Saverance Agency Blog

Buying or Selling a Vehicle, Motorcycle, etc in SC

Fri, 27 Jan 2023 00:46:43 GMT

I wanted to share a simple but easy tip when selling your motorized property to anyone (even a dealer!). In SC, when you sell a vehicle, the only document needed is the clear title with both parties' signatures on the back. No bill of Sale, no notary. What most fail to do, as the seller, is keep a photo copy (front & back) of the signed title.

Two issues can arise from this:

1. You forget to call your insurance agent to drop the vehicle, keep in mind the tag has to be surrendered before we can drop the insurance. You notice it is still on your policy several weeks or months later. The agent can only drop the vehicle on the date you called, without proper documentation. Anything outside of 30 days requires Underwriting approval for backdating and in most cases, if you have renewed in between that time, chances are the credit will only go as far back as the inception date of the new policy period.

2. Worse, the police show up at your door because the vehicle you sold has been involved in an accident and you are still the registered owner because the buyer never went to the dmv to transfer the title. If you do not have a copy of the title to prove you sold it, this could cause a huge legal issue. SC titles do come with a small form that you, as the seller, can use to notify the DMV of the vehicle being sold (you don't need this to surrender the tag), but most do not fill this out as it is not mandatory (these can be mailed in but again, keep a copy!).

MY SIMPLE TIP: Take a picture of the signed title. And/or Create or pick up a bill of sale from the DMV, for your own sake of having a legal document proving you are no longer the owner of the vehicle. This also comes in handy when your agent has to backdate the endorsement to drop the vehicle you forgot to call about.

ANOTHER AWESOME TIP: As of 2020 the SC DMV has made it super easy to surrender your tag online. Go to scdmvonline.com and hover over Vehicle Owners. Click on License Plate Return and fill out the rest. You have to have the registration to do so. The Vehicle No. they need to process is only on the registration (can be an old one) and this is different from the VIN or the Vehicle Identification Number.

Hurricane Preparedness

Wed, 28 Sep 2022 16:07:27 GMT

With hurricane Ian enroute here are some tips to help you prepare!

-Keep all interior doors shut. (It will help keep intruding air contained to one area of your home & hopefully save your roof!)

-Take down any glass picture frames off the wall and store them for safe keeping. (You don’t want to deal with shattered glass in the aftermath)

-Tie down or bring in loose items outside that can easily become projectiles during the storm.

-Bring your PETS in or make sure they have stable shelter!

Frequently asked questions:

-Standard Homeowner Policies do not have flood coverage. Flood is defined as rising ground water that seeps into your home. However, if water comes in your home thru damage to the structure (such as a tree falling on home or a broken window) then it is *covered.

-Fallen Tree: Regardless of the location of a tree (such as neighbor’s yard or unmarked land), if a live tree falls on your property then your Home policy *covers debris removal as well as damage, as long as it falls on your home or a structure (such as your fence). If it lands in your yard only, there is no coverage for debris removal at that point.

-Auto Policy: If you have *Comprehensive then you have water & storm damage coverage for your vehicle.

*All are subject to policy deductibles &/or limitations within your policy.

Please feel free to add any extra tips &/or questions in the comments! Be safe and please do not hesitate to contact me! (803)909-9411.

Home Inflation

Fri, 05 Aug 2022 19:15:24 GMT

Even with the inflation hopefully leveling out, we are still seeing Home Insurance policies not having enough coverage to rebuild a home in the event of a catastrophic incident.
*Most homeowner policies have an inflation guard built in & because of this, you will see slight increases in coverage & premium each year. However, with the large jump in inflation for 2022, this sometimes is not enough. What to do? Most, if not all insurance agents have access to a Replacement Cost Estimator that lets us know an average of what it is going to cost to rebuild your home in today’s market based on construction material costs. If you are concerned with your coverage, please call your agent today for a re-evaluation and have peace of mind! We got you covered! *please refer to your policy for limits, coverage & exclusions.

Referral Contest!

Tue, 21 Jun 2022 21:01:24 GMT

We just kicked off our first ever Referral Program! We launched the program on St Patricks Day 2022. And we drew 7 lucky winners to celebrate our 7th Anniversary! The winners were announced LIVE on Facebook!

The next drawing will be in September and we will hold some fun holiday drawings at the end of the year so Like and Follow our Facebook & Instagram pages and stay tuned!

Why are used vehicle premiums sometimes just as high as newer vehicles?

Fri, 25 Feb 2022 05:00:00 GMT

Newer cars cost more to insure because parts are more expensive, as well as the likelihood of a theft can contribute to premium. But why does the premium not decrease as much or at all as our vehicle gets older? Some companies give a "new car discount" that decreases each time the policy renews, thus actually raising the rate on the vehicle.

However, the main factor is, it can cost more to settle a claim with a used vehicle than a new vehicle.

For example: You own a vehicle that is worth $20,000 and it sustains $8000 in damage. The vehicle will be repaired and the insurance company will pay the $8000 minus your deductible.

But, if you own a vehicle that is worth $10,000 and it sustains $8000 in damage, we will have to total your vehicle because the damage is more than 75% of the value. In this case, the insurance company pays $10,000 minus your deductible instead of the $8000 in repairs.

*Please refer to your policy for limitations, deductibles, & coverage.

Do you feel you're paying too much for car insurance? Call for a quote today! (803) 909-9411.

Adding a Young Driver

Wed, 02 Feb 2022 15:08:46 GMT

The cost of a daily latte is about the cost of insuring a young driver on your policy. Adding your young drivers allows them to build an insurance history.
So when they move out & purchase their own vehicle and insurance, the rate will be much lower than someone with no history. Start them out on the right path! 🧋🚘

When Should I Review My Home Insurance Coverage?

Mon, 30 Dec 2019 16:05:17 GMT

Insurance is an important part of being a homeowner. Not only does it protect you from damages caused by things like fire and vandalism, but it can also protect your personal property or additional structures like garages, and provide liability coverage.

But when is it time to review your coverages? Should you evaluate your coverage monthly, yearly, or somewhere in between?

The most important times to review coverage

Let’s talk about events that should prompt you to review your home insurance coverage.

You’ve received a shiny new gift or bought something expensive: To eliminate the risk of not being covered if someone were to steal personal belongings, it’s important to review your home insurance coverage when you are keeping something expensive in the home.

If you’ve just received a beautiful diamond bracelet, an expensive new television system, or a timeless (and expensive) piece of artwork, it’s important to talk to an agent to ensure that you’re properly covered.
You’ve added square footage to your home: Many insurance companies base your coverage off of the square footage of your home. That means that if you add a new sunroom to your existing structure, it’s important to report it to your agent.

If not, in the event of a damaging fire or thunderstorm, your entire home may not be covered.
You got married: If you’re going to be adding another person to your home, they’ll likely bring all of their belongings with them. That means that the value of items in your home will increase — in which case, you’ll need to contact your agent to increase your coverage.
You’re starting a business out of your home: If you run a business out of your home, it’s important to report this to your insurance agency.

Why? You’ll need to have liability coverage for the employees that will be working under your roof, which will be a change to your normal policy.
Policy renewal is coming up: When your policy is set to renew, it’s a great time to review it.

Instead of hastily signing on the dotted line to renew your coverage, take time to read the fine print to see if coverage changed in price, if you’ve made any of the above changes to your home, or if there are any new discounts available.

For example, some insurance agencies will offer discounts for installing a security system to your home, and we all want the best price for our insurance.

Are you shopping for home insurance?

If you’re looking to purchase insurance for a new home, or simply looking for a change in policies, contact us to learn about your options! We’re an independent agency and we offer some of the best prices for home insurance in the area.