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Category: Auto Insurance

Who Needs a Commercial Umbrella?

Posted on by Ownby-Client-Login

You can probably guess pretty quickly that the “commercial umbrella” we’re referring to isn’t some industrial strength rain shield. In the case of insurance, a commercial umbrella can extend the protection your business has from certain limits of liability on other coverages.

For example, if you your business had a large legal claim against it, your businessowners policy might not cover all of the legal expenses, medical costs, damages, and/or legal judgements imposed. Most commonly, this is seen with general liability policies and commercial auto policies. And there must be an “underlying” policy to extend – you can’t just buy a commercial umbrella without base coverages. The reason for that is these policies are triggered by specific policy language. Something must occur with your other policy(ies) for this policy to “kick in”.

So, who needs one? While most businesses could benefit from having one in place, a commercial umbrella is especially needed for businesses that frequently interact with their customers in-person. This is especially so if equipment/machinery is involved – think of pest control, dry cleaning, restaurants, landscapers, and hardware stores as good examples. The key is to understand where you have the highest risk for a claim. As further examples – landscapers may cause property damage more frequently by flying debris, and a hardware store may be operating a forklift around walking patrons in risk of bodily injury.

The limits and costs of these policies vary of course, but they can be a very wise investment. You may be able to increase the amount of your “total” coverage by $1 to $15 million (more in some cases), allowing you to “customize” your business’s insurance plan.

Have other questions about protecting your business with an umbrella? Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and he’ll be happy to discuss it and provide you info on the coverage you need.

Minor Auto Accidents – Do you Need a Police Report?

Posted on by Ownby-Client-Login

Recently, the Knoxville Police Department announced that they would no longer respond to “certain non-injury car crashes.” In other words, if you are involved in an auto accident and it doesn’t involve injury and/or leave a roadway blocked, an officer will not likely be on-site. The situations where they will respond include crashes that:

  • Result in injury or death
  • Involve a suspected intoxicated driver
  • Involve an unlicensed or uninsured driver
  • Result in a disabled vehicle on the road
  • Involve a disorderly or uncooperative party
  • Involve a hit-and-run with injury
  • Involve a Hazmat situation
  • Result in damage to other property

When these are not part of the scenario, what do you do? What about an accident report? Do you need one to file a claim? Take the steps if you are involved in a “minor” crash:

  1. Report it to the police. Use the local non-emergency line or call 911 if needed.
  2. Move your vehicle(s) to a safe area out of the road and exchange contact information and insurance information with the other driver(s).
  3. Take photos of any damage to the vehicles involved.
  4. The Tennessee Department of Safety requires you to complete an accident report if the damage is likely to exceed $400. You may complete a report online at https://www.tn.gov/content/dam/tn/safety/documents/owneroperator.pdf
  5. Contact your insurance agent to notify them of the claim. They’ll let you know the next steps to take to file the claim with the insurance company.
  6. While a report is not necessarily required for an insurance claim, it will help the process. And if there is more than $400 in damage (which is a very low threshold), Tennessee requires a report anyway.

With the above in mind, how can you be sure that you will not be incorrectly assessed fault for an accident? We recommend dash cams for personal vehicles, as that will likely help you capture footage in most accident scenarios. Having that footage should help clarify the accident cause and who is at fault, and there are many camera options available – some around $50 or less.

Have other questions about your auto coverage or claims scenarios? Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and he’ll be happy to discuss it and provide you info on the coverage you need.

Insuring Motorcycles is About More than Just Two Wheels

Posted on by Ownby-Client-Login

There are over 8 million motorcycles registered in the U.S., and many of those are considered more than just a mode of transportation by their owners – they’re a lifestyle. But motorcycles also inherently have some greater risks than other vehicles, and they’re not all safety based. Let’s take a look at some of the issues to consider when considering motorcycle insurance.

Most states, including Tennessee, have minimum limits for motorcycle insurance coverage. In Tennessee, those limits are:

  • $25,000 for per-person bodily injury liability limits
  • $50,000 for per-accident bodily injury liability
  • $15,000 for property damage liability (increasing to $25,000 on 1/1/23)

With that in mind, you have a starting point for your coverage needs. But if your motorcycle is your “baby”, there are more factors to consider:

Replacement Cost – Some policies will not cover your bike’s repairs to pre-accident conditions, and/or may depreciate the parts’ value. Those with custom parts may be especially affected by this.

Total Loss Replacement – Not all policies will provide coverage to replace your bike with equal value in the case of a total loss. This coverage can make a huge difference in a “totaled” claim scenario.

Personal Contents – Are you a road warrior with valuable possessions traveling with you? Not all policies provide the coverage you may need if these items are damaged or stolen.

Medical Liability – Above minimum limits, covering medical payments for larger recovery or treatment costs are definitely something to consider. Some policies even offer a “death benefit” should the worst-case scenario occur.

Agreed Value – Got a custom or vintage motorcycle? You may be better off with a policy that determines an agreed value with you for the bike if there’s a covered loss.

As you can see, motorcycle insurance isn’t as simple as it may seem. Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and he’ll be happy to provide you info on the coverage you need before you ride.

Sevierville Agency Ownby Insurance Service Celebrates 70 Years

Posted on by Ownby-Client-Login

June 21, 2022

Sevierville, Tenn. – Sevierville independent insurance agency Ownby Insurance Service, Inc. is celebrating their 70th year in business this June. Founded in 1952 by Clyde Ownby, the agency had humble beginnings as Clyde sought to insure the individuals and businesses that call East Tennessee home. The agency has grown substantially over time, but their mission is still the same – make customers the top priority and provide them with honest and fair service to help them protect themselves, their loved ones, and their businesses that make the community what it is today.

Seventy years later, the agency is still proud to be a family-owned business. Clyde’s son, Mike Ownby, and grandson, Kevin Ownby, continue the tradition as owners of the company.

In celebration of the 70th year milestone, the agency has made a commitment to donate to numerous community organizations throughout the remainder of 2022. The first donation will be in support of the local Sevier County Fire Chief’s Association, in partnership with VFIS, an insurance company that provides coverage for emergency organizations in recognition of their tireless efforts to protect the public in Sevier County.

Ownby Insurance Service will be announcing the additional community organizations throughout the year as they continue to give back and celebrate 70 years in business.

Auto Accidents with Uninsured Drivers

Posted on by Ownby-Client-Login

Data indicates that more than 23% of Tennessee drivers are uninsured. That means that if you have an auto accident in Tennessee, there is a decent chance the other driver won’t have insurance. Will your policy cover the damage to your vehicle? What about potential medical bills or time out of work? What if you need a rental car? Let’s look at some of the scenarios that may play out.

What is Your Coverage?
Obviously, you’d expect in an accident with an insured driver that if they’re at fault – their insurance will pay. But if they don’t have insurance, who pays? If you have comprehensive and collision coverage, your insurance company will likely pay for the damage to your vehicle under the uninsured motorist provisions of your policy. But how much can be covered will depend on the limits of your policy – and you’ll still have to pay a deductible. If you only have collision coverage, you may not be covered in the case of an accident with an uninsured motorist unless you’ve purchased Uninsured Motorist (UM) coverage. In this case, you will have a Collision Deductible Waiver (CDW) listed on your policy.

Uninsured and Underinsured Motorist Coverage
Tennessee does not require UM Coverage, but you can typically purchase it for your policy if it’s not already included. If you’d like additional coverage, a Personal Umbrella Policy will typically add more coverage for this “over” your auto policy. And while UM pays for property damage, Underinsured motorist coverage (UIM) pays medical bills for you and your passengers when a driver without enough liability coverage causes an accident. In the case of a driver with minimum insurance limits not being able to fully pay for injuries they cause to you, UIM coverage can provide additional reimbursement.

Impact of UM Claims on Your Insurance
Does having your insurance company pay a UM claim cause your rate to go up? It is possible, maybe even likely. A national study by the Consumer Federation of America found that insurers raise rates by an average of 9.32% after a no-fault accident resulting in an UM claim.

What to Do if You Have an Accident with an Uninsured Motorist
If you do find yourself in an accident with an uninsured motorist, make sure you take the following steps:

  • Call the Police
  • Exchange Contact Info
  • Don’t Accept or Agree to Any Payment
  • Take Photos
  • Gather Any Details You Can

Not sure about what your current policy would cover in this situation? Let us help you figure it out and determine what’s best for your coverage needs. Call 865.453.1414 and let’s discuss it.

4 Steps to Protect Backseat Passengers

Posted on by Ownby Insurance Service

Studies show that the safest place for your child to ride in the car is the backseat. However, simply riding in the backseat isn’t enough to ensure your passengers’ safety. Certain precautions should still be taken for both children and adults riding in the back to reduce their risks of injury or death.

Aim For Buying a Newer Vehicle

When you’re in the market for a vehicle, keep backseat passengers in mind. The average car on the road is 11 years old, but there have been many advancements in car safety just within the last decade. Some particularly old cars aren’t even equipped with headrests, which are key to protecting passengers’ necks from whiplash. However, many newer models come with safety features just for the backseat, like side airbags and inflatable seat belts. Buying used is the budget-friendly way to go, but try to get a car that is at least fewer than 10 years old if you can.

Secure the Kids

Being equipped with the proper restraints is the most important factor in child passenger safety. Determine whether your child needs a car seat, booster seat, or seat belt based on his or her age, weight, and height. Not sure what to trust? Use this handy page from the National Highway Traffic Safety Administration to determine which restraints are best for protecting your child passenger.

Put Them In The Middle

Believe it or not, the middle seat is the safest seat in the entire car. It offers the most distance from impact during a collision, so the middle passenger is more likely to be protected from a crash in any direction. Just make sure the passenger is wearing a 3-point seatbelt. If a lap belt is the only option, they’re better off sitting in a window seat.

No Distracted Driving!

This one seems so obvious, but distracted driving is still the number one cause of car accidents in the U.S. It is always valuable to remember that activities like talking on the phone, texting, reading, grooming, or eating compromise the safety of you and your passengers.

Remember these tips when you’re buying a car, picking out a carseat for a child, or just running an errand with a friend. The backseat is known as the “safe seat,” but there are definitely measures you can take to make it even safer and protect the ones you love. Make sure you’re covered in case of an accident or injury with the right insurance plans! Talk to one of our agents today about your coverage options.