Minnesota Commercial Auto Insurance
Whether your business is large or small, it needs Minnesota commercial auto insurance if automobile use is part of its daily operations. The amount and types of coverage your business needs will vary based on the amount of risk that commercial car use exposes you business to. Obviously, if your business owns or leases a fleet of cars for 25 sales people, insurance needs will be greater than if it leases a car for each of its two top executives. But in both scenarios, basic commercial coverage is essential. Here’s what minimum coverage usually includes.
Liability insurance
Liability protects your business from losses due to injuries to people or property that your vehicle may cause. Make sure that the policy includes adequate coverage for the cost of legal defense.
Comprehensive coverage
This coverage protects your business from losses due to fire, vandalism, theft and other damage to the vehicle or its contents. Since company cars are often used to transport computers, sales samples and other expensive equipment, adequate comprehensive coverage is important for risk management.
Collision coverage
For businesses that use late model automobiles as part of their corporate identity, collision coverage is especially important. It ensures that the vehicle will be repaired and able to retain its new look and maximum value even after damage resulting from a fender bender with another vehicle or a miscalculated back up into fence post.
Towing costs
Transporting a disabled auto to a dealership for repairs can be expensive. This coverage can help ensure that the car can be towed to the repair facility of your choice rather than just the closest shop.
Rental vehicle coverage
If you or your employees use rental cars frequently, the costs this coverage can save your company can be substantial. Since damage cause while using the rental car will be covered, there will be no need to buy optional, and expensive, additional insurance at the rental counter.
State insurance laws
The State of Minnesota requires liability coverage, as well as personal injury protection
(PIP, or ‘no fault’ coverage), uninsured motorist protection and underinsured motorist protection.
Minnesota commercial auto insurance can be purchased as a stand alone policy or as part of a comprehensive business insurance package which includes coverage for buildings, equipment, furniture and other business property.
Faribo Insurance agents will be happy to evaluate your coverage needs. With offices in Faribault, MN…Hastings, MN…or Lakeville, MN we are conveniently located. Please call us at 888-923-0430, email us or use our Quick Quote Insurance Insurance form to receive a custom quote today.
Minnesota Car Insurance: Tips for Keeping Costs Down
Keeping the cost of your Minnesota car insurance as low as possible may be easier than you think. Some factors that influence high rates may have nothing to do with you or your driving record, like when your insurance carrier raises rates because they have an increase in overall claims or in high judgment claims. If that’s the case with your carrier, it may be time to look for another auto insurance company. But other factors may allow you to stay with a carrier that you like and enjoy lower premiums, like choosing higher deductibles or taking driver’s education classes.
Lower Car Insurance Rates for Teens
If you have a teen-aged driver in the family, there may be a few ways to lower the premium. Many insurance companies offer discounts for students with a high grade point average or who make the honor role. So encouraging your teen to do well in school can take a load off the family budget. And if your teen has to pay for his own insurance, there’s an even greater incentive to study hard.
Inform Your Auto Insurance Carrier About Job Changes
If you have changed jobs and now drive less because you work closer to home that may lower your rates. Did you make a switch from commuting to working from a home office, even on a part time basis? Or have you changed positions to one where you spend more time in the office and less time making sales calls or driving around in the field? If you drive fewer miles for work now than when you took out your policy, you may be able to save some money just by updating your data.
Older Cars May Need Less Insurance
When you drove your new car off the lot and it was still bright, shiny and complete with car payments, it made perfect sense to carry collision insurance that covered the replacement cost of the car. But now that the loan is paid off, and it’s a few years older, consider whether you really need to carry the same kinds of coverage. If you feel like your savings accounts could absorb the cost of paying for some car repairs, your car may be a good candidate for reduced coverage.
Ask Your Insurance Professional
Talk with your Faribo Insurance agent to see if any of these ideas could save you money, or ask for even more cost saving tips. Just give us a call at 888-923-0430, email us or use our Quick Quote Insurance Insurance form and we’ll be glad to answer your questions.
Full Service Independent Minnesota Insurance Agency
What can a full service independent Minnesota insurance agency do for you? We can help you make the best decisions about your insurance coverage, based on your individual needs and budget. As a ‘Full Service’ agency, we can provide coverage for personal and business needs. As an ‘Independent’ agency, we represent many insurance carriers and can find the ones that offer the best combination of coverage and value for your individual situation. Here are a few of the most common kinds of insurance that people need.
Auto Insurance
Do you know which carriers give discounts for combining automobile coverage with homeowners’ or renters’ insurance, or for insuring multiple vehicles? The professionals at Faribo Insurance know the answers to these questions and many others that will help you choose the best car insurance for your family or business.
Business Insurance
When insuring your business, you are insuring your assets as well as your source of income. A solo practitioner who leases office space, furniture and equipment has different needs than a partnership that owns its office building and equipment and has dozens of employees. Faribo Insurance agents can accurately evaluate your needs and find the best coverage.
Farm Insurance
Farmers often live where they work, so choosing the right insurance coverage for the home, business, crops, livestock, buildings and equipment is important. Since they work with such tight profit margins, farmer’s can’t afford to be either underinsured and exposed to unnecessary risk, or over insured and paying for coverage they don’t need. Faribo agents know how to find the right balance.
Health Insurance
Finding affordable health insurance is a challenge for both individuals and businesses. With so many plans and options available, yet so many possible exclusions, it can take a lot of research to find adequate coverage. With the help of a Faribo Insurance professional to sort through the confusing maze of policies, you will be able to rest assured that you are getting the best possible combination of coverage and pricing to fit both your health coverage needs and your budget.
Home Insurance
If you are like most people, your home is your most valuable asset, so it’s important to provide adequate coverage. When you acquire new furnishings, add a pool or build a garage you need to make sure your coverage keeps pace. Faribo agents can help you review your policy to ensure the best coverage and prices.
Life Insurance
Adequate life insurance coverage means that your family members will be able to carry on with as little disruption to their daily routine as possible in the event of a tragic loss. Needs change as families grow and as children leave home. Life insurance can also play an important role in a business partnership. Consulting with a knowledgeable Fairbo agent can provide continuity for your family and business.
Specialty Insurance
Do you own an RV, boat or snowmobile? Are you a contractor who needs to insure your tools and equipment? Do you design software and need to insure your intellectual property? Faribo’s Minnesota insurance agency professionals can find coverage to suit your situation.
Minnesota Motorcycle Insurance Tips
Choosing the best Minnesota motorcycle insurance policy for your needs can be a confusing process. While some people may assume that state requirements are the same as those for auto insurance, they are not. And with so many coverage ranges and options to sort through, it would be easy to end up over insured and paying more that you have to. On the other hand, many people make substantial investments in accessories and custom features for their bikes. If that sounds like you, then you may want optional coverage to make sure your additional purchases are covered. Here are some factors that can affect the types of coverage and rates
How often and how far do you plan to ride?
If you are an avid motorcycle enthusiast and you use your bike instead of your car whenever possible, your insurance needs will be different that if you are a recreational rider who only takes the cycle out a couple of times a month for a weekend ride.
Likewise, if you never miss the yearly trip to Sturgis and you like to travel cross country with your bike club, you may want to consider different coverage than a hard core dirt bike rider. Roadside assistance coverage can be useful for long distance riders. It will pay for the cost to transport your cycle to a repair shop, and help pay for the labor costs.
What kinds of motorcycle accessories do you own?
If you own a basic cycle that you use for cheap, fuel-efficient transportation around town, you may be able to get by with coverage that meets the minimal State requirements. But if you own a vintage Harley or a cruiser complete with saddle bags, a riding camera and Kuryakyn speakers, you should seriously consider purchasing optional coverage for special parts and accessories that can pay for damage to your after market custom parts and equipment.
Does your auto insurance carrier cover motorcycles, too?
Don’t automatically assume that your car insurance carrier is the best choice for you motorcycle insurance. Just because they offer motorcycle policies, they may not offer the best coverage or competitive rates. Check with your Faribo independent insurance agent to find the motorcycle policy that fits your budget and your riding style.
The pros at Faribo Insurance will be happy to evaluate your coverage needs. With offices in Faribault, MN… Hastings, MN… or Lakeville, MN we are easy to find. Call us at 888-923-0430, email us or use our Quick Quote Insurance form to receive a custom Minnesota motorcycle insurance quote today.
Minnesota Auto Insurance Quotes
When shopping for Minnesota auto insurance quotes, reputable sources are a must. There are a number of factors and options to consider, including coverage required by law and by the terms of your car loan, as well as personal needs based on your individual lifestyle. Here are a few tips to keep in mind the next time you’re searching for car insurance.
Assess Your Car Insurance Needs Accurately
If you use your car for business purposes, or if you have a young and growing family, you may need coverage beyond the bare minimum. If you own a commercial fleet, your requirements will be different than if you own a family car and have a teenager in the family who will be driving soon. In other words, making an accurate assessment of your needs is an important preliminary step that must be taken before you start searching around to compare prices.
Short Term Savings Can Be Risky
Buying car insurance based on rates alone can be risky business, and even turn out to cost you a lot more money in the long run. If you underestimate your auto insurance needs, you can easily end up being underinsured. And if you end up being in a car accident with inadequate converge, you may end up using money from your own savings account to pay for car repairs or medical bills.
Make Sure You’re Comparing The Same Car Insurance Coverage
Many people today start their insurance shopping on the internet because it’s conveniently available 24 hours a day. It’s easy to go online after the kids are in bed and do some searching to find the best rates. But even the most user-friendly website that compares rates from several car insurance companies often does not ask enough questions to assure that you are comparing policies with the same benefits and discounts. Factors like ages of the drivers, driving records and credit ratings, number of vehicles to be insured and discounts for carrying other types of insurance can all affect the rates.
Consult With A Professional Insurance Agent For Customized Quotes
When you get your Minnesota auto insurance quotes from a professional insurance agent who is familiar with a number of carriers, you get coverage that is customized to your individual needs. You won’t pay for coverage you don’t need, and you won’t be caught without coverage that you do need.
Faribo Insurance agents are available at three locations: Faribault, MN… Hastings, MN… and Lakeville, MN. Or email us , call us with your questions at 888-923-0430 or use the Quick Quote Insurance Insurance form online. We’ll gladly show you auto insurance options that will meet your needs.
Minnesota Auto Insurance Laws: Required Coverage
Minnesota autos insurance laws apply to all vehicles that are licensed in the state. The basic requirements include four areas of coverage: liability, personal injury, uninsured motorist and underinsured motorist coverage. When you work with a Faribo Insurance agent, your policy will be custom tailored to meet your individual needs, and you can also be sure that your policy covers the areas required by the state. Let’s take a look at the basic car insurance requirements for the State of Minnesota.
Liability Insurance
Liability covers you when you are at fault during an accident. It pays for damages that you cause to another vehicle. For example, if you’re backing out of a parking space and crunch the side door of a car that’s driving by, your liability coverage would pay for the auto body work to fix the door.
Personal Injury Protection
Personal injury protection, also known as PIP, or ‘no fault’ coverage, makes sure that you are compensated for basic losses no matter whether you caused the accident or if another driver caused it. If you incur medical expenses or loss of wages because you are unable to work while recovering from your injuries, PIP will reimburse you, up to the policy limits.
Uninsured Motorist Protection
This coverage activates when the other driver is at fault, but has no insurance. Once your personal injury protection benefit limits have been reached, the uninsured motorist coverage will continue to pay expenses up to it’s coverage limits.
Underinsured Motorist Coverage
If you are in an accident where the other driver is at fault and your medical expenses exceed the liability limits that his policy pays, this coverage will pay medical claims that are covered by your policy, and that are in addition to your personal injury protection coverage.
Minimum Required Coverage
The minimum coverage required by Minnesota auto insurance laws is primarily geared toward protecting you, your passengers and other people who may be injured during an automobile accident. Covering damage to your vehicle or any personal property within your vehicle is not mandatory by law, but it may be required by your lender if you have taken out a car loan.
The professionals at Fairibo Insurance will help you assess your individual situation so that your car insurance coverage meets the Minnesota auto insurance laws as well as any requirements of your auto loan. To take a look at your car insurance options, visit Faribo Insurance in any of its three convenient locations: Faribault, MN… Hastings, MN… and Lakeville, MN. You can also call us at 888-923-0430, email us or use the Quick Quote Insurance
Minnesota Insurance Fraud
Insurance fraud makes victims out of Minnesota insurance companies and their customers. In common terms, insurance fraud is lying to or deceiving an insurer in order to make money or to become insured. Some common fraud schemes include:
- Padding (inflating the true amount of) a claim
- Lying or Hiding (concealing) important information when applying for insurance
- Lying or Hiding (concealing) important information when reporting a loss
- Submitting False Claims
- Staging Accidents
- Failing to Report Recovered Property
- Faking Theft Claims
- Committing (home or vehicular) Arson for Profit
As a consumer, fraud should concern you since the cost is passed directly on to you in the form of higher insurance rates. You can play an important role in reducing fraud.
Fighting Auto Insurance Fraud
Persons attempting to commit insurance fraud often do so by deceiving innocent drivers during actual accidents or by involving innocent drivers in “staged” accidents. Do the following in order to minimize this risk:
- Drive defensively, keeping space between you and surrounding cars.
- When traffic slows, begin braking before the car in front of you does.
- Be careful when turning into a lane that allows two or more autos to turn left at the same time. Victims of insurance fraud are often people who float across the line when turning and then are intentionally sideswiped by a person who is “staging” an accident.
- If you are in an accident, write down license numbers of all cars involved in the accident, get the names and contact information of all persons involved and their insurers. Count the number of passengers in the other cars and get their names, addresses and any other pertinent information.
- Call the police and get a police report even if the damage is minimal. DO NOT let another driver talk you out of calling the police.
- Carry a disposable camera in your glove compartment or make use of a cell phones camera feature and take pictures of the damage to the vehicles and of all drivers and passengers in the cars.
Fighting Homeowners Insurance Fraud
It is far more difficult to involve an innocent party in homeowner fraud. However, a homeowner can help himself and help deter fraudulent claims by properly maintaining their home, and by removing or repairing items that could create tripping hazards to outside parties. Also, if someone is injured in your home, be certain that you get full information and be sure that an injured person gets any needed treatment. Carefully document any incident, including all impressions about likely injury. It may also be prudent to show healthy skepticism over any information on medical bills or claims.
Report suspicious actions such as a friend who asks you to store valuable property and you then find that they reported to his insurer that the property was stolen.
Think of insurance fraud as money out of your pocket-because it is. According to the US Chamber of Commerce, fraud adds 25% to property and casualty insurance rates.
If you are involved in an accident and you are suspicious that fraud may be involved, report it to the authorities and your insurer. Another helpful source for fraud information is the National Insurance Crime Bureau at 1-800-TEL-NICB (at the time of this writing, their Website was located at www.nicb.org).
Minnesota Life Insurance Professionals
For residents of Minnesota, life insurance policy options can be confusing. While it’s important to have good coverage for your family, it’s also important to choose products and policies that are affordable. The right combination of coverage and cost can give your family real peace of mind about the future. Here are some tips to help you make a good decision.
Who needs life insurance?
Conventional wisdom says that the main breadwinner of the family should be covered by life insurance. The reasoning behind that concept is that the breadwinner’s income should be replaced in order for the family to be able to continue with as little disruption to its current lifestyle as possible.
But many families recognize the importance of covering the main caregiver, too, even though that person is often not technically considered to be a breadwinner. The reality is that the cost to hire someone who could perform the same duties 24 hours a day, 7 days a week would be extremely high. So families who are raising young children or caring for elderly relatives need to consider life insurance coverage for the wage earners and the care providers.
Types of life insurance coverage
Term Insurance – Premiums for coverage must be paid on a regular basis, and there is no cash value at the end of the term. Premiums usually increase as the insured gets older. Or if premiums remain stable, the amount of coverage decreases. Usually the least expensive and most affordable type of life insurance, term insurance provides minimum coverage.
Whole Life, Universal Life and Variable Life – These types of policies offer fixed premiums, fixed coverage and a variety of different savings and investment options. Since a portion of every premium payment goes toward the cash value of the policy, there is a cash value remaining at the end of the payment term. As the policies age and gain value, it’s often possible to borrow against them tax-free.
Compare life insurance options
As you can see, because there are so many options to choose from, it can be a real time saver to find an agent who is knowledgeable about a wide variety of insurance companies and products, the expertise to compare and evaluate them, and the integrity to make recommendations based on your family’s needs and financial situation.
Choose experienced life insurance advisors
When you need expert and reliable advice about life insurance, visit one of Faribo Insurance Agency’s 3 local offices: in Faribault, MN…Hastings, MN…or Lakeville, MN. You can also call 888-923-0430, email us or use the Quick Quote Insurance form to ask questions. We’re here to help!
Minnesota Farm Insurance Experts
As a farmer in Minnesota, farm insurance is one of your most important expenses. To protect your home, your family, your assets and your business, you need to make sure you have the best possible coverage with a reliable insurance company. To protect your cash flow and your bottom line, you need to make sure you have the best possible rates. Here’s a basic overview of the items you need to consider when purchasing insurance for your farm.
Take an accurate inventory of your farm insurance needs
Evaluating farm insurance needs is more complex than most other types of insurance because, at least for small to medium-sized family operations, the owners are insuring both their homes and their businesses on the same premises. That means that a combination of personal assets and business assets must be included and considered, as well as the need for liability coverage.
Farm assets that need adequate insurance coverage may include farm equipment (tractors, combines, milking machines, etc), real property (barns, outbuildings, indoor arenas, fencing and other improvements), the farming business operation, crops, livestock, the family home, family vehicles (autos, RVs, motorcycles, snowmobiles, etc).
Find out what your current policies cover
Because farm insurance must cover both business and personal assets, your current coverage may be designed several different ways. It may include a commercial lines policy for the business coverage and a personal lines policy for your family’s coverage. Or you may have coverage that includes both your farming business and your personal family needs in one policy.
Evaluate your options for the best rates and coverage
Each farming operation has its unique insurance coverage needs. Besides crops and livestock, some owners need coverage for additional businesses like repair shops, retail gift shops and farm stores, daycare services, bookkeeping services, bed and breakfast operations, art studios, blacksmithing, hayrides, riding lessons…the possible combinations are almost endless. Yet each one must be properly addressed for effective insurance coverage. That’s why it’s especially important to consult with an experienced local farm insurance professional to find the best policies that cover all assets at the best rates.
Rely on a local Minnesota farm insurance expert
For expert answers to your farm insurance questions, Faribo Insurance is at your service in three locations: Faribault, MN…Hastings, MN…and Lakeville, MN. Call us at 888-923-0430, email us or use the Quick Quote Insurance form. We’ll be happy to prepare a customized quote for your farm insurance.
Minnesota Health Insurance Experts
Trying to find the best Minnesota health insurance plan can be a confusing process. According to local and national news stories, health insurance companies seem to be raising their rates on a regular basis, excluding coverage for selective pre-existing conditions in the fine print of their policies and playing hard to get when it comes time to pay a claim. In such a volatile market, how can you possibly find a health insurance policy that you can rely on and afford? Here are a few things to consider.
What Kinds of Health Coverage Do You Need?
Medical coverage – Policies range from basic coverage for major medical events to coverage for ongoing well patient preventative care. Weigh your pre-existing conditions, your current needs and the likelihood of your future health care needs against the costs to determine what features must be included in your policy.
Pregnancy and newborn coverage – If you are planning to have a baby in the near future, you’ll need to evaluate any health insurance plan you consider for pregnancy and newborn coverage. If you’re considering using any alternative services like midwifery or acupuncture, make sure the policy you choose covers them.
Dental insurance – Healthy teeth are important for overall health. If it’s not included in your primary policy, health insurance is usually available as a separate policy.
Mental health coverage – Some policies don’t cover any mental health treatments at all, some cover treatments for addictions and chemical dependencies, others cover out patient psychiatric treatment.
What Are Your Health Insurance Options?
You or some of your family members may be eligible for health insurance coverage at work or at school. If so, it’s worthwhile to look into those options since they are likely to be offered at lower cost group rates.
But it’s important to read the policies carefully to determine coverage and exclusions, as well as the types and amounts of deductibles and co-payments. Some policies exclude so much and have such high deductions and co-pays that they may not be worth the monthly premiums.
If you’re not eligible for group policies, individual health insurance is the logical choice. Researching policies on your own is time consuming and nerve wracking when it comes to deciphering the medical terms along with the insurance legalese. You can save yourself time and frustration by consulting with a knowledgeable insurance agent.
Choose An Independent Insurance Agent To Help You
The experienced agents at Faribo Insurance are at your service in three convenient locations: Faribault, MN…Hastings, MN…and Lakeville, MN. You can also email us or call us with your questions at 888-923-0430. Or use the Quick Quote Insurance form online. We’ll be glad to show you options for your health insurance that address all of your needs
