Motorcycle Insurance: What You Need to Know When Buying For the First Time

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Purchasing your first motorcycle is an unparalleled thrill. The liberty of the open road, the wind in your face—it’s an experience that’s hard to beat. But before you hit the road, it’s crucial to ensure you’re adequately covered. At High Favor Insurance in Birmingham, MI, we assist first-time riders in understanding motorcycle insurance so they can ride confidently and confidently.

Why Insurance Is More Than Just a Legal Requirement

Yes, motorcycle insurance is mandated by law in most states, but it’s more than just ticking a box. Accidents can happen to even the most cautious riders, and motorcycles don’t provide the same level of protection as cars. The right insurance can help cover medical bills, damage to your bike, and even liability if someone else gets injured.

Understanding Your Motorcycle Coverage Options in Michigan

As a first-time buyer, you’ll want to understand the different types of coverage available. Liability insurance is the minimum you’ll need, but it won’t cover damage to your own bike. Collision and comprehensive insurance can help protect your motorcycle from accidents, theft, weather damage, and more. You may also want to consider uninsured motorist coverage in case you’re hit by a driver who doesn’t have insurance.

It’s Not One-Size-Fits-All

Your insurance needs will depend on factors like the type of bike you have, how often you ride, and where you store it. That’s why it’s important to consult with someone who can guide you through the process.

Ready to Ride Smart with Motorcycle Insurance in Michigan?

If you’re buying motorcycle insurance for the first time, High Favor Insurance in Birmingham, MI, is here to assist you every step of the way. Contact us today to get started with a policy that fits your lifestyle and your ride.

Does Boat Insurance Cover Hurricane Damage?

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Boats offer a wealth of relaxation and fun on the water, from fishing to sunbathing. However, many boats are also situated in areas prone to hurricanes. Hurricanes and damage are often synonymous. For instance, hurricanes are known for strong winds that can hurl trees into your boat, resulting in thousands of dollars in damage. So, does boat insurance cover hurricane damage?

Policy Coverage

Boat insurance companies typically offer different levels of coverage, similar to auto insurance companies. Liability insurance usually covers nothing except another person’s property or medical bills. However, most companies offer comprehensive coverage, which is known to cover storm damage. Constantly scrutinize the fine print on your policy to ensure it covers hurricane damage.

Specific Exclusions

Many boat insurance companies in Birmingham, MI, have specific policies or exclusions regarding hurricanes. For example, a company may provide coverage for "named hurricanes," which means the National Weather Service has named the storm. Others may specifically exclude hurricanes or have geographical exclusions. Always contact an agent at High Favor Insurance to ensure your boat will be covered if you live in a hurricane-prone area.

Comprehensive Coverage

Individuals living in hurricane-prone areas should opt for comprehensive coverage. This coverage usually covers rain, wind, hail, flying debris, flooding, and storm surge damage. Boats along the coastline can suffer damage from a hurricane even if the area only experiences severe winds and the hurricane doesn’t make landfall.

At High Favor Insurance, we understand the importance of ensuring that your insurance policy covers boat damage. Our experienced customer service agents will work with you to explain deductibles, damage limits, and policy limitations to get you the coverage you need. We’re currently serving the Birmingham, MI area.

Does Rental Property Need Umbrella Insurance?

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Understanding the Importance of Umbrella Insurance for Rental Property

If you own rental property in Birmingham, MI, you may be wondering if you have enough insurance protection. You may also be considering if you need umbrella insurance, just in case. If you have questions or concerns about whether you have the right insurance and enough coverage to protect the residence, the agents at High Favor Insurance are ready to answer any questions you may have.

What is Umbrella Insurance?

When you’ve invested in a property that you plan to use as a rental property, that can be a strategic decision for financial security. But, if you do not have enough coverage, you may find yourself in financial straits due to unexpected costs.

Think of umbrella insurance as added protection, hence its name "umbrella". A policy for umbrella insurance provides the extra coverage you need as a rental property owner. Coverage is applicable whether you have one rental property or several.

How Umbrella Insurance Works

With your standard insurance policy, it has limits to what it covers. An umbrella policy adds a layer of personal liability coverage. In the event an issue occurs with the rental property that exceeds the limits of your standard coverage, umbrella insurance steps in and covers the costs.

Umbrella Insurance Covers:

  • Bodily injury – the policy covers the medical bills if an injury occurs on the rental property.
  • Defense costs – if sued due to an incident involving your rental property, the policy covers the legal fees to hire a defense lawyer.
  • Judgements – if you lose a lawsuit, umbrella insurance covers the payment(s).
  • Lawsuits – costs are covered for lawsuits.

Contact High Favor Insurance

If you want coverage for your Birmingham, MI rental property that protects your assets once your primary insurance limits are reached, call us High Favor Insurance or fill out our form for a quote.

Should Roommates Share Renters Insurance?

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Most insurance companies allow renters to share insurance policies, which benefits renters by splitting the cost. However, sharing a policy may not be the best decision in all circumstances and can be detrimental, so consider your options before making the choice. If you are considering renters or other insurance, our High Favor Insurance Agency team, serving Birmingham, MI, and the vicinity, can offer assistance.

Roommates Sharing a Renters Insurance Policy

Roommates sharing a renters insurance policy can save money and be more convenient. A shared policy allows roommates to share the costs, but the cost savings are relatively minor since renters’ insurance is relatively inexpensive in Michigan. It averages $28 monthly for $30,000 of personal property protection and $300,000 in liability coverage, with a $1,000 deductible.

While everyone wants to save money, complications can result when one roommate moves out. You will need to remove the roommate from the policy, potentially transfer the payment, and decide who pays future premiums.

While those are inconveniences, the more important issue results when one roommate makes a claim. Claims become part of the seven-year insurance record for everyone party to the policy. That means your roommate’s claim becomes part of your long-term insurance record.

These issues may not be a problem if you know your roommate well and are confident in their reliability. However, that is not always the case. Shared insurance policies result in shared legal obligations, so you may prefer to pay slightly more to maintain legal separation.

Insuring with the High Favor Insurance Agency

The High Favor Insurance Agency serves the Birmingham, MI, area, and will gladly develop an insurance plan to meet your needs. Call us at (248) 765-8675 or stop by our office to protect yourself and your possessions.

Auto Insurance and the Elderly Driver

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Obtaining auto insurance in your later years can be a complex process. Some companies offer discounts to drivers over 55, recognizing their years of driving experience. However, statistics show that drivers over 65 experience higher fatal crashes per mile than most other age groups, second only to teenagers. While it was once common for insurers to refuse coverage to drivers over 75, this has been deemed discriminatory and is no longer legal. While age brings experience, it can also bring physical impairments that affect driving skills. Here are some tips on maintaining insurance coverage in your golden years.

Prepare for Testing

You may need to prove that you’re still a capable driver. This could involve both simulated driving tests and on-road driving tests. You might also need to take a written test, so consider reviewing a driver’s manual to refresh your knowledge of road rules. Consider taking a driving course. Not only will this help you become a safer driver, but some insurance carriers may offer a discount for course completion. You’ll likely be required to take a vision test. If you need corrective lenses, this will be noted on your license.

High Favor Insurance: Serving Birmingham, MI

If you’re in the Birmingham, MI area and need auto insurance, please get in touch with High Favor Insurance. Regardless of your age, our friendly and knowledgeable agents will guide you through the process of finding the policy that best suits your unique needs.

Which Primary Policies Should You Add Umbrella Insurance To?

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The benefits of umbrella insurance are substantial. This policy provides an extra layer of security, protecting your assets and income and offering peace of mind. If you’re considering adding umbrella insurance to your coverage, remember that it must be applied to one of the following primary insurance policies.

Homeowner Insurance

As a homeowner, umbrella insurance can supplement your homeowner insurance policy once you’ve exhausted your liability coverage on your primary plan. This covers any instances where you’re found liable for incidents occurring on your property. It also helps protect your personal assets and income, preventing you from paying out of pocket or selling your property.

Auto Insurance

Similarly, umbrella insurance can supplement your auto insurance policy. If you’re found liable in an incident while driving your car, umbrella insurance provides an extra financial cushion. This is particularly useful in auto accidents involving multiple parties and extensive damage.

Renters Insurance

Even if you don’t own a home, renters insurance provides protection as a tenant. If an accident occurs where you’re found liable for damages, the homeowner will not be responsible. With umbrella insurance, you’ll have additional financial coverage to pay for damages and expenses related to the incident.

Commercial Insurance

Whether you run a small business from your home or have a separate commercial property, it’s important to protect your business assets with an umbrella insurance policy. Damage caused by equipment, employees, or your property can be extensive. An umbrella insurance policy can protect your business and your investments.

If you live in the Birmingham, MI, area and want more information on umbrella insurance, contact High Favor Insurance today.

Are you a candidate for renters insurance?

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At High Favor Insurance of Birmingham, MI, we understand that insurance needs to change as your circumstances in life change. This happens with car insurance, life insurance, and homeowners insurance. There may be circumstances when renters insurance may be beneficial.

What is Renters Insurance?

Renters insurance is an insurance product that protects your personal possessions and more while you rent your living space. It covers items like furniture, clothing, housewares, bedding, and some electronics from common perils like theft, fire, and vandalism. It may even include a liability coverage element. It does not, however, cover the structure or common areas of your rental space. Here are some instances where you may be a candidate:

Going off to College

Students often have a house, an apartment, or a room, whether on-campus or off. College students are candidates for renters insurance.

Downsizing Seniors and Retirees

As older Americans approach retirement, many choose a more maintenance-free lifestyle of renting a home, condo, or apartment. Renters insurance can protect personal property and even cover liability injury claims.

Divorces

Married adults can find themselves as candidates for renters insurance should they get separated and live in separate places.

Young Couples

Young couples will often rent while they save for their own homes. Renters insurance can help prevent them from taking a step back in a loss.

Relocating

It can be an excellent idea to rent for a while after relocating for a job. This can give you time to explore more permanent housing options while getting used to your new city.

High Favor Insurance can Answer your Insurance Questions.

High Favor Insurance of Birmingham, MI, is here to answer your questions about renters insurance if you become a candidate to rent. Contact us for your free price quote today.

Does My Insurance Cover Me When Somebody Borrows My Car?

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Understanding Guest Drivers and Your Car Insurance

Lending your car to a friend is a favor that can backfire. Here are the answers to the most frequently asked questions we get about guest drivers at High Favor Insurance from Birmingham, MI, and all over Michigan.

Whose Policy Covers a Friend I Let Drive My Car?

Your policy provides liability protection for your car if:

  • Your friend is a licensed driver.
  • They have a Michigan license.
  • You give them permission to drive your vehicle.
  • Your car is registered and licensed in Michigan.
  • The guest driver is not specifically excluded from your policy. Your agent can confirm whether they are or not.

Because Michigan is a no-fault state, their policy covers your car when:

  • Your guest driver has a Michigan license.
  • They maintain or are included in a Michigan auto insurance policy for their own car.
  • Your policy does not otherwise apply.

Situations to Avoid

The situations you want to avoid are:

  • Lending your Michigan-licensed car to someone who lives in an at-fault state, a state with a different kind of auto liability.
  • Lending your car for out-of-state travel.
  • Lending your car for business activity, such as an errand for a home office, Uber or Lyft, commercial hauling, or visiting clients. In this case, commercial coverage is necessary. Neither your nor their personal policy would pay.

It is always a good idea to contact your agent at High Favor Insurance before lending your car.

High Favor Insurance is your one-stop source for all of your insurance needs in Birmingham, MI, and the state. Call us today for the coverage you need!

How commercial insurance can save your small business

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Given that 99.9% of all businesses in the US are small businesses, ensuring their security is vital. High failure rates amongst small businesses can be mitigated by obtaining appropriate commercial insurance. As independent insurance agents at High Favor Insurance in Birmingham, MI, we work in our customers’ best interests. We recommend various insurance lines that are beneficial to you and your business.

Commercial Liability Insurance

As a small business owner, you have invested significantly in your business’s success. The more prosperous you become, the higher the risk of dealing with lawsuits. Liability insurance can save your small business from possible legal threats. Commercial liability insurance covers you up to your policy’s limit and aids with accumulating legal fees.

Commercial Property Insurance

Commercial property insurance isn’t merely about the physical structure. If you own the building, it covers both the building and its contents. If you’re renting, it covers the contents. This insurance safeguards all the assets required to run your business. If you are a plumber, it covers your tools, inventory, and all necessary business things. If you own a small factory, it covers machinery, inventory, raw materials, office equipment, and records.

Business Interruption Insurance

This kind of insurance helps provide the cash necessary to pay bills and salaries when your business is shut down due to a covered event.

For the right commercial insurance to safeguard your small business, consider High Favor Insurance in Birmingham, MI. Contact our office today.

Recreational Insurance for All Your Toys

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When it is time to up the ante on fun, there are few better options than your favorite recreational vehicle. From golf carts to snowmobiles to dirt bikes, jet skis, and more, recreational vehicles offer fun, excitement, and adventure like few things can. The bad news, however, is that these often exhilarating machines can also present more than a few risks, which is why recreational vehicle owners in and around the Birmingham, MI, area turn to the experienced, professional, and friendly agents at High Favor Insurance for all their recreational insurance needs.

Recreational Insurance for All Your Toys

In most cases, we enjoy the fun and all the action our recreational toys offer without any problems, but sometimes, accidents happen. When those accidents result in damages and expenses, though, that is also when your recreational insurance policy will be appreciated most. It also doesn’t matter what type of recreational vehicle or vehicle you own because you can protect all your powered toys with the right recreational insurance policy. From risks like theft to accident damage and more, having insurance for your recreational vehicles is an excellent way to protect your toys and your fun.

Insurance for Your Fun and Recreational Vehicle in Birmingham, MI

If you live in the Birmingham, MI, area and have questions about recreational insurance for your recreational vehicle or need coverage and protection for your recreational vehicle, we can help. Contact us to learn more and schedule an appointment today for the insurance solutions you need to protect your fun and recreational vehicle at High Favor Insurance. Recreational vehicles are designed for fun, and at High Favor Insurance, we provide insurance designed to protect you and your recreational vehicle.