May, 2024 | Boizelle Insurance Partnership

Vehicle Maintenance That Is Often Overlooked

When it comes to vehicle maintenance, there are several areas that people oftentimes overlook. Here are some common ones:

1 . Tire Pressure: Many drivers forget to regularly check their tire pressure, which can lead to decreased fuel efficiency and increased risk of blowouts.

  1. Wheel Alignment: Proper wheel alignment is essential for safe driving and even tire wear. If your vehicle pulls to one side or you notice uneven tire wear, it may be time for an alignment.

3 . Fluid levels: Beyond just checking oil levels, it’s important to regularly check other fluids such as transmission fluid, brake fluid, coolant, and windshield wiper fluid.

4 . Air Filter: A dirty air filter can reduce engine performance and fuel efficiency. It’s recommended to check and replace the air filter regularly, typically every 12,000 to 15,000 miles.

5 . Battery Health: Check the battery terminals for corrosion and ensure they are securely connected. Additionally, have the battery tested regularly, especially if it’s more than a few years old.

6 . Brake Inspection: Don’t wait until you hear squealing or grinding noises to check your brakes. Regularly inspect brake pads, rotors, and brake fluids to ensure safe stopping.

7 . Suspension System: Over time, components of the suspension system such as shocks and struts can wear out, affecting ride comfort and handling. Regular inspections catch issues early.

  1. Lights and Signals: Check all exterior lights including headlights, taillights, brake lights, and turn signals, to ensure they are functioning properly. Replace any bulbs that are burnt out.
  2. Timing Belt/Chain: If your vehicle has a timing belt (some have timing chains), it’s important to replace it according to the manufacturer’s recommended schedule to avoid engine damage.
  3. Cabin Air Filter: This filter keeps the air inside your vehicle clean. If it’s clogged or dirty, it can affect the performance of your heating and air conditioning system.

Regular maintenance and inspections of these areas can help prevent costly repairs and keep your vehicle running smoothly and safely.

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Replacement Cost vs. Market Value: What’s the Difference?

Replacement Cost:

Replacement cost refers to the amount of money required to replace or reproduce an asset with another one of similar utility, functionality, and condition.

In the context of insurance, replacement cost is often used to determine the amount of coverage needed to rebuild or repair a damaged property.

It takes into account factors such as the current price of materials and labor, as well as any depreciation of the asset being replaced.

Replacement cost may not necessarily reflect the market value of the asset, as it focuses on the cost of obtaining a similar asset rather than its current market worth.

Market Value:

Market value, on the other hand, is the price at which an asset would sell in the current market, under normal conditions between a willing buyer and a willing seller.

It is influenced by various factors such as supply and demand, economic conditions, location, comparable sales of similar properties, and the overall condition of the asset.

Market value is often used in real estate transactions, property assessments, and investment analysis.

Unlike replacement cost, market value may not necessarily reflect the cost of the replacing an asset, as it is primarily determined by market forces.

To summarize, while replacement cost focuses on the cost of replacing an asset, market value reflects the price at which the asset would sell in the current market. They are distinct concepts used for different purposes, but both are important considerations when assessing the value of assets.

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What Is Renters Insurance & Why Do I Need It?

Renters insurance is a type of insurance policy designed to protect you if you rent your homes (apartments, houses, condos, etc.) rather than own them. It typically provides coverage for personal belongings, liability protection, and additional living expenses in case your rented property becomes uninhabitable due to covered losses like damage from fire or water.

Here’s why you might need renters insurance:

Protection for Personal Belongings: Renters insurance helps cover the cost of replacing or repairing your personal belongings, such as furniture, electronics, clothing, and jewelry, in case they are damaged, destroyed, or stolen due to covered perils like fire, theft, vandalism, or certain natural disasters.

Liability Coverage: If someone is injured while visiting your rented property and you’re found legally responsible, renters insurance can help cover the associated medical bills or legal expenses. It also provides coverage if you accidentally cause damage to someone else’s property.

Additional Living Expenses (ALE): If your rented property becomes uninhabitable due to a covered event, renters insurance can help cover the cost of temporary accommodations, such as hotel stays or rental expenses, and other necessary living expenses like food.

Affordability: Renters insurance is generally affordable, especially compared to other types of insurance like homeowners insurance. The cost varies depending on factors such as your location, the amount of coverage you need and the deductible you choose.

Peace of Mind: Having renters insurance can provide peace of mind knowing that your personal belongings are protected and that you have liability coverage in case of unforeseen events. It can help you avoid significant financial losses due to unexpected incidents.

Even though landlords have insurance for the property itself, it typically doesn’t cover tenants’ personal belongings or liability. Therefore, renters insurance is essential for renters to protect their possessions and finances.

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Benefits of Having a Dashcam

A dashcam, short for dashboard camera, is a compact video camera mounted on the dashboard or windshield of a vehicle, typically facing forward to record the road ahead. Dashcams are designed to continuously record footage while driving, capturing everything that happens in front of the vehicle.

The primary purpose of a dashcam is to provide evidence in the event of accidents, collisions, or other incidents on the road. The footage recorded by the dashcam can help clarify what happened and who was at fault, which can be crucial for insurance claims, legal proceedings, or resolving disputes. Dashcams can also protect drivers from various types of fraud, such as staged accidents or false insurance claims.

Some dashcams also come with additional features such as GPS tracking, G-sensor technology (which detects sudden movements or impacts), loop recording (automatically overwriting old footage to conserve storage space), and parking mode (which records footage even when the vehicle is parked).

Overall, dashcams serve as a valuable tool for enhancing safety, providing evidence, and offering peace of mind for drivers.

Sometimes, it’s difficult to see what exactly happened just from looking at the damage on the vehicles. Sometimes a witness’s memory may lapse or fail to recall the correct sequence of events in a moment of high stress. And, unfortunately, sometimes people lie. Having the use of a dashcam gives claims experts indisputable evidence of what happened at the scene of an accident or collision. This also helps insurance companies settle claims faster.

The benefit of being an impartial witness is not exclusive to just accidents you are involved in. Your dashcam may provide assistance to someone else who needs help settling their own dispute with another driver.

Having a dashcam monitor your vehicle actually makes people drive more cautiously. If you have a teenage who drivers your car frequently, it can help encourage them to drive more carefully and to develop safer driving habits.

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