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Understanding No-Fault vs. At-Fault Insurance Systems

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Navigating the auto insurance world can be intricate, especially when confronted with terms like "no-fault" and "at-fault." Grasping the distinctions between these systems can help you better understand your coverage and responsibilities in the event of an accident, and Thompson Insurance Services, serving the greater Highland Village, TX area, wants to help you understand these differences.

No-Fault Insurance System

In a no-fault system, regardless of who caused the accident, each driver’s own insurance covers their injuries and damages. The idea is to reduce the number of lawsuits and streamline the claims process. However, this system might limit the ability to sue the other driver unless severe injuries are sustained.

At-Fault Insurance System

In contrast, the at-fault system determines which driver is responsible for the accident. The at-fault party and their insurance company are responsible for compensating the injured party. This system often involves determining negligence and can lead to more lawsuits than the no-fault system.

Hybrid Systems

Some jurisdictions adopt a hybrid system, combining elements from both no-fault and at-fault systems. Drivers might first tap into their own insurance but can sue the at-fault driver under specific circumstances.

Your Policy and Your State

It’s essential to know the system your state adheres to. While Texas is a no-fault state, many states that border Texas are no-fault states.

Whether you’re shopping for a new auto insurance policy or seeking clarity on your current one, understanding the difference between no-fault and at-fault systems ensures you’re better prepared and informed, safeguarding your interests on the road. If you have questions about your current auto insurance policy or want a new one, call Thompson Insurance Services, serving Highland Village, TX, for an estimate today. 

Does Umbrella Insurance Protect Against Liability?

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If you’re considering buying an umbrella insurance policy from our agency at Thompson Insurance Services in Highland Village, TX, you may wonder if umbrella insurance policies cover liability. After all, liability and related expenses can be unpredictable. Even if you don’t think you’ll ever need to tap into the liability coverage on an insurance policy, it’s always better to be safe than sorry.

Being underinsured can open you up to financial hardship and even bankruptcy. If you’re more insured than you think you need to be, you’ll enjoy a financial safety net that can come into play in emergencies. If you or your company is found to be at fault in a lawsuit, you will wish you were prepared with the appropriate amount of coverage. As we say in our industry, you should get insurance coverage yesterday. Of course, that’s impossible, so there’s no time like the present. Before you commit to purchasing an umbrella insurance policy, we can share useful information about what umbrella insurance covers.

Does Umbrella Insurance Protect Against Liability?

Like any insurance policy, umbrella insurance has specific terms and limits unique to every policy. Still, it generally offers similar coverage for certain things. Regarding liability, umbrella insurance typically covers injury, property damage, qualifying lawsuits, and some personal liability issues. Of course, you’ll want to contact us to see what your umbrella insurance covers specifically. Some umbrella insurance policies may be designed to extend coverage for something in particular, like your home or business. In these cases, you’ll have to review your policy to see what liability coverage looks like.

To make the most of your primary policies, call Thompson Insurance Services in Highland Village, TX to learn about our umbrella insurance!

 

Three signs that you need to change your home insurance policy

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Homeowners shouldn’t think they should keep the same home insurance policy indefinitely. As a homeowner in Highland Village, TX, your financial situation and home insurance needs will likely change as time passes. We can help you update your home insurance policy at Thompson Insurance Services. 

The following are three signs you need to change your home insurance policy. 

Your financial situation has changed. 

You might want to invest in more coverage if your financial situation has improved and you have more funds for home insurance premiums. You also might want to reduce your insurance expenses if you’ve experienced a recent financial setback. 

You’ve invested in a recent home improvement project.

Whenever your home’s value increases significantly, you must update your insurance coverage accordingly.

If you’ve invested in a recent home improvement project, such as adding a pool or an addition to your home, you need to update your coverage to ensure your property is covered for its full value. 

You’ve retired.

You might want to update your policy if you’ve recently retired since many insurance providers offer a discount for retired customers. You could enjoy significant savings on your insurance if you’re paying your premiums as a retired policyholder. 

You’ve found a more affordable policy that meets your needs.

You should switch to a different policy if you find another policy that meets your needs at a more affordable premium rate. 

If you call us at Thompson Insurance Services, we’ll happily quote you a policy. Get in touch with us today if it’s time to update your insurance on your home in Highland Village, TX. 

Will my renters insurance protect a vehicle left on my property?

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Anyone operating a vehicle in Texas is responsible for any damages they may cause. Most drivers have protection for events that may occur while they are driving. However, there are some situations auto insurance may not cover. You may also wonder if your rental insurance can help protect you when your auto insurance can’t help.

Car Insurance Is Limited

When you purchase an automobile insurance policy at Thompson Insurance Services, you may think you can save money by getting the minimum coverage required by law. In Texas, you need to be able to pay for any damages you cause in an accident with your vehicle. Unfortunately, a policy with only minimal coverage will not protect you from damages caused by you. Your policy will also not cover other incidents, such as vandalism or damage from weather. For those kinds of protection, you must have collision and comprehensive insurance. 

Rental Insurance Limitations

Even though your vehicle is on your property in Highland Village, TX, it will probably be excluded from rental or homeowners insurance. There are many standard exclusions for different kinds of insurance, such as automobiles and certain kinds of natural disasters. That is why it is essential to read your policy carefully and speak to your agent if you have any questions.

Personalize Your Policy

Don’t assume that you are protected. Speak with your Thompson Insurance Services agent today about what you own and what risks you face in Highland Village, TX. No two people have the same situation. You will be pleasantly surprised when you discover how affordable your policy can be when you only cover what you need.

Auto Insurance for College Students in Highland Village, TX

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Navigating the world of auto insurance can be challenging for college students. With factors like age, driving experience, and vehicle choice affecting insurance rates, finding affordable coverage may seem daunting. As a trusted insurance provider, we at Thompson Insurance Services are dedicated to helping college students and their families find the right coverage at competitive rates.

Age and Driving Experience

Insurance companies often view younger drivers as high-risk due to their lack of experience behind the wheel, which can result in higher premiums. However, there are ways for students to secure more affordable coverage. We offer discounts for good grades, taking driver’s education courses, or maintaining a clean driving record.

Vehicle Choice

The type of vehicle a college student drives plays a significant role in determining insurance costs. Newer, more expensive cars may come with higher premiums due to increased repair or replacement costs. Older, less valuable vehicles might be cheaper to insure. Students should carefully weigh the costs and benefits of their vehicle choice and consult with an insurance professional.

Coverage Levels

College students should consider the level of coverage they need. While meeting the minimum coverage requirements mandated by the state of Texas is essential, students may want to assess whether additional coverage is necessary for their specific circumstances. For example, if a student drives an older car with minimal value, they might forego comprehensive or collision coverage to lower their premiums.

By maintaining good grades, selecting an appropriate vehicle, and choosing the right level of coverage, college students in Highland Village, TX, can find affordable auto insurance. For personalized guidance and a range of insurance options, turn to our expertise at Thompson Insurance Services, a trusted provider in the Highland Village, TX area.

Who Needs Umbrella Insurance?

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Having proper insurance is all about considering risks and then preparing for those risks. At Thompson Insurance Services, serving Highland Village, TX, we want to help you assess these risks to make wise insurance choices. Let’s look at umbrella insurance and who should invest in this type of coverage. 

What Is Umbrella Insurance?

Umbrella insurance is a special type of insurance coverage designed to help pay for expenses that other pre-existing insurance policies would not cover. There are times when an insurance policy is exhausted. When this happens, any remaining expenses become the individual’s responsibility. If this happens, it could leave you financially vulnerable after paying these expenses. 

Who Should Invest In Umbrella Insurance?

Umbrella insurance can be beneficial to anyone, but it can be especially helpful for people with a lot of assets to protect or those at an increased risk of liability. This might include business owners or people who have highly risky careers. 

How Does Umbrella Insurance Work?

Umbrella insurance is not intended to cover any specific type of expense, but rather it is designed to pick up where other policies might leave off. For instance, if a business owner’s liability insurance does not cover all expenses incurred by a claim event, the umbrella policy can kick in to pay the remaining costs. 

To set the policy coverage amount, you should talk with an insurance expert. They can help you determine your liability risks and how much additional coverage you might need. 

If you want to learn more about umbrella insurance, please contact us at Thompson Insurance Services, serving Highland Village, TX, and the surrounding areas. 

How to Prepare Your Home for Spring Weather

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While you cannot prevent all damage from occurring to your home, you can prepare and care for your home, and that can minimize damage. Here at Thompson Insurance Services, providing home insurance to residents in the greater Highland Village, TX area, we want to help homeowners find simple ways to prepare their homes for the upcoming spring season. Here are a few tips that can help. 

Get Your Roof Inspected

Spring weather often brings rain to the area. As such, you should always have your roof inspected prior to spring arriving. Get repairs made to help prevent further roof damage or roof leaks. 

Clean Your Sidewalks and Surfaces

Another thing that you should do to help prepare your home for spring weather is to clean your sidewalks and surfaces, such as patios, decks and driveway. Your surfaces and walkways can get slippery due to car fluids or organic plant growth, such as algae. Cleaning the surfaces helps prevent slips and falls, especially if it sprinkles or rains, making your surfaces even more slippery. 

Check For Damage to Your Siding

Lastly, you should always take the time to check your siding for damage after the winter months. You want to look for signs of cracks, holes, peeling, bubbling, or missing siding materials. Damaged siding materials need to be repaired or replaced to help prevent more extensive damage, such as water issues or pest damage, from happening. 

Home insurance is essential, as it helps cover some types of damage and losses that occur to your home and around it. If you are purchasing a new home and need a home insurance policy or are looking for a new home insurance provider in the greater Highland Village, TX region, Thompson Insurance Services would love to help you with your home insurance needs. Call us now, and let’s work together to find you the best insurance policy. 

Who needs to have renters insurance in Texas?

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The Highland Village, TX area continues to be a popular area to move to. With many local amenities and access to great jobs, it is also a common place to be a renter. If you rent a home here, you need to ensure that you get the right insurance. In most cases, you will need to have renter’s insurance. This coverage should be considered a necessity for various reasons. 

Those with Lease Requirements

One of the situations when a renter’s insurance plan is necessary, is when it is spelled out as a lease requirement. A renter’s insurance plan is often a requirement for property owners as it offers valuable protection. In many cases, the lessor will require that you have this insurance in place and paid for a year in advance, which ensures you have insurance throughout the lease term. 

Those Looking for Financial Protection

It is also necessary to have renter’s insurance if you want financial protection. Renters can take on various financial risks, including incurring a loss of their personal items or being named liable for accident or property damage. Retaining a renter’s insurance plan will give you coverage for these scenarios. This can ensure you have the financial resources you need in these difficult situations. 

When you rent a home in the Highland Village, TX area, choosing a quality renter’s insurance plan is essential. If you are looking for coverage or moving into a new home, call us at Thompson Insurance Services. There are a lot of factors to consider with this coverage, and our professionals can help ensure you choose an ideal policy that will protect you and remain in lease compliance. 

What Does Auto Insurance Cover?

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Having an auto insurance policy in place is extremely important for anyone who drives a motor vehicle. The agents at Thompson Insurance Services in Highland Village, TX are explaining the types of auto insurance coverage options available for Texas residents.

Keep in mind that anyone who drives in Texas is held financially responsible for any injuries or property damage that they cause in an accident. Most people prepare for this worst-case scenario by having at least an auto liability insurance policy, so they will not have to pay a ton of money at once to cover the costs associated with an accident.

Auto Insurance Coverage Options

In addition to auto liability insurance, there are several other types of coverage options when it comes to auto insurance for motorists to obtain.

Underinsured and Uninsured Motorist Coverage

One type of auto insurance that many people overlook is uninsured or underinsured motorist coverage. This will protect you and your vehicle if you become involved in a car accident deemed to be the fault of the other driver who does not have any insurance or an inadequate amount of auto insurance.

Comprehensive and Collision Insurance Coverage

Comprehensive insurance will help pay for any damages to your vehicle if it becomes damaged or destroyed by natural disasters, such as a tornado or hurricane. It will also help replace or repair your vehicle if it is damaged by a fire or an act of vandalism. This type of policy also comes in handy if your car is stolen.

Collision insurance is necessary to have in place in case you collide with another vehicle or even a stationary object. Collisions and comprehensive insurance policies are typically required for people to have in place by their lender if they borrowed the money to purchase their car, SUV, or truck.

Contact Us

The agents at  Thompson Insurance Services in Highland Village, TX are ready to assist you with your auto insurance needs. Call for a quote today!

Home insurance will Protect Your Most Valuable Asset

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Is your most valuable asset protected? Do you live in or near the Highland Village, TX area? If so, see the professionals at Thompson Insurance Services to get the homeowners insurance you need.

One of the essential things about homeowners’ insurance is the level of coverage. The most common level of coverage is HO-2, which is a broad policy that protects against 16 different perils as outlined in the policy.

In the event of a total loss, insurance provides the primary source of funds to rebuild your home. It provides liability coverage for legal actions resulting from damage or injury to another person.

Homeowners’ insurance protects against many different perils. The most common causes of claims are theft, wind, weather-related and non-weather-related water damage, and hail. These five causes account for 77% of all homeowners’ insurance claims.

You will need enough coverage to cover the cost of rebuilding the home if it is destroyed. It would be best if you had personal property coverage limits of at least 50% of your dwelling coverage amount. If you take an accounting of all the personal property inside your home, you will be surprised when you figure out how much it is worth. Ensure your liability limit is at least high enough to cover all assets.

Some things you should know about a homeowners’ insurance policy:

  • Understand any exclusions in coverage, such as earthquakes or floods
  • Any dollar limitations on claims
  • Know the replacement cost and the actual cash value
  • Understand the liability coverage

Even if you are one of the fortunate homeowners who live mortgage-free, you should still purchase this protection. In the event of a lawsuit, it will protect your equity and enable you to keep your home.

If you want a no-obligation quote, contact Thompson Insurance Services today. You will be glad you did.