eBikes, just like hover-boards and motorized scooters, may be excluded from coverage (both liability and property) under a conventional homeowners insurance policy.
OceanPoint Insurance, an RI insurance agency, offers home, auto & personal insurance from the top insurance carriers; and a range of financial services.
This winter has been quite mild, with below-average temperatures and minimal snowfall. However, precipitation has been a factor and will continue to be throughout all seasons. Heavy rain occurs all year long and leads to poor visibility, wet roads, and hydroplaning.
The stock market may be unpredictable lately but there’s always a bull market going on in the world of classic vehicles, as evidenced by Hagertymagazine’s 2019 Bull Market list of emerging collectibles.
Created by the valuation experts at Hagerty, this year’s annual Bull Market list includes 10 mostly later-model cars and trucks that are fun to drive and poised to rise in value. The list was compiled using data from the Hagerty Price Guide, Hagert Valuation Tools, Hagerty auction research and requests for insurance quotes.
The 2019 Bull Market List includes:
1972-1975 BMW 3.0CSL
Hagerty’s take: “The granddaddy of BMW M cars – not just another 911 at the car show. Rare and always will be. At heart a comfortable grand tourer. These cars aren’t common, and their values are up 10 percent in the past 12 months. Even though cars in #2 condition are valued at $250,000, we think there is room to grow.”
1997-2004 Porsche Boxster
Hagerty’s take: “The large number of cars built and some known quality issues mean the values for this genuine son of Stuttgart have depreciated into widely affordable territory. You can be lapping up the top-down delights of a Boxster while enjoying nearly perfect ergonomics and carving your favorite road to ribbons—all for $15,000 or less.”
1984-1993 Saleen Mustang
Hagerty’s take: “Bone-jarringly stiff, unapologetic, absolute race cars for the street, these early Saleens are still trading for not much more than a garden-variety Fox-body Mustang GT. For now. Don’t say we didn’t warn you.”
1996 Chevrolet Corvette Grand Sport
Hagerty’s take: “Just 1,000 examples built in one year means these cars are rare, fast, and distinctive. In a Corvette—in fact, in most cars—those factors add value. Plus, most Grand Sports were treated as collector cars from new, which means lots of low-mileage choices out there.”
2004-2007 Subaru Impreza WRX STI
Hagerty’s take: “The real-life versions of the cars we played in Need for Speed were too expensive for the kids who wanted them. But as those kids became adults and made money, the cars got older and cheaper. Good examples are hard to find today but they are that much more valuable.”
1985-1989 Toyota MR2
Hagerty’s take: “A car-magazine favorite when new that represents all the cool design things about the 1980s. Clean cars in #2 condition are still less than $15K, but values are up 25 percent.”
2004-2006 Dodge Ram SRT10
Hagerty’s take: “Our insurance quotes are up 40 percent, and 61 percent of those are from Gen X and millennials, meaning the interested parties are under 55. Auction sale prices are up 15 percent.”
1980-1986 Ford Bronco
Hagerty’s take: “Jurassic-period simplicity; parts available at the grocery store. A usable classic that carries your dogs. There wasn’t a big performance difference between all the model years, so there isn’t a big falloff in values from the ’70s to the ’80s. Millennials are twice as likely to quote a third-gen as a first-gen because they’re cheaper; a Bronco in #2 condition can be had for $15K.”
2008-2009 Pontiac G8 GXP
Hagerty’s take: “The last hurrah of the Pontiac brand, the GXP was the only G8 available with a manual trans. Members of the Pontiac fan club are crazy excited about their cars in general, and when the brand was discontinued, they went nuts and became even more enthusiastic. Values are up 10 percent over last year.”
1994-1996 Buick Roadmaster Estate Wagon
Hagerty’s take: “Is this the AMC Pacer of the ’90s? The number of insurance quotes we give on this car leads the overall market by 14 points. The quoted values have pretty much bottomed out, which means they are done depreciating. We don’t see them at the auctions yet, but they have a big cult following on social media, and there’s nowhere for Roadmasters to go but up.
Formed in 2011, Hagerty’s valuation team is the most experienced and authoritative in the collector car hobby, inspecting more than 14,000 auction vehicles per year and providing more than a million car values in the annual Hagerty Price Guide. Published three times a year, the Price Guide features accurate, up to date car values without pricing bias or prejudice. It covers most popular postwar automobiles, as well as hard-to-find and unusual models, with four values for each listing based on condition. In addition to the Price Guide, thousands of people a day use Hagerty’s Valuation Tools to gain a better understanding of changes in the marketplace and how these changes apply to classic vehicle values.
Drivers, prepare yourself for going hands-free on Friday, June 1st! The new Rhode Island law (TITLE 31 Motor and Other Vehicles, 31-22, Miscellaneous Rules, SECTION 31-22-31) prohibits the use of a handheld wireless communication device while operating a vehicle.
As many of us already know, distracted driving-related accidents are on the rise. Distracted driving is creating unsafe conditions for drivers as well as pedestrians. The National Highway Traffic Administration reports that in 2015, distracted driving took the lives of nearly 3,500 people with almost 400,000 seriously injured. This law is necessary and will drive these staggering numbers down. Fines start at $100. First-time offenders can waive the fine with proof of purchasing hands-free apparatus.
As drivers, we need to prepare for this new law. Here are some hands-free solutions that will keep you safe and ensure you are abiding the new law!
Bluetooth Technology offers a variety of inexpensive options depending on your needs. Here are a few examples:
Bluetooth Handsfree Wireless Car Speaker – Clip-on: This device clips on to the visor of the car and can transport easily from vehicle to vehicle.
Read a review of Bluetooth car visor speakerphones.
Bluetooth Transmitter with an In-Car Charger: This device requires a USB and the auxiliary port on your car stereo. Once installed, calls can be made and received hands-free!
Read a review of Bluetooth transmitters with an in-car charger.
Bluetooth Headset with Noise Cancelling Mic: As the name implies, this is a hands-free headset that allows you to talk and be understood with the noise canceling features.
See review of Bluetooth headsets.
Most newer vehicles have Bluetooth installed.
However, if you own an older car, you can have Bluetooth technology installed at a local car electronic specialist.
Additional information regarding the new law can be found online on RIDOT’s website.
Two seconds is the longest a driver can safely glance away from the road, but sending or receiving a text takes a driver’s eyes off the road for an average of 5 seconds.
With a string of warm days on the horizon, now may be the best time to winterize your car before another cold spell grips New England. While nobody expects to be stranded on a road in the middle of winter, OceanPoint Insurance urges motorists to be prepared in the event of an emergency so that their passengers and family can arrive at their destination safely.
In order to help your friends and family wait out the cold comfortably if your car breaks down, consider the following tips below:
Make an emergency kit
Any vehicle is prone to a breakdown in the winter, regardless of the make, model, and year of a car. If you or your passengers have to bunker down, every car should carry the following items: blankets, boots, water, flares, flashlights, engine coolant, washer fluid, engine oil, small shovel and a snow brush.
Your car should be mechanic checked
A stop at your service center can quickly determine whether you should swap out your current battery, which typically drains quicker during the winter months. If you notice that it is difficult to start on cold mornings do not put this off. While you are there, you may also discover that you need an oil change or need to make fixes on heating or cooling systems.
Fill up the tank
Frozen fuel lines are one of the hassles of winter that prevent an engine from turning on. A simple solution is to have your gas tank filled to the halfway mark at the very least.
Ready up the winter tires
Many drivers swear that winter tires offer better traction, and their observations are backed by science. Winter tires are not made of the same material as all-season tires, and the tread on winter tires are specifically designed to provide better traction on mushy, slick roads. If you are comfortable driving with all-season tires, a mechanic can still change your brake pads if needed or alert you to worn tire treads.
Make visibility a priority
Many people may not know that there are windshield treatments available that make it easier to clear snow, rain, or dirt off the windshield. Visibility is an important component to automotive safety because the inability to see what is on the road is a leading contributor to accidents and injuries. Other ways to maintain visibility during the winter months is to ensure your wiper blades are in good condition, and that your windshield washer fluid is filled to the max and is of the winter solution variety. In addition, consider replacing any cracked windshields because the winter weather tends to exacerbate any preexisting abnormalities.
OceanPoint Insurance agents are available year-round to help you with all of your insurance needs.
From wet leaves to frost covered roads, OceanPoint Insurance wants to remind motorists why maintaining comprehensive auto coverage is important for the dangers they may face in November.
“November is rife with potential dangers for drivers,” said Doug Mayhew, President of OceanPoint Insurance. “From snow to darker roads and more deer this time of year, drivers must navigate perilous conditions that can make it difficult for even the best drivers.”
Run-ins with deer alone — especially likely in the deer mating season of November —average $4,000 in damages and are usually only covered when insuring your vehicle with full coverage. To protect you and your family from financial upheaval, OceanPoint Insurance urges you to review your current policy while reading this list on things to look out for in November.
Keep an eye on your tire pressure
Colder temperatures typically reduce tire pressure in cars, which can contribute to a car accident. In fact, the National Highway Transportation Safety Agency found that tires operating below their recommended tire pressure can be up to three times more likely to be involved in a car accident. Therefore, New Englanders who saw their tire pressure icon light up recently should make it a priority to adjust their tires to the manufacturer’s specifications
More accidents happen at night
Many people may have noticed that their commutes back home have suddenly become darker. Although most driving takes place during the day, the National Safety Council reports that 50 percent of all traffic fatalities happen at night. Furthermore, the National Highway Traffic Safety Administration suggested that people get into more accidents this time of year because their internal clocks haven’t adjusted to the new schedule and are more likely to drive tired, which some say is comparable to driving under the influence. Besides getting a good night’s rest, there is little that can be done about others’ drowsiness so it’s best to keep a safe distance and be attentive while on the road.
Snow, sleet, wet roads, and leaves can all impact driving
Did you know that wet leaves can excrete oils on the road that can be just as dangerous as driving on snow? Regardless of the type of road conditions, it’s advised that motorists drive slowly and calmly over patches of slippery roadways.
Deer mating season poses another road hazard
Collisions involving animals increase during the month of November partly because it coincides with deer mating season, according to the Insurance Institute for Highway Safety. Massachusetts and Connecticut alone account for more than 10,000 deer related accidents every year, which means Rhode Islanders are also at risk for running into deer in November. Environmental officials suggest driving more slowly, and stepping on the brakes to minimize damage. Remember not to swerve because you can cause a bigger accident, or a different one altogether that could alter how your insurance provider characterizes the accident.
Even the most experienced drivers can expect to be involved in a car accident or two during their lifetime, and with the average injury claim over $16,000, motorists should be mindful that any accident can jeopardize their financial security if they are not properly insured.
OceanPoint Insurance wants to make sure you are protected under any scenario whether that involves a fender bender or an animal collision. For insurance packages that meet any budget, speak with an OceanPoint Insurance agent at 401-847-5200, or send us an email at email@example.com.
With summer finally upon us, many families are taking to the outdoors. No matter where your summer adventures take you, OceanPoint Insurance would like to remind you of the importance of reviewing your current insurance policies. To ensure they are providing the levels of protection you need, we encourage you to talk with your OceanPoint agent to make certain you are properly insured.
Most people understand the need for RV and motorcycle insurance, but did you know that recreational vehicles also require insurance? Take a look at the different vehicle coverage we at OceanPoint have available:
- Jet Skis: Jet Ski insurance, though not legally mandatory, is simply a good idea due to the risks of the sport. Factors like hidden rocks or busy motorways put drivers at risk.
- Motorcycles: Liability insurance is mandatory in RI and pays for damages or injuries you cause in an accident, as well as your legal defense if needed.
- ATV’s: ATV insurance provides the coverage you need specifically for off-roading. Your policy will cover damage or injuries from an ATV accident, up to the limits of your policy.
- Boats/Yachts: If you enjoy fishing, sailing, yachting, or cruising around on a powerboat, make sure you have boat insurance that covers your liability risk as well as your watercraft, equipment and passengers.
- Motorhomes: Motorhome liability insurance is mandatory in RI and will cover the cost of repairing or replacing your vehicle after an accident. Whether you are heading down the coast or traveling north to the mountains, be sure you are covered.
Before you host your next graduation party, cocktail party, or backyard barbeque, be sure to protect yourself and your guests. Listed below are some tips for keeping your summer party safe and avoiding claims on your homeowner’s insurance:
- Before a party, take the time to make sure your yard (or party area) is free of uneven patches of ground, mounds and holes, and that entryways are clear of tripping hazards.
- If you have a fire pit, be sure it is at least 10 feet away from any structure or combustible surface.
- Always have a container of water nearby and a garden hose on standby before starting a fire.
- Check gas grill hoses to ensure they’re not blocked, cracked or damaged before use.
- Operate your barbecue on a level surface, away from your house, garage and landscaping. Never move the grill once it is lit.
- Make sure no one swims alone. Never leave a child unattended in the water or pool area, and see that less experienced swimmers are always accompanied by a swimmer who has water life-saving skills.
To fully enjoy all your summer fun, make sure you have the insurance protection you need. If you have questions about your insurance policy call OceanPoint Insurance at 401.847.5200.
Not all states are created equal when it comes to the cost of insuring a teenage driver. Due to the increased risk, teenagers are very expensive to insure. According to a report from online auto insurance site insuranceQuotes, U.S. families who add a young driver to their existing auto insurance policy will see an average annual premium increase of 79%.
However, in the state of Rhode Island adding a teen to an auto insurance policy adds an average 119% premium increase. That is the second-highest increase in the nation just behind New Hampshire, which was the highest with a 125.4% increase.
While the premium increase is unavoidable, there are a number of ways you could save on car insurance when you add your teen to your auto policy.
- Good-student discount – As a full time student, your child may qualify for a Good Student Discount if he or she maintains a grade point average of 3.0 or higher.
- Complete a safe-driving course – Many insurance companies offer a discount if your teen completes a safe driving program.
- Choose vehicles with safety in mind – Teens should drive vehicles that reduce their chances of crashing in the first place and then protect them from injury in case of a crash. For example, small cars do not offer the best protection in a collision when compared with larger vehicles. Avoid high-horsepower models that might encourage teens to speed. Look for vehicles that earn good crash test ratings and have the latest safety technology.
- Consider a monitoring device – Several insurers offer in-vehicle electronic devices that allow you to monitor teen driving habits. These systems flag behavior such as speeding, sudden braking, abrupt acceleration and nonuse of seatbelts.
Call your OceanPoint Insurance agent at 401.847.5200 to review your savings options. We’ll help you keep your child safe, even when you can’t be there to protect them.
The United States has recently seen an extreme uptick in what is often referred to as the emerging “sharing society.” As younger generations in particular opt for sharing of all kinds – cars, homes, and apartments – it is crucial to be aware of the impact these activities have on your insurance.
In an increasingly connected society, peer-to-peer services are springing up, through the use of mobile apps that allow consumers access to transportation services. As ridesharing companies such as Uber and Lyft keep growing, the industry is more popular than ever.
In most cases, ride sharing is not protected through a basic auto policy. This policy typically excludes coverage for liability, bodily injury, physical damage or property damage arising out of the ownership, operation or occupation of a vehicle while it is being used for transportation services. If you are considering using your vehicle for these services, you should note the following:
- Operators/drivers must be licensed by the Division of Public Utilities and Carriers (DPUC) and maintain a minimum of $1.5 million commercial liability insurance.
- You must obtain a special Hackney Operator’s License issued by the DPUC prior to transporting passengers for hire in RI.
- These services are required to be provided only in vehicles bearing “Public Registration License Plates.”
Most standard personal auto policies contain exclusions for livery — which essentially means driving for hire. Typical exclusions found in policies are described below, but individual policy exclusions can vary. Policyholders are advised to contact their OceanPoint Insurance agent to learn which exclusions apply to them. All the exclusions below do not apply to a share-the-expense car pool.
Liability Coverage (Exclusion): Liability Coverage is not provided for any insured’s liability arising out of the ownership or operation of a vehicle while it is being used for public or livery transportation.
Medical Payments Coverage (Exclusion): Medical Payments Coverage is not provided for any bodily injury to the insured that is sustained while occupying the insured vehicle when it is being used as public or livery transportation.
Coverage for Damage to your Auto (Exclusion): Loss to your insured vehicle or any non-owned vehicle, that occurs while it is being used for public or livery transportation will not be paid for.
To learn more about insurance coverage for ridesharing, contact your OceanPoint Insurance agent at 401.847.5200.