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What is Dave Ramsey’s Advice for Car Insurance
June 8, 2020
Get straight forward, common sense car insurance advice
Dave Ramsey recommends a couple of simple, yet time tested strategies when it comes to car insurance:
- Utilize higher deductibles on your car’s physical damage coverage:
- Save money now with higher comprehensive and collision deductibles and self-insure for the small stuff.
- Put higher liability limits to transfer risk of large losses.
- Protect yourself from injuries caused to others. Though less frequent, liability losses can lead to bankruptcy without proper limits in place.
- Utilize the services of a local Independent Insurance Agency like The Ryan Agencies.
- Rather than purchase from an Exclusive or Direct insurance company, an independent insurance agent has access to numerous insurance companies.
An independent insurance agent represents YOU not one insurance company. This frees them up to recommend the best option for you and your family.
Love him or not, Dave Ramsey’s advice is straightforward, makes common sense, and is consistently practical.
Have more questions about your car insurance? Please feel welcome to call us at 607-324-7500, we LOVE to help!
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The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
