The Best Way to Insure Your Child’s Vehicle

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Raising kids is — a bigger job than can fit in this blog. There are many milestones to celebrate and dread. Someone, your child learning to drive is both. If you’re planning to get them a car of their own, there are some things you should know before you take the loan. Insuring your kids is a little more complicated than you might think, even in Evergreen Park, IL. That’s why Martin Insurance Team has a couple of tips for you.

When They Live With You

If you’re paying your kid’s insurance and they live with you, things are a little easier. The most important thing to know about is registration. You might want to put the car in your kid’s name, but that comes with complications. Generally speaking, an insurer will not grant a policy if the name on the registration and the primary driver don’t match. When your child lives with you, that matters less, since both of you should be listed as drivers regardless. When they don’t live with you, things get more complicated

When They Don’t Live With You

It’s hard to justify putting yourself as a primary driver on a car that you never drive. Also, having multiple drivers usually raises the premiums. When this happens, the easiest way to handle insurance is to put the registration in your kid’s name. They’ll be the primary driver, and the policy will be in their name too. If you’re still paying for all of it, that’s fine. Insurers don’t care who cuts the check, as long as the paperwork matches and they get paid.

While these two tips are useful, Martin Insurance Team has plenty of advice for residents in Evergreen Park, IL. If you want the best plan for all of your policies, a simple chat can get you there.

 

How to Retire Tax Free

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In years gone by retirement was something that folks really looked forward to, relatively stress-free, but today it can be a very different story. For starters, individuals retiring in today’s economy are held much more responsible for their retirement income than say our grandparents and great-grandparents were. Companies simply do not offer the same kind of retirement packages they did decades ago. So the burden of preparing for retirement lays almost entirely on the shoulders of the individual. So, what are some ways that you can boost your retirement efforts? Looking for ways to save for retirement tax-free is your first step. 

Roth IRA

A Roth IRA account is a great starter account for most people. I say most people because there are income caps on who can contribute to this type of account. There are also caps on how much you can contribute each year. Currently, it is $5,500 per year if you are under 50 years old and $6,500 if you are older than 50. This is an important type of retirement savings because the money goes in tax-free and most importantly, it comes out tax-free as well. 

Roth 401(k)

If your plan allows it, then this is a great additional type of retirement account. The great thing about a Roth 401(k) is that it allows a much larger annual contribution than the Roth IRA. Currently the contribution amount is $18,500 if you are under 50, and it allows for $6,000 catch up if you are over 50. 

Working with A CTA

One of the best ways to get your retirement on track is to speak with a CTA. These professionals can help you identify ways to save tax-free for retirement. If you would like to speak to someone about this service, please contact our friendly staff at Martin Insurance Team serving Evergreen Park, IL. 

How Your Car Insurance Will Change After Marriage

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Marriage is a huge time of change for a couple. Most people move after marriage, merge bank accounts, start thinking of having kids and basically get much more serious about their lives. Car insurance is another aspect of life that can change drastically after marriage. While planning your wedding you probably didn’t give much thought to car insurance, but car insurance is an important topic to discuss. Here are a few ways car insurance might change might change if you combine policies after marriage. 

Combine to Make Life Easier

It is not a law that you combine your car insurance after marriage, however, most couples find that combining policies is much simpler than dealing with two different policies. This would also be a good time for both of you to shop around a bit in order to make sure you have the best deal possible. 

Combine to Save

In many cases, married couples will get a discount that single people can’t get. And even if you don’t get a discount for being married, you will often get a discount for having multiple cars on a policy, so either way, there is potential to save some money now that you are married. 

Combine to Save on Other Big Changes

If you have coupled buying a home with getting married, which many people do, then you will want to check with the insurance company to see if they also offer home owner’s insurance. There are huge discounts available to individual’s who bundle their auto with their home owner’s insurance. This is a great way to knock out two chores at once and save some money at the same time. 

If you would like to learn more about how your insurance will change after marriage, contact the helpful staff at Martin Insurance Team in Evergreen Park, IL. 

3 Tips for Picking the Right Health Insurance Plan

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With all of the health insurance plans out there, it’s not always easy to determine which plan is best for your individual needs. The Martin Insurance Team serves residents of Evergreen Park, IL and can help you make this important decision involving your health. Here are three tips for figuring out the insurance plan you should select.

Take a Look at the Benefits

Read the fine print so that you can make an informed decision and chose a plan that’s a good fit for you and your family. Some plans have better coverage for different aspects of care, such as when you’re traveling abroad, for specific pharmaceuticals or for mental health issues. Talking with someone in person is also beneficial to help you understand the various plans you’re considering.

Look at Your Healthcare Spending Patterns

Consider how much you spend each year on healthcare. Do you typically reach your deductible? If you didn’t by a wide margin and you predict a similar scenario for the upcoming year, you should consider a plan with a deductible that’s even higher, which means your premium will likely be lower. 

If the opposite is true and you met or exceeded your deductible — or if you will have upcoming medical costs, such as for a planned surgery or if you’ve been diagnosed with a disease such as diabetes — then consider opting for a plan with a lower deductible and higher premiums.

Avoid Unnecessary Out-of-Pocket Costs

This may seem obvious, but make sure your primary doctor accepts your insurance plan. Otherwise, you may have to switch doctors or pay out-of-network rates, which won’t be wallet-friendly. You may want to call to double-check if your doctor is in-network for the plan you’re considering to make sure you have updated information.

You can learn more about the type of health insurance plan that’s right for you by contacting the Martin Insurance Team, serving Evergreen Park, IL. Don’t hesitate to get in touch with us today!

Do You Need Disability Insurance?

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Disability insurance is not something that many people know about. For some, however, it is essential and is a great thing to have. For those workers that feel they may need disability insurance, the helpful agents at Martin Insurance Team in the Evergreen Park, IL area can help you to find the right disability policy for you.

So what is disability insurance? This insurance takes the place of a disability payment should the worker become injured. This policy is going to help pay wages for the injured worker should they become injured and not able to work. This helps prevent the need to go through the process of applying for disability through your work or through your local government.

So who needs this type of insurance? Workers that are at risk to become injured at work, workers that have a job site that is not likely to pay out disability payments, or for those workers that do not want to deal with the hassle of filing for temporary disability, this might be the right solution for you. You can take our policies with a wide range of coverage to help you pay your bills while you are injured based on what your current pay is and based on what amount of money you need to be able to pay your bills each month.

You should note however that this type of insurance is still going to require that you prove you are disabled and show what happened as well as doctors notes to prove that you have been hurt. This is going to help to make sure that you get the right payout and that your policy is going to help pay the bills.

For those that live in the Evergreen Park, IL area, the agents with Martin Insurance Team can help you determine if you need a disability policy and what amount of coverage you need to be safe and secure.  

Understanding the Risks and Responsibilities of Motorcycle Ownership

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Riding on the open road. The wind in your face. No doubt about it a motorcycle is just cool. However, there is a lot more to motorcycle ownership than just looking cool as your ride down the road. Understanding the risks and responsibilities of bike ownership is crucial to making the most of your bike. 

Safety

it is the reasonability of the owner of the bike to know how to operate the bike safely. Driving a motorcycle is nothing like driving a car. Just because you can drive a car does not mean you will be great at driving a bike. In order to learn the best safety practices when driving your bike, it would be in your best interest to take a motorcycle safety course. This will give you the chance to learn everything you need to know from a professional. 

Risks

If you choose to own and drive a motorcycle then you should also understand the risks involved with that ownership. There are an entirely different set of risks involved in driving a motorcycle than there are in driving a car. Never assume you know everything. Learning about the risks involved is the best way to avoid those risks. You should understand the dangers of driving in certain types of weather as well as in certain types of areas. You should also learn how to interact appropriately with the motorists around you on the road. 

If you have recently purchased a motorcycle or are considering purchasing one, take the time to find a quality motorcycle safety course or driving course in your area. Learning how to drive and operate your new bike from a professional will go a long way in preventing problems in the future. If you would like to learn more about bike ownership and bike insurance contact Martin Insurance Team serving Evergreen Park, IL. 

What You Need to Know About Transportation Insurance Before You Move

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A move can be a busy and stressful time in the life of any family. Worrying about your possessions while they are being handled by movers or being transported to your new address is something you do not need. Transportation insurance for movers can help alleviate that worry. The Martin Insurance Team in Evergreen Park, IL can better help you understand your options. 

What is Transportation Insurance or Mover’s Insurance?

This type of insurance covers cargo that is being transported from one point to another. If you are going to be handing your possessions off to a third party, you will want to insure those possessions while they are in their hands. You should note that transportation insurance does not usually apply if you are moving the items yourself. 

Does My Homeowner’s Insurance Cover This?

The homeowners’ insurance on your previous house may contain some coverage for you during a move, but in most cases, it will not cover all of your possessions while they are being moved by a third party moving company. 

Where To Get This Insurance?

Many moving companies themselves will offer some form of transportation insurance for you. You can learn about these services when you are arranging for your move. Be sure to read the insurance policy carefully which they are offering. Sometimes these are very basic and may not cover all of the details which are important to you. If you are not comfortable with the insurance being offered, then you can look elsewhere to find a policy that is more customized to your particular situation. 

Prized Possessions

If you will be moving certain items that are very expensive or very important, then you will want to handle those items yourself or have them well insured. Do not leave your most important items up to chance. 

Transportation insurance is a great safety net to have for your family during a move. To learn more contact Martin Insurance Team serving Evergreen Park, IL.

 

What is Malpractice Insurance?

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Medical malpractice insurance is not a requirement in the state of Illinois, however, many professionals opt to buy this indemnification for that protection it provides. Industries, where malpractice insurance is most common, are among doctors, those working in the field of dentistry, psychology, those who work in pharmacies, and in various levels of nursing, optometry, and physical therapy. 

What Does Malpractice Insurance Cover?

Malpractice insurance is a type of commercial insurance, and it will protect you in situations where you are sued due to errors that result in damage to your patients. In the event that a lawsuit is brought against you, your policy will help cover costs that are from legal fees and bills arising from arbitration, going to settlement and damages that are awarded for punitive, compensatory, and medical reasons. 

You’ll need to consider if you want ‘claims-made’ coverage that will address suits and injuries that arise during the time in which you are insured or an ‘occurrence’ policy that will cover those that are filed regarding incidents that happened while you were insured, even if they occur at a later date.

It is always important to remember that legal action can be taken long after the offending action was taken, and you can also purchase ‘tail’ coverage to extend past the date when you cancel your insurance by a certain number of years. Also important to remember is that malpractice insurance does not apply to criminal activities or falsification of medical records. 

Martin Insurance Team Located in Evergreen Park, IL Wants to Help You

Bring your insurance needs to Martin Insurance Team, and we will do our best to tailor a commercial insurance package to you. We have experience serving customers in the Evergreen Park, IL and look forward to working with you. Stop by or contact us online to discuss any questions you may have about commercial insurance today!

Risks You Take If You Don’t Have Life Insurance

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Thinking about what would happen if you pass unexpectedly and leave your family is almost unbearable. Thinking about what would happen if you passed and didn’t plan anything to leave for your family is even worse. This is a very hard topic to think about, but that’s exactly why you do need to think about life insurance. Serving Evergreen Park, IL, Martin Insurance Team is here for you during all of life’s milestones, good and bad. If you plan for the worst, you might be able to make it just a little more bearable. Following are just some of the risks you take if you forego life insurance.

The most apparent risk of going without life insurance is not leaving anything to provide for your family, especially if you are the main income earner for your household. However, another monetary aspect people don’t often think about is their debt. When you die, your debt doesn’t just magically go away. Without life insurance, you risk passing your debt on to your loved ones.

If you don’t have life insurance now, you also risk paying more later. Generally, the younger and healthier you are, the lower your premiums are going to be. If you wait until you’re older and potentially develop health conditions, you’re going to end up paying more. The benefits of having life insurance are much more than just leaving money for your loved ones, so the sooner you take out a policy, the sooner you can enjoy those benefits.  

Martin Insurance Team is here to help anyone in Evergreen Park, IL and the surrounding area plan for the future with life insurance; get in touch with us today!

When Is Auto Insurance Necessary?

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Driving a car is a major responsibility that requires you to ensure you are following a variety of different laws. One major decision that you will have to make when you drive a car is picking the right type of insurance. While there are some types of insurance that are not required by law, there are several situations in which you will need to have auto insurance if you want to drive a car in the Evergreen Park, IL area.

Illinois Minimum Coverage

If you want to drive a car in Illinois, you will be mandated by law to carry a certain level of liability insurance. In Illinois, you will need to make sure that you have at least $25,000 in liability property damage coverage. You will also need to have bodily injury coverage of at least $25,000 per person with a cap of $50,000 for every accident. This type of coverage is mandated by law, but will only provide protection for which you are liable to another person.

You Have a Loan Outstanding

When shopping for insurance, it is very important to consider the minimum State requirements. However, you also need to consider other factors that can influence your insurance requirements. If you have a loan against your vehicle, your lender will undoubtedly require that you have auto insurance in place at all times. This requirement will also make you need to have collision and comprehensive coverage, which will provide you with coverage for a wide range of incidents.

As you are shopping for an Evergreen Park, IL insurance policy, you should contact the Martin Insurance Team. When you meet with the team at the Martin Insurance Team, you will receive more guidance and support. This will help to ensure you get into the best policy possible.