Term vs. Whole Life Insurance

Posted on November 26, 2024November 25, 2024 by admin

Term and whole life insurance offer protection for New York residents who lose a close loved one unexpectedly. However, important differences between the two policies are important to be aware of. If you’re considering life insurance, consider the pros and cons of term and whole life insurance carefully to pick the best policy.

What are the Differences Between Term and Whole Life Insurance?

Term insurance is cheaper than whole life insurance but only valid for a specific time. Once the term is up, the insurance policy is no longer valid. If you only want coverage for a set period, i.e., until a mortgage loan or a child’s college education is paid off, term insurance will likely meet your needs. However, if you want to ensure your loved ones receive compensation no matter when you die, then whole life insurance is your best bet. As an added benefit, whole life insurance has a cash value element that term insurance doesn’t offer. You can tap into the cash value as often as you’d like or allow the money to accrue interest to return the highest possible dividend.

Get Professional Life Insurance Advice from AW Burchell Agency Inc.

AW Burchell Agency Inc. has over thirty years of experience helping people in New York and Pennsylvania find life insurance that meets their needs. If you want to learn more about coverage options, life insurance carriers, or the requirements for getting approved for a life insurance policy, contact us at your convenience. One of our agents will work with you to help you get the coverage you need and deserve.

What is Non-Owner Auto Insurance – and Do You Need It?

Posted on October 28, 2024October 25, 2024 by admin

Driving is a great privilege and convenience, especially if you own a vehicle. Being on the road as a driver carries great responsibility, and part of that responsibility is to purchase auto insurance. If you live in the Cortland, New York area, our AW Burchell Agency Inc. team is ready to provide you with a full range of options for your auto insurance needs. Our team, previously known as the Rainbow-Wafer Agency, has provided insurance for our area for over 30 years.

Understanding Non-Owner Auto Insurance

If you have a driver’s license but don’t own a car, you must still purchase auto insurance. This type of insurance is called non-owner auto insurance. Buying non-owner insurance will provide you with liability coverage, covering any damage or bodily injury you cause while driving someone else’s vehicle.

Our research shows that non-owner car insurance is less expensive than traditional car insurance. Many drivers mistakenly believe that they are covered by the insurance of the person who owns their car. This isn’t the case; you need insurance to cover your actions as a driver. The complete cost of these policies will depend on your age, your driving record, the number of years you have been driving, and your location.

Contact Us Today

Car owners and non-owners must obey the New York State laws regarding auto insurance. Talking with one of our experienced agents at AW Burchell Agency Inc. will help you understand all your available auto insurance options. Cortland, New York, residents can feel confident, allowing us to provide them with insurance recommendations. Call us for an appointment today, and let’s talk about insurance.

New Trends in Commercial Insurance

Posted on September 30, 2024September 30, 2024 by admin

As a business owner or manager, safeguarding your assets is a critical responsibility. To accomplish this, you need comprehensive commercial insurance that protects your property, takes care of liability issues, and ensures your employees’ safety. For businesses operating in New York, the AW Burchell Agency Inc. provides sound commercial insurance guidance and expertise, backed by nearly 17 years of industry experience.

Understanding the Emerging Trends in Commercial Insurance

Navigating the commercial insurance landscape becomes easier when one is familiar with the current trends impacting it. For instance, policy selection is headed towards automation, according to EasySend. Thanks to "smart" analytics, clients can efficiently select policies and effortlessly enroll online. Artificial Intelligence (AI) is streamlining policy underwriting, resulting in quicker quotes.

The Exciting Role of AI

Besides expediting the policy selection process, AI allows insurance companies to analyze client data, detect fraud, and evaluate their marketing strategies. As businesses adopt more technology, the demand for novel insurance products, such as cyber insurance, escalates. Similarly, the value of business interruption insurance is increasingly being recognized, considering the impacts of previously enforced work stoppages. Furthermore, commercial auto policies are evolving to include insurance for autonomous vehicles like drones and robots.

Schedule an Appointment with Us Today

At AW Burchell Agency Inc., we look forward to meeting you and helping safeguard your business with suitable insurance options. New York business owners in need of appropriate insurance solutions can rely on our expertise. Contact us today, and let’s discuss your specific insurance needs.

The Difference Between Classic and Standard Car Insurance

Posted on August 30, 2024August 28, 2024 by admin

Crafting the Perfect Protection: Standard and Classic Car Auto Insurance

At AW Burchell Agency Inc. in New York, we understand the significance of protecting your vehicles, particularly classic cars. While newer vehicles are sought for everyday use, acquiring an older car often carries sentiments of nostalgia, taking you back to a simpler era. You’ve put in countless hours and a considerable investment to restore these unique vehicles, making them classically modern in their own way. When it comes to insuring your classic car, differentiating between standard and classic car insurance is essential.

Standard Auto Insurance vs Classic Car Auto Insurance Repairs

Standard auto insurance typically covers repairs at a standard body shop using similar parts in the event of an accident, but repairing a classic car after a covered accident presents unique challenges. Classic cars often require rare parts and may need to be repaired at a specialized shop. Moreover, these classic cars may incorporate custom spare parts, complicating the repair process further.

Value of Insurance

For standard auto insurance, the vehicle’s value is dictated based on its actual cash value as determined by the insurance company, which depreciates over time. However, with classic car insurance, the insurance value is determined based on the coverage amount you and the insured agreed upon. Furthermore, classic cars may appreciate in value over time, especially when custom restored. As a result, classic car insurance may cover repairs and restoration costs, which can often exceed those of a standard car.

Vehicle Usage

A standard car insurance policy typically covers vehicles intended for daily use. However, insurance policies usually place strict limitations on the annual mileage of classic cars. Given this, classic car insurance differs from standard auto insurance in multiple aspects, warranting a tailored approach to its coverage.

Reach Out for More Information

If you want to navigate classic and standard car insurance nuances, AW Burchell Agency Inc. in New York is here to help. If you have any questions or if you’re seeking the best coverage for your classic car, call us today at (607) 753-0633.

What is not covered by Renters Insurance

Posted on July 30, 2024July 30, 2024 by admin

While there’s a common misconception amongst first-time renters that a renter’s insurance policy is the same as a homeowner’s, the truth is that these insurance forms offer different coverage levels. This can be a complex area to navigate, which is why the AW Burchell Agency Inc. team in New York is dedicated to educating consumers about their renter’s insurance options. We aim to assist in choosing the best coverage to protect their finances from unexpected events.

Typically, renter’s insurance covers the replacement of your belongings after a deductible up to the limit set in the policy. It also covers any additional living expenses while you’re displaced from your home after a covered loss.

Further, a renter’s policy offers financial protection in case an incident that started on your property spreads to a neighboring property and causes damage. It also covers medical expenses and legal fees if someone gets injured at your residence.

What Isn’t Covered By a Renter’s Insurance Policy?

It’s important to note that a renter’s insurance policy conventionally covers windstorms, fires, explosions, theft, lightning, and vandalism. However, a standard policy does not cover floods, earthquakes, mold, bedbugs, or damage to the exterior of a home or apartment building.

Also, a renter’s policy does not include coverage for a building’s structure. That type of coverage is usually included in the landlord’s insurance policy. However, the landlord’s policy does not cover your personal items if they’re damaged because of a covered peril. Understanding what each policy covers can help ensure you have the correct insurance for your needs.

Talk To Us!

If you have questions about renter’s insurance or need more information on what a policy covers or excludes, we’d love to help! Contact us today at AW Burchell Agency Inc. in New York at (607) 753-0633.

What comes with my full RV insurance plan in New York?

Posted on June 28, 2024July 2, 2024 by admin

Living in the state of New York presents residents and tourists with many experiences. New York’s diverse landscape ranges from bustling large cities to open mountain ranges and beautiful waterfalls. Owning an RV is a fantastic idea, allowing you to fully enjoy all the state offers. This method of travel provides a unique way to tour the area, but it is important to remember that you need the right insurance with an RV. An RV insurance plan offers comprehensive coverage.

Protection for the RV

An RV Insurance plan provides important forms of coverage, such as collision and comprehensive coverage. While these types of coverage are not strictly a requirement, it’s a good idea to obtain them to ensure you are protecting your assets as well as possible. With a fully comprehensive plan, you receive support in case you need to replace or repair your RV in the future due to accident damage or theft.

Liability Support

RV ownership comes with unique liability risks. To manage these risks, it’s smart to get RV insurance. A full RV insurance plan provides the support needed to manage risks and liability claims that could occur due to accidents on the road or when hosting others in the RV when not driving.

In New York, having an RV insurance plan is important when purchasing an RV. If you’re looking to buy one, our helpful AW Burchell Agency Inc. team is ready to discuss your needs. When you call the AW Burchell Agency Inc., you can expect the support needed to build a new plan. We help evaluate all options and build the right plan for you.

Custom Parts Coverage for Your Motorcycle

Posted on May 31, 2024June 5, 2024 by admin

Custom parts can enhance your bike’s performance, make it easier and safer to ride, and attract attention as you drive on the road and down the street.

AW Burchell Agency Inc. offers motorcycle custom parts insurance for riders throughout New York and Pennsylvania. Some of the custom parts we cover include:

Mirrors: Adding custom mirrors is one of the simplest ways to give your motorcycle a unique look and feel.
Exhaust systems: Custom exhaust systems can increase your motorcycle’s torque and power and alter its sound.
Lights: Custom lighting systems make it easier for you to see the road and for other drivers to see you. Custom headlights, taillights, and turn indicator options are some of the most popular accessories for motorcycles.

However, coverage for custom parts isn’t automatically included in every motorcycle insurance policy. Motorcyclists have two options for custom parts coverage.

For bikes with minimal or few custom parts, your best option is usually a standard motorcycle policy with an add-on for CPE, custom parts, and equipment. You can secure insurance coverage for the value of your motorcycle as per Kelley Blue Book or the National Automobile Dealers Association (NADA) motorcycle appraisal guide, plus the value of the replacement parts and labor associated with replacing them.

For bikes you’ve built in your shop, composite bikes, rebuilt frames, and high-value bikes, you need insurance for an agreed-on value. This means you and the insurance company agree on your motorcycle’s worth. Agreed-on values can also be established for classic motorcycles.

AW Burchell Agency Inc. serves motorcycle owners throughout western New York and northern Pennsylvania. Call us today to get the coverage you need!

Guidelines When Storing Your Boat at A Marina

Posted on April 30, 2024May 2, 2024 by admin

Use some guidelines to keep your boat secure while it is stored at a marina. Your efforts will prevent theft and damage, reducing the need to file an insurance claim.

Inspection

Having your boat inspected by a licensed inspector can benefit you. The inspection process will determine its current status.

It will also reveal any mechanical issues or cosmetic flaws that may require you to seek repairs. Once the inspection process is complete, you can confidently store your watercraft at a marina.

Protection From The Elements

The marina you select may offer covered and uncovered storage areas. If you are placing your boat next to a boat slip, for instance, you may need to take some measures to protect it from the elements.

A fitted cover can keep your boat clean and dry. If you store your boat indoors, it will be protected from the elements 24/7.

Surveillance Equipment

Before you rent space at a marina, find out what surveillance equipment is used to monitor the storage areas. This will protect your boat from theft and vandalism.

The marina may use remote monitoring or another strategy to keep a close eye on the status of the boats that are stored onsite.

An Itemized List

Prepare an itemized list that outlines the boat accessories that will be stored at the marina. This list will help you keep track of your possessions.

Contact AW Burchell Agency Inc.

Contact a representative of AW Burchell Agency Inc. if you have to make any changes to your existing boat insurance policy. A representative who serves the New York region will be available to assist.

Can Umbrella Insurance Replace Other Insurance Policies?

Posted on March 28, 2024March 28, 2024 by admin

Despite our best intentions, incidents can occur where we or our family members are responsible for accidents that damage others or their properties. Usually, our auto or home insurance policies provide liability coverage for these situations. However, when liabilities exceed the coverage limits of the underlying policies, umbrella insurance becomes significant. If you have inquiries about your insurance coverage, including umbrella insurance, our team at AW Burchell Agency Inc., serving the Cortland, New York area, would be glad to assist you.

The Function of Umbrella Insurance

Umbrella insurance supplements them rather than replacing your primary insurance policies, making it a reasonably affordable option. Picture your auto and home or condo policies as the foundation of your insurance coverage. They build the framework and offer protection against claims within a predefined limit. Most people always stay within their primary coverage limits. However, if an incident exceeding your coverage limits does occur, it could result in the loss of your home, savings, or other assets.

Umbrella insurance operates like a protective layer over your foundational policies, paying out only when your liabilities surpass the confines of your primary policies. It is a secondary policy, meaning you must have the underlying auto or homeowners’ policies to obtain umbrella coverage. Furthermore, higher limits on the primary policies could result in a lower cost for your umbrella policy.

Most importantly, umbrella insurance provides you peace of mind, protecting you against unusual and unforeseen events.

Obtaining Insurance Through AW Burchell Agency Inc.

Knowing that you and your family are fully protected is certainly comforting. If you reside in or near Cortland, New York, do not hesitate to contact us at AW Burchell Agency Inc. Let us help you secure your peace of mind.

Why All Homeowners Need Flood Insurance

Posted on February 28, 2024February 26, 2024 by admin

The Importance of Flood Insurance for Homeowners

As a homeowner, while you may be aware of the necessity for home insurance, you might underestimate the importance of possessing a flood insurance policy. Countless homeowners inadvertently overlook this vital coverage. If you currently lack a flood insurance policy, we urge you to contact us at AW Burchell Agency Inc. in New York to learn more.

The distinction between Home Insurance and Flood Insurance

Understanding the need for both policies is crucial. Contrary to popular belief, traditional home insurance does not cover flood damages. Therefore, a separate flood insurance policy is required for protection against this disaster. Without such coverage, flood damages could lead to staggering expenses that might not be manageable.

Flood Zones and Insurance

A commonly held assumption is that flood insurance is only mandatory for residents of flood zones. On the contrary, roughly one in every five flood claims are from non-flood zones, making it essential for all homeowners to hold such coverage. Flood zones refer to designated regions prone to regular flooding, however, they do not exclusively pertain to the areas at risk. In essence, any area is potentially susceptible to home-damaging floods.

Securing a Flood Insurance Policy

The National Flood Insurance Program strongly supports flood insurance. If you are considering obtaining a policy, we invite you to contact us at AW Burchell Agency Inc. in New York.