. Due to this, you should seek additional coverage. With umbrella protection, the coverage will be on top of your base policies.

Covers More Risks

Home and auto policies will give coverage to offset most risks that people could incur. However, there are additional risks that may not be covered. To offset this, you should get an umbrella insurance policy. This type of insurance will cover a much wider blanket of risks that may not fall under your base policies. This will ensure you receive appropriate protection for risks that you may not even consider today. 

If you would like to learn more about umbrella insurance and are in the Highland Village, TX, you should reach out to the team at Thompson Insurance Services. Those that come to Thompson Insurance Services for their insurance needs will learn a lot about how this insurance can protect them. Based on this, you will be able to determine whether umbrella coverage is right for you and what you need to have included in your policy.