Replacing a car with a new one is an easy insurance transaction. Here’s the info your agent needs to do it:
3 Things Your Agent Needs:
VIN – The Vehicle ID Number for the new vehicle. It’s 17 digits long. That’s easy to transpose. And lots of letters and numbers sound alike, so they’re easy to get wrong. A photo of the VIN simplifies the process and reduces mistakes. Text it to your agent, or email it to them.
Finance Info – Did you buy the vehicle outright? Congratulations! Your agent doesn’t need anything. But if you lease it or take out a loan, they do. The name and address of the finance company will be on your title application. Email or text a photo to your agent. Or, you can call with the info.
Aftermarket Safety or Security Options – The VIN contains details about what’s on your vehicle when it comes off the assembly line. If you purchased add-ons at the dealership, let your agent know. That might include subscription items like OnStar. Or an after-market alarm system.
Do you live in Southern Maine and have questions about auto insurance? Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We’re independent and committed to you.
Contractors insurance audits are important. They help keep insurance costs predictable for all contractors. They also create important information for insurance rate setters. Accurate payroll and sales figures help them know how much premium they must charge to cover losses.
If your audit results in extra premium, it will be due within 30 days. You want to avoid that if possible. Tell your agent if your payroll, sales or subcontractor costs are much higher than the estimate on your policy.
Why Am I Getting an Insurance Audit?
Many contractors insurance policies in Maine are auditable. Contractors’ jobs, payroll and subcontractor costs vary each year. In slow work years, claims tend to be lower. In boom years, there are more claims. Insurance companies audit to “true up” premiums with the expected claims.
Types of Contractors Insurance Audits
Your insurance company might audit your results in several ways. The method can change year-to-year. It may depend on the size of your business and current conditions.
Online or Mailed Audit – You fill out your own audit on a form and send with quarterly 941 reports.
Phone Audit – An auditor will set an appointment to complete the audit by phone. They’ll tell you the information you’ll need. Commonly, quarterly 941 reports, payroll reports, and a list of officers and owners of your business.
Physical Audit – An auditor comes to your workplace by appointment. They examine your records in person. The auditor also checks that employees are properly classified based on the work they perform.
What Happens if I Don’t Complete My Contractors Insurance Audit?
Workers compensation insurers must report premiums and losses to NCCI. NCCI uses that information to set rates and experience mods. Insurers can incur penalties for slow or inadequate reporting. General liability insurance uses payroll info too. Your audit information is an important factor in insurance company rate-setting.
Insurers are not going to “go away” if you ignore the audit request. Your audit information is time sensitive, and collecting it is someone’s job.
If you fail to respond to audit requests, the insurance company will bill you for an estimated audit. You do not want an estimated audit. It increases your premium by 25% or more. And you’re contractually obligated to pay it.
Bite the bullet. Complete your audit. It’s not going to go away.
How Do I Prepare For an Insurance Audit?
Be ready. Your audit happens at the same time every year.
Keep good records throughout the year.
Get certificates of insurance for your subcontractors: general liability and workers compensation.
Tell your agent during the year about large payroll, sales or subcontractor cost changes, up or down.
Keep track of time and payroll for different kinds of work. This can lower your workers comp costs while still protecting you and your workers. Include overtime.
Remember that some owners or officers might have waived workers comp coverage.
If you have a physical audit, plan to be present and available. The auditor wants to finish their work quickly and thoroughly. The faster they have what they need, the sooner you can get back to work.
Completing Contractors Insurance Audits: Who Can Help?
Completing an online or mailed audit? The insurance company should send detailed instructions. If you’re stuck, you can call the insurance company’s audit department or your agent. Sometimes, your payroll company can assist, too.
What if I Disagree With the Audit Results?
You can dispute an audit if the payroll or classifications are wrong. You can’t dispute just because the premium is higher. Your agent may be able to help, but they don’t have the information unless you authorize the insurance company to share it with them.
Maine Contractors Insurance Answers
Are you a contractor in Southern Maine? Do you have questions about Maine business insurance? Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We have decades of experience and offer a choice of Maine’s top contractors’ insurance companies. We’re independent and committed to you.
In Maine, boat insurance is a common purchase. We have more than 110,000 registered vessels. Boats are an investment and a responsibility. Boat owners need to protect themselves from damage to the vessel. But they also need liability protection.
What kind of boat insurance do you need? Most boat owners must purchase separate Maine boat insurance to properly protect their assets. Homeowners policies provide little or no protection for boats. Almost anything bigger than a canoe needs a separate policy.
All Boat Insurance is NOT Alike
When buying Maine boat insurance, pay attention to the details. Coverage varies a lot! Here are just a few examples how:
Damage to Your Boat
Valuation. Some insurers value your boat like a car (actual cash value). Others will replace your 3 year old boat with a brand new model (replacement cost).
On-water towing. Usually optional. Some work like a roadside assistance plan. Others reimburse you after you’ve been towed. Some policies provide $500 coverage, Others provide none at all.
Hurricane haul out. If a tropical storm’s on the way, some insurance will pay up to 50% of the cost to haul your vessel ashore. Many policies provide no coverage at all.
Mechanical failure. This coverage is rare, but can be valuable. Most policies have no coverage for mechanical breakdown. Some specialty policies actually cover wear and tear. That’s very rare in the insurance world.
Personal watercraft. Some insurance companies only insure propeller-driven boats. Others will insure jetskis, Seadoos and other personal watercraft.
Dinghys and tenders. Most yacht policies offer the option to include an inflatable or other dinghy or tender.
Boat trailers. Most boat policies allow you to insure damage to a boat trailer. You may also be able to insure this on an auto insurance policy. What about on-the-road liability coverage for a boat or trailer while it’s being towed? That always comes from the auto insurance policy for the vehicle towing it.
Liability and Injury
Marina liability coverage. Some marinas require proof of boat liability insurance to rent a slip or mooring. These requirements can be as high as $1 million. Some insurers provide higher liability limits required by marinas. Others don’t.
Wreckage removal and fuel spill. What if your boat leaks fuel or sinks? In Maine, you’re responsible for cleanup and raising. Some insurance policies cover this fully. Others simply write a check for the boat and walk away. They don’t cover fuel spill liability or wreckage removal.
Uninsured boaters coverage. If you’re hit by someone with little or no insurance, your medical bills can be expensive! Uninsured boaters coverage can pay your medical bills following a crash. Choose your limit wisely!
Maine Boat Insurance Made Easy
Do you own a boat in Maine? Have questions about what kind of insurance you need? Contact Noyes Hall & Allen Insurance in South Portland for boat insurance at 207-799-5541. We offer a choice of boat insurance companies. Chances are, we can find the one that fits your coverage needs and budget. We’re independent and committed to you.
During the COVID-19 pandemic, reduced driving and insurance costs have been a hot topic. Many Mainers are driving less. Why haven’t their car insurance rates dropped? It’s more complicated than you might think. But there are ways to keep your car insurance costs in check.
Why Maine Insurance Rates Haven’t Dropped
Insurance is Slow and Steady
We count on insurance companies to be dependable and stable. We need to know they’ll be able to pay claims in the future. So it’s no surprise that insurance companies aren’t built to react to fast trends. Especially those that may not last.
We want stable insurance prices. The whole purpose of insurance is to avoid a large loss by paying a small cost (premium). Some years, disasters cause insurance companies lose a lot of money. Other times, claims are low. Insurers bank our premiums in those times to pay for the bad ones.
Insurers Have No Experience with COVID
In insurance, data rules. Insurance companies charge premiums based on expected claims. They hire smart math nerds who use decades of data to find the proper rates. Consumers want the lowest possible price. Regulators and stakeholders want rates high enough to make a profit pay future claims.
Historical data didn’t help much during COVID. Americans drove less as people telecommuted and stayed close to home. Nothing was normal.
But overall mileage doesn’t tell the whole story. Essential workers continued to commute as usual (thank you, essential workers!). Law enforcement and highway construction crews noticed increased speeds due to less traffic. That led to more serious crashes and injuries.
COVID Auto Insurance Rebates in Maine
Remember how quiet the roads were in the early days of the pandemic? It was a very uncertain time for the economy. Many people were out of work, and small businesses feared that they’d have to close.
In response, most American auto insurance companies refunded some premium to policyholders in 2020. This was an unprecedented response by insurance companies. By law, rebating of premiums is illegal. But state insurance departments approved exceptions.
But it wasn’t easy. Insurance companies’ billing systems weren’t programmed to rebate money to customers. It was difficult for many of them to calculate and distribute the refunds.
Although the insurance industry returned $10 billion to US consumers, individual refunds were quite small. The public hardly noticed them. Between the underwhelming public response and the cost of the workarounds, insurers didn’t think the rebates were that valuable. We don’t expect rebates again anytime soon.
Reduce Your Auto Insurance Costs When Driving Less
OK, so car insurance companies aren’t slashing rates in response to COVID. And they’re probably not going to refund premium this year. You still have control over your own policy. Here are some adjustments you can make.
Be Sure You’re Properly Rated
Does your policy reflect your actual driving? If you’re working from home, retired or unemployed, maybe not. Check the drivers listed on your policy. Are any of them no longer at home? Do they now have their own insurance?
Check Your Collision Coverage
Do you have an older car that isn’t worth much? Is it rarely driven? Do you have a vehicle that’s completely off the road? Consider removing collision coverage, at least during COVID. Just remember to add it back if the situation changes.
Prove You’re Driving Less
Even “slow and steady” insurance is changing with the times. Several now offer “usage based insurance”. Commonly advertised brands include Progressive Snapshot, Travelers Intellidrive and Drivewise from Allstate.
With usage-based insurance, you allow the insurance company to customize your rate in exchange for an up-front discount. You’ll need a smartphone and the insurance company’s app. Your final price varies depending on how, how much and when you drive. It can be lower or higher than the initial discount.
Safeco Insurance offers a twist: a “low mileage discount” that doesn’t use a real-time monitor. You simply verify your previous year’s mileage to continue to earn their discount. Safeco also has a usage-based mobile app option.
If those cost-saving measures don’t work for you, you can always compare rates with other insurance companies. Live in Greater Portland Maine? You can get up to 5 Maine auto insurance quotes in 10 minutes on our website. Or call a Noyes Hall & Allen agent in South Portland for quotes at 207-799-5541.
We offer the choice of more than a dozen insurers, so we can search the market for the best value. We’re independent and committed to you.
Many Portland area renters think they don’t need Maine renters insurance. “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.”
Most people think of renter’s coverage as protection for stuff, and nothing more. After all, renters insurance is inexpensive and it doesn’t even cover the building you live in. So how important can it be, especially if you don’t think you have anything valuable to protect?
Plenty important.
Stop Thinking Only about “Stuff”
You have more to protect than you realize. Luckily, renter’s insurance is a cost-effective way to bundle that protection. For example:
Temporary Living Expenses
What if a fire or other disaster forced you out of your place? You could stay with friends or family, but how long? How long would you want to? Portland Maine rents are expensive. And hotels are even more expensive. Loss of use coverage helps with those additional expenses.
Personal liability
If someone trips and injures themselves in your unit, they could sue you. If your dog bites someone at the park or the beach, they might file suit, too.
Yes, lawsuits happen, even among friends. Renter’s insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from renters insurance. Be sure to notify your agent of all dogs in the household.)
Personal property
Wait, doesn’t this mean your stuff? Well, yes.
But really, this coverage protects your finances. Don’t think you have anything valuable? Mentally add up everything you own: electronics; clothing; musical instruments; and, yes, that old couch. Now imagine how much it would cost to replace it all with new stuff. It’s probably a higher number than you thought — and that’s why renter’s insurance is so important.
Portland Maine Renters Insurance
Renting in the Greater Portland area? Call a Noyes Hall & Allen agent in South Portland at 207-799-5541, or start your Maine renters insurance quote online. We offer a choice of more than a dozen insurance companies. That means we can find the best value for you, whether you’re renting a Munjoy Hill two-family, a Scarborough apartment or a whole house in Falmouth. We’re independent and committed to you.
Some car dealers offer Maine car insurance at the time of purchase. This is good for dealers because it increases their closing rate and their profits.
Is it good for you? Maybe not.
If you already have insurance, making a snap decision to change when buying a new car at a dealership can be a bad choice. Here’s why.
What’s the Rush?
The salesperson may create a sense of urgency about insurance. However, there’s no rush. If you have an insurance policy with collision coverage on at least one vehicle, your policy probably automatically covers the new one until you can contact your insurance company or agent. Dealers know this; it’s been that way for decades.
Why Add Pressure?
Car buying is already a stress. Why add more? Most of us don’t make our best decisions under pressure. Moreover, you’re making a big financial commitment and choosing between expensive options on the fly. Don’t let the salesperson force you to make unnecessary snap decisions. That includes insurance.
A “Good Deal” May Not Be
First, many new cars have high-end safety features that help reduce insurance costs. Therefore, some don’t cost any more to insure than the ones they replace. So, if you get a quote at the dealer, and were pleased to see it wasn’t as much as you expected, it may still be more than your current insurance company would charge.
You Can Mess Up Your Other Insurance
Your current policy might have benefits you’ll lose. For instance, a home/auto bundle discount. Or a multi-vehicle discount. Or accident forgiveness, or some other perk. You could lose those if you make a snap decision to insure your new vehicle at the dealer. In conclusion, you might pay more – not less.
You Can End Up With Worse Insurance
First of all, most people don’t know what insurance they have. For example, the liability limits and deductibles on their policy. If they make snap insurance decisions at a dealership, they can end up with inadequate coverage.
In conclusion, if the insurance quote from your dealer is really a better value, that won’t change in a few days. Take your time. Make your insurance decisions on your schedule – not the salesperson’s. Above all, whether you switch insurance or not, you’ll have peace of mind that you made the right choice after a thoughtful decision.
Have you made improvements to your house or condo this year? If so, you may need to make home improvements insurance adjustments.
You depend on your homeowners or condo insurance to pay rebuilding costs after a disaster. It’s important for insurance to keep up with changes in your home.
Does Your Project Require Home Improvements Insurance Adjustments?
Did You Add Something New?
increase the living space your home?
finish a basement or attic?
add a deck?
If so, you should increase your Coverage A (Dwelling) insurance. How much? Probably by the full cost of the renovation.
Add a structure to the yard? Did you add a shed, fence, gazebo, hot tub or swimming pool? Check your policy’s Coverage B (Other Structures) limit.
Most homeowners policies cover Other Structures at 10% of Coverage A. If your home’s insured for $300,000, you likely have $30,000 Coverage B. Is that enough? Then you don’t need to adjust your insurance.
Did You Replace, or Upgrade?
Some home projects don’t affect property rebuilding cost. Did you replace your worn-out roof, flooring, kitchen or boiler? If the new items are the same quality as the old, you may not need to adjust your insurance. Why?
Most homeowners and condo insurance policies cover building items at replacement cost. That means “new for old”, without depreciation. If a fire had damaged your 20-year old roof or boiler, your insurance would have paid for a new one of similar quality. That’s the same as what you just paid to replace it. In other words, a home improvements insurance adjustment is unnecessary.
Did you upgrade laminate counters with stone? Linoleum with hardwood? Standard cabinets with custom? You should upgrade your Coverage A.
How much? Here’s a guide for what to include:
Demo and removal costs – do not include in your home improvements insurance adjustment
Design services – included
Materials – included, but only the upgrade differential.
Exclusions from Home Improvements Insurance
Home and Condo insurance doesn’t cover everything. Most landscaping and earthwork isn’t covered. Tree coverage is very limited.
Some types of loss are also excluded. Off-the-shelf policies don’t cover breakdown or electric power surges. If you installed solar panels, electric vehicle charging or similar items, that could be a problem. Optional coverage may be available. Check with your agent.
We can help determine the replacement cost of your home. We offer a choice of many of Maine’s top insurers. We can check the market to find you the best value, and recommend coverage based on your needs. We’re independent and committed to you.
During the height of the COVID pandemic, many people were moving to Portland Maine. 2020 was a banner year for people relocating to the city and nearby towns. And the trend continues.
Looking for a safer place to live, work and play? A desirable place to raise a family? A slower pace? More affordable than larger Northeast cities? Portland offers all of this. So do nearby suburbs like South Portland, Cape Elizabeth, Scarborough, Falmouth, Cumberland and Westbrook.
Portland Maine is a Safe Area
Maine’s crime rates are among the lowest in the nation. Our roads are safer, too: traffic deaths are about 10% below national average. Portland suburbs are especially safe, with lower density and nightlife.
Maine earned high marks for low COVID death rates during the 2020 pandemic. Cumberland County had about 1/3 the infection rate of the rest of the country: 11,500 cases per million. Rural Maine had even lower rates.
Moving to Portland Maine: Room to Spread Out
The Portland Maine MSA is home to about 250,000. That’s 390 people per square mile. Even Portland, the state’s largest city, only has about 3,000 people per square mile. Portland is the ideal size for a small city: about 70,000 people.
Like the outdoors? Sailing, hiking, skiing, snowmobiling, cycling and beaches are all a short distance from home.
Prefer to be entertained? Portland has choices. Live music venues, theatres, professional sports teams, museums and more.
Portland Maine’s Foodie Culture
Portland has a national reputation for restaurants, breweries, distilleries and food. The proximity of local farms and seafood adds to its farm-to-table culture. Portland was Bon Appetit’s Restaurant City of the Year in 2018.
COVID restrictions limited indoor restaurant dining in 2020. But it was too much a part of Portland’s identity to disappear. The restaurant scene remains vibrant, and is spreading to other towns. South Portland, Yarmouth, Falmouth and Biddeford all have many great restaurant choices.
Moving to Portland Maine? We Can Help You Settle
Whether you’re buying a house or a condo or renting an apartment, our agents can help with insurance. We’ll send proof of renters or hazard insurance to your landlord or lender. We can provide you with the insurance card which you need to register your vehicles in Maine.
First time homebuyer? We make the insurance part easy. A 10-minute phone call is all it takes to start. Or, you can compare Maine insurance quotes online at our website. When you’re ready for help, Noyes Hall & Allen agents are known for responsiveness and knowledge. We’ve earned great customer reviews.
Many Mainers drive less than they did a year ago. By many accounts, we are logging about 30% fewer miles than this time last year. Should insurance companies reduce your car insurance rates as a result? Maybe. But it won’t happen automatically.
Here’s why.
2020 Driving Trends Affecting Car Insurance
Driving data indicates a dramatic change in behavior in Spring 2020. We all know why.
Fewer Miles Driven (but not by everyone). Many people are not working, or working from home. That means they’re driving less, and not as far. But essential workers and others continue to commute. Some people actually drive more than before, replacing lost income with new gigs.
What Rush Hour? With many offices closed, usual morning and evening congestion has almost disappeared. Those who are are driving do so at different times of day, spreading out road usage. That means less risky driving behavior such as hard stops and quick acceleration.
Increased Speeds With more open space on the road, average vehicle speed increased. Faster speeds and clearer roads can mean fewer but more serious crashes.
Is Your Car Insurance Priced Right?
You might deserve lower car insurance rates. But it won’t happen automatically.
Insurers probably won’t reduce rates across the board. That’s because they don’t know who’s driving less than before.
Car insurance often classifies usage into 3 categories:
Pleasure use – used around town and for personal errants. Not driven to work.
Commute – either short (less than 15 miles one way) or long (more than 15).
Business – such as a traveling sales person, trade contractor or other extensive use.
You may deserve lower car insurance rates. But it won’t happen automatically.
Imagine two Scarborough neighbors. One commutes 7 miles on I-295 into their Portland office every day, parking on the street. The other drives 2 miles to teach at a local school, parking in the school lot. In the summer, the teacher doesn’t commute at all.
They’re rated the same, even though their drives are much different. The Portland worker pays too little, while the teacher overpays.
Customized Rating– Gaining Acceptance
New technology allow insurers to customize car insurance prices as never before. It’s called Usage Based Insurance, or UBI.
Using smartphones, customers share driving data with their insurance company. The insurer compares them to other customers. Safer drivers pay less; riskier ones might pay more. Insurance companies have their own brand for UBI: Progressive Snapshot; Safeco RightTrack; Travelers Intellidrive, and so on. Each one has slightly different features.
In prior years, consumers hesitated to share this data, often citing privacy concerns. That changed in 2020. Many are looking for ways to save money in this time of economic hardship and reduced driving. Almost 50% of people who responded to a JD Power 2020 survey were willing to try Usage Based Insurance (UBI).
Are Customized Insurance Rates Right For You?
Think you’re paying too much for Maine car insurance based on your driving? Interested in learning more about Usage Based Insurance? It’s not for everyone.
A Noyes Hall & Allen Insurance agent can help you decide if it’s right for you. We offer a choice of many of Maine’s top auto insurers, with and without UBI. Call our team in South Portland at 207-799-5541. We’re independent and committed to you.
At its core, insurance is about SPREADING RISK and HELPING OUR COMMUNITY. Noyes Hall & Allen believes in these causes.
SPREADING RISK
Insurance customers pay a small amount of money to help
those who suffer a catastrophe avoid financial disaster.
While researchers feverishly work to develop a vaccine, health professionals recommend limiting human contact. The goal is to save capacity in the health care system for our most sick and vulnerable neighbors. We care about our clients, our co-workers and our community.
HELPING OUR COMMUNITY
Insurance contributes to the community in many ways. It pays
for losses of course. It also enables people to buy vehicles and homes; to
start businesses and hire people. Insurance promotes safety and risk education.
It provides good jobs for thousands of families. It supports local economies
and non-profits.
By serving you remotely, we hope to reduce the community spread of a very serious virus. We want to practice public health safety and risk management. We live and work here, too. Working remotely also allows our team to be with their families. To provide care and comfort during a stressful time.
INDEPENDENT AND COMMITTED TO YOU
Noyes Hall & Allen has been locally owned since 1933.
We’re independent – not beholden to any insurance company. That allows us to be
committed to YOU, our clients.
We know that you need us. We’ve prepared for an interruption like this. You can still accomplish any insurance transaction thing that you normally do.
We hope that you and your loved ones remain safe and well.
We remain independent and committed to you. We’re always happy to answer any
questions about your insurance. Together, we will get through this tough time.
