Why should I invest in auto insurance?

Buying and owning a car is a necessity for a lot of people in the Frederick, MD area. Not only do you need to have a car in order to get around town, but it is also an important asset that needs to be protected with insurance. There are several reasons why you should invest in an auto insurance policy for your vehicle. 

Insurance Ensures Liability Compliance

An important reason for anyone to get auto insurance is that it can ensure you stay in compliance with the liability requirements set forth by the state of Maryland. This state is similar to other states because it requires all drivers to carry liability insurance for their vehicles. When all drivers have this coverage, it helps to ensure they can pay for damages caused in an accident. When you get an auto insurance policy, it will include a provision for liability coverage. 

Insurance Protects Asset

You should also get auto insurance because it will protect your asset. While it is not required by law, a full policy can give you a lot of protection and peace of mind. With comprehensive and collision coverage, you can receive coverage for almost any situation that could result in a loss. If you have taken out a loan to buy your car, you undoubtedly will be required to have this coverage as well as it can protect your lender’s collateral.

Having auto insurance in the Frederick, MD area is needed by just about anyone. As you are looking for coverage, you should call Wellspring Insurance Network Inc. The insurance team at Wellspring Insurance Network Inc. knows how important this form of coverage is. They can then help you pick a policy that will give you the coverage and protection that you need. 

Is basic auto insurance enough coverage

When it comes to auto insurance you may be asking yourself  "is basic auto insurance enough coverage"? In the state of Maryland, basic auto insurance is 30/60/15. This is liability coverage that protects other drivers and passengers in the event of an accident where you may be at fault. The state also mandates that you have an equal amount of coverage for uninsured and underinsured motorists. When you have questions about the amount of auto insurance you need Wellspring Insurance Network Inc.in Frederick, MD has the answers you need. 

The reality of the question is basic auto insurance enough coverage is it depends on you and your vehicle. Do you have assets? You may need more than basic liability. Do you have a lease or a loan on your vehicle, if you do, basic insurance is not going to be acceptable to your lender. You need to have collision and comprehensive coverage in addition to the liability. These coverages protect your vehicle in the event of an accident if you are at fault or partially at fault. Most people can’t imagine being without a vehicle which makes these coverages something you should consider even if you don’t have a car loan or lease. 

Collision coverage repairs or replaces your vehicle in the event of a collision. The policies do have limits so be sure you have what you need. Auto policies come with a deductible, commonly $500 or $1000. It is less expensive to have a larger deductible but it means you pay more out of pocket. 

Comprehensive insurance covers for events beyond your control such as theft, vandalism, and weather (hail, wind, rain). 

Basic auto insurance coverage may be enough for you or it may not be right. Talking to the knowledgeable team at Wellspring Insurance Network Inc.in Frederick, MD will help you to make the right decision. Stop by the office or give us a call for a quote.  

How the Type of Car You Drive Impacts Your Insurance in Maryland

It’s not always easy to find great insurance at an affordable price in Frederick, MD. The type of car you drive is a primary factor in the rates you pay. You can ask an agent at Wellspring Insurance Network Inc. about rates and coverage for different insurance companies. Meanwhile, keep reading for more information on how the age, make and model of your vehicle impacts your insurance rates.

Year of Your Vehicle

Some insurance companies provide a discount on new vehicles. Older models may garner lower rates because it’s unlikely that you’ll wish to replace an older car if it’s totaled. Be sure to work with your insurance agent to find the best rates and coverage for you. 

Your Car’s Make and Model

Knowing the company that made your car tells your insurance company more about its value. Reliable manufacturers that stock inexpensive replacement parts may yield lower rates. Less reliable car makers with expensive parts may cause your premium to go up among some insurers.

The model is another important detail. Bigger engines and cars that go faster may be considered a higher risk. More modest models may garner lower rates. Keep in mind that quotes from various insurance companies will vary from person to person.

Safety Features

Does your car have a car alarm, airbag or other important safety features? Typically, car insurers like to see safety features that can lower the risk of injury and property damage. Ask your insurance agent what safety features give you the best chance for a lower premium.

Price of Your Car

The amount you pay for a vehicle influences what your car insurance costs. More expensive cars usually have more expensive parts and labor. So, it makes sense that the premiums may reflect that.

These are just a handful of factors that go into determining your premium. Contact Wellspring Insurance Network Inc. in Frederick, MD to schedule an appointment for a quote.

Auto Insurance Requirements for Vehicles in Frederick, MD

Maryland is a mandatory vehicle insurance state. In other words, all people who own a car must have liability insurance before their vehicle can be registered in the state. Furthermore, the liability policy must meet the minimum requirements. 

Read on for more information on Maryland’s auto insurance requirements:

What Are Car Insurance Requirements in Maryland?

1.  All vehicles must always have minimum amounts of liability auto insurance coverage by an insurance company licensed in Maryland. At a minimum, vehicle insurance must cover:

  • $30,000 for the bodily injury or death liability of one person in a collision caused by the driver of the vehicle
  • $60,000 for the total bodily injury or death liability of two or more people in an accident caused by the driver of the vehicle
  • $15,000 for property damage per collision

2.  If a car owner plans on canceling their auto insurance in Maryland, then they must return their license plates to any Motor Vehicle Administration (MVA) branch office.

3.  If a car owner moves out of state without returning their license plates, they must provide the MVA with the necessary information:

  • Copy of registration from the state in which the vehicle is currently titled
  • The date the vehicle was titled in the current state
  • Maryland tag and title number

Fines and Penalties for Driving Without Insurance in Maryland

The state of Maryland imposes a fine if a car is driven without auto insurance. For the first 30 days, the fine is $150, and it is $7 for each additional day, up to an annual maximum of $2500 per vehicle.

In addition to fines, the MVA may impose several administrative penalties for driving without auto insurance.

  • Loss of vehicle registration
  • Loss of license plates
  • Impound vehicle 
  • Transfer case to the Central Collections Unit (CCU)

If you need more information on obtaining auto insurance in Maryland, contact Wellspring Insurance Network Inc. in Frederick, MD today!

How You Store Your Vehicle Affects Your Auto Insurance

Residents of Frederick MD Your Lives Just Got Easier!

The agents of Wellspring Insurance Network Inc. will be your insurance resource. 

Whoever thought there were so many things you had to know about automobile insurance? Well, the good thing is that you don’t have to you can trust us with your automobile insurance needs. All you have to do is relax and drive.

STORAGE MATTERS

One of the things you might not have thought about is that it does matter where you store/park your car. If you park your car in your driveway or if your place of employment has a parking garage these are items that you want to let your insurance agent know. You may not have noticed when you are sitting down to write your policy your agent will ask you where the car is parked. The primary reason is that depending upon your neighborhood or where your employment is located, safety measures of the area come into play. Basically, if your car is at a greater risk of theft it may affect your insurance rate.

There is a never-ending source of wellness at our agency. At Wellspring Insurance Network Inc. we want to make certain that you don’t encounter unnecessary problems when it comes to an auto insurance claim. Make certain to contact us today by stopping in our office in Frederick, MD. If you prefer, you can contact us by telephone. This way you’ll be able to find out if your question can be answered or if you need to come in instead. The telephone number is 240-848-0355. In addition to automobile insurance, we also can answer questions about home insurance, commercial insurance, life insurance as well as specialty insurance products. 

  

What is Comprehensive Coverage and Why Do You Need It?

Do you know what comprehensive coverage does or why you even need it? For many Frederick residents, this is a question that they cannot answer.

Thankfully, our Wellspring Insurance Network Inc. team has put together a short post to help you understand. Here is what you need to know about comprehensive coverage and why you need it.

What is Comprehensive Coverage?

It is important to understand what your car insurance’s comprehensive section covers in the event of a claim. In most cases, it protects you against so-called “acts of nature” including fire, storm damage, and weather-related events. Theft and vandalism are also listed perils under your comprehensive coverage. Should you experience a comprehensive loss, all you would have to pay to fix your vehicle or replace a stolen vehicle is your deductible.

Why Do You Need Comprehensive Coverage?

Comprehensive coverage is important in that it protects you from having to pay for damage to your vehicle due to incidents that are largely out of your control. If your vehicle is newer or you’re concerned about having to pay out-of-pocket to repair or replace your vehicle if it is stolen or damaged by weather, you should consider adding comprehensive coverage to your policy.

Are You Required to Carry Comprehensive Coverage?

In most cases, you are not required to carry comprehensive coverage on your auto insurance policy. However, there is an exception. If you have a loan or lease on your car, you’ll need to discuss with your lender whether they require you to purchase this type of protection.

Wellspring Insurance Network Inc. is proud to help residents of Frederick, MD and surrounding areas with all of their auto insurance needs. Please contact us today for a no-obligation coverage review.

 

Claiming your totalled car

If you are in an accident and the repairs will cost 75 percent or more of the market value of your car, it will be declared a total loss and called "totaled" by insurance companies in Maryland.  If you have a low-value car you may feel like you can make repairs and keep the car running. It is a slightly complicated process, but you can reclaim your car if it is ruled a total loss by the insurance company Vist the Wellspring Insurance Network Inc. in Frederick, MD to learn more about the intricacies of automobile insurance.

When a car is totaled, the insurance company takes possession of the car as part of the settlement. Often the insurance company will sell it for salvage to recoup some of their losses. If you wish to claim the car you have to notify the insurance agency as soon as possible. They will let you have the car back but will deduct the salvage value from your settlement. 

In Maryland totaled cars are called Salvage vehicles. If your car is not repairable and you want it for parts, you will get a salvage certificate when you take possession. If it is repairable you will get a rebuilt salvage title. There is also a special title for cars that have been totaled due to flood damage. Also as part of the settlement, you will have to get a release from the loan company if you owe money against the vehicle.

Visit the Wellspring Insurance Network Inc. in Frederick, MD to get more information about car insurance. You may visit us online, by phone, or in person. If you do have an accident and want to reclaim your totaled car, remember it is very important to let the insurance company know before they send it to be salvaged.

 

What Happens to Auto Insurance When You Move?

If you have recently moved into the Frederick, MD area, or if you’re considering a move out to another state, you have all sorts of things on your mind. One of the last might be auto insurance. After all, you already have car insurance so there’s no need to worry, right? Not exactly. There are different variables at play when it comes to auto insurance, so whether you currently have Wellspring Insurance Network Inc. coverage or you’re considering auto insurance from another provider, you need to know what happens to auto insurance when you move. 

Where Your Vehicle Is Parked

Where you live changes your insurance coverage. This is because where you park your vehicle while at home will either increase or decrease the chance of damage, theft, or another problem altogether. So knowing your new home address is important. 

Driving Statistics

Different local driving statistics go into determining your monthly rates as well. In some regions, other drivers might be less likely to have auto insurance, or you might not drive as much. It is important to give you the correct coverage for your vehicle wherever you are living. This is true even if you are moving across town or into a neighboring community. So make sure to let your insurance provider know.

The biggest concern when you move is where your vehicle will be on most evenings and when you’re at home. Will the vehicle be parked in a garage, on a busy street, or inside your garage? Additionally, the kind of traffic and accident potential goes into considering your auto insurance. So whether you currently use Wellspring Insurance Network Inc. in Frederick, MD or you’re moving into the area, you need to let your insurance provider know about your move. 

What Happens If Your Auto Insurance Lapses?

You always want to avoid any lapses in your auto insurance policy. Here at Wellspring Insurance Network Inc. serving the greater Frederick, MD area, we have found that many people do not fully understand what it means to have an auto insurance lapse and why this is a bad thing. Here is what you need to know about auto insurance lapses. 

What is an Auto Insurance Lapse?

An auto insurance lapse, also called an auto insurance gap, means that you did not have auto insurance coverage. Some people fail to pay their auto insurance policy and experience a lapse, while other people simply do not renew their policy or obtain a new one. A lapse can be a short period of time, such as a  day or a week, or a prolonged period of time, such as months or years. 

What Happens if Your Auto Insurance Lapses?

If your auto insurance lapses, you do not have any auto insurance coverage. By law, you are not legally allowed to be driving around with auto insurance. Your registration may also be revoked or suspended if your auto insurance lapses. 

In the long term, your auto insurance rates may increase if you have a lapse in your auto insurance coverage. You often get a discount for continuously having auto insurance coverage, so you lose this discount due to a lapse. 

Don’t let your auto insurance lapse. If your current auto insurance policy in the Frederick, MD area is set to be canceled, contact Wellspring Insurance Network Inc. today. We can help you to quickly get a new auto insurance policy so you do not have a lapse in auto insurance. 

How Does a Speeding Ticket Affect Car Insurance?

When a person purchases an auto insurance policy, it is extremely important to maintain a clean driving record. Any type of traffic violation may or may not impact a person’s monthly premium. Fortunately, there are certain steps a person can take to help mitigate the risk of a premium going up if a person gets a speeding ticket. Here at Wellspring Insurance Network Inc., we are all about making sure you can afford your auto insurance and we want to do everything we can to make your policy as affordable as possible. This is why we put together a helpful go-to guide to help you understand how a speeding ticket affects car insurance in Frederick, MD. 

Look for a Defensive Driving Course

A defensive driving course is also sometimes referred to as traffic school. As a driver, you want to make sure you are always going the speed limit, but it’s not uncommon for people to get at least one speeding ticket during their lifetime as a driver. If you happen to be one of these people, you should contact your insurance company and ask about a defensive driving course. You may find you are able to have your ticket dismissed. Typically, you can have one ticket dismissed per every 12 months. Even better, some of these courses are offered online, allowing you to complete them at your own convenience. 

Speeding Tickets Increase Your Rates

Here’s the truth of the matter. A speeding ticket is likely to increase your policy amount because it reveals you are not abiding by the law when behind the wheel of a car. Always go the speed limit.

To learn more about speeding tickets and how they impact car insurance, contact Wellspring Insurance Network Inc. serving Frederick, MD.