The Phoenix Insurance.  Auto and Homeowners Insurance in Dallas
  • August18th

    The weather here in Dallas has been unseasonably cool, and it brought out the incredible cars in force. The Panhard that was there in July was there again, but it had recently been bought by Jay Leno, and was making its last appearance in the DFW area before being loaded on a car hauler.

  • August11th

    We took the DIVCO out to the Bass Pro car show in Grapevine on August 2nd – and what a great assembly of cars. Hundred year old antiques to modern collectibles, the show spanned the gamut of automotive history.

  • June21st

    We stopped by Autonation Ford and checked out their show – what a great group of rides.

  • June16th

    So we all know a ton about Auto Insurance, Home Insurance, Classic Auto Insurance, and Commercial Insurance. Do we? Are there other policies you don’t know about? Are there endorsements on policies you are not aware of? You bet your fur, Pal, and I’m here to make sure you know. Oh, yeah, you’ll know a lot when I’m done. A whole lot.

    Let’s start with one of the easy ones – a policy that lots of people “know” about, but few buy unless forced to.

    1. Flood Insurance. “Oh, I don’t need that” you say, “I have water damage on my home insurance.” Well, that’s great, but water damage isn’t flood insurance.  Flood insurance covers rising groundwater that enters your house. While it’s not required unless you are in a flood zone, you still might have need of it if you are not in a flood zone anyway. On my street, the gutter drains get clogged all of the time during heavy rains. When that happens, the water gets up over the curb – and if it gets a little more aggressive and comes into my house, my homeowners insurance isn’t going to replace the floor – and it doesn’t take much water to ruin a floor. The good news in all of this? You can get $75,000 worth of coverage on your house for under $300 a year.

    2. Umbrella Insurance. “I never use an umbrella – they are a pain to store when it’s not raining. And why insure one anyway, aren’t they cheap?” Actually, umbrella insurance is “excess liability” insurance that goes above and beyond your normal liability coverage on your home and auto insurance – so if you are car number five in a five car pileup of Mercedes Benz and Porsche and Maserati cars, you will have enough money to pay for all of the damage that your normal auto insurance policy would not be able to cover, due to limits.

    3. Sporting Goods Equipment Insurance. Now, you do have to buy an “underlying” policy for this one – it’s part of your homeowners insurance. Let’s say, though, that you are a cyclist, and you have the disposable income, wherewithal, and equipment knowledge to purchase a $10,000 bicycle. (Those of you that don’t’ cycle may laugh a little at that number, but trust me, that’s not the most expensive bicycle you can buy). So you buy your five figure bicycle, then what? Is it covered on your home policy? Yes. However, if you schedule it on your homeowner’s policy, then you can set it outside your deductible – which is nice. By scheduling, you also get breakage coverage – so if you are moving a little too fast down the path and have to quickly swerve to avoid some moron who brought his kid out to play in the damn bike path and isn’t paying attention to the people who are there to exercise, for God’s sake, and you have to go off of the path and wreck your bike, it would be covered for that wreck, with no deductible, on your homeowner’s policy. For the price (pennies on the dollar) you can’t beat the coverage.

    There are lots of different, interesting ways that your insurance can protect you (and your stuff). You may not need all of the interesting insurance coverage for your home and auto that are out there, but it’s better for you to know about it and make an informed decision up front than it is to find out about the insurance coverage you could have bought after it’s too late.

  • June10th

    The first show we make it to every year is the Autorama show – it kicks off our show season, and is always chock full of incredible custom and restored rides.

  • June1st

    One of our favorite regular visits is the Morning Maniacs group out in McKinney. If you haven’t come out to one of their meetings, you are really missing out on a great group of cars and people.

  • May29th

    Since I have been in the insurance business I have come to realize that plenty of insurance agents abuse their position, either through ignorance or malice, and use incorrect terms to describe the coverage they are offering. It is important for you to be an educated consumer so you can make the right decision about what kind of policy you should choose for your vehicle. This article will focus on covering your property correctly; how you get paid in the event of a loss.

    1. Actual Cash Value. (ACV) Actual Cash Value is the “standard” for auto insurance policies. In the event of a theft or a total loss, the insurance on your vehicle pays the actual cash value of your vehicle at the time of loss. The adjuster will look at your vehicle and examine blue book, look at dealerships, and also private party sales in your area. Generally the adjuster will average those three numbers, and that’s what the actual cash value of your car is. Obviously, this is not the way you want to cover your collector car, but for an every day vehicle it generally works out fine. The one exception to that “works out fine” part is if you are “upside down” on your car. If so, make sure you look for GAP or “loan/lease payoff” coverage. That covers the difference between what you owe on your vehicle and the actual cash value. GAP coverage can be quite expensive through the dealership, but it is often offered at a minimal cost as part of a regular auto policy through many insurance companies.

    2. Stated Value Coverage. I’ll be honest with you; I don’t understand why insurance companies even offer stated value coverage. I know how it works, but I don’t see any real value in it. Stated Value coverage lets you tell the insurance company what your car is worth, but at the time of loss, they can pay the stated value OR the actual cash value – whichever is less. This is an ok proposition if your car is steadily appreciating in value, but even then you are getting paid the least the insurance company can find to pay for your car. Many agents will sell stated value policies to their classic car customers, but if you are paying for stated value, you might as well shop for an agreed value policy, and that’s next for us to talk about.

    3. Agreed Value Insurance coverage. This is it – the top, the summit, the ne plus ultra way to cover your vehicle. If you can get an agreed value policy on your automobile, you certainly should. With an agreed value auto policy, you establish the value of your vehicle up front. That way, if you have a loss, you know exactly what you are going to get paid. Sometimes when this is offered, agents will insist on an appraisal for the vehicle. While an appraisal is worthwhile, it’s better to just work with an agent that understands car values and has some pre underwriting authority with the companies they are writing with. As an agency full of classic car insurance experts, the insurance companies know we are constantly on top of the collector vehicle market, and can help you make a wise decision about how to best to value your vehicle for insurance. I often hear from people I meet at car shows that they have “stated value” insurance, and that it’s “the same thing as Agreed Value coverage”. Trust me when I say that it is not, and if someone is telling you that it is, they are doing you a grave disservice. The only thing that is “like” agreed value coverage is agreed value coverage.

    Hopefully, this has helped you to understand how your car is valued on your auto insurance policy. There is a wealth of misinformation out there, and here at The Phoenix Insurance we are all about education. The more you know about what you are purchasing, the more comfort you get from that purchase, and the less likely you are to make a bad insurance decision. You research every part of every car you build, right? I might argue that your insurance is the most important part of your build.

    Why wouldn't you take as much time with your insurance as you do getting your car to sit just right?

    Why wouldn’t you take as much time with your insurance as you do getting your car to sit just right?

  • May25th

    With the good weather, Cars and Coffee Dallas really starts to pull the great cars out of the woodwork. May’s Cars and Coffee Dallas was no exception – with two Batman themed vehicles even showing up – and one milk truck dressed up for Cinco De Mayo.

  • May20th

    Our first “big” show of the year is in February. Autorama Dallas is an incredible show, and well worth checking out.

  • May18th

    This is the second batch of photos from the 2014 Lone Star Rod and Kustom Round up. This show is one of the best kept secrets in the car show scene – and probably the best show in Texas.