shield insurance agency

Lights Turned Off at the Gateway Arch Every Night to Assist in Bird Migration This Month for 325 Species

Lights Turned Off at the Gateway Arch

Posted on by Shield Insurance Agency

Lights Turned Off at the Gateway Arch Every Night to Assist in Bird Migration This Month for 325 Species

Good News Network | May 20, 2023 | Gateway Arch | Shield Insurance Agency | Start a Quote today!

From the majestic whooping crane to the smallest songbird, an iconic American landmark in Missouri is making the skies safer for spring migrating birds who follow the Mississippi River to reach their summer nesting grounds.

Since 1965 when it was unveiled, the Gateway Arch in St. Louis has punctuated the cityscape at night with lights that illuminate its most visited US National Park. But all during the month of May officials will turn off the lights at night to facilitate safe passage for more than 325 bird species following the route each year on their spring migration.

“St. Louis sits right beneath the Mississippi Flyway, a major migration highway,” said Jeremy Sweat, Superintendent, of Gateway Arch National Park.

For over a decade, the exterior lights have been turned off for two weeks each May—and again in September—to help minimize the possible disorienting effect the lights may have on the migrations. But this year the park will keep the lights off for the entire month of May.

Gateway Arch National Park

Gateway Arch National Park is both a building and program partner with Lights Out Heartland, an organization that works with partners to provide migrating birds safe passage along the Flyway during the high-intensity migration months of May and September.

According to the St. Louis Audubon Society, sixty percent of North American songbirds and forty percent of waterfowl are anticipated to migrate this spring and fall.

“Other ways we are trying to help the birds is to focus the lights better on the Arch,” said Pamela Sanfilippo who works at Gateway Arch National Park. That way, “light doesn’t go up into the sky.”

The towering silver Arch was built to honor a different kind of journey that began in 1804 when President Thomas Jefferson launched the Lewis and Clark Expedition which mapped a path to the Pacific Ocean from the middle of the continent. Two scientists set out with a team of scouts and mapmakers from the river port of Saint Louis, which opened up the West. Today, the Gateway Arch attracts 1.62 million visitors annually.

Click here to read the full story

More creative blogs by Shield Insurance Agency

Read More
Condo Insurance: Protecting Your Home and Your Wallet

Condo Insurance: Protecting Your Home and Your Wallet

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | Condo Insurance | Start a Quote today!

As a renter or homeowner of a condo, it is important to understand the importance of having condo insurance. Condo insurance, also known as renters condo insurance or condo homeowner insurance, is a type of insurance that provides coverage for your personal belongings, liability, and the interior of your condo unit.

The cost of Condo Insurance

The cost of condo insurance can vary depending on a number of factors, including the location of your condo, the neighborhood and city you live in, and the type of coverage you choose. However, the cost of not having condo insurance can be much higher in the event of a disaster or accident.

One of the benefits of living in a condo is the sense of community and the shared responsibility of maintaining the property. However, it is important to remember that the responsibility for insuring your personal belongings and the interior of your unit falls on you, not the homeowners association (HOA).

When shopping for condo insurance, it is important to consider the coverage options that are available to you. Some policies may only cover the interior of your unit, while others may also provide coverage for your personal belongings and liability.

In addition to the coverage options, it is also important to consider the cost of the policy. While it may be tempting to choose the cheapest policy available, it is important to remember that the cost of the policy should not be the only factor you consider. It is important to choose a policy that provides adequate coverage for your needs and fits within your budget.

Shield Sells Condo Insurance

At Shield Insurance Agency, we understand the importance of protecting your home and your wallet. That is why we represent over 40 insurance companies, allowing us to provide our clients with a variety of coverage options at competitive prices.

When you contact Shield Insurance Agency for a condo insurance quote, we will take the time to understand your unique needs and provide you with a policy that fits your budget. Our experienced agents will also provide you with information about the coverage options available to you, so you can make an informed decision about your insurance needs.

In addition to providing you with a policy that fits your needs and budget, Shield Insurance Agency also provides exceptional customer service. We are committed to building long-lasting relationships with our clients and providing them with the support they need when they need it most.

Living in a condo can be a great experience, but it is important to remember that accidents and disasters can happen at any time. By having condo insurance, you can protect your personal belongings, your liability, and the interior of your unit in the event of a disaster or accident.

If you are in need of condo insurance, contact Shield Insurance Agency at (616) 896-4600 for a free quote today. Our experienced agents will work with you to find a policy that fits your needs and budget, so you can have peace of mind knowing that you are protected.

More interesting blogs by Shield Insurance Agency

Read More
Benefits of Health Insurance for your family

Benefits of Health Insurance for your family

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | May 23, 2023 | Health Insurance | Contact Bri for a quote today!

Health insurance is a crucial aspect of our lives that we often overlook until we need it. It provides us with financial protection against unexpected medical expenses that can arise from sickness, injury, or any other medical condition. In this blog post, we will discuss the benefits of health insurance and why it is essential to have it.

Health Insurance Bills

One of the most significant benefits of health insurance is that it helps you manage your medical bills. Medical bills can be expensive, and without insurance, you may find yourself struggling to pay them. Health insurance covers a portion of your medical expenses, which can help you save a significant amount of money. The amount of coverage you receive depends on your policy, but it can cover anything from doctor visits to hospital stays.

Another benefit of health insurance is that it helps you manage your deductibles. A deductible is the amount of money you pay out of pocket before your insurance coverage kicks in. With health insurance, you can choose a deductible that fits your budget and needs. This means that you can choose a higher deductible to lower your monthly premiums or a lower deductible to pay less out of pocket when you need medical care.

Prescriptions are another area where health insurance can be beneficial. Prescription drugs can be expensive, and without insurance, you may find yourself struggling to afford them. Health insurance can help cover the cost of prescription drugs, which can make it easier for you to manage your medical condition.

Injury and sickness are two of the most common reasons people need medical care. Health insurance can help cover the cost of medical care for both injuries and sickness. This means that you can get the medical care you need without worrying about the cost.

Medical emergencies can happen at any time, and they can be expensive. Health insurance can help cover the cost of emergency medical care, which can be a lifesaver in a medical emergency. This means that you can get the medical care you need without worrying about the cost.

Finally, health insurance can be beneficial for your family. If you have a family, you want to make sure that they are protected in case of a medical emergency. Health insurance can help cover the cost of medical care for your family, which can give you peace of mind.

In conclusion, health insurance is essential for anyone who wants to protect themselves and their family from unexpected medical expenses. It can help you manage your medical bills, deductibles, prescriptions, and emergency medical care. It can also be beneficial for your family. If you are looking for health insurance, contact Shield Insurance Agency for all of your insurance needs at (616) 896-4600. They can help you find the right policy for your needs and budget.

Learn about the Federal No Surprise Act

Visit additional blog articles featured at ShieldAgency.com !

Read More
Business Interruption Insurance

What you need to know about Business Interruption Insurance

Posted on by Shield Insurance Agency

Shield Insurance Agency | Business Interruption Insurance | Start a quote today!

Business interruption insurance is a type of insurance that provides coverage for losses that a business may incur due to a temporary shutdown or interruption of its operations. This type of insurance is designed to help businesses recover from unexpected events that may cause them to lose revenue or incur additional expenses.

Insurance carriers offer business interruption insurance as part of their commercial insurance policies. This type of insurance is typically included in a package policy that also includes property insurance, liability insurance, and other types of coverage that businesses need to protect themselves from financial losses.

Business Interruption Insurance Key Features

One of the key features of business interruption insurance is the exclusion of losses that are not covered by the policy. Insurance carriers typically exclude losses that are caused by events that are beyond the control of the business, such as natural disasters, acts of terrorism, or war. These exclusions are designed to limit the liability of the insurance carrier and ensure that the policy is affordable for businesses.

However, it is important for businesses to understand the exclusions in their business interruption insurance policy and to make sure that they have adequate coverage for the risks that they face. For example, if a business is located in an area that is prone to natural disasters, such as hurricanes or earthquakes, it may need to purchase additional coverage to protect itself from these risks.

Another important factor to consider when purchasing business interruption insurance is the amount of coverage that is needed. Businesses should carefully evaluate their financial needs and determine how much coverage they need to protect themselves from losses that may occur due to an interruption of their operations.

Contact Shield Insurance at (616) 896-4600 to learn more about business interruption insurance and to get a quote for coverage. Our experienced agents can help you evaluate your risks and determine the right amount of coverage for your business.

In addition to business interruption insurance, Shield Insurance offers a wide range of commercial insurance products to help businesses protect themselves from financial losses. Our policies include property insurance, liability insurance, workers’ compensation insurance, and more.

We understand that every business is unique, and we work closely with our clients to develop customized insurance solutions that meet their specific needs. Whether you are a small business owner or a large corporation, we can help you find the right insurance coverage to protect your business and your bottom line.

At Shield Insurance, we are committed to providing our clients with the highest level of service and support. We are available to answer your questions, provide guidance, and help you navigate the complex world of commercial insurance.

If you are interested in learning more about business interruption insurance or any of our other commercial insurance products, please contact us at (616) 896-4600. We look forward to working with you to protect your business and your future.

Business interruption insurance is a type of insurance that provides coverage for losses that a business may incur due to a temporary shutdown or interruption of its operations. This type of insurance is designed to help businesses recover from unexpected events that may cause them to lose revenue or incur additional expenses.

Insurance carriers offer business interruption insurance as part of their commercial insurance policies. This type of insurance is typically included in a package policy that also includes property insurance, liability insurance, and other types of coverage that businesses need to protect themselves from financial losses.

One of the key features of business interruption insurance is the exclusion of losses that are not covered by the policy. Insurance carriers typically exclude losses that are caused by events that are beyond the control of the business, such as natural disasters, acts of terrorism, or war. These exclusions are designed to limit the liability of the insurance carrier and ensure that the policy is affordable for businesses.

However, it is important for businesses to understand the exclusions in their business interruption insurance policy and to make sure that they have adequate coverage for the risks that they face. For example, if a business is located in an area that is prone to natural disasters, such as hurricanes or earthquakes, it may need to purchase additional coverage to protect itself from these risks.

Another important factor to consider when purchasing business interruption insurance is the amount of coverage that is needed. Businesses should carefully evaluate their financial needs and determine how much coverage they need to protect themselves from losses that may occur due to an interruption of their operations.

Contact Shield Insurance at (616) 896-4600 to learn more about business interruption insurance and to get a quote for coverage. Our experienced agents can help you evaluate your risks and determine the right amount of coverage for your business.

In addition to business interruption insurance, Shield Insurance offers a wide range of commercial insurance products to help businesses protect themselves from financial losses. Our policies include property insurance, liability insurance, workers’ compensation insurance, and more.

We understand that every business is unique, and we work closely with our clients to develop customized insurance solutions that meet their specific needs. Whether you are a small business owner or a large corporation, we can help you find the right insurance coverage to protect your business and your bottom line.

At Shield Insurance, we are committed to providing our clients with the highest level of service and support. We are available to answer your questions, provide guidance, and help you navigate the complex world of commercial insurance.

If you are interested in learning more about business interruption insurance or any of our other commercial insurance products, please contact us at (616) 896-4600. We look forward to working with you to protect your business and your future.

Visit other blog articles by Shield Insurance Agency

Read More
How to pick the right pet insurance for your pet

How to pick the right pet insurance for your pet

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | May 10 2023 | Pet Insurance | Start a Quote today!

As pet owners, we all want to ensure that our furry friends are healthy and happy. However, accidents and illnesses can happen, and veterinary bills can quickly add up. This is where pet insurance comes in. Pet insurance can help cover the cost of unexpected veterinary expenses, giving you peace of mind and ensuring that your pet receives the care they need. In this blog post, we will discuss the different types of pet insurance and how to pick the right insurance for your pet.

There are several types of pet insurance available, each with its own benefits and drawbacks. Here are the most common types of pet insurance:

1. Accident-Only Insurance: This type of insurance covers your pet in the event of an accident, such as a broken bone or a bite wound. It does not cover illnesses or routine care.

2. Time-Limited Insurance: This type of insurance covers your pet for a set period, usually 12 months, for both accidents and illnesses. After the policy expires, any conditions that your pet developed during that time will no longer be covered.

3. Maximum Benefit Insurance: This type of insurance covers your pet up to a certain amount, usually between $5,000 and $15,000. Once that limit is reached, the policy will no longer cover any further expenses.

4. Lifetime Insurance: This type of insurance covers your pet for its entire life, as long as you continue to pay the premiums. It usually has a higher premium than other types of insurance but provides the most comprehensive coverage.

Now that you know the different types of pet insurance, how do you pick the right one for your pet? Here are some factors to consider:

1. Your Pet’s Age and Breed: Some breeds are more prone to certain health conditions than others. For example, bulldogs are prone to respiratory problems, while German Shepherds are prone to hip dysplasia. If you have a purebred dog, it’s a good idea to research their breed’s common health issues and choose a policy that covers those conditions. Additionally, some policies may have age restrictions, so make sure to check if your pet is eligible.

2. Your Budget: Pet insurance premiums can vary widely depending on the type of policy and the coverage level. Consider how much you can afford to pay each month and how much you’re willing to pay out of pocket for veterinary expenses.

3. Coverage Limits: Make sure to read the policy carefully and understand what is covered and what is not. Some policies may have exclusions for pre-existing conditions or certain treatments. Additionally, some policies may have annual or lifetime coverage limits, so make sure to choose a policy that provides enough coverage for your pet’s needs.

4. Customer Service: When choosing a pet insurance provider, it’s important to consider their customer service. Look for a provider that has a good reputation for responding quickly to claims and providing excellent customer service.

5. Additional Benefits: Some pet insurance policies may offer additional benefits, such as coverage for alternative therapies or behavioral training. Consider whether these benefits are important to you and your pet.

If you’re looking for pet insurance, consider contacting Shield Insurance at (616) 896-4600. Shield Insurance offers a variety of pet insurance policies to fit your needs and budget. Their policies cover accidents, illnesses, and routine care. Additionally, Shield Insurance has a reputation for excellent customer service and quick claims processing.

In conclusion, pet insurance can provide peace of mind and financial protection for unexpected veterinary expenses. When choosing a policy, consider your pet’s age and breed, your budget, coverage limits, customer service, and additional benefits. Contact Shield Insurance at (616) 896-4600 to learn more about their pet insurance policies and find the right coverage for your furry friend.

More interesting blogs from Shield Insurance Agency

Read More
Rental Insurance

Do I Need Renter’s Insurance?

Posted on by admin

Shield Insurance Agency Blog | Renter’s Insurance | Start A Quote Today!

At Shield Insurance Agency in Michigan, we hear the question, “Do I need renter’s insurance?” often. In most cases, the answer is yes, but it’s important to understand the details. Answering these questions can help you determine if you need renter’s insurance. 

First, let’s talk about the different types of rental insurance. The most common type is apartment insurance, which covers your personal belongings in case of theft, fire, or other damage. This type of insurance also includes renters liability insurance, which protects you if someone is injured in your apartment and sues you for damages. Another type of rental insurance is loss of use coverage, which pays for temporary housing if your apartment becomes uninhabitable due to a covered event.

 

Does Your Landlord Require Renter’s Insurance? 

Some landlords require their tenants to have renter’s insurance. This provides protection for you, as well as potential liability protection for the landlord. 

If your landlord doesn’t require a renter’s policy as part of your rental agreement, it’s still a good idea. 

Can You Afford to Replace Your Belongings? 

You may think that you don’t have any valuables. However, even inexpensive items can add up quickly. Consider your furniture, clothing, and any important items like jewelry or electronics. 

What would happen if your personal property was damaged? Do you have the financial resources to replace your items? If you can’t afford to repurchase these items, a renter’s policy is important. 

Can You Afford a Hotel and Living Expenses? 

Most renter’s policies will cover accommodations and living expenses if you have to leave your home due to a covered event.  If you are concerned that you don’t have the emergency funds to cover this situation, a renter’s policy can provide needed peace of mind. 

Do You Need Liability Protection with Renter’s Insurance

If someone is injured in your home or their property is damaged, you can be liable for the damages. This can put a strain on you financially and even jeopardize your future. 

A renter’s policy provides coverage if you have you are held responsible for a liability claim. 

Reach Out To Us

If you need renter’s insurance in Michigan, contact Shield Insurance Agency. We offer renter’s insurance policies, as well as homeowners, auto insurance, and more to meet all your insurance needs. 

Read More
Five Parts of an Insurance Policy

Five Parts of an Insurance Policy

Posted on by Shield Insurance Agency

Shield Insurance Agency Blog | May 19, 2023 | Insurance | Start a quote today!

Insurance policies can be complex and confusing, but understanding the different parts of a policy is essential to ensure that you have the right coverage for your needs. In this blog post, we will discuss the five parts of an insurance policy: premium, deductible, policy limits, exclusions, and riders.

1. Premium: The premium is the amount you pay for your insurance coverage. It is typically paid on a monthly or annual basis and is based on several factors, including your age, location, and the type of coverage you need. The premium is the cost of your insurance policy, and it is important to choose a premium that fits your budget.

2. Deductible: The deductible is the amount you pay out of pocket before your insurance coverage kicks in. For example, if you have a $500 deductible and your car is damaged in an accident that costs $1,000 to repair, you will pay $500, and your insurance company will pay the remaining $500. Choosing a higher deductible can lower your premium, but it also means you will pay more out of pocket if you need to file a claim.

3. Policy Limits: Policy limits are the maximum amount your insurance company will pay for a covered loss. For example, if you have a $100,000 policy limit for liability coverage and you are sued for $150,000, you will be responsible for paying the remaining $50,000. It is important to choose policy limits that are high enough to protect your assets in the event of a lawsuit.

4. Exclusions: Exclusions are specific situations or events that are not covered by your insurance policy. For example, if you have a homeowner’s insurance policy that excludes flood damage, you will not be covered if your home is damaged by a flood. It is important to read your policy carefully to understand what is and is not covered.

5. Riders – Additional coverage and options: Riders are additional coverage options that you can add to your insurance policy. For example, if you have a homeowner’s insurance policy that does not cover earthquake damage, you can add an earthquake rider to your policy for an additional cost. Riders can provide additional protection for specific situations that are not covered by your standard policy.

Does Your Insurance Meet Your Needs?

Understanding the different parts of an insurance policy is essential to ensure that you have the right coverage for your needs. It is important to review your policy regularly and make changes as needed to ensure that your coverage meets your current needs. If you have questions about your insurance policy or need help choosing the right coverage, contact your insurance agent for assistance.

At Shield Insurance Agency, we are committed to helping our clients find the right insurance coverage for their needs. Our experienced agents can help you understand the different parts of your insurance policy and make sure that you have the coverage you need to protect your assets and your family. Contact us today to learn more about our insurance products and services.

Read More
The Most Fuel-Efficient Cars: How to Find the Right One

The Most Fuel-Efficient Cars: How to Find the Right One

Posted on by Shield Insurance Agency

Nationwide Blog | December 12, 2022 | Fuel-Efficient Cars| Auto Insurance | Start A Quote Today!

As automotive technology continues to evolve, consumers have a variety of fuel-efficient cars to choose from when it’s time to start shopping.

Today, many larger vehicles are included among the lists of cars that get improved mileage from Fuel-Efficient Cars. [1] As innovations continue, you no longer have to choose between the car that gets the best mileage and the one that can carry your family comfortably on vacation.

The effect of hybrid innovation on the automotive landscape is something to note, as evidenced by the cars that rank high in mileage. Hybrid options provide great fuel efficiency, and there’s a wide selection of models.

Factoring the costs of fuel, along with maintenance and repair, can give you a better idea of the actual long-term expense of owning the car instead of basing your decision only on the sticker price. [2]

Benefits of fuel-efficient cars

Fuel-efficient vehicles save on fuel costs and time spent filling up. Advanced technologies such as plug-in hybrids and pure electrics have pushed efficiency even further. Fuel-efficient cars can save you money, no matter what size you are looking for, and they’re a smart hedge against the inevitable rise in fuel prices.

Are fuel-efficient cars better for the environment?

Less fuel consumption of a car means fewer toxic emissions from the exhaust, so we have cleaner air to breathe. Fuel-efficient cars help in reducing pollution and smog by at least 50%. By switching to a hybrid car or one that doesn’t require much fuel, we are also reducing our dependency on fossil fuels. [3]

Cars with the Best Gas Mileage

Fuel economy is a key factor in operating costs for vehicles. A small difference in the overall miles-per-gallon rating can add up to big savings over years of ownership. In order to properly decide which car is best based on gas mileage, you should review several lists from reputable sources before making any decisions.

Here are a few helpful links to streamline your search for fuel-efficient cars:

Choosing the right vehicle can be difficult. But protecting your car and home is easy with Nationwide. Get a free auto insurance quote online or contact an independent agent today to see how you can save by bundling your insurance.

Sources:

[1]  “13 Most Fuel-Efficient SUVs in 2022,” cars.usnews.com/cars-trucks/advice/suvs-best-gas-mileage (accessed Nov. 17, 2022).

[2] “ What Is the Total Cost of Owning a Car?,” nerdwallet.com/article/loans/auto-loans/total-cost-owning-car (accessed Nov. 17, 2022).

[3] “Environmental Benefits of Fuel-Efficient Cars That All Should Know,” matteroftrust.org/environmental-benefits-of-fuel-efficient-cars-that-all-should-know (accessed Sept. 1, 2022).

Disclaimer:

The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022 Nationwide and Shield Insurance Agency

More interesting blogs from Shield Insurance Agency

Read More
Should You Lease or Buy a Car?

Should You Lease or Buy a Car?

Posted on by Shield Insurance Agency

Foremost Insurance Blog | February 22, 2023 | Lease | Auto Insurance | Start A Quote Today!

You may be debating whether to lease or buy if you’re in the market for a new car. It’s considered one of the most significant decisions most people will ever make, so it is essential to take your time and consider both choices from all angles. To help you with this milestone, we will explore the pros and cons of leasing vs. buying a car.

What is a car lease?

Leasing a car is like renting a car for a long-term contractual period. You are locked into the deal for a certain number of months and a monthly payment. Instead of paying a loan and building equity like you would if you purchased a car, you are paying for the car’s estimated depreciation during your lease. [1]

Is there a difference between financing and obtaining a car lease?

The main difference between financing and leasing a car is the end result. When financing a car, you are borrowing money from a bank, finance company, or credit union to slowly purchase your car over a certain period of time. When leasing a car, you are paying for the right to use the vehicle for a defined amount of time and miles. The monthly payments on a lease are usually lower than the monthly payments if you bought the same car. When the lease ends, you must return the car unless the lease agreement lets you buy it. [2]

What happens after a car lease ends?

When your vehicle lease ends, you have three options. First, you can trade it in and replace your old lease with a new lease for a different car. If you don’t want to lease another vehicle or would rather buy your next vehicle, you can simply walk away. Finally, if you like the car you’ve been leasing, you can purchase it. The purchase price for the car will be listed in your lease agreement, so you can shop around and compare prices. As you near the end of your lease, you may start hearing from the dealership to find out how you want to proceed. Be sure to take your time to consider each option to find the right fit for you. [3]

Pros of a car lease

Lower monthly payments

A lease can ease the financial burden of monthly costs due to the smaller down payment compared with buying. This could mean opting for a more luxurious car than you could otherwise afford.

Worry-free maintenance

Many cars come with a warranty that lasts at least three years, so many of the repairs may be covered in a 3-year lease.

No resale concerns

Because you’re only leasing, simply return the car at the end of the lease. Keep in mind you may have end-of-lease fees, including those for abnormal wear and tear or additional mileage on the car.

Freedom to drive a new car every few years

When your lease is up, you can return your car and get another new one. By leasing, you get the latest advances in car technology every few years. [4]

Cons of a car lease

Mileage requirements

Most leases permit a certain amount of mileage on the car (typically 10,000 to 15,000 miles per year), and exceeding this mileage can result in fees.

Fees and other costs

While the monthly cost you pay for leasing a car is much lower, there are other fees that come with leasing a car. This includes fees for modifications to the car, excess wear and tear, an early termination fee if you terminate the lease early, an acquisition fee, and more.

Constant monthly payments

When your lease ends, you’ll need to start a new one, meaning you’ll always have a car payment. [4]

If you like always driving the latest models or don’t have the credit or money to buy a new car, leasing may be a smart option.

Pros of buying a car

Ownership

Whenever you have paid off your loan, the car is yours outright. You have the option to continue driving the car until it wears out, sell it to someone, or trade it into a car dealership for credit on another purchase.

Freedom to customize

You have complete control over how you improve or modify your car.

No restrictions

Unlike leasing a car, you’re not on the hook for excessive mileage or abnormal wear and tear fees. Because you own it, you pay for services and repairs on your timeline. [4]

Cons of buying a car vs a lease

Higher monthly payments

If you lease your car, the monthly payments will typically be lower than new car payments for the same vehicle.

Rapid depreciation

New cars can lose 15% to 25% of their value in the first five years of ownership. [4]

Large down payment

If you want better odds of getting approved for a loan, you might want to offer a larger down payment. For example, a 20% down payment for a $25,000 car would be about $5,000. Leasing your vehicle would allow you to keep at least some of that upfront cash.

If you plan to keep your car for a long time, modify it or drive a lot of miles, it makes more sense to buy.

Things to consider when car shopping

Before deciding whether to buy or lease a new or used car, make sure to do your research, especially if it’s your first time buying a car. Some things to consider are your budget, each car’s safety features, maintenance costs, and more.

What documents do I need to lease or buy a car?

When you go to the dealership to buy or lease a vehicle, here are the suggested documents to bring:

1. Valid driver’s license

2. Proof of residency (utility bill, bank statement, etc.)

3. Proof of income (pay stub) [5]

After considering all the pros and cons of buying or leasing a car and coming to your decision, don’t forget about insuring your vehicle with Shield Insurance.

Sources:

[1] “Car Leasing Guide: How to Lease a Vehicle,” Kelley Blue Book, kbb.com/car-advice/car-leasing-guide (July 8, 2022).

[2] “Financing or Leasing a Car,” consumer.ftc.gov/articles/financing-or-leasing-car (July, 2022).

[3] “The basics of a car lease agreement,” bankrate.com/loans/auto-loans/what-are-the-basic-elements-of-a-car-lease-agreement (Oct. 13, 2022).

[4] “Pros and Cons of Leasing or Buying a Car,” investopedia.com/articles/personal-finance/012715/when-leasing-car-better-buying.asp (Aug. 9, 2022).

[5] “What Documents Should I Have on Hand When Leasing a Car?” myautolux.com/blog/what-documents-should-i-have-on-hand-when-leasing-a-car (accessed Dec. 15, 2022).

Disclaimer:

The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022 Nationwide and Shield Insurance Agency.

More great blogs by Shield Insurance

Read More
How to Prevent Car Theft

How to Prevent Car Theft

Posted on by Shield Insurance Agency

Nationwide | April 20, 2023 | Car Theft | Auto Insurance | Start A Quote Today!

How common is car theft? According to estimates from the National Insurance Crime Bureau, there were more than 745,000 motor vehicle thefts in the first nine months of 2022 in the U.S. [1] [2] And when citizens are targeted in the most potentially dangerous of these crimes – carjacking – the attacker succeeds in roughly half of all attempts, according to the U.S. Department of Justice.

To find out how to prevent carjacking and car theft, read on.

1. Don’t leave valuables in your car

You don’t display your cash, financial statements, and jewelry in your home’s windows, do you? So why would you do the same in your car? Instead, hide any valuables, including purses, computer bags, and the ignition key. You’d be surprised how often people don’t.

According to the National Insurance Crime Bureau, between 2019 and 2022, more than 100,000 reported vehicle thefts were facilitated by keys, including situations where keys were left inside the vehicle. [3] One-fourth left a purse or wallet inside, and one-third have left bank statements. In addition, one-third say they’ve kept their vehicle running while unoccupied.

2. Park in a well-lit area to prevent car theft

Not everyone has a garage. But many have the option of parking on a well-lit street – another deterrent for crooks. Also, etch the vehicle identification number on windows to discourage thieves from stealing the vehicle and selling it to a chop shop.

3. Lock your vehicle doors to prevent car theft

The minute you step into an automobile, you’re vulnerable. So lock up right away, before starting the ignition or setting up your music, GPS, etc. (Buckling up is the second “to do.”)

4. Don’t leave your keys in the car to prevent car theft

“It’ll just be for a second, I’m only running into the store for a couple of things.”

Unfortunately, “a second” is all a thief will need if you leave the keys in the car for them. So always take your keys with you no matter where or how briefly you’ll be out of your vehicle. It sounds obvious, but this is one of the most important ways to prevent car theft.

5. Stay alert

Staying alert is the best example of how to prevent carjacking. When stopped or slowed down, you increase the opportunity for a carjacker. So at traffic lights, exercise caution. “When stopped in traffic, leave enough space to move forward,” says Brent O’Bryan, vice president of learning and development for AlliedBarton Security Services, a physical security firm. [4]

6. Know where you’re going

Just as you want to stay in well-lit areas while parking, you don’t want to “hide” in the darkness while driving. “Don’t head into remote or unfamiliar areas,” O’Bryan says. “If you feel like you’re being followed, don’t drive home. Don’t park next to a vehicle such as a van which could be hiding a suspect.” [4]

7. Install an anti-theft system

If someone tries to break into your car, you’ll want to make it apparent to anyone in earshot that this has occurred. Anti-theft systems emit loud alarms when they detect forced entry into your vehicle, alerting anyone nearby and potentially scaring the would-be thief from sticking around. You can also install a GPS tracking system that will show the location of your vehicle if the thief successfully makes off with it.

Having an anti-theft device in your vehicle may earn you a discount on your car insurance.

8. Stay cool during a crisis

Even if you take every precaution, you could still get involved in carjacking. If so, your and your passengers’ safety remains the top priority. Stay calm – if you panic, it’s more likely a criminal will too. “Never argue; give up your car,” O’Bryan says. “Get away from the area as quickly as possible. Note the suspect’s appearance, and immediately report it to the police.” [4]

Most commonly stolen cars

You might expect thieves to go for the glitziest, most expensive-looking cars they can find, but the trouble with those vehicles is that they stand out in a crowd. No car thief wants to be seen after they make their getaway, so the most commonly stolen cars are some of the most widely owned models. Ford F-series pickup trucks and Honda Civics have been US frequently targeted for this precise reason. In 2021, cars like Civics were also popular because they share parts with other Hondas, making them valuable for stripping and selling. [5]

More recently, in a 2022 HLDI study, 2019-2021 models of Dodge Chargers topped the charts for most stolen vehicles. [6]

What cars are targeted for catalytic converter theft?

Certain vehicles are also being singled out to steal their catalytic converters. Hybrid cars like the Toyota Prius use expensive metals to construct their catalytic converters, making them prime targets. [7] Thieves will steal the catalytic converter and sell it for the value of its metal.

Does insurance cover car theft?

So, you took all the precautions, but someone managed to make off with your car anyway. Are you covered? It depends on your policy. Comprehensive policies will typically cover theft. However, policies like liability insurance do not.

Learn more about what your car insurance will cover in the event of car theft.

Sources:

[1] https://www.nicb.org/news/news-releases/over-745000-stolen-vehicles-reported-so-far-2022, Accessed April 2023.

[2] https://www.cbsnews.com/news/auto-thefts-carjackings-major-u-s-cities-spike-new-report/, Accessed April 2023.

[3] https://www.prnewswire.com/news-releases/vehicles-stolen-with-keys-left-inside-on-the-rise-301731304.html, Accessed April 2023.

[4] Nationwide Interview with Brent O’Bryan, 2016.

[5] https://www.cars.com/articles/these-vehicles-are-most-vulnerable-to-theft-says-iihs-457296/, Accessed April 2023..

[6] https://www.moneygeek.com/insurance/auto/most-stolen-cars-in-america/, Accessed April 2023.

[7] khou.com/article/news/how-to-prevent-yourself-from-becoming-the-latest-victim-of-catalytic-converter-thefts/285-d978572e-c12a-4142-b331-c782201b082b, Accessed August 2021.

Disclaimer:
The information included is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2021 Nationwide and Shield Insurance Agency.

Read More