How much auto insurance do you need in Texas?

Texas may not be a “no-fault” state but that does not mean that drivers can enjoy the roads with no auto insurance. In fact, drivers in McKinney, TX and throughout the state are required to have, at a minimum, liability insurance that pays when they are involved in an accident in which they are at fault.

The agents at Parker Preferred Insurance can help find the auto insurance policy that best fits your lifestyle. Read on to learn about auto assurance limits in Texas.

How much auto insurance is required in Texas?

The state of Texas requires drivers to carry policies that offer a minimum of $30,000 for bodily injury and $25,000 for property damage. The punishment for driving without these liability limits includes everything from a citation to license suspension. You also open yourself up to lawsuits when you have an auto insurance policy that does not pay for all the damages that you cause in an accident.

How much auto insurance do you need in Texas?

It is possible to have an auto indemnity plan that satisfies the state minimum and still be on the hook for thousands in damages and bodily injury in McKinney, TX. You are not exempt from a lawsuit just because you fulfill the assurance requirements established by the government.

It is, therefore, always a good idea to consider full coverage when discussing auto insurance plans. A policy that offers total protection is one that pays for your vehicle when the driver who is at-fault lacks the means to do so. Uninsured motorist protection is separate coverage that you can attach to both a full coverage and liability plan.

Comprehensive and collision protection is also an option in the way of auto insurance. This coverage pays when your vehicle is stolen or catches fire. Liability insurance does not cover the vehicle outside of incidents that take place on the road. You, therefore, may be forced to pay for damages not related to a car accident out of your pocket.

Auto insurance can be a challenging world to navigate. Call the agents at Parker Preferred Insurance for further clarity and to get started with a quote!

When Is Whole Life Insurance A Better Choice?

When you have the choice between whole life and term life insurance, you need to take a few important factors into consideration. While term life has its benefits, there are times when having a whole life policy is the better choice. The agents at Parker Preferred Insurance offer McKinney, TX residents both types of life insurance and are always ready to answer questions about either of the two policies.

Protecting Your Family

The biggest advantage of whole life insurance is that it will provide the long-term, financial support to your family if something happens to you. No matter how much you have paid into it, your beneficiaries will receive the full payout if you pass away. This allows your family to maintain their lifestyle for at least a short period of time after you pass away. In some cases, a portion of the proceeds can be placed in a trust for minor children that can be used for their education when it comes time for college.

A Long-Term Investment

A whole life policy is a long-term investment. Unlike a term policy that is set up for a specific number of years, a whole life policy will be in place for your whole life. In return, the payout on your policy may be much higher than that of a term policy.

No one wants to think of their own mortality but residents who live in McKinney, TX can make sure their loved ones are taken care of by making a simple phone call. Call the agents of Parker Preferred Insurance today to make sure your family is fully protected and will have everything they need if the unthinkable happens. Call and set an appointment today!

 

What You Can Expect if Home Insurance Lapses

Home insurance in McKinney, TX and surrounding areas is the number one way to protect your home from large scale damage. Although obtaining and maintaining a home owner’s insurance is relatively easy, there can be instances in which you find your insurance has lapsed. Here’s is what you can expect if this happens to you.

Why Would my Insurance Lapse?

Home owner’s insurance can lapse for a few reasons. The most common reason for this is a failure to pay premiums. When insurance premiums are not paid on time, the policy will lapse. This means that you will not have insurance coverage. Another reason a policy may lapse is that you fail to renew the policy in the allocated time frame. The last reason that a policy would lapse would be because of changes that have taken place to property that would have made the home too much of an insurance risk to cover.

What Can Happen if my Insurance with Parker Preferred Insurance Lapses?

The most critical consequence of a lapsed home owner’s insurance policy will be the lack of coverage to your home. If during this time your home sustains large scale damage due to fire, flood, or other disasters, the repairs for this will come out of your pocket. This could be financially devastating to you and your family. In the event of complete home loss, you would have no means of rebuilding or buying a new home for your family.

In the event that someone is injured on your property while you are uninsured, then you will be personally held legally responsible should that person sue you for their injuries.

How Can I Reinstate Lapsed Insurance?

Even if a policy lapses, a quick call to Parker Preferred Insurance serving McKinney, TX, and surrounding areas, can be the first step to getting your policy reinstated. Give us a call today to find out how we can help you.

3 Reasons to Purchase Rental Insurance ASAP

While the average person may not be concerned with purchasing insurance for the property they are renting, not doing so could be to one’s own detriment. Indeed, no matter how lavish your home may be or how safe your neighborhood is, there is always the potential for unforeseen accidents to occur. That said, the following is an overview of 3 reasons to purchase rental insurance as soon as possible.

Legal Costs

One of the top benefits of rental insurance is that it can help you cover legal costs. For instance, if someone has a slip and fall on your property and become injured, you could be on the hook for hundreds, multiple thousands, or even millions of dollars. However, by purchasing a rental insurance policy, you could be protected against such lawsuits.

Dog Bites

On the other hand, if you have a dog, it might be in your best interest to purchase a rental insurance policy. While none of us want to believe that our dog is capable of brutally attacking a human or another animal, these things happen all the time. By purchasing a rental insurance policy, you will be protecting yourself against the unthinkable.

Protect Your Belongings

Last but not least, rental insurance can protect your belongings. With coverage that can protect against everything from floods and fires to theft, purchasing a rental insurance policy is one of the best methods of ensuring your belongings are protected at all times.

Overall, for those who live in McKinney, TX, Parker Preferred Insurance is an excellent option to purchase a rental insurance policy. No matter if you need a little coverage or a lot, one of our highly qualified independent representatives will be there to assist you. Simply call, email, or stop by our McKinney, TX office today. Let Parker Preferred Insurance be your preferred insurance company.

Using Life Insurance For Cash Flow Banking

If you need to supplement college expenses or help to pay off your McKinney, TX mortgage, taking out a loan from the cash value you’ve built up in your life insurance policy can be a smart way of handling your limited cash flow. Using the value built into your whole life insurance policy, also called cash flow banking, can be an advantageous method of financing necessities or paying off bills. If you have good financial restraint, the lack of financial restrictions on how your whole life insurance cash value can be used is a definite perk for permanent life insurance policyholders. Here are some tips from Parker Preferred Insurance to help you understand what cash flow banking is. 

Life insurance is designed to protect your loved ones in the event that you die. But, whole life policies can also be helpful in other financial situations, as long as you are wise about how you use that value. For example, life insurance dividends should not be used for: 

Covering a short-term cash shortfall – You may not be able to pay back your loan or continue paying the premiums and lapse on your policy. 

Covering a short-term loss of income – If you become unemployed, it’s better to find a new job than rely on the cash value of your life insurance policy – but, it could be preferable to taking out a home equity on your McKinney, TX home or getting a personal loan, depending on the interest rates.  

Benefits of Life Insurance Cash Value 

The cash value of your whole life insurance policy is guaranteed to continue increasing over time, as long as you keep up with the premiums, and your earnings will grow as tax-deferred income as long as you live. 

As a whole life policy owner, you’re eligible to receive dividends, which can be used to grow cash value or increase the size of your death benefit. By taking a loan against your cash value, you can benefit from generally more competitive rates than you’d get from a typical personal loan from a bank, making them an attractive source of cash or credit, especially when interest rates are low.  

For more information about how to utilize your whole life insurance policy as a source of personal cash flow banking, contact the experts at Parker Preferred Insurance today. 

Why Do I Need Motorhome Insurance?

If you are thinking about taking a road trip, one of the cost-efficient things that you could do would be to drive your very own motorhome. Before you buy a motorhome in the McKinney, TX area or plan any trips, it is important to consider your motorhome insurance needs. There are several reasons why you need to make sure that you have proper coverage on your motorhome.

Ensures State Requirement Compliance

If you intend to take your motorhome out on the open road, you will need to comply with the state minimum requirements. Similar to any other type of vehicle, you will need to carry liability insurance whenever you are driving your motorhome. In Texas, this will require you to have property damage coverage of at least $25,000 per accident and bodily insurance coverage of $60,000 per incident with a $30,000 per person cap.

Protects Your Asset

While you will want to make sure that you are in compliance with the law, you should also make sure that you are properly protecting your asset. When you purchase a motorhome, you could be taking on a lot of financial responsibilities. Because of this, you will need to make sure that your motorhome is properly protected. A full policy will provide you with protection against many different types of losses. Also, if you have taken out a loan to buy the motorhome, you could also be required under the loan agreement to carry insurance at all times.

If you are looking for a new motorhome insurance policy in the McKinney, TX area, you should reach out to Parker Preferred Insurance. When you meet with this team you can further discuss all of the different motorhome insurance options available to you. This will help you to pick the perfect motorhome policy for your situation. Contact our offices to get a quote in the DFW area.

 

5 Tips for Storing an RV During Winter

If you don’t plan to use your RV this winter, now’s a good time to start preparing it for storage before cold winter weather sets in. Here are a few tips to ensure your vehicle is stored safe and sound during the cold winter months in McKinney, TX and the DFW area.

  1. If you don’t have room on your property, choose a safe, secure facility to store your RV for the winter season. Make sure your vehicle fits well in the location you’ve chosen before signing off on a rental agreement.
  2. Update your RV registration, license plates, and insurance coverage, if necessary, before taking your RV to a facility for storage. At Parker Preferred Insurance, we can help you adapt your insurance coverage to protect your camper while in storage.
  3. Test drive your RV before taking it in for storage to make sure it’s driving well. If you hear strange noises or notice problems, take it in for a checkup and have any necessary repairs done. Have the oil and oil filter changed, as well, if you haven’t done so in a while. Doing repairs before storing will ensure your RV is in top shape for your next road trip in the spring.
  4. Inspect your RV inside and out and make any repairs to windows, awnings, furniture, etc. Thoroughly clean the interior, removing all food and defrosting the fridge. Leave fridge door open to prevent musty smells. Close windows and blinds to keep the sun from fading carpets and fabrics. Disconnect AC connects and clean air filters.
  5. Cover your vehicle with a protective tarp to keep it safe from the elements during the cold winter months.

For quality RV insurance coverage that can protect your valuable investment all year round, contact an agent from Parker Preferred Insurance in McKinney, TX.

Motorcycle Winter Safety Tips

There’s nothing better than taking the motorcycle out on a hot, sunny day and feeling the breeze blow by as you cruise down an old back road. Once winter time comes around, though, it’s time to put the motorcycle up. You don’t want to ride when it’s cold, rainy, or snowy out. If you do, you’re more likely to be in an accident. If you have to get the motorcycle out during the winter time, there are certain safety tips you’ll need to follow. Here at Parker Preferred Insurance, we’ve put together a helpful go-to guide outlining two must-tips that will help ensure you are safe on the roads in McKinney, TX or anywhere in the DFW area.

Always Wear the Correct Gear

You’re going to need to layer up during the winter, particularly when the temperature is below freezing. You will, of course, want to wear long sleeves, a jacket, face mask, and jeans with long John’s under them. Ideally, though, since you will still sweat even in cold weather, you’ll want to make sure the layers you wear allow your skin to breathe. 

Prep the Motorcycle

If you don’t use a windscreen during the summer, that’s fine. In the winter, though, you’re going to want to keep as much wind off your face as possible. With this in mind, you’ll want to invest in a durable windshield that comes up high enough to keep your whole body protected from the wind. It won’t cover the wind from your hands, but you’ll be wearing gloves to keep them warm. You might even want to consider investing in heated grips.

Want to learn more about motorcycle winter safety tips? Contact Park Preferred Insurance serving the McKinney, TX area.

What is a Freeze Coverage Clause for Boating Insurance?

When your boat is no longer in use during the winter months, it is important to winterize your boat. Depending on where you live, this may include removing the boat from the water and placing it in a storage facility and/or removing certain fluids so they cannot freeze over. However, despite all of your efforts, the unexpected can happen. The storage facility you are storing your boat inside may have a power outage, which causes your boat to freeze, or temperatures that are lower than normal may hit your area, causing your boat to freeze. At Parker Preferred Insurance, serving the greater Dallas, TX area, we recommend freeze coverage for all of these unexpected events. 

Freeze coverage does not cover a boat freezing in every situation. It only covers freezing that is unplanned or unexpected. As such, you still need to take the correct steps to winterize your boat and protect it based on the climate and region you live in. If you fail to take the correct steps, and your boat freezes, your claim can still be denied. Freeze protection is designed to protect those who take the right steps to protect their boat from freezing and encounter unforeseen circumstances that cause the boat or engine to freeze over. If you took the right steps and your boat still froze, freeze coverage will kick in and pay for the damage that occurred. 

Do you have a boat in the greater Dallas, TX area? If so, now is the perfect time to think about adding freeze coverage to your boating insurance policy. Contact Parker Preferred Insurance today to find out how much it will cost you to change your plan and add this to your policy. 

What is Umbrella Insurance?

You know what health insurance, home owner’s insurance, and auto insurance cover. After all, it is right there in the name. However, umbrella insurance is a little less obvious.

Like the rainy day tool it is named for, an umbrella Insurance policy keeps all the areas excluded by other types of insurance under the coverage of protection. 

An umbrella cannot keep a rainstorm at bay, but it can make standing in one much less uncomfortable. In the state of Texas, an umbrella insurance policy will extend the coverage you have to cover the unexpected downpour. Parker Preferred Insurance offers umbrella insurance to the Dallas, TX area.

What does it cover?

There are three ways that an umbrella insurance policy can extend your protection. They include higher coverage limits, legal defense coverage, and additional coverage for otherwise uninsured events.

With higher coverage limits, the state minimum coverage for many types of policies may not be enough to pay your potential liability. An umbrella policy that offers higher limits to these types of coverage, you can reduce the amount with which you will need to come out of pocket.

As far as legal defense coverage is concerned, umbrella coverage can be the difference between winning a case and losing. If you are sued by another party, an umbrella policy might help pay your attorney fees.

Some items are not covered by other types of insurance policies. An umbrella policy may provide coverage for these types of unfortunate events. This includes things like:

  • invasion of privacy, slander
  • slander and libel
  • false arrest and malicious prosecution

Having the right coverage can keep you from getting soaked by an unexpected rainstorm. If you are looking for more information about umbrella policies or other insurance needs in the Dallas, TX area, give Parker Preferred Insurance a call at 972-987-6083 or stop by our offices today.