Seen these cars? Heard of ride sharing? Here's the insurance side of things...

 

 

 

Ridesharing companies use mobile apps to connect passengers with drivers using their personal cars to compete with taxi cab companies.  These companies have begun negotiations with the city to offer their services in Pittsburgh.  Uber and Lfyt are two of the more popular ones on the road thus far and both have launced their respective services just recently.  It turns out those mustaches on the front bumpers of cars around the area are more than just a fad gone wrong.

Unfortunately, the way that personal auto insurance policies are currently written, coverage may be voided for most of the drivers hired by theses services.  Following is the exclusion found in most personal automobile insurance policies:

 Any insured's liability arising out of the ownership or operation of a vehicle while it is being used as public or livery conveyance.  This exclusion (A.5.) does not apply to a share-the-expense car pool.

For a ridesharing driver to be covered properly, a commercial auto policy would need to be purchased due to the large liability exposure.  Please note that a commercial policy would be extremely expensive and not readily available in Pittsburgh's insurance marketplace.

Most major ridesharing services carry their own commercial auto insurance which offers limited liability coverage to passengers, other vehicles & pedestrians.  The ridesharing company's policy is intended to respond when drivers are en route to pick up a ridesharing client or have one in the car.  This policy would not cover the drivers when they are in between fares.  It is not clear if the ridesharing company's policy would cover damage to one of their driver's cars.  Potentially, there could be a lot of uninsured drivers on the road.  Even if you don't use one of these services you might want to call our office and check on your un and underinsured limits in the case you get into an accident with a ride sharing vehicle.

Until personal automobile insurance carriers begin to offer policies that address new exposures such as ridesharing, be extremely guarded when considering ridesharing as an occupation.  This may not be a good way to earn a second income.  Pizza delivery drivers face a similar issue.  There is a hidden exclusion in a delivery person’s personal auto insurance policy that states, "all coverage is excluded for any insured using vehicle while employed in the pickup or delivery of newspapers or magazines, food or any products for the purpose of compensation".  At a time of loss an insurance adjuster has the ability to deny coverage due to this exclusion in the policy. The same type of thing could be a possibility for ride sharing drivers so you want to check with your auto insurance carrier and the company you are thinking of being a part of before becoming a driver.  

As this is an ever changing new marketplace its best to keep up to date on how these companies are covered and know what risks you might be taking as an individual by being a passenger or a driver.  It's an exciting service that brings what seems to be a need for more cab service to the area, we just want you to be fully aware that there may be gaps in coverage from an insurance standpoint. 

 

Please feel free to call us at Pinnacle Insurance at 412-816-1000 if you have questions or feel we can be of service.  www.pinnacle4ins.com

 

 

 

Insuring Jewelry & Other Valuables

With Valentine's Day just around the corner now is the perfect time of year to make sure any new jewelry you buy for your loved ones (or already have) is properly insured.  Unfortunately, most people aren’t aware that homeowners and renters insurance policies have sub limits (limited coverage) for Jewelry, Cameras, Guns, Silverware, Furs, Fine Arts, Coin & Stamp Collectables, Musical Instruments, Sporting Equipment, Computer & Electronic Equipment. The coverage limits can range from $ 1,000 to $ 2,500. This means in many cases you are underinsured for these items. 

In order to properly insure these items they need to be scheduled on your homeowners or renters insurance policy. Normally, an appraisal or sales receipt is required to add items on to you homeowners policy. By scheduling your jewelry (or other valuables) you can rest assured that your most important and treasured items are covered for their actual value in the case of a loss or mysterious disappearance . As always, if you have questions or feel we can be of service, call Pinnacle Insurance at 412-816-1000.  www.pinnacle4ins.com

Happy Holidays!!!

 

From: Pinnacle Insurance

 

 

Wishing you health and happiness this Holiday Season and prosperity in the New Year. We value our customer relationships and thank you for being our customer. We look forward to continuing our partnership in the coming year.

 

All the best to you and your family,  Pinnacle Insurance Group Mark, Kirk, Mike, Ed, Joe, Pam, Lynn, Carol, Linda, Judy & Wendy     Our holidays hours: Monday December 23rd 9am to 3pm Closed Christmas Eve & Christmas re-open December 26th at 9am Tuesday December 31st close at 3pm Closed New Years Day   for more information visit pinnacle4ins.com or call 412-816-1000

Thanksgiving Week Office Hours

Happy Thanksgiving from Pinnacle Insurance

 

In observance of the Thanksgiving holiday our office hours will be as follows:    Wednesday, November 27th the office will close at 3:00 PM   Thursday, November 28th the office will be closed   Friday, November 29th the office will be closed     We will return to regular office hours (8:30 to 4:30) on Monday, December 2nd     Visit our website at www.pinnacle4ins.com

Fall back this weekend!

 

 

 

Daylight Savings Time ends on Sunday November 3rd at 2:01 AM; don't forget to turn your clocks back one hour.

 

 This is also a good time to:

 

   *  Check your fire extinguishers

   *  Change the batteries in your smoke   

       & carbon monoxide detectors

   *  Update your virus protection on your computers

   *  Schedule annual inspection for your furnace

 

Enjoy your extra hour of sleep this weekend.  As always, if you have questions or feel we can be of service, call Pinnacle Insurance at 412-816-1000 or visit us on the web at www.pinnacle4ins.com.

 

 

 

Affordable Care Act (Obama Care) Enrollment Starts TODAY!

The enrollment period for healthcare coverage is set to begin today under the new Affordable Care Act (Obama Care). There is a great deal of confusion about the program itself as well as the enrollment process due to the amount of detailed information currently available. The initial enrollment period for individual and family coverage will run from October 1st, 2013 to March 31st 2014.


Some of the things we currently know:

• In 2014 all eligible Americans will be required to carry health insurance or be subject to a fine.
• Tax incentives will be offered to offset premiums and out of pocket expenses based upon income levels tied to the federal minimum poverty level.  
• No one can be excluded or charged a higher premium for pre-existing health conditions.
• Qualified Health Plans will be available through Marketplaces (previously called exchanges) for individuals and families who do not have access to affordable employer-sponsored plans.
• The marketplaces for each state will provide a place to compare coverage options and to purchase health insurance. The selection of a plan that works best for you may be determined with the assistance of a certified agent or broker.

To Read more about the Affordable Care Act, see below:

• Consumers can use agents and brokers to help guide them through the process of enrolling and selecting their health insurance plan without additional cost.  We are here to help.
• Insurance carriers can not limit or exclude coverage for pre-existing health conditions.  This provision is called guaranteed issue.  Insurers must also offer to renew or continue all in force coverage at the option of the policyholder, which is called guaranteed renewability.
• Insurance carriers are limited to basing premium variations to age, family composition, geographic area and tobacco use.  Tobacco use premium surcharge is limited to 1.5 times the non-tobacco users rate.
• Premium rates can very by age for enrollees between the ages of 21 and 63 on each birthday until age 63.  Older enrollees can not be charged more than 3 times the amount that younger enrollees are charged.
• Health plans must make coverage available to children up to the age of 26.  Young adults can join or remain on parents insurance coverage even if they are married (coverage does not extend to married child’s spouse), not living in Parent’s household, not attending school, not financially dependent or even if they are eligible to enroll in their own employer’s plan.
• All plans must include 10 Essential Health Benefits (EHB): Doctors Visits, Hospitalizations, Mental Health & Substance Abuse, Rehabilitative Services & Devices, Laboratory Services, Emergency Services, Maternity & Newborn Care, Prescription Drugs, Preventive & Wellness Management and Pediatric Services.
• Lifetime and annual coverage limits are eliminated on all plans under the Affordable Care Act.
• Out of pocket expenses (deductibles & coinsurance) are capped for 2014 at $6,350 for an individual and $12,700 for families enrolled in individual market plans.
• The plans available in the Individual Marketplace (Exchanges) will be: Catastrophic – offers least amount of coverage but must comply with above maximum out of pocket limits, Bronze – 60% of cost paid by insurer, Silver – 70% paid by insurer, Gold 80% paid by insurer, Platinum – 90% paid by insurer up to out of pocket limits above.
• When the application process begins on October 1st 2013, an individual must live in the United States, be a resident in the state where enrolling.  Also they must be a United States citizen or national (or a lawfully present non-citizen), not be incarcerated, other than incarceration pending the disposition of charges.
• To apply for coverage you will need to visit your states Marketplace website and complete one application.  By completing a single, web-based application, you will receive health insurance coverage options, eligibility guidelines for premium tax credits and cost sharing reductions.
• When completing the application your information will be verified through various government agencies.  If there are inconsistencies you will need to resolve them in order to continue the process.
• Premium Tax Credits is a new income tax provision that helps individuals and families afford health insurance coverage through the Marketplace.  You may choose to apply all or some of your tax credit towards the premium cost on an advanced basis which will be paid directly to the insurance company.  At the end of each year your account will be reconciled.  You also have the option of taking the tax credit on your tax return.
• Cost sharing is also available to some, which is a tax credit applied deductibles and coinsurance.  Premium tax credits and cost sharing eligibility are based on income requirements.
• In order to qualify for premium tax credit your income must be between 100% and 400% of the federal poverty level.  The federal poverty level for 2013 is $ 11,490 for an individual and $ 23,550 for a family of four.
• To be eligible for cost sharing programs you must have an annual household income at or below 250% of the federal poverty level and also be enrolled in a silver level plan through a Marketplace.
• In order to receive premium tax credits and cost sharing, you must select the Silver (70% co-insured) plan through the Marketplace.
• There will be open enrollment periods annually with special enrollment periods for certain triggering events such as: becoming or gaining a dependent, becoming a citizen, loss of Medicaid eligibility, loss of affordable employer sponsored coverage, permanent move to another state or other exceptional circumstances as identified by the Marketplace.
• You will have 60 days to enroll for new births, adoptions and marriage.  If the Individual Marketplace is notified before the last day of the month that the marriage occurred, coverage will begin the 1st of the following month.
• Under the Affordable Care Act you may have an agent or broker assist you through the process.  There is no additional cost to you by having an agent or broker assist you!

Pinnacle Insurance is here to help you. As your agent, we can assist you in correctly identifying program eligibility, including potential options for financial assistance, as well as completion of the Affordable Care Act application to avoid enrollment delays due to application errors.

Affordable Health Care Reform is here and it will change the manner in which many people make coverage selections and buy health care coverage. Are you ready? We are here to make sure you don't take chances with your health.
Please feel free to call if you have questions or feel we can be of service, call Pinnacle Insurance at 412-816-1000 or visit our website www.pinnacle4ins.com.

When to change your tires & how a penny might save you $ in the long run.

	While the seasons get set to change once again now is a great time to decide if you could use some new tires on your vehicle or not.  The real question becomes how do you tell if you actually need them?  Well here are a few tips we compiled that shed some light on that very question: When the tread is worn down to 2/32 of an inch, tires must be replaced.
	All tires have “wear bars,” which are small, raised bars of rubber in the groove that indicate when tires are worn out. If your tread is worn down to the wear bars, it’s time for a new tire.
	If that still doesn't answer the question try this neat little trick: Take a penny and put Lincoln’s head into one of the grooves of the tire tread. If part of his head is covered by the tread, you’re driving with the legal amount of tread. If you can see all of Lincoln’s head, it’s time to replace the tire.
	If all else fails try the eye test.  Visually check your tires for signs of uneven wear. You may have irregular tread wear if there are high and low areas or unusually smooth areas. Also make sure no nails or other objects are embedded in the tire. Consult your tire dealer from there.  While the cost of tires is something none of love the idea of paying for it really can make all the difference in the world in regards to keeping you safe as we approach the winter. For more information visit www.pinnacle4ins.com or call the office at 412-816-1000.