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The Difference Between Classic Car Insurance and Standard Auto Insurance

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You might wonder why you need classic car insurance when your other vehicles carry a standard auto insurance policy from Vargas & Vargas Insurance. Your classic car requires a different level of insurance coverage than your other vehicles.

You could wreck your 2020 Chrysler or Dodge in Dorchester, MA, pick up a check from the insurance company, and purchase a new 2020 Chrysler or Dodge from the car lot. That is not the case with a classic car.

If you wreck a completely restored 1963 candy apple red Corvette Stingray, you cannot drive to the Chevy lot and buy a new one. You would have a hard time replacing it.

You also would receive a different amount of money for the new car and the classic car. With auto insurance, your payout would come in the form of a depreciated value. You would get the Blue Book value of your car or truck on the day the accident occurred. You would not want this with a classic car. The depreciated value of a 1963 Corvette is not the same thing as the actual value of the same car when completely restored to pristine condition.

Classic car insurance pays actual value or agreed-upon value. That means you either obtain the actual cost of purchasing another mint 1963 Corvette or you get a check for the value of the vehicle as you and your insurance company agreed to it when you negotiated the insurance policy.

With classic car insurance, you do not get to drive your vehicle as often. The policy typically limits you to about 1,000 miles per year. You can show it in car shows and drive it in parades.

Choosing classic car insurance saves you money if your vehicle ever incurs damage. Contact Vargas and Vargas Insurance of Dorchester, MA to learn more about classic car insurance.

Do You Need Home Insurance in Massachusetts

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One of the largest investments you will ever make is the money you invest in your home. To create a true sanctuary, you will need peace of mind, and the best way to achieve that is to obtain a home insurance policy. The agents at Vargas & Vargas Insurance in Dorchester, MA understand the importance of obtaining a home insurance policy for all homeowners to protect your assets.

In the state of Massachusetts, you are not required to have a homeowner’s insurance policy but if you have a mortgage on your home, the bank or other lender you used for your loan will more than likely require you to have a policy in place to protect their investment in your home.

Coverage Options

Homeowners insurance is designed to assist you in paying for to repair or replace your house if it is damaged or destroyed by an act of vandalism, a fire, or a natural disaster, such as a tornado or windstorm.

Your home insurance policy will also cover the rest of your property. For example, if you have a garage and it is destroyed by a tornado, your home insurance will pay to rebuild your garage.

If your home is broken into and several items are stolen and the door is damaged, your items will be replaced through your policy, and your door will be repaired or replaced. It will also provide coverage if a visitor to your home is injured or their property is damaged. For example, if a tree in your yard falls on their vehicle, your home insurance will help cover the damages to their vehicle.

Call For A Quote

To create the home insurance policy that works best for you and your home, you should consult with an experienced insurance agent. At Vargas & Vargas Insurance in Dorchester, MA, the home insurance agents you can trust are ready to assist you. Call for a quote or an appointment today to start your policy.

Important Variables Classic Car Owners Should Consider While Researching Policies

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Vargas & Vargas Insurance serves the Dorchester, MA community, as well as the surrounding areas, by helping people find coverage. We strive to help our clients find policies that will keep them safe and secure. As an independent agency, we have positive relationships with several carriers in the region to help make sure that our clients can find flexible and reliable policies.

Important Classic Car Insurance Variables

Your classic car is one of your most prized possessions. It’s a unique asset that you have to take care of. Classic car insurance will help you maintain the value of your vehicle. Here are some important variables to consider while you are researching policies.

The Usage

In order for your vehicle to maintain its status as a classic car, you should only drive the vehicle on very exclusive occasions. Primarily, you should only drive the vehicle to special shows in the Dorchester MA area. The policy will also outline a mileage limit that you have to adhere to.

Storage

Having a good place to store your classic car is important. You should look for somewhere safe and secure where your vehicle will be protected from the threat of inclement weather. Consider a classic storage facility. Storing your car at a classic facility will allow you to enjoy some amenities specifically designed to help you maintain your classic car. Storing your classic car at a private building is another option.

Maintenance Tips

Make sure that your classic car has regular oil changes to prevent contamination buildup. Also, try to keep a full tank of gas in your vehicle. That will reduce the possibility of engine troubles. Make sure that your policy contains coverage if you plan to replace parts of your car with new ones.

Consult With Vargas & Vargas Insurance

For more information on classic car insurance, visit our website today!  

How much renter’s insurance do you need in Dorchester, MA?

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It only takes one major event for you to learn that renters insurance is not an option. Still, even with the knowledge that you absolutely need an indemnity policy to pay for damaged or lost items, you may not know the type of renters insurance policy that best fits your life in Dorchester, MA. How much renters insurance does one need to secure a sense of financial stability? The agents at Vargas & Vargas Insurance can help. 

Is renters insurance required?

There is no state law requiring every renter to obtain an indemnity policy. Some landlords, however, may require you to show proof of a renters insurance plan before letting you sign a lease to rent an apartment in Dorchester, MA. 

You should consider an indemnity policy even if such is not required by the landlord for personal reasons. The building owner is mainly responsible to insure the property grounds. You cannot sue him or her for items lost or damaged in a burglary. 

What should a renters insurance plan entail?

The best renters insurance policies offer replacement cost values for items lost or damaged. Such a tenet is especially important if you have a lot of electronics in your unit. 

Computers and televisions lose value immediately after purchase. Having an insurance plan that only offers the cash value of such items leaves you to pay for the remaining cost to replace the items out-of-pocket. A replacement cost plan provides payment according to the current market value.

A good renters insurance plan should also offer temporary housing. It is usually up to the landlord to secure housing if a unit is uninhabitable. You should not, however, rely on someone else when it comes to shelter. A good renters insurance plan will pay for expenses related to temporarily relocating upfront.

How much renters insurance do you need?

The amount of renters insurance you need largely depends on your personal preferences and possessions. An agent at Vargas & Vargas Insurance can help you determine how much coverage is right for your living situation. Call today for a quote!

Motorcycle Insurance Coverage Options

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You enjoy the feeling of freedom you get from riding your motorcycle so it is imperative you’re your protect the investment you have made in your bike. The best way to accomplish that goal is to obtain a motorcycle insurance policy that is best for you and your situation.

Motorcycle Insurance Requirements in Massachusetts

In the state of Massachusetts, you must have at least a liability insurance. This policy will cover bodily injury to others if you are involved in an accident that is deemed to be your fault, along with damage to someone else’s property. You also need to have personal injury protection coverage or you can choose a deductible of $8,000 for yourself and household members. You must also have uninsured and underinsured motorist coverage which will cover bodily injury or property damage that you and/or your passenger sustains if you’re involved in an accident with a motorist who does not have insurance or doesn’t have enough insurance to cover your medical costs and property damages.

Comprehensive Motorcycle Insurance Coverage

Comprehensive motorcycle insurance coverage will cover your bike if it is damaged or destroyed by a fire, vandalism, or a natural disaster, such as a tornado or hurricane. This is an important policy to have to repair or replace your bike if it falls victim to one of these situations or if it is stolen.

Collision Insurance

Collision insurance will cover your bike if you are involved in an accident with another vehicle or an object. For example, if you hit an electric pole with your bike, it will cover the damage to your bike and the pole.

To obtain the best motorcycle insurance policy for you and your situation, contact the motorcycle insurance agents at Vargas & Vargas Insurance in Dorchester, MA today!

How to Know if Umbrella Insurance is Right for You

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While nearly every person is familiar with common insurances like auto and homeowners, one that often flies under the radar is umbrella insurance. Essentially, for each of your insurance policies you have a limit to how much money the insurance company will pay – minus your deductible – for a claim. In some circumstances, the total balance due may be greater than what the insurance company is paying which means you are on the hook to pay the difference. In a situation like this, if you have umbrella insurance then the policy will kick in to cover the difference once your coverage has been maxed.

Whether or not you need umbrella insurance is a common question. Generally speaking, you should consider purchasing a policy if the value of your assets to include items like your real estate property, bank accounts, retirement accounts, investment accounts, college savings plans and any other asset with a monetary figure attached to it exceeds the limits of your homeowner’s or auto insurance liability coverages. Ultimately, the goal is to have more liability insurance than your assets are worth so you can’t risk losing them in a lawsuit.

With that said, you don’t need to have a high net worth to make umbrella insurance worthwhile. If you have a situation where you have greater liability than others such as household staff, dangerous equipment on property or an aggressive animal than it won’t hurt to at least explore your options. 

When it comes to shopping for umbrella insurance in Dorchester, MA, there’s really no better option than Vargas & Vargas Insurance. Focusing on a no pressure environment, our friendly and knowledgeable team of insurance professionals will answer all your questions, help determine if an umbrella policy is right for you and assist you in the underwriting process. 

Let’s Talk About Flood Insurance

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For Massachusetts property owners looking to protect their investment, Dorchester, Massachusetts-based Vargas & Vargas Insurance is standing by to have a conversation with you about your flood protection insurance options.  It is easy to avoid thinking about such unpleasantries with the thought that, “those things happen to other people,” but the reality is that that is not necessarily true.  If you have questions about the state of your flood protection, our team of dedicated and licensed insurance agents are looking forward to having a conversation about your needs.

Flood Insurance Requirements in Massachusetts

Homebuyers searching for mortgage loans might be surprised to find that their lenders mandate that they purchase flood insurance as a condition of their loan acceptance.  Indeed, as an example, Dorchester, MA residents risk flooding from both coastal flooding and rising waters from the Neponset River, so lenders will likely call for a flood policy in addition to your regular home insurance requirements.  Working with one of our agents, we can write a policy that will not only keep your lenders at bay but will also protect you when Mother Nature begins stirring during storm season.  Let’s talk about flood insurance and how it can give you and your family peace of mind should the worst occur.

Contact Our Team at Vargas & Vargas Insurance

If you need to look at the full range of protection afforded by having flood coverage from Vargas & Vargas Insurance, we welcome you to contact us at our Dorchester, MA for a conversation about how to best protect your property.  Flooding can be a catastrophic event, but it does not have to wash your home down the street to devastate your life.  Indeed, from moldy carpets to damaged furnishings in the aftermath of a flood-related incident.     

How Much Condo Insurance Do You Need?

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In order to determine how much condo insurance you need in Dorchester MA, you should plan to look at your condo’s association master policy.

How Much Dwelling Coverage Do You Need?

There are two types of master policies that affect how much dwelling coverage you need. All-inclusive means that the policy insures the exterior and interior surfaces of the unit and you would just need to worry about the stuff you own. Fixtures attached to the wall, such as the shower, cupboards, and toilets, also fall under this master policy. However, improvements are considered a gray area. A bare wall in policy means that everything inside the condo’s four walls needs insurance. This means fixtures and appliances have to be covered by your individual policy. If your condo association has bare walls in the policy then you will need more dwelling coverage. 

Once you have figured out what type of dwelling coverage you need you to evaluate your options with an agent at Vargas & Vargas Insurance and discuss what it would cost to recreate your condo in the event a major accident happens. You can use an estimate from your mortgage lender or an estimate from a contractor or architect. Sometimes a mortgage lender will have a requirement for the specific amount of dwelling coverage you should have. It’s important to keep your dwelling coverage updated as you make improvements to your condos, such as a bathroom or kitchen renovation since it would be a higher cost to replace these new items.  

How Much Property Coverage Do You Need?

The easiest way to determine how coverage you need for your personal property in Dorchester, MA is by doing an inventory. Be sure that all your valuable items, such as jewelry, are covered. 

Contact Vargas & Vargas Insurance to get a quote on condo insurance. 

Do I need comprehensive coverage if I have collision

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Auto insurance is not just one type of insurance. In most cases, you will need to have liability insurance coverage to protect other drivers from you and any mishap you may have. This is mandated by each state and differs from place to place. When you have a car loan, the lender will make you carry certain other types of insurance to protect them. But after your loan is paid, you can decide what other parts of auto insurance you want to carry. At Vargas & Vargas Insurance in Dorchester, MA we pride ourselves on our ability to help you solve your insurance problems at the most competitive rates available. 

When it comes to the question do I need comprehensive coverage if I have collision coverage it is important to understand the type of coverage both of these types of insurance providers. In some ways, it is like comparing apples and oranges, the things that are covered by both types are really quite different. 

Collision insurance pays for repair or replacement of your vehicle in an accident where you are deemed to be the responsible party or at least partially responsible. This is coverage that usually involves another vehicle but it can also be an inanimate object like a pole or a tree. Comprehensive is often referred to as non-collision coverage. It covers things that are beyond the driver’s control like a large animal running into the road in front of your vehicle. Glass coverage is usually also included. Comprehensive insurance includes weather events that impact your vehicle. If your vehicle is stolen or vandalized comprehensive insurance coverage will kick in. 

As you see, these are both very important types of coverage and there is no overlap in the coverage. For more information about both of these types of auto insurance give the office of Vargas & Vargas Insurance in Dorchester, MA a call. 

The biggest benefit of working with a local independent insurance agent like Vargas & Vargas is that our licensed local agents work with many insurance companies. We will customize your insurance policy to your own specific needs, then we can move forward getting quotes from the best companies for your unique situation. 

Need some Massachusetts insurance quotes? Let’s talk!

Is Life Insurance A Real Necessity?

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Where Does Life Insurance Sit on Your List of Priorities?

We find that life insurance sits very low on most people’s bucket list of things to check into and buy. We find that most of the younger generation feel they are invincible and nothing is ever going to happen to them, like death. Our licensed insurance agents at Vargas & Vargas Insurance view life insurance as a necessity in life, making this an urgent subject to deal with before your next birthday. Everyone is going to die at some point, the question is not if, but when? Are you adequately protecting your family in the event you die?

Life insurance is very cheap when you are younger age, meaning, you can buy a higher amount of coverage with lower monthly premiums. Perhaps you can buy enough insurance to pay off a mortgage, a car, college education, and have enough left over for the end of life bills and funeral costs, leaving no financial burdens on the family. 

However, as you age every year your monthly premiums rise and these higher insurance amounts may become too expensive for you after retirement age. We service retired clients at our location in Dorchester, MA area who want life insurance settling for just the cost of their funeral so that it leaves no financial burden on family members. Seldom there is little to nothing left to apply towards the end of life expenses such as medical bills. 

An Urgent Call to Action

Life insurance financially takes care of those you leave behind. Death without life insurance can wipe out a family’s savings and finances for a long time to come. If you have no life insurance our agents in Dorchester, MA would like to talk with you about this vital life decision. 

Give us a call today, at Vargas & Vargas Insurance, or stop by for a visit. Access our website for more information on life insurance, our many other available services, and the locations of our five available locations. Seeking information costs you nothing and is free with a no-obligation quote.