Should You Consider Uninsured Motorist Insurance?

Despite the state’s financial responsibility laws, about 20% of Michigan drivers do not have automobile insurance.

At Gilead Insurance Agency, we want to help ensure you are adequately covered. That’s why you need to consider adding under and uninsured motorist coverage to your car insurance policy. Below are a few reasons why having underinsured and uninsured motorist coverage could be beneficial:

Your Risks on the Road

If you are injured in an automobile accident, even if it was not your fault or the result of a hit-and-run, your Personal Injury Protection (PIP) will likely cover your medical expenses.

However, if the at-fault driver doesn’t have adequate insurance, you might be unable to receive compensation for pain, suffering, or other expenses associated with the incident.

Uninsured Motorists’ Insurance Puts You in Control

With uninsured motorist insurance, you can be confident that you will be financially protected no matter the other driver’s insurance situation. This can offer you great peace of mind and provide exceptional financial protection should an incident occur.

When the Minimum is Not Enough

Many drivers choose minimum auto insurance levels to ensure they are legally covered, but this is often not enough.

Consider other affordable coverage options, such as rental car coverage, increased coverage limits, and uninsured motorist protection. At Gilead Insurance Agency, we are here to help.

We can explain your options and even demonstrate how each could impact your premiums. By comparing with Gilead Insurance Agency, you might be able to get better coverage at a more affordable price.

Contact us today with any questions you may have. We can get you started on the path to automobile insurance coverage that you can have confidence in. We look forward to helping you save on your Michigan automobile insurance policy.

Commercial Insurance vs. Personal Insurance: The Main Differences

If you’re struggling to find an insurance plan that can help protect your business or yourself, you may want to know your options. Multiple types of coverage are available, and you’ll want to choose one that’s the right fit for you and your business. While commercial and personal insurance are similar and overlap a bit, there are distinct differences. The team at Gilead Insurance Agency in Michigan can help you through different coverage options.

Commercial Insurance

Commercial insurance, often referred to as business insurance, covers multiple elements of a company. This includes protection against theft, accidents, natural disasters, lawsuits, and more. It can also help cover employees, providing financial protection in case of work-related injuries or illnesses. This aspect of commercial insurance is particularly important as it can help businesses manage the potential financial risks associated with their workforce. 

Personal Insurance

Personal insurance can only be applied to one person instead of a business. However, it can be a good option for anyone, as it can help personally and professionally. Personal insurance covers financial obligations such as medical bills, legal defense fees, and property damage. It also extends to individuals’ family members and can be an excellent way to protect you and your family. 

Who to Contact For Insurance Plans

The Gilead Insurance Agency team in Michigan, with its extensive knowledge and experience, can help you find the right type of coverage. We are here to help you choose the best policy plans that work for your company or lifestyle. If you’re interested, make sure to contact us today. Our team will give you all of your options so that you find the best insurance plan for your needs.

three Reasons to Work With an Independent Insurance Agent When Getting Home Insurance

Homeowners trying to get homeowner insurance are faced with a choice of whether to get homeowner insurance from a captive or independent insurance agent. There are many benefits to getting homeowner insurance from an independent agent. At Gilead Insurance Agency, servicing Michigan and Ohio, we offer all the benefits that come from working with an independent insurance agency.

1. Independent Insurance Agents Can Shop Around

An independent insurance agent offers insurance products from multiple carriers. This means independent insurance agents can shop around to find the best insurance product for their clients. 

2. You Have More Choices When You Use An Independent Insurance Agent

When you use an independent insurance agent, you can choose the best policy from several insurance products. Having choices means that you can choose an insurance product that best meets your needs. It also helps ensure that you get the most for your money. If you’re not satisfied with your homeowner insurance policy, you can always switch later. 

3. Your Independent Insurance Agent Can Act In Your Best Interest

Captive insurance agents have limited insurance products to sell. This means that when a customer comes to them for a policy, the agent will recommend what they have, even if the policy is not a perfect match for what the homeowner wants. The independent insurance agent can shop to find what is closest to the homeowner’s needs.  

Have questions about how an independent insurance agent can help you? Call Gilead Insurance Agency, servicing Ohio and Michigan. We offer insurance products from a range of carriers to meet the needs of our clients. 

Renters Insurance for College Students: Is It Smart?

At Gilead Insurance Agency, we have a long history of providing exceptional insurance policies to Michigan residents. This includes guiding parents in securing suitable renter’s insurance policies for their college-bound teens heading to institutions like U of M, Michigan State, and others. Here’s why this coverage is crucial for your college student.

The Benefits of Renter’s Insurance for Students

As your teen moves into their first home away from home for college, considering a renter’s insurance policy is a smart move. These policies can be easily integrated into your general insurance package and offer myriad benefits for your young adult, including:

  • Protection of Student’s Belongings: Your college students will likely take a substantial amount of personal possessions with them to college. Safeguard these items with a reliable renter’s insurance policy.
  • Limitation of Liability Risks: If your teen enjoys entertaining or happens to run into unexpected incidents, a renter’s insurance policy provides protection against potential liability issues.
  • Reduction of Loss Risks: In the unfortunate event of damage or destruction to their rented living space, your teen’s possessions, including furniture, could be a complete loss without the help of a renter’s insurance policy.
  • Comprehensive Assistance: Renter’s insurance covers a broad range of potential issues that might impact your college student, making it a critical safeguard.

These benefits make a renter’s insurance policy a necessity for any college student. Regardless of your child’s lifestyle in their new home, this extra protection is a worthwhile investment that can provide peace of mind during their college journey.

Contact Us to Secure Your College Student’s Future

Gilead Insurance Agency takes pride in assisting Michigan residents with their insurance needs. Our team can guide you in finding a renter’s insurance policy that best protects your college-bound teen. If you’re unsure about your needs or need help selecting a suitable policy, don’t hesitate to contact us today.

Does Life Insurance Count as an Asset?

Understanding the Asset Value of Your Life Insurance Policy

There may be several instances in life when you need to list or evaluate your assets, like applying for a loan or government aid. But before you can do that, it’s crucial to understand which of your possessions qualify as assets and whether your life insurance policy falls into this category. In Michigan, life insurance policyholders can avail assistance in understanding different types of insurance from the experts at Gilead Insurance Agency.

Term Life Insurance

Generally, term life insurance is not categorized as an asset. Although it provides peace of mind for future security, it doesn’t carry any cash value during your lifetime. Furthermore, these policies expire after a predetermined term, releasing the benefits only if you pass away while the policy is active.

Permanent Life Insurance

On the contrary, permanent life insurance is considered an asset. This type of insurance, available in variants like universal, whole, and variable policies, stays active as long as the owner is alive and accumulates value over time, potentially earning interest or investment income.

The value of permanent life insurance can be used during your lifetime, which is why iit’sconsidered an asset. It allows you to withdraw or borrow against the policy’s accumulated value. Furthermore, this asset can assist in securing a mortgage or loan, as it assures the lender you have accessible funds, if necessary.

Choose the Right Policy with Gilead Insurance Agency

The Gilead Insurance Agency offers numerous life insurance options to Michigan residents, including whole, term, and universal coverage from various providers. Our well-versed, friendly agents will guide you in selecting the perfect policy. Begin your journey to securing a financially stable future today. Reach us at 313-533-3220 or visit our office at 18323 West McNichols Road in Detroit, MI.

Auto Insurance: Requirements And Options

In most states, and Michigan is not an exception, there are requirements that the state imposes regarding the minimum amount of insurance that you are required to carry to be legal. In Michigan, this is liability coverage that protects other drivers from an accident where you are the responsible party. At Gilead Insurance Agency in Michigan, we are independent insurance agents and provide our customers with more choices and personalized service. 

Liability

The mandated liability coverage in Michigan, which is a no-fault state, is 50/100/10. What that means is:

  • Bodily injury $50,000 per person
  • Bodily injury to a total maximum of $100,000 per incident.
  • $10,000 for damage to another person’s property.
  • You also must have PIP and PPI. 

Collision

Collision coverage protects your vehicle in an accident where you are responsible. You must have it if you have an auto loan or are leasing your vehicle. 

Comprehensive

Comprehensive covers theft and vandalism as well as flooding and other weather-related damage that your vehicle sustained with a deductible needing to be paid. 

Full Glass coverage

Glass coverage is included with comprehensive coverage, but you need to pay your deductible. With full glass coverage, there is no deductible, and that is a very good thing. 

Roadside service 

You can opt to add roadside service to your auto insurance. It is basically the same coverage that is provided by an auto club membership. 

Gap coverage

When you have a newer vehicle and an auto loan, you could find that your loan is larger than your payout when your vehicle is a total loss. This coverage fills the gap between your policy and your auto loan. 

Rental car

When your vehicle is damaged in an accident, you will need a vehicle to drive. This coverage takes care of that. 

Schedule A Consultation Today

Contact our team at Gilead Insurance Agency in Michigan when you have auto insurance needs. 

3 Trends Shaping Commercial Insurance Policies Today

Here at Gilead Insurance Agency in Michigan, we know that the world is changing at a rapid pace due to unforeseen circumstances. Many factors play a role in these changes, but here we’ll highlight the top three trends that have altered the realm of commercial insurance policies recently.

3  Commercial Insurance Trends

1. Continuing Labor Shortages

It’s no secret that with a record number of businesses closing and making drastic changes since 2020, many people haven’t returned to work. A recent survey by Provident Bank reported that at least 75% of businesses are still impacted by current worker shortages. As companies face a new set of challenges, their commercial insurance rates may change.

2. Supply Chain Struggles

Numerous supply chain disruptions are affecting the economy as a whole, and the realm of commercial insurance has had to change as well. Many closures have led to production slowdowns that ultimately result in the lack of availability of supplies. Indeed, businesses are resuming normal operations to increase production, but demand for many goods still outweighs inventory.

Further contributors to the supply chain issue include geopolitical conflicts, port congestion, rising energy and fuel expenses, and growing numbers of catastrophic weather events. The lack of warehouse workers, packers, and truck drivers also hinders delivery and shipment times for high-demand goods.

3. Impacts On Inflation

The labor shortage and supply chain issues are contributing to rising inflation concerns, which in turn affects the commercial insurance space. The spring consumer price index elevated claim costs in the market, which has resulted in greater expenses across the insurance industry.

Need Commercial Insurance in Michigan? Call Gilead Insurance Agency

Contact us today for a free quote that meets the needs of your business through our personalized service.

Unexpected Things Covered By Home Insurance

Michigan owners who buy homeowners insurance will enjoy coverage for specific perils like hail damage, theft, fire, and vandalism of the property and certain contents. However, there are a few surprising things these policies cover that our Gilead Insurance Agency explains here.

Unexpected Things Covered By Home Insurance

Coverage for Injuries Caused by Animals

Most standard home insurance policies have a certain level of personal liability coverage, which helps cover medical and legal expenses should your pet injure another party. This only covers non-occupants of the home, such as a neighbor, guest, or mail carrier.

Living Expenses After Covered Losses

Anything can happen at any time that may put you out of your home until repairs are completed. Should there be significant damage due to a covered claim that requires you to find temporary accommodations, standard loss of use coverage in your policy may cover all or part of those living expenses. This may include lodging, laundry fees, and pet boarding to name a few.

Damage to Outbuildings & Outdoor Furniture

There is typically a section called “other structures coverage” in a standard home insurance policy. This covers structures that are on the property but aren’t attached to the main home. Some examples include detached guest homes and garages, fences, sheds, and mailboxes. Coverage also may include reimbursement for outdoor furnishings and other installations on decks, patios, and docks you own.

Lawsuits

If you have children who have guests over or if you entertain frequently, there is a possibility of lawsuits should an accident occur on your property to a non-resident. Key contributors to such incidents include having high-risk installations like a sauna, hot tub, or trampoline. Your policy’s liability coverage can step in should you be found liable and can cover legal expenses and any payments to others ordered by a judgment.

Need More Info? 

Whether you need homeowners insurance or just want us to review your coverage, contact Gilead Insurance Agency in Michigan. If your policy is with another provider, our agents might be able to find you a better deal.