Maine Insurance Dept.: ME Car Insurance Rates Remain Low

Name: Noyes Hall & Allen Insurance
Address: 170 Ocean St, South Portland, ME, 04106
Telephone: 207-799-5541

Posted on February 12, 2012November 9, 2017 by admin

Maine drivers pay some of the best auto insurance rates in the U.S., according to this press release from the Maine Insurance Department. While the individual rankings seem to differ from study to study, it’s clear that Maine’s car insurance and motorcycle insurance rates are in the bottom 20%.

Why Are Maine Auto Insurance Rates Low?

A lot of factors go into the rates each of us pays for car insurance or motorcycle insurance. Your location, driving record, the type of vehicle you drive, your age and gender – even your credit score – all play a part. So, it’s impossible to generalize. But, based upon our experience as a Greater Portland Maine independent insurance agency, we have a theory why Mainers pay lower auto insurance rates. We think it has a lot to do with Maine’s culture of responsible behavior. Mainers are less litigious, and more likely to buy insurance themselves, than other Americans. That helps keep insurance rates low for all of us.

How Do Your Maine Auto Insurance Rates Compare?

Insurance companies change their rates and underwriting rules constantly. The only way to tell if you’re paying a good auto insurance rate or motorcycle insurance rate is to compare. Fortunately, we are an independent agency representing many different auto insurance companies. We also represent Progressive and Dairyland, some of the top motorcycle insurers in Maine. We do the shopping for you, and can present multiple quotes at one time. If you want to do your own research first, you can even get Maine car insurance quotes from 5 different companies at once on our web site. There’s no pressure or obligation to buy (although we’re always ready to answer any questions).

If you live in Greater Portland or elsewhere in Southern Maine and have insurance questions, contact Noyes Hall & Allen at 207.799.5541. An experienced local insurance agent is ready to provide personal service.

Avoiding Used Underwear & Red Cross Socks for $10 a Month

Posted on February 7, 2012November 9, 2017 by admin

You rent a house, condo or apartment. Maybe you’ve been meaning to buy renters’ insurance. Or maybe, you’ve been thinking something like this:

My Stuff Isn’t Worth Much

You think you have minimal furniture, electronics and clothes. But, you acquired it a little at a time; maybe you even bought some of it used. After a fire, you’re going to have to replace it all at once, and in a hurry. Even a 1-bedroom apartment easily holds $10,000 of stuff – more if you have a decent computer or a hobby like photography, mountain biking or music. That’s more than most of us have in the bank.

When you get Maine property insurance buy replacement cost coverage; it’s always worth it. Otherwise, the insurance company pays you “actual cash value”: the difference between replacement cost and depreciated value.

Replacement cost = cost of new underwear in the store.

Depreciated Value = what I’d pay for the stuff in your underwear drawer (not much).

My Landlord’s Policy Covers Me

Your landlord’s insurance (IF they have any) covers them, and them alone. Whether the plumbing leaks on your sofa, a fire burns up your apartment, someone steals your computer, or someone slips on an ice cube in your kitchen, you have no insurance unless you buy it yourself.

I Can’t Afford It

Renters’ insurance is cheap: often less than $10.00 a month. That’s a few cups of coffee. Know what you really can’t afford?

To replace all your stuff (“new for old”, right?)
To rent a hotel room while your apartment is damaged.
Medical bills if someone falls in your house or your dog bites someone.
That fancy vase you accidentally knocked over in that gift shop on Exchange Street.

My Friends/Family/ The Red Cross Would Help Me

Your friends and family rock. And they mean well. But, do you really want to wear your sister’s hand-me-downs; move back into your old bedroom in your parents’ house; or have your brother say ” you owe me one”? No, you don’t.

The Red Cross is amazing. There they are on the TV news, delivering clothes and putting people up for a few days when they’re burned out of their homes. But, you probably don’t want to be that poor girl on the news. It’s always better to pick out your own clothes and choose your own place to stay.

If you live in the area of Portland Maine, renters insurance quote is just a few mouse clicks away. Or, you can contact Noyes Hall & Allen Insurance at 207-799-5541. We represent several insurance companies, so we can compare to find the best deal for you.

What If You Are Hit by Someone With No Insurance?

Posted on February 3, 2012November 9, 2017 by admin

The Uninsured Motorist coverage in your Maine auto insurance policy also protects you against uninsured and underinsured drivers. If someone hits you – their fault – and they have no insurance, your policy acts as if they had the same Bodily Injury liability limits you do, and pays for your bodily injuries, and those in your vehicle. It’s the same if the at-fault driver had low liability insurance limits, and you bought higher ones.

Isn’t Insurance Mandatory in Maine?

Yes, in Maine, car insurance is mandatory – at least liability insurance. Maine DMV requires proof of insurance to register your car. So everyone’s insured, right? Not really.

An estimated 4% of Maine drivers are uninsured – and that’s the 2nd best rate in the country. The Insurance Research Council estimated that nearly 14% of U.S. drivers had no car insurance at all.

Repairing Your Car

If you are hit by an uninsured driver, you’ll have to rely on your own policy’s collision coverage to repair your vehicle. That’s assuming that you have collision coverage on your vehicle. If not, you’re on your own to repair or replace your vehicle.

But that’s only half the story: what about the people who buy state minimum liability limits? Maine’s minimum limits are only $50,000 per person, $100,000 per accident, and $25,000 property damage. Is your vehicle worth more than the $25,000 minimum limit? What if the at-fault driver hits more than one vehicle? The minimum-limits driver’s policy only pays a total of $25,000 for all damage.

Out of Staters and Uninsured Motorist Coverage

Mainers are a pretty honest bunch. 96% of them carry at least minimal liability insurance. But what about people “from away”? What’s that nickname on Maine’s license plates again? Oh yeah…

Most of our out-of-state visitors are from the northeast, right? Click on the map below to enlarge it, and you’ll see that of the 10 states within an easy day’s drive of Maine, 2 do not require drivers to buy insurance AT ALL. Six more require per person Bodily Injury limits of $20,000 or less.

In Maine, Uninsured Motorist Bodily Injury coverage limits almost always match your own liability limits. If you have less than $500,000 per person in bodily injury coverage, and your agent hasn’t recommended that you increase your limits, maybe it’s time to contact Noyes Hall & Allen Insurance at 207-799-5541. We represent several different insurance companies, and will help you find the best value for your individual situation.

Should I Drop Collision Coverage?

Posted on February 3, 2012April 29, 2021 by Bob O'Brien

Is it smart to drop collision insurance on an older vehicle? Your decision depends on your own circumstances. Here are a few things to consider.

“The 3 Rules of Tens”

It might be helpful to consider three things when evaluating the risk you take when you remove collision coverage from your Maine auto insurance policy:

TEN PERCENT – When collision coverage costs more than 10% of the book value of your vehicle plus your collision deductible. For example, if the book value of your vehicle is $3,000 and your collision deductible is $500, consider removing collision coverage if it costs more than $350 per year for that vehicle.
TEN YEARS – If your vehicle is more than 10 years old, it may no longer have enough value to warrant insuring.
TEN TIMES – If you have 10 times your collision premium in a “rainy day fund”, you probably have enough of a cushion to put a sizable down payment on a replacement vehicle. If you pay $350 a year for collision insurance and your “rainy day fund” has at least $3500 in it, you might reasonably risk dropping collision coverage. If you don’t have that much saved, you would probably need the insurance proceeds to help you make a down payment on another vehicle.

The Risk of Removing Collision

If another driver hits you and is at fault, their insurance should pay to fix your car – even if you don’t have collision coverage. But remember that fault can be disputed, and not everyone has insurance.

If you remove collision, you’d have no coverage for things like:

Hitting someone when you are at fault – or partly at fault
Someone hits your car, and is at fault, but doesn’t have insurance
Someone hits your parked car and doesn’t leave a note
Running over debris in the road and damaging your car.

When Should You Keep Collision Coverage?

There are some times when you should definitely NOT drop collision coverage:

You have a loan or lease on the vehicle. Your loan or lease contract requires you to carry collision coverage for the length of the agreement.
You have only one vehicle. Most multi-car families can limp by on one car while one is in the body shop. But, if you’re a 1-car household, you’ll probably want coverage to rent another while yours is being repaired. Also, you’ll definitely need to buy rental car insurance on vacation if you don’t have collision coverage on at least one vehicle on your policy.
You’re worried about being hit by an uninsured driver. If you have no collision coverage, someone hits you and it’s their fault, their insurance will pay. But, what if you are hit by an uninsured driver? Obviously, there’s no one else to pay; if you don’t have collision coverage, you’re on your own to repair your vehicle.

Maine’s ratio of uninsured drivers is 4%. That’s among the lowest in the country. But, we’re also inundated with drivers “from away” during tourist season. Other states have many more uninsured drivers.

Questions about Maine Auto Insurance?

If you’re a client, contact a Noyes Hall & Allen Insurance agent in South Portland for answers to your insurance questions. If you’re ready, you can request a policy change here.

If you live in Southern Maine and aren’t a client, call Noyes Hall & Allen Insurance at 207-799-5541. We offer a choice of many of Maine’s most preferred insurance companies. We’re independent and committed to you.

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7 Ways to Trim Insurance Costs This Month

Posted on January 19, 2012November 9, 2017 by admin

Thanks to Maine’s rural nature, mature population, low crime rates and high percentage of insured drivers, buyers of Maine auto insurance and home insurance pay some of the lowest insurance rates in the U.S. Still, there are ways to reduce your insurance costs. Avoiding accidents, tickets and homeowners claims is an obvious one. Here are some others.

Shop Around

Insurance is a very competitive business, as evidenced by the volume of advertising in the media, mail and internet. Every insurance company sets their own rates, and evaluates people differently. If you bought your policy directly from an insurance company (like Allstate, GEICO, State Farm, etc.), they only offer rates from their company. You’ll have to shop on your own.

Consult a Maine independent insurance agent who represents many companies; they will do the shopping for you. Many of them even have web sites where you can compare Maine home and auto insurance quotes from multiple companies.

The Best Time to Shop for Insurance

Your home and car insurance rates depend greatly upon your insurance score. That score is based on most of the same information as your credit score. The higher your score, the lower your car and home insurance rates. To get the best price, shop for insurance when your score is good.

In general, your insurance score decreases when you:

Make a late payment on any type of loan or bill.
Use a higher percentage of your available credit
Apply for a loan or credit card (applying for insurance does NOT affect your score).

The time to get the best insurance rates is BEFORE refinancing or buying a home or car, and when your credit card balances are low.

Package Your Policies

Most insurers offer a significant discount for buying more than one policy from them. If you insure your property and your autos, you can often save $200 or more per year. The same goes for boats, snowmobiles, motorcycles or other types of insurance. Some insurers can even combine your billing, to simplify your bill-paying process, and reduce the clutter in your life.

Don’t Let Your Insurance Lapse

Every month, thousands of people get insurance cancellation notices due to non-payment of premium. This happens for reasons ranging from inattention to bills, to being on vacation, to simply not having the money.

If your insurance lapses, the insurance company may choose not to reinstate your coverage – especially if you’re a frequent slow payer. Few insurance companies will accept you after you have had a lapse in coverage – and they charge higher premiums to account for the additional risk. An easy way to save $250 per year or more: don’t let your policy cancel in the first place.

Communicate with Your Agent – Get the Discounts You Deserve

Your agent knows more about insurance discounts and rules than you do. They know which companies offer auto insurance discounts for driving few miles, owning a hybrid car, or a child being on the honor roll; discounts on home insurance for installing a generator or an alarm system; and which ones have best rates for young drivers. Some companies even offer a discount if you have your policy delivered electronically instead of by mail.

Certain life events affect your insurance, like sending a child off to college, inheriting a vehicle or property, and a child getting their driver’s license. By talking regularly with your agent, you will get advice on the best rate and coverage for your current situation.

Adjust Your Coverage

Pay attention to your deductibles and coverage. When you first bought your home, you may not have had the cash reserves to pay a $1,000 bill for damage. Perhaps now you do. Increasing your deductible from $500 to $1,000 can save hundreds of dollars a year.

Likewise, your auto policy may still have collision coverage on a vehicle with a very low book value. Your agent can help you estimate the savings by removing unneeded coverages or increasing deductibles.

Pay Bills Automatically

Most insurers now allow you to pay your insurance in monthly installments by Electronic Funds Transfer (EFT). Many charge very little – or nothing – for this option. Compared to the traditional “get a bill, write a check” method, this could save you $60 per year per policy. It also assures that your insurance continues without lapse, and improves your “on time payment” record, which helps your credit and insurance scores.

If you live in Southern Maine, and have questions about your insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

You Can’t Guarantee The Weather – But You CAN Insure It!

Posted on December 27, 2011November 9, 2017 by admin

Many southern Maine jewelry store customers were hoping for snow on Christmas Day. Why? A local jeweler ran a well-advertised promotion promising free jewelry if it snowed on December 25. How can they afford to take that chance? We don’t know for sure, but we hope they consulted their local Maine insurance agent. While our agency had nothing to do with this promotion, we have helped clients reduce their risk by selling them weather insurance for special sales or events.

Can a Business Insure Against Bad Weather?

You bet! Let’s say your business plans an open house or a big one-day sale. You advertise heavily for 2 weeks before. You buy extra inventory, and add extra staff to take care of demand. But, a heavy snow storm keeps your potential customers at home, and you lose a lot of money. Or, you could buy a weather insurance policy to help recoup part of those costs, and cut your loss.

Can a Business Insure Against a Rainy Summer – or a Warm Winter?

What if your minor league baseball team suffers through a rainy summer? Or your tubing hill business encounters a warm, dry winter? Your organization might lose all sorts of same-day revenues: walk-up tickets; concessions; parking income, and more. A customized weather policy might pay a set amount if more than a certain number of game days have a specified amount of rain. A snow-area business could insure a mild winter in the same way, thereby stabilizing their income.

How Does Weather Insurance Work?

Like a good news article, weather insurance addresses the 4 W’s: What, When, Where and Who. As long as the event is measurable and the terms are specific, it can be insured. The price depends upon the terms. For example, if 6 inches of snow fall at a specific address in Portland, ME between 12:01 am and 11:50 pm on December 25 as measured by the National Weather Service, the insurer pays an agreed amount or percent of a pre-determined period sales. Decrease the number of inches and you’ll pay more premium; shorten the sale period, you’ll pay less.

Fifteen Businesses That Might Buy Weather Insurance:

Florists and Nurseries – for big pre-season open house or important Spring and Fall weekends.
Candy Stores – The last few days before Valentines Day are key!
Golf courses – Insure against late snowstorms that can put a season on hold.
Baseball teams – Rainouts mean lost revenue.
Farmers’ Markets – Ever notice that it seems to rain EVERY Thursday?
Snowmobile dealers – Reduce the risk of overbuying inventory in a dry winter.
Ski resorts – It’s tough to make snow when in 40 degree weather. Even out budgeted revenue projections by insuring against warm weather.
Tour companies – It’s a short season already. One rainy month can cause disaster.
Car washes – Although I always seem to wash my car right BEFORE it rains, very few of us actually wash them WHILE it’s raining. A summer of rainy weekends means business lost forever.
Jewelers or Car Dealers – High-ticket items are perfect for attention-getting giveaway promotions.
Hotels & Motels – To level out income fluctuations when reservations are canceled due to weather.
Festivals and Events – They’re expensive to put on, and it’s often tough to have a successful “rain date”.
Beach parking lots
Film Production Companies

The possibilities are almost endless.

Where Can You Buy Business Weather Insurance?

Several online options offer “self-service” weather insurance. Being a Maine independent insurance agency, we recommend using the services of an agent or broker. It costs exactly the same. A Maine business insurance expert can help you determine your needs and work within your budget. They can also help you evaluate the market, to assure that the insurance company is reputable and financially secure. And, they can help you if you need to file a claim.

For more information about business weather insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

Pay As You Go Maine Workers Comp Insurance

Posted on December 15, 2011November 9, 2017 by admin

Workers Comp – A Cash Flow Challenge for Your Business

Paying workers compensation insurance can be a cash flow challenge. In slower months, it’s hard to scrape cash together for that quarterly payment. It’s also hard to estimate a year ahead what your payroll will be. Over- or under-estimating payroll at the beginning of the policy year creates a big year-end audit adjustment. You either get a big bill, or a big refund of money you could have been using to run your operation all year.

Workers Comp Integrated with Payroll

Maine employers have a cash-flow friendly option for paying their Maine workers compensation insurance. MEMIC, Maine’s largest workers’ comp insurer offers “Comp-As-You-Go”. This workers comp billing integrates with virtually every payroll provider, including ADP, Paychex, Advantage, Bangor Payroll, and many more. It also works with Quickbooks software.

How Does Pay-As-You-Go Maine Workers Comp Insurance Work?

It’s simple to understand, and easy to start up. Pay-As-You-Go:

Integrates with payroll services or QuickBooks software. Just fill out a form with your payroll info.
Allows you to keep your current payroll process and frequency. Simply send a file after every payroll run (weekly, bi-weekly, bi-monthly or monthly).
Requires no premium deposit.
Payments are automatically withdrawn by MEMIC.
You can leave the pay-as-you-go plan any time during the policy term.
Avoids year-end audit bills and surprises.

To learn more about payroll service integration with Maine workers comp insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

What is Auto Loan and Lease Gap Coverage?

Posted on December 13, 2011January 14, 2020 by admin

Many auto dealers offer low down payment options to sell more vehicles. Vehicles depreciate quickly. Early in the loan term you may owe more money than the vehicle is worth. This can be a serious problem if your vehicle is totaled early in the loan or lease term.

An Example of Loan Gap Coverage

Auto insurance companies pay the “actual cash value” (similar to “book value”) of your vehicle. The value may be less than the amount you owe on the loan or lease.

Say your dealer offers a sweet “no money down” incentive on a $32,000 vehicle. You total it 3 months later in a crash. The book value is $28,000, but you owe $31,000 on the loan. The bank comes looking for $3,000. Uh-oh.

Luckily, you bought loan gap coverage. Instead of paying the book value the insurance company pays you the amount you owe. You can start over again with no debt. Not bad, huh?

Some Restrictions Apply

Most insurers only sell loan – lease gap coverage in the first few months you own the vehicle.
Coverage usually “drops off” after 36 months. By that time, hopefully your loan is no longer “upside down”.
Your vehicle has to be a total loss.
Of course, you have to buy collision coverage on the vehicle.
Loan-lease gap coverage usually costs an additional 6-8% of the physical damage coverage on the vehicle.

Our Maine insurance agency is ready with answers to your personal, business or professional liability insurance questions. For answers, or to get a Maine auto insurance quote, or Contact Noyes Hall & Allen Insurance in South Portland at 207-799-5541.

Remembering Leone G. “Lee” Allen, CPCU

Posted on December 13, 2011November 9, 2017 by admin

Ten years ago, Lee Allen, one of the founders of Soule Allen Insurance, passed away. Lee was a true insurance pioneer, a trailblazer and role model for the many women business leaders who followed her. After Soule Allen was sold to Noyes & Chapman, and Blake, Hall & Sprague Insurance combined to form a new business, we chose to remember Lee’s great contributions to our business and our industry by continuing her name on the masthead.

Lee Allen remains an inspiration to those of us who knew her, and is fondly remembered by many clients, South Portland citizens, and insurance professionals throughout New England.

Here is a reprint of Lee’s obituary; a very brief list of the many acccomplishments of a remarkable woman.

SO. PORTLAND – Leone G. ‘Lee’ Allen, 72, of Wescott Road, So.Portland, died Thursday, December 13, 2001 at her residence.She was born in Prentiss, Maine, a daughter of Laurence and Bernice Lindsay Averill.She attended Prentiss Schools and graduated in 1946 as an Honor Student from Bangor High School, and attended the University of Maine Evening School.

In 1961, she became the first woman in Maine to receive a Chartered Property Casualty Underwriter (CPCU) Designation.Mrs. Allen was the co-owner and Treasurer with William Soule of Soule Allen Insurance in So. Portland.

Mrs. Allen also received numerous awards including, ‘Insurance Woman of the Year’ in 1967; Governor’s Highway Safety Award in 1967 for Defensive Driving Activities, Maine Truck Owners Safety Award in 1970 for ‘Outstanding service in the Field of Highway Safety’, ‘New England Insurance Agent of the Year’ in 1979 for the contribution to the insurance industry and the community, ‘professional insurance Agents of Maine 1993 Agent of the Year’ which was for outstanding leadership and dedication to the insurance industry and the independent agency community.This year the Maine Chapter of CPCU 2001 Award was renamed in her honor, The Lee Allen Presidents Award for Excellence.

Mrs. Allen is survived by a sister Beverly Smart of Kennebunk, Maine, a brother Laurence Averill of West Palm Beach, Florida, several nieces and nephews; and her longtime business associate of 30 years, William R Soule of So. Portland.

Five Thoughtful Holiday Gift Suggestions – Insurance Agent Approved!

Posted on November 25, 2011November 9, 2017 by admin

It’s Black Friday, the traditional start of the holiday shopping season. If you’re stumped for gift ideas this year, we have a few suggestions for thoughtful gifts that are approved by your local Maine insurance agent.

Smoke & Carbon Monoxide Detector

Not only could they save hundreds of lives each year, carbon monoxide detectors are required in Maine before you can sell or rent any residence. They are a inexpensive, easy to install, and a great way to protect those you love.

Data Backup Solution

All electronic and mechanical devices fail eventually. It’s not a matter of IF, but WHEN it will happen to your loved ones. With the popularity of digital photography and music, we risk losing irreplaceable memories and expensive entertainment media. Why not give a data storage subscription or an external hard drive? A recent study of home computer users indicated that nearly 90% did not regularly back up their data. By giving an easy means to back up their information, you are helping spare someone from heartbreak, expense, and inconvenience. How thoughtful!

Personal Emergency Response System

The “I’ve fallen, and I can’t get up” TV ads became the unintentional source of humorous imitation several years ago. But there’s nothing funny about the thought of a loved one being unable to call for help when they need it most. If someone on your gift list lives alone, and has health or mobility challenges, they probably do worry about that scenario. Why not show them that you care about them by giving them a portable call button system?

Tree Pruning Gift Certificate

In our business, we see a lot of damage from fallen tree limbs. Another common question we get is “my neighbor’s tree fell on my property“, which can lead to community discord. Tree maintenance is not for the faint of heart, or the fragile of health. Proper pruning requires special tools and knowledge, good balance, strength and fearlessness. It’s best left to a professional. A gift certificate for a local tree pruning service can help preserve your loved one’s property, health, and neighborly relations.

Bicycle

When you were a kid, didn’t you often wish for a bike? More and more adults are rediscovering the joys of riding a bike. It’s healthy, saves money, is good for the environment, and – most of all – it’s fun! Who wouldn’t feel loved if you gave them a new bike?

The Noyes Hall & Allen team wishes you a safe and happy holiday season.

Noyes Hall & Allen Insurance