Preparing for the Unexpected with Life Insurance

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While not all unexpected events turn out to be negative, most of the time, the ones that affect your finances tend to be negative surprises. While you can’t control what happens in the future, a bit of planning can help manage the outcome. That said, with life insurance from North Coast insurance Services of Lexington, MI, you are better-placed to handle what life throws at you (even when you are long gone).

Planning about the future? There are not many better ways to plan your life 10, 20, or 30 years from now than investing in life insurance. Here is how life insurance helps you prepare for the unexpected.

How life insurance helps you plan for the unexpected

The primary goal of investing in life insurance is to protect your financial interests when you pass on. Here is how life insurance helps you protect the things that matter most in life:

  • Protects your dependents when you die: If you have children, aging parents, or siblings that depend on your income, you can protect them by investing in life insurance when you die unexpectedly.
  • Pays your debts even when you pass on: If you have a mortgage, car, or student loan, you don’t have to burden your loved ones when you die. Invest in life insurance, and the proceeds can be used to settle your outstanding debts when you die.
  • Supplements retirement income: You always think that life insurance comes into life when you die. This notion isn’t entirely true — if you invest in whole life insurance, it accumulates a cash value that you can borrow against it.

While you can’t plan for everything in life, there are specific steps you can take to cushion yourself when things become awry. If you want to protect the precious things in life, investing in life insurance is an excellent choice. To get coverage in Lexington, MI, please contact North Coast insurance Services.

What’s required in my Lexington, MI auto insurance policy?

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Having auto insurance isn’t a luxury. It’s the law.

Michigan, like most states, has specific auto insurance mandates. However, minimum coverage limits are more strict when compared to other areas. And these regulations are ever-changing. Luckily, North Coast Insurance Services stays up to date. Serving Lexington, MI, the agency is skilled at navigating these requirements to keep you safe, secure, and legal.

Using this experience, North Coast Insurance Services shares four items that any auto insurance policy in the state must include.

Bodily Injury Liability

Liability coverage is mandated for all motorists. Bodily injury is the first part of this protection. This reimburses expenses if a collision causes serious injury to another driver. By law, Michigan drivers need $50,000 for any single person. A combined amount of $100,000 is required for all people per incident.

Property Damage Liability

Property damage covers destruction to another person’s property, like vehicles, buildings, or other structures. Although drivers must carry at least $10,000. However, Michigan became a no-fault state in 2019. Because of this distinction, property damage liability is more important for incidents that occur outside Michigan.

Personal Injury Protection

Called "PIP" for short, this protection is designed specifically to produce benefits in no-fault states. Unlike liability, this coverage is for you personally. It can reimburse lost wages, medical bills, and other costs incurred by an incident.

Property Protection Insurance

This extends to "tangible property" and is similar to property damage liability. But, like PIP, this is for Michigan-based claims only. Drivers in the state must have $1 million in coverage.

Consult an agent serving Lexington, MI

North Coast Insurance Services understands how important auto insurance can be. It’s more than just the law. An auto insurance policy protects you, your family, and other drivers on the roadway. Schedule an appointment today.

How You Can Use Your Life Insurance Benefits

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When it comes to mapping out your life financially, life insurance should definitely be part of the plan. This is because the right life insurance policy will help secure a financial future for your family once you pass away. Life insurance won’t just help cover your final expenses, but it can provide a financial safety net for your family by acting as an inheritance or helping to replace your income. Read on to learn some of the ways Lexington, MI residents can use life insurance benefits, and when you’re ready, North Coast Insurance Services can help you find the right policy for you.

Paying Final Expenses

The most popular way for people to use life insurance benefits is to pay final expenses, such as cremation or burial costs, estate settlement expenses, medical bills, and any other obligations that were left unpaid.

Replacing Income and/or Paying Off Debt

When you pass away, you are leaving your family behind without your income. Life insurance benefits can replace that income, allowing your family to still pay the mortgage payment or pay for college tuition. In addition, the benefits can be used to pay outstanding loans and debt.

Inheritance

Some individuals simply purchase a life insurance policy with the sole intention of leaving an inheritance for their loved ones. If this is what you would like to do, make sure that the beneficiary on your insurance policy is the individual you would like to receive the money as an inheritance. This ensures the life insurance benefits go directly to the person who you intended on receiving it.

Charitable Contributions

If you have always been a giver, you may wish to use your life insurance benefits to give to a favorite charity. Like an inheritance, you will want to name the charity as the beneficiary to ensure your charitable goals are met upon your passing.

Life insurance is not something that many Lexington, MI residents want to speak about due to the fact it is such a sensitive topic; however, it is important to secure your family’s financial future. North Coast Insurance Services can help you understand the life insurance options available to you and what may be best suited for the needs of you and your family.

How to Know if You Should Bundle Your Car Insurance with Other Policies

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Using the same insurance provider for all the different types of coverage you have from auto to homeowners is called bundling. There are some good reasons to bundle your auto insurance if it is right for your needs. Many people want the big savings and discounts that can come from bundling, as well as the simplicity of handling several policies through one company. Another way to know if bundling is right for you is if you have a lot of claims for auto and home for instance. Your insurer may work with you more if they handle all of your different types of insurance.

The dedicated team at North Coast Insurance Services of Lexington MI will help you to customize your insurance policies including auto, home, life, or other coverage. We can tailor a package that fits your needs.

Some Benefits of Bundling Your Coverage

There are benefits to bundling your auto insurance with your homeowners and other policies. A qualified agent can help you get the most of these benefits that include:

  • Cost savings – Companies will offer discounts when you bundle your auto insurance with your other policies. This can save you money. 
  • Single company – One reason people like to bundle their insurance is dealing with only one company. This can simplify managing your insurance policies.
  • Simplified payments – Paying your premiums is easier because you have the same insurer for several types of insurance.

Professional Insurance in Lexington

Contact us at North Coast Insurance Services of Lexington, MI if you need quality auto insurance bundled with your other policies. We have years of experience helping individuals get the best quality coverage for auto, homeowners, and more. Our professional agents look forward to helping you keep your assets protected and secure.

Required Commercial Insurance in Michigan

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When you run a small business in Michigan, there are certain laws about the kinds of commercial insurance that some business owners are required to have. Getting commercial insurance protects you and your business from having to pay out enormous costs after there has been an accident in either the workplace or a company car. Having these commercial insurance policies in place also keeps you legal so that you won’t have to worry about facing any fines for not having them. If you need these policies or any other commercial policies, call us now at North Coast insurance Services in Lexington, MI.

Workers’ Compensation Insurance

This type of insurance policy is required for all Michigan businesses that have at least one employee who is full-time. This coverage pays the medical bills owed after someone has an accident in their workplace. This protects businesses by avoiding lawsuits, and it protects workers by making sure that there are the needed funds if an accident should take place. This is valuable insurance for virtually every type of business.

Commercial Auto Coverage

If your business won a vehicle, state law requires that you have a commercial auto insurance policy on it. The state requires a specific set amount of bodily injury liability for one person who becomes injured in a vehicle accident and another amount required for everyone who becomes injured in a vehicle accident. The state has a standard minimum amount for this coverage, but the amounts are very low when compared to other states. It’s usually recommended that you add to the required coverage. You may also want to get other types of coverage such as collision insurance. 

Get Your Commercial Insurance Policies

If your small business needs commercial insurance, we are just a phone call away. Call us at North Coast insurance Services in Lexington, MI.

How Home Insurance Protects You

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Part of the responsibility that you have when you own a home is to have home insurance in place. This insurance is extremely valuable and can protect you against a wide range of accidents and incidents. If you need a home insurance policy, call us now at North Coast insurance Services in Lexington, MI.

Damage to Your Home

There are many incidents that can happen to your home that result in damage that needs to be repaired. There are various types of disasters, accidents and other occurrences that can leave you with enormous repair bills. With your home insurance, these repairs are taken care of by the policy. If your home is completely destroyed, your insurance will even pay for it to be rebuilt as it was before. Without this insurance, you may be unable to afford to get your home back into good condition. 

Damage to Your Belongings

The dwelling itself isn’t the only thing that can get damaged. There are many incidents that can happen to homes that cause your possessions to be damaged or ruined. Your home policy covers those situations as well. When you have significant damage to your belongings, the policy can pay to have your items repaired or replaced. It’s a valuable coverage to have after a covered incident like certain natural disasters. 

Protection for Your Lifestyle

If something serious does happen to your home, it may be unlivable for a while until the right repairs are made. This situation can be devastating to your lifestyle and your standard of living. To protect your lifestyle, your insurance policy can pay for you to live somewhere else until the repairs are made. 

Protect Yourself With Home Insurance

If you own a home, or you are about to buy one, give us a call at North Coast insurance Services in Lexington, MI about getting a home insurance policy. 

Do You Need Workers’ Compensation Insurance?

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Workers’ compensation insurance is an important type of policy that can help both your employees and your business. It’s a smart move to have this insurance in place, as it may come in handy after an employee accident. If you need workers’ comp coverage, call us at North Coast insurance Services in Lexington, MI to find out more.

Requirements for Michigan Businesses

In Michigan, many businesses are required to have this insurance for their employees. Each state has its own number of employees that require businesses to get workers’ compensation insurance. In Michigan, it’s required for a business that has three employees or more, with at least one of them working more than 35 hours a week for at least 13 weeks. The other two employees can be part-time or full-time. 

How Businesses Benefit 

Having to keep another type of insurance may seem like a hassle at first, but it is incredibly valuable for employers. Accidents at work can and do happen, and they can be expensive to pay for later. A business that has one of these policies has protection against lawsuits that employees can file against them for accidents. And because it pays for the medical bills and certain other costs, it saves your company from having to pay today’s high prices for medical bills. 

Employee Rights

Workers’ comp isn’t just helpful to the employer- it also benefits an employee who has an accident. In Michigan, employees in this instance have the right to get medical care after an accident and to choose their own doctor. They also are entitled to lost wages and getting vocational rehabilitation when needed. They also have a right to benefits from the Family Medical Leave Act. 

Get Workers’ Compensation Coverage

If your company needs workers’ comp insurance, give us a call now at North Coast insurance Services in Lexington, MI.

Frequently Asked Questions (FAQ) About Classic Car Insurance in Michigan

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When you have a classic car in Michigan, you have a lot of extra responsibilities for taking care of it. Classic car insurance is one of those responsibilities. This kind of car insurance is not going to be like your everyday use Michigan auto insurance policy.

At North Coast Insurance Services, we want Lexington, MI residents to feel secure with their classic car insurance policy. Before you design your policy, make sure you have all of your questions answered.

What is a Classic Car?

In Michigan, you need classic car insurance if your car meets the classic car criteria:

• A car at least 26 years old
• Well-maintained, drivable, safe to drive
• Not used for everyday
• Stored according to regulations

What are the Driving Requirements for Classic Car Insurance?

Classic car driving is not the same as everyday auto driving. It is a skill that insurance companies want left to the best drivers. To hold classic car insurance in Michigan, you need to meet certain criteria:

• You must have a very good driving record with no major reports in 3 to 5 years
• You must have a separate vehicle for everyday use

There are some insurance companies that may require a minimum age to drive a classic car, or a minimum driving history for years of driving.

What You Need With Classic Car Insurance

When you have classic car insurance, you want it protected from financial risks. There are a number of minimum requirements for classic car insurance, that will provide liability and property damage.

You can also get insurance that covers you for proper towing and roadside assistance in the event your classic car is in a collision. Towing a classic car is not the same as towing an everyday use vehicle.

Get a Quote

If you are looking to insure a classic car in Michigan, it is easier than you might think. At North Coast Insurance Services, we know how important special cars are to Lexington, MI drivers. Call us for a quote today.

3 Tips for Renter’s in Lexington, MI

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When you’re searching for a home or apartment to rent, there is a lot you need to think about: What neighborhood is best, what’s your monthly budget, and what amenities are most important to you. Once you’ve found the perfect place and signed a lease, the details left to be managed don’t end there. 

Keep these three essential tips in mind:

1. Know your rights. It may seem like your landlord is in full control when you are renting a property, but tenants have rights too. Many states have a tenant’s book of rights that will tell you what rights you have as a renter — for example if your landlord fails to fix issues within your property — and what resources are available should your situation become unlivable. If you’re a first-time renter, these handbooks can be an essential resource.

2. Purchase renter’s insurance. Renter’s insurance is an essential step in the rental process — and some rental companies may require you to make this purchase when signing a lease. This insurance will protect the property housed within your home or apartment — including electronics, jewelry, furniture, and clothing — should it be stolen or damaged. It may also provide coverage should there be an accident in your residence. Renter’s insurance is typically very affordable. 

3. Don’t be afraid to negotiate. If you are a good renter — quiet, clean, always pay rent on time — your landlord may be willing to negotiate a better deal to keep you in your unit. If there is a rent increase around the corner or you simply want to try to get a better deal, try talking to your landlord. Striking a deal may require that you sign a longer lease or prepay some months in advance, but in the end, it could be worth it to save some money.

Are you a renter in Lexington, MI?
If you are renting a home or apartment and need help protecting your belongings, contact North Coast Insurance Services for information and a plan that works best for you and your family. 

4 Benefits of Michigan Motorcycle Insurance

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If you value your motorcycle in Lexington, MI, you can’t afford to ride without motorcycle insurance from North Coast insurance Services. Motorcycle insurance prevents you from incurring expensive bills from your pocket when accidents and other perils strike. If you are contemplating purchasing motorcycle insurance, you are on the right track. Below are the benefits you will enjoy.

Compliance with the law

Under Michigan law, motorcyclists are required to have minimum liability coverage in their motorcycle insurance. This coverage provides bodily injury and property damage coverages for accidents you are deemed liable for. Without the state-required motorcycle insurance, the bike owner is automatically disqualified from enjoying the no-fault insurance benefits. 

Protection of the asset

Whether you use your bike to run errands, commute, or have fun, it must have cost you several thousands of dollars. If you are uninsured and a disaster occurs, you will have to finance repairs and replacement of your bike from your pocket. Thankfully, if you have comprehensive and collision coverages, your insurer covers damages to your bike up to your coverage limit.

Medical expenses coverage

Motorcycle accidents can be catastrophic. Without health insurance, you are faced with expensive medical bills that can ruin your finances. Thankfully, if you have PIP or medical payments coverage, medical expenses for you and your passengers are well-taken of despite who was at fault for the accident.  

Roadside assistance coverage

Sometimes, your beloved machine can let you down. It can break down unexpectedly when away from home. However, when you have the roadside assistance add-on, you access services like towing, gas delivery, puncture repair, and other roadside repairs to get you back on the road ASAP.

Buy motorcycle insurance today!

Having seen the benefits of motorcycle insurance, the next step is to purchase coverage from North Coast insurance Services. Contact us today, and we will help you protect your asset.