Stamm Stuart Bybee Insurance
Helping with your insurance one piece at a time.

If You Use Facebook Will That Affect Your Insurance Rates?

Could the information you post to Facebook, Twitter, LinkedIn and other social media come back to haunt you in the form of higher insurance rates?

A Boston-based research group; Celent predicts that within three years social media will be integrated into underwriting practices for various types of insurance. Insurance companies already use social media to track down customers they suspect of trying to trick them on claims or overclaim the loss. Now the same Celent analyst says that Underwriting is next.

Why would an insurance underwriter have any interest in your online social comments? The answer is simple yet very important for insurancers; it adds context to your overall risk profile. Before an insurer offers to share the financial risk of misfortunes that you may be vulnerable to, like auto accidents, home fires, health crises or outliving your money, they want to know as much as possible about your life, activities, friends, associates and purchases. Needless to say they cannot actually pry into your personal life but it’s now an important step in their evaluation process before they take you on as a client and at what price?

As you might expect, with the power of the internet and proliferation of private information about us that is available, social media has become the quickest and easiest ways to review your personal life. A 2010 study by the Pew Research Center found that 40 percent of all U.S. Internet users, and 77 percent of those in the 18-29 age group use social networking sites. Insurers realize that there can be ethical issues with including social media in your risk profile for underwriting your policies. Certainly there is a slippery slope of online privacy and if everything is true when posted online. It’s one thing for an insurer to gather information about your driving record or health information from other insurers like the Medical Information Bureau. It is an entirely different discussion if they increase your premium because a friend Facebooked that you are a bad driver or like to climb mountains for recreation.

Do you think it’s fair, right, and/or legal for insurance companies to factor in your social media posts before setting your insurance terms and rates?

Auto Insurance Cost Savings

There is not a client we talk to that is not interested in reducing their cost of insurance. Unfortunately these days that is a difficult task, as rates continue to increase higher year in and out without any reason from your carrier. There is hope though, as there are steps you can take to keep your car insurance rates as low as possible.

Try to follow these 3 steps to keep your rate where it belongs.

Watch Your Credit
Most insurers use a customer’s credit history or credit score when determining their premium. Research has shown that drivers with good credit or a high credit score number are responsible, cautious, and less likely to file a claim. In turn, having poor credit or a low score tells an insurance company that you are under financial stress and are more likely to take risks. One of the worst things you can do is stop paying your insurance bill — even if you’re getting ready to switch companies. Missing a payment or letting your auto policy lapse not only puts you at risk if you have an accident, it can lower your credit score and make it more expensive to get car insurance.

Drive Slower
If you want to keep your car insurance rate as low as possible take your time and be a safe driver. This may seem obvious but the worst thing you can do is to have an at-fault claim or a speeding ticket. And most accidents and speeding tickets happen when the driver is in a hurry. Give yourself enough time. Stay off your phone. Don’t text. And don’t fiddle around with your GPS. Spend the extra minute. Pull over and take care of it. It could save more than a few hundred dollars on your insurance. It could save someone’s life.

Shop Around
The cost of car insurance can vary by hundreds of dollars or more from one company to the next for the same coverage. Every company operates differently. Some sell direct to consumers.  And just as rates vary, so does the level of features and service. While a company includes emergency roadside assistance at no additional charge, others give you a bare-boned policy and little more. Just because your insurance company gave you the best rate a few years ago doesn’t mean they’re giving you the best rate now. To be sure you’re getting the price and quality you deserve, you should meet with your independent insurance agent yearly to discuss your auto insurance coverage and company options based on his knowledge of the marketplace.
Stamm, Stuart and Bybee is an Independent insurance agency in South East Portland area for over 40 years.

Home Insurance Quotes

Getting various home insurance quotes can be very eye opening. By getting quotes from different companies you will be able to tell which company is going to offer the best price and coverage for you.

Many home owners can get frustrated by asking for a quote, especially on line, as there are so many insurance carriers willing to submit via the web. It can be confusing as not only is the cost important but so are the coverage limits that you need to be aware of.

So to start we would suggest you need to choose a few home insurance companies that seem reputable and respectable and worth looking into. The best way to consolidate this search is to get your quotes from an independent agent. Independent insurance agents usually represent 5-10 different companies, all of which are willing and able to provide the proper policies and coverage.

Remember that this home insurance quote is going to be based on the specific information that you have offered to the company, and may not be the policy you need. So you have to remember this and know that if you do choose to go through this company, the price that you end up paying may be higher or lower.
It all depends on the specific information you have submitted, like age of your home, construction material, do you have a wood or gas stove, distance to the nearest fire or police station and the value of your home contents like furniture or valuables.

The idea of getting these quotes is to help you in your decision making. It also allows you to compare prices along with the amount of coverage that best fits your situation.

Take these home insurance quotes seriously and compare other factors as well. Remember when you get home insurance it is not something that you are going to change on a regular basis. You want to find a good company that you can stick with for a long time and trust that they will service your needs and claims on a timely basis.

The Real World of Insurance

Who has turned on a TV in the last 5 years and not been inundated with reality TV show options. Candid camera actually began the genre in the early 1950’s but we have all seen several more since then. The list is lengthy but includes smash hits of every shape and style including American Chopper, the Bachelor, Flipping Out, Last Comic Standing, Hell’s Kitchen, and the mega hits; Dancing with the Stars and American Idol.

All have the same universal script and cast of characters. Whether Hollywood stars or regular folks, they are submitted to task, lifestyle, choice, skill or environment that lets us TV watchers see life unfold before our eyes. The good, bad and ugly of it keeps us coming back as there is no script or plot line and we never know from episode to the next what is going to happen. Unfortunately for some of us, that is the same story with our Insurance policies, and agents who promised us they would be there for us when we had a problem. Reality hits and the resulting circumstances take us and them by surprise and we are left holding the bag or liability.

The true reality is that does not have to happen to you. When you shop for car, home or health insurance, you are also shopping for the agent you feel you can trust. Price is definitely a driving force for making your decision but make sure you can trust and believe in the agent who represents you! Good questions to ask are; how long have they been in business, are they willing to give you referrals from their other customers, do they represent multiple companies that offer more options for your insurance needs, have they come out and actually looked at your house or car to know exactly what coverage’s you need? You do not need to feel lost or unappreciated in buying your insurance.
Stamm, Stuart and Bybee is an Independent Insurance agency in Southeast Portland.

10 Ways to Cut Your Car Insurance Rates

Lessons Learned From Falling Satellites

NASA has pinpointed where its now famously falling satellite landed, and unless you are an insurer of someone who lives in the middle of the Indian Ocean between the coast of African and the Antarctic, your worries are over.

“Six years after the end of its productive scientific life, UARS broke into pieces during re-entry, and most of it up burned in the atmosphere,” NASA stated. “Twenty-six satellite components, weighing a total of about 1,200 pounds, could have survived the fiery re-entry and reach the surface of Earth.” Fears of being hit by the falling satellite were pegged at one in 3500, not that far-fetched that many of us were not seen walking around looking skyward. Crazy I admit but is there not a greater lesson to be learned from this experience?

What risks are there for you and your family that could “fall-out of the sky” without warning? Most of us do not live in a flood plain or have risk of damage from Tornado winds BUT it sure cannot hurt to regularly evaluate these potential life changing risks and adjust our insurance coverage to protect our assets.

Are there parts of our car or house that are far beyond their usefulness and just waiting to fail sooner then later? None of us want to spend money these days unless we have to BUT is there a point where we have increased our risk by allowing long overdue maintenance or repair to go without attention?

You don’t to look to the sky for fear of being hit by falling objects as there is enough around us daily that cause financial risk without the right planning or insurance evaluation.

5 Areas Of Risk Management That Are Easy For Businesses To Overlook

New businesses usually address operational or hazardous risk but the biggest risks facing small and medium businesses today are financial risks.  In Financial risk cash-flow is your primary are of concern as businesses must plan for their revenue stream to keep the business operational, to pay employees, invest in market growth.

Some other important risks are risks that involve employees.  It is vital for businesses to cover employee-related risks such as worker’s compensation insurance and healthcare costs.By far the most commonly overlooked risk is a company’s reputation! The explosion of social media has exposed companies to public opinion never before experienced.  Every customer now has an audience that they can go to if they are not happy with your company. Additionally, every company should have a policy regarding employee use of on line conversations. This should guard against any employees using social media that can have both positive and negative impact on the company.

Some companies have potential risk in their supply chain.  Is your business relying too heavily on subcontractors to produce their parts or deliver critical aspects of the project needed to sell its products?  Just-in-time ordering and an economy that dictates operating very conservatively, your company may need to be concerned about what their contingency plans are for backup supplies. Obviously you need your business to have appropriate insurance coverage as well.  It is one of the most important things a business owner can do to protect their company.  Find an insurance agent or broker that has experience and a good reputation in representing your industry and work with them to determine the right coverage and terms for your risk.

The first advice I can give to a new business owner is to analyze and categorize your risk management right as soon as possible. Determine all risks and planning for how they will be mitigated will help reduce risk-related costs such as insurance premiums, claims deductibles, and downtime.

What is the Impact of the recent S&P Downgrade of US borrowing for Insurers

We have all read and heard the recent battles in Congress over the debt ceiling and the long term potential impact on the US government’s credit rating. Standard & Poor’s recent downgrade of U.S. long-term sovereign debt probably will not have a direct impact on property and casualty insurers.

A prominent independent analysis firm states that the downgrade “is largely the reflection and not the cause of ongoing financial turmoil in both global economies and capital markets. It is precisely this uncertainty and the possibility of equity and credit market retrenchment/double-dip recession that has the greatest impact on U.S. insurers.”

Our continued weak economy that includes the possibility of a double-dip recession, will most likely cause investment losses in the bond and mortgage markets. This will undoubtedly lead to weaker profitability for insurers. Continued economic woes could also lead to increased unemployment, which impacts group medical health sales for health insurers.

The same independent review notes that lower equity markets could result in direct investment losses for insurers, and cause potential buyers to defer purchases. It goes without saying that most elected government officials disagree with this recent change for the US government; Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Johnson (D-SD) released a statement calling S&P’s downgrade “irresponsible.” “In the minds of serious, reasonable, and informed individuals there is no doubt that the U.S. will meet its debt obligations and we are seeing even more proof of that today,” he says. “As the financial markets stumble, investors continue to regard Treasury debt as a safe haven in times of economic uncertainty.”

Bottom line for most of us rank file citizens just worried about paying our monthly obligations, this dramatic change will most likely affect us negatively as large US corporations ( and Insurance providers) adjust to the new financial realities.

Raising Children as a single parent

The Organization for Economic cooperation and development has reported that more than one in four children in the United States is being raised by a single parent. Amazingly the U.S. has 25.8 percent of children being raised by a single parent, as compared with an average of 14.9 percent across the other major industrialized nations.

They also found that even though 35.8% of single parents are employed the poverty rate in this group was quite high. As you might expect, it is highly unlikely that many of these parents have a life insurance policy to protect their loved ones.

Life insurance is important for dual-income families, but it’s doubly important for a single-income parent. The loss of a single parent represents a 100 percent loss of income for the child–a devastating blow to the child’s future welfare.

A single parent living paycheck-to-paycheck can afford life insurance. The Insurance Information Institute reports that a relatively healthy 40-year-old non-smoker can purchase $500,000 in term life insurance for roughly $30 per month.

If you’re a single parent who lacks life insurance, protect your family with coverage you can afford. Compare term life insurance quotes by calling us at Stamm, Stuart and Byee or clicking through to http://www.ssbinsurance.com.

Oregon Mandatory Car Insurance Law

The most frequently asked question from parents regards car insurance for their kids.
Oregon’s mandatory insurance law ORS 806.010 requires every driver to insure their vehicle. The minimum liability insurance a driver must have is: $20,000 per person, $50,000 of bodily injury and $25,000 of liability for damage to others.
You must certify that you have this insurance each time you register a motor vehicle, or when you buy a light vehicle trip permit. You must also certify that you will comply with Oregon’s motor vehicle insurance requirements as long as a vehicle is registered in your name, or for the duration of the permit.
Driving Without Insurance:
Driving without liability insurance could result in fines, suspension of your driving privileges, and your vehicle could be towed. If your vehicle is towed, you are subject to the towing and storage fees. This is in addition to any fines you may have to pay. If a judge convicts you of driving uninsured, you will need to file proof of future responsibility (SR-22) with DMV for three years, or your driving privileges will be suspended. This is in addition to any fines you must pay the court.

If you are driving uninsured and are involved in a crash, your driving privileges will be suspended for one year. After the suspension ends, you can reinstate your driving privilege by filing proof of future responsibility (SR-22) with DMV for three years. Otherwise you will remain suspended.

How DMV Monitors Compliance Each month:
DMV selects vehicles and asks the owner(s) to provide the name of their insurance company and policy number. DMV then verifies the reported coverage with the insurance company listed. If you are asked to give this information and you do not respond, your driving privileges will be suspended.
If you do not have the insurance you claim in this mandatory insurance certification, you will be subject to proving your compliance with Oregon’s financial responsibility law for three years. Your driving privileges will be suspended if you do not get the minimum coverage required by law and show proof of future responsibility (SR-22) with DMV.