Celebrating Excellence: Reagan Fisher Named Young Agent of the Year by IA&B

Celebrating Excellence: Reagan Fisher Named Young Agent of the Year by IA&B

In the dynamic world of insurance, recognizing emerging talent is crucial to the industry’s growth and innovation. It is with great pleasure that we extend our heartfelt congratulations to Reagan Fisher, who has been honored as the Young Agent recipient of the prestigious award by the Independent Insurance Agents & Brokers of America (IA&B) in 2023.

Reagan Fisher, a shining star at Winstead Insurance Agency, has demonstrated exceptional dedication, skill, and leadership in the field of insurance. This accolade is a testament to his unwavering commitment to excellence and his significant contributions to the industry. The Young Agent of the Year award is not just a recognition of past achievements but a celebration of the promising future Reagan embodies.

Winstead Insurance Agency, where Reagan serves as an integral part of the team, is no stranger to fostering talent and encouraging professional growth. Reagan’s accomplishments reflect not only his personal dedication but also the supportive environment cultivated by Winstead Insurance Agency. This award reaffirms the agency’s commitment to nurturing the next generation of insurance professionals who will undoubtedly shape the future of the industry.

Reagan’s journey in the insurance sector has been marked by a relentless pursuit of knowledge and a passion for providing top-notch service to clients. His innovative approach to problem-solving and his ability to adapt to the ever-evolving landscape of the insurance industry have set him apart as a rising star. Reagan’s colleagues at Winstead Insurance Agency speak highly of his collaborative spirit and his willingness to go above and beyond to deliver outstanding results.

The Young Agent of the Year award from IA&B is a recognition of Reagan’s exceptional leadership skills, industry involvement, and community engagement. These qualities not only make him an outstanding professional but also a positive force in the broader community. Reagan’s commitment to giving back and making a difference in the lives of those around him adds an extra layer of significance to this well-deserved accolade.

As we celebrate Reagan Fisher’s achievement, we also acknowledge the vital role played by IA&B in identifying and honoring emerging leaders in the insurance sector. This award not only recognizes Reagan’s accomplishments but also serves as an inspiration to other young professionals, illustrating the potential for success and impact within the industry.

We extend our warmest congratulations to Reagan Fisher on being named the Young Agent of the Year by IA&B. May this award be a stepping stone to even greater accomplishments and may Reagan’s journey continue to inspire others in the insurance community. Cheers to a bright future filled with continued success and positive contributions!



Things to Think About With Motorcycle Insurance

Things to Think About With Motorcycle Insurance

Many enjoy the feeling of the open road, wind in their face and the scenery flying by. For the most adventurous amongst us, for whom a regular automobile does not satisfy the wildest of desires, they may choose a motorcycle to get those thrills, or even as a primary means of transport. If you own a motorcycle then you will undoubtedly need a different type of vehicle insurance, motorcycle insurance.

According to our research online, the average cost of motorcycle insurance annually is $720, or $60 per month. This is half the price of car insurance in the US. This rate is of course dependent on a number of factors: 

  • The age of the insured rider
  • The type of motorcycle 
  • Age of motorcycle
  • The driving record of the insured rider
  • State the bike is registered. 

Some of the more expensive states include: California, Louisiana, and Missouri.

As far as first party medical benefits, it depends on the state as to whether these will be extended to you. The basics though are that if you are involved in a motorcycle accident and injured in a crash, your medical coverage will come from the driver who caused the accident or your own first party coverage. This will require a police report, so if you are involved in a hit and run you might want to consult an attorney. If you have a rider on the bike they must be added on to your motorcycle insurance policy in order to receive first party benefits. However, be aware that sometimes first party benefits are not offered to those who choose to ride without a helmet.

Our final topic concerns customized motorcycles. The short answer is that a custom motorcycle requires customized insurance coverage, for which you will have to work with an insurance agent and have the bike inspected. If you, as a motorcycle owner/rider, pursue a regular policy on a bike that has been altered, you may only be covered for the portion of the bike that is stock. In addition, the insurance company can deny a claim based on the fact that you were riding something that they had not approved. Be aware of the specs of your motorcycle, especially if you purchase it used. Lastly, for those with custom equipment, there are typically add-on packages within your policy that will cover any special equipment that you use.

Things You Should Know When Shopping For Boat Insurance

Things You Should Know When Shopping For Boat Insurance

Having a boat can be amazing, whether you have one on a lake, on a river, or near the ocean. It can be a decent amount of work – which is where the phrase “know the guy with the boat, don’t be the guy with the boat” comes from. BUT if you plan on using a boat frequently and love being out on the water, there is nothing like the freedom of owning a boat and being able to enjoy it whenever you want. 

Along with moorage/docking, maintenance, and fuel an expense all boat owners will likely have to incur is boat insurance. When calculating the value of a boat insurance policy, the insurance agent will take into account many factors. Those include: the age of the boat, length, monetary value, speed/horsepower of the engine, condition (does it meet US Coast Guard standards at the time of production), type of boat, number of owners, where will it operate (lake, river, ocean, etc), and finally is it a houseboat?

A common concern of boat owners is what to do if your boat breaks down while on the water. As far as insurance coverage goes, this will depend on if your policy includes this specific facet. There is typically going to be an add on called “on-water towing” and can save you between $125-250 for a 40 mile tow on the water. You can add in specific towing distances, jump starts, soft ungroundings and fuel delivery. All are topics of conversation for you and your boat insurance agent.

Our last topic is whether or not a boater safety program will provide a discount on your policy. The short answer is that yes, by taking a boater safety course, you will generally receive a discount on your coverage. The accredited courses are offered by the US Coast Guard Auxiliary and has locations across the country.

Long Term Care – What is this? Who Needs it? Does Insurance Cover it?

Long Term Care – What is this? Who Needs it? Does Insurance Cover it?

Long term care insurance is different from traditional healthy insurance in that it is intended to cover long term services and supports. This can include personal and custodial care in places like a home or hospice. This type of insurance policy reimburses the policyholder a daily amount for services that can assist with activities like bathing, dressing, or eating. The cost of the policy is determined by the policyholders age and the number of days that the policy will pay.

Who needs long term care insurance?

Long term care insurance is designed for those who do not have family members (children or relatives) who can take care of them when they get older. Most people searching for a policy will look years in advance, prior to incurring too many out of pocket expenses, usually between the ages of 45-55. This allows one to pay into the policy prior to events happening that will require this coverage. The average cost of a private room in a nursing facility is $100,000. Long term insurance typically covers all or part of assisted living facilities, medicaid does not. Finally, the average premium for a couple of 55 years old is around $3,000

Does insurance cover long term care?

No, your health insurance will not cover long term care. Simply put, if you are a person who falls under the category of someone who may be searching for health care assistance later in life, then you should consider long term care insurance. It is a difficult decision to make with yourself but one that may save you significant costs and heartache in the big picture.

Pitfalls of long term care

Those who are in poor health may not be eligible for long term care insurance. This is because that person could require medical coverage prior to getting approval for extra payments daily. Many long term policies have a limit on how long or how much they will pay the policyholder. Lastly, sometimes insurance companies may raise their premiums.

Looking for help navigating the complex world of long-term care? Contact us today. 

Umbrella Insurance – What is it, why would you need it and how to get the right one

Umbrella Insurance – What is it, why would you need it and how to get the right one

Umbrella insurance provides excess liability coverage above the limits of your standard auto and homeowners insurance. Its primary function is if you are sued and need to pay damages, legal fees, or civil costs, umbrella insurance can cover that. The kinds of people who typically purchase umbrella insurance are those who have significant savings/assets, own a business/property/swimming pool/trampoline, coach youth sports, do extreme sports, or own a certain type of dog (usually the ones you need a permit to acquire). The critical detail is that umbrella insurance kicks in when your base liability limits have been reached. Think about umbrella insurance as extra coverage in case something absolutely catastrophic occurs.

What is Covered in Umbrella Insurance

Lets begin with what umbrella insurance does cover: lawsuit settlements resulting from an incident in your home, yard, or pool. It also covers judgements from a court of law in regard to defamation. Medical expenses or damages if a visitor is injured at your home (or rental property) as well as damages you commit to someone else’s property (car or home) can fall under this bracket. Contrarily, umbrella insurance does not cover the following: business losses, damage to your property, contract disputes, personal belongings, and criminal acts.

How to choose the correct Umbrella Insurance

In order to choose the correct umbrella insurance it is critical to consider some factors. We first consider the average cost: for one year of coverage up to $1 million, the average annual cost is $383. Make sure to compute the total value of your assets. In addition, you must review your insurance policies to not have any coverage redundancies. Most insurers that provide auto, home, and boat policies will also sell umbrella insurance. It is important to note that you must have a certain base limit of home and auto insurance for a distributor to consider selling you a policy. Insurers do not want to be responsible for low dollar amounts.

If regular insurance (medical, auto, boat, homeowner, etc.) is to protect against things for which you cannot prepare, umbrella insurance exists to protect you against something you didn’t even think was possible. 38% of Americans own dogs. None of us think that our precious baby could ever bite someone, but if they did, umbrella insurance is what will cover you in case someone sues you (and your dog). 

Looking for a quote on umbrella insurance? Winstead Insurance would love to help, and can provide a free quote. Contact us today!

What Is Gap Insurance and Do I Need It?

What Is Gap Insurance and Do I Need It?

Anyone who has ever owned a car knows what auto insurance is. In today’s day, you go online (or simply download an app) and look for what kind of car insurance best fits the type of vehicle and your budget. It is an extremely simple process. The same thing goes for motorcycles, boats, and various other types of niche automotive equipment as well. Lets focus on automobiles though. When you go to purchase a car, the two ways to finance this purchase are: 1) pay for the entire cost of the car when you make the purchase 2) you can give the dealership a portion of the cost of the vehicle (this is called a down payment) and pay the rest to them over the course of a few years (called a loan). The center of this article is the car loan.

Depending on the amount of money that you put down to purchase your car, you could owe the dealership more money than you actually put down. For example, you buy a car for $10,000. You give the dealership $1,000, meaning that you have a loan of $9,000 (10-1=9). Why is this important? Your insurance covers your car at its market value. If the car was somehow totaled (meaning that it cannot be repaired based on an accident and they scrap it for parts), due to the value of an automobile depreciating so rapidly, the value of the car could be less than $9,000 that you owe the dealership. This leaves you in a quandary.

Gap insurance covers the difference between what a vehicle is currently worth (which your insurance will pay) and the amount you actually owe on it. A nifty little tool that can help ‘bridge the gap’ in differing values.

Some words of advice: try and put down as much money as you can when you purchase your next vehicle. This will eliminate the need for gap insurance as you own more of the vehicle than you owe. Save up a little longer, cut down some silly expenses, and put down more on the car. Final advice, make your deductible payment as low as possible, typically $500. You can be the world’s greatest driver but if someone taps your car, it can cause damage. It is not worth it to you to pay more than the $500 to fix it just because you decided to save $12 a month for the past two years. The local team at Winstead Insurance in Elkton, MD is here to help answer any of your insurance questions. We have a wealth of knowledge and the expertise to handle any of your insurance challenges. Give us a call today or visit our quote page for a free quote https://www.winsteadinsurance.com/get-a-quote/.

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