Must Know Stats About Classic Cars (and Why Folks Need Classic Car Insurance)

Are you interested in classic cars? Perhaps you own one or are looking to pick one up? If so, it’s wise to take out classic car insurance, which will provide protection should a vehicle be damaged during various events. That said, discussing specifics with a car insurance expert is important. Live around Matthews, NC? Contact Jim Boyce Insurance to explore classic car insurance.

Car Production Was Much Smaller in the Past

In 1950, just 10 million cars were produced globally. Meanwhile, a few years ago, before supply chain shortages, annual car production reached nearly 100 million. As a result, cars, in general, were much rarer 70 years ago.

Generally speaking, the rarer a desired good is, the more expensive. Classic cars can easily cost more than their current year counterparts.

Few Cars Reach Their Golden Years

Cars are (largely) meant to be driven. As vehicles get used, they may also get used up. Salt on the road, hail, and even simple sunlight can cause damage (e.g., rust). Millions of car accidents unfold each year, and many vehicles will end up totaled. 

Roughly 15 percent of cars for a given make, model, and year will leave the market yearly. Thus, if 10 million 2023 Mustangs are sold in 2023, only 8.5 million might be left a year later.

There Are Around 10 Million Pre-1990 Cars Left

From 1900 to 1990, many tens of millions of cars were manufactured. Yet only about 10 million pre-1990 cars are left, and that number will drop with time. As a result, classic cars will only become rarer, thus making them more valuable. It’s generally a wise idea to ensure valuable property is protected by insurance, such as classic car insurance.

Want to discuss classic car insurance and live near Matthews, NC? Contact Jim Boyce Insurance to discuss coverage options.

Why You Need Life Insurance

When one of your household providers suffers a sudden and untimely death or disability, you might ask what’s next. If your answer is you don’t know, now is the best time to know. Jim Boyce Insurance in Matthews, NC can help.

Why Life Insurance?

Life insurance isn’t just for when someone dies. Life insurance can help with medical expenses, burial costs, and estate taxes. In some cases, you can cash out your life insurance if you’ve received a diagnosis of a terminal illness that might kill you soon. Insurance can support your survivors when they need to replace your income. It can replace funds you need to cover monthly bills and expenses, daycare, tuition, and planning for retirement. Life insurance is responsible for any family’s planning in case a wage earner dies unexpectedly.

How Can Jim Boyce Insurance Help?

Jim Boyce Insurance can help you find the right amount of life and accident coverage to cover your family’s needs and expenses. We can work with you to help fund your family’s charitable trust, if any, or to set aside money for children to finish their education from K-12 to Ph.D.

We can help protect yourself or a loved one against the financial devastation of death. Our trained and licensed agents, serving Matthews, NC, can help you find policies from nationally recognized insurance companies. We can help you understand different insurance policies’ specifics, strengths, and weaknesses. And we can do all of this either over the phone or from our office. If you have questions about how your insurance will cover you in North Carolina, we can help.

Call or visit Jim Boyce Insurance in Matthews, NC today for a free, no-obligation life insurance quote. Tomorrow might be too late.

Does My Home-based Business Require Commercial Insurance?

If you are like many entrepreneurs, you have thought about starting a home-based business. This model is convenient and saves you significant operating expenses. A home-based business is excellent, but you may be at a crossroads regarding the insurance needed for your business. Since you have home insurance, you may wonder whether you need additional coverage.

The reality is that home insurance offers limited protection for your business. Home insurance is confined to your home structure and its contents. Your typical home insurance doesn’t cover any liability claims and other losses incurred in your business. Jim Boyce Insurance in Matthews, NC, recommends the below commercial insurance options for your home-based business.

General liability coverage

This coverage covers you when accused of causing losses to third parties. Since home liability insurance doesn’t cover business-related claims, you must purchase general liability insurance to protect your business when accused of property damage, advertising, or bodily injury.

Commercial property

Home insurance provides limited coverage to your business property. Please consider commercial property insurance if you want all-rounded protection for your business assets. This policy compensates you when loss or damage happens to your business assets.

Cyber insurance

Home insurance won’t protect your business against cybercrimes. Invest in cyber insurance if your business stores sensitive customer data or has a heavy online presence. This policy cushions you financially when you encounter a cyberattack.

Professional liability insurance

Do you offer professional services such as legal advice, accounting, or auditing? Invest in professional liability insurance to protect yourself when accused of negligence or missed deadlines.

Want to protect your home-based business in Matthews, NC? Please talk to Jim Boyce Insurance. We will offer a business insurance policy that meets your budget and other business needs.

Most-forgotten Basics About Home Insurance

If you want to harness the power of your home insurance, it will help if you don’t forget the basics. Unfortunately, most homeowners rarely give their home insurance policies a second look after renewing. This could be dangerous as it can expose you when the unexpected occurs.

Today, Jim Boyce Insurance wants to refresh your mind about the everyday basics of home insurance you shouldn’t let fall by the wayside.

Updating your home insurance

Your home insurance isn’t a “set and forget” thing. You should review your home insurance annually to ensure it covers your current needs. However, sometimes you need to review your policy sooner. For instance, if you renovate your home or welcome a dangerous pet in your home, you should talk to your insurer to update your policy.

Failing to maintain an inventory list

Maintaining an inventory list to know everything in your possession is always a good idea. You can do this by going from one room to another to record everything you own. This way, you won’t have assets missing from your home insurance coverage. Plus, it makes it easier when filing a claim.

Home insurance exclusions

It’s a huge mistake to assume that your home insurance covers all risks under the sun. Your standard home insurance has limitations and exclusions. For instance, typical home insurance won’t cover damage caused by floods, earthquakes, sewer backup, and intentional acts.

Learning about home insurance exclusions is vital to help you know what “add-ons” to purchase to boost your home insurance policy.

Home insurance in Matthews, NC 

Want to learn more about homeowners insurance? Shopping or renewing your home insurance in Matthews, NC? You are in the right place. Jim Boyce Insurance wants to be your preferred insurance agent in North Carolina. We offer tailored insurance advice and affordable policies to our clients. Please call or email us today as the first step towards a lifelong partnership.

Types of Auto Coverage

Auto insurance includes a category of policy types, including bodily injury, collision, comprehensive, roadside assistance, and property damage. You choose which types you want on your auto policy beyond the North Carolina state minimum coverage.

Jim Boyce Insurance serving Matthews, NC, offers comprehensive and complete auto insurance coverage. You can obtain a custom policy from us that includes precisely the coverage you want. Your options include:

  • Bodily injury: This type of policy covers your liability for injuries you cause as a result of an auto accident. The state requires it, but you can increase your amount of coverage. If an individual dies due to an accident you caused, this policy pays their family a death benefit.
  • Collision: A collision policy protect your vehicle by providing coverage for any type of collision that damages it. This means an accident you cause or a hit and run, etc. If you hit a mailbox or a fence, it covers the damage to your car. If a deer runs in front of your vehicle, this policy covers the damage.
  • Comprehensive: Comprehensive covers acts of nature, like hail damage, and acts of humans, such as vandalism, rioting, and theft.
  • Property Damage: This type of insurance covers property damage to other individuals’ vehicles or to structures. If you drive your vehicle into someone’s fence, the property damage policy covers their repairs.
  • Roadside Assistance: A roadside assistance policy serves you with help wherever you experience auto trouble. If you run out of gas, roadside assistance brings you fuel. If your tire goes flat, roadside assistance shows up and changes the flat tire.

Contact Jim Boyce Insurance

Contact Jim Boyce Insurance, serving Matthews, NC, today to create your custom auto policy. Let us help you insure your vehicle.

Umbrella Insurance Takes Over Where Other Coverage Stops

What happens if an event occurs that requires more coverage than you currently have with your property or vehicle policies? Contact the insurance professionals at Jim Boyce Insurance of Matthews, NC. We can answer this and all your other questions regarding umbrella insurance.

Umbrella insurance provides extra protection on top of your current coverage. It can give you $1 million worth of coverage in addition to your homeowners or automobile policy limits.

Without umbrella insurance coverage, you could wind up paying out of pocket for damage to someone’s property or if you injure someone. Your existing policies may not provide enough coverage for:

  • Damage or injuries caused by your renters
  • The damage you cause to the property of others
  • Injuries you cause to others
  • Lawsuits such as defamation or slander

Without an umbrella policy, your savings or property could be at risk if you are involved in a lawsuit or major accident. Lawsuits can happen to anyone – not just the wealthy. You can be sued even if you feel you are not at fault.

Liability claims are usually expensive. Paying for them out-of-pocket could take several years. Umbrella insurance will cover the cost of your legal defense.

It goes without saying that the more you have, the more you stand to lose. Don’t let an accident or event jeopardize everything you have worked hard for. Lawsuits are becoming increasingly common. Be prepared. An umbrella insurance policy will protect you beyond your standard auto or homeowner’s policies.

The insurance professionals at Jim Boyce Insurance can help answer all your questions about why umbrella insurance would be right for you. Contact us today. You will be glad you did.

3 reasons why you shouldn’t put off getting renter’s insurance

Matthews, NC area residents can turn to the Jim Boyce Insurance team for all their insurance needs. We are here to answer any questions that you may have and help you find a policy that will best meet your needs. Call our office today to learn more about your renter insurance options.

Finding the Right Renter’s Insurance

Regarding renter’s insurance, there’s no time like the present. When you move into a new place, you will ideally already have this protection in place. Here are three great reasons to make renter’s insurance a priority:

  1. Your landlord’s insurance won’t cover your belongings – you are responsible for protecting your rental unit and personal belongings.
  2. You could also have protection from losses away from home – some policies will compensate for losses like theft outside of the home.
  3. Starting from scratch and having to replace all of your belongings can cause financial distress – if you suffer a major catastrophe, like a fire, it can cause more stress than anyone would want. Having the proper protection in place can help make it easier to recover from such an unwanted event.

These are just a few reasons why renter’s insurance should be on your "must-have" list!

Let us help you find the policy that’s right for you

Jim Boyce Insurance is proud to serve the insurance needs of the greater Matthews, NC community. You can rely on us if you have questions about renter’s insurance or any other type of insurance. Call us today to set up an appointment or visit our office to learn more about renter’s insurance.

Do You Have a Flood Emergency Preparedness Kit?

When a flood hits, it can cause damage and disruption. But you can take steps to make sure you and your family are safe in Matthews, NC. In this blog, Jim Boyce Insurance will discuss some of the smart preparations you should take when making a flood preparedness kit.

The Basics

After a flood, you may be alone without power or water for several days. It is critical to ensure you have a properly stocked and maintained flood preparedness kit. A flood preparedness kit should include the following:

  1.  Enough drinkable water to last you for at least three days. Each member of your family should have a gallon of water per day.
  2. At least three days’ worth of non-perishable food. Non-perishable means it will not spoil quickly, such as canned or dried foods. If you stock canned food, keep a hand-operated can opener. Please do not rely on frozen foods, as they will not keep for long once the power is out.
  3. A stand-alone battery-powered radio, at minimum. A better set-up is to have one radio to monitor local stations and an NOAA weather radio. An NOAA weather radio has a battery that will last for several years. If you worry about the batteries going dead in your other radios, invest in a hand-crank or solar radio.
  4. A flashlight and extra batteries.
  5. A first aid kit and a dust mask.
  6. Garbage bags, twist ties, and moist towelettes for sanitation and personal hygiene.
  7. You’ll need wrenches, pliers, and other tools to turn off the utilities.

Find Flood Insurance

Just a single inch of floodwater can cause more than $25,000 in damage to your home. Flood insurance does not come standard with your homeowner’s policy. Contact Jim Boyce Insurance today to protect your Matthews, NC home.

Is RV Insurance Mandatory?

When the weather is warm and cozy, it’s the best time to hit the road with your RV. But hear this: never leave home without RV insurance. This coverage protects you, your loved ones, and the vehicle during your travels. But is RV insurance mandatory in North Carolina? Jim Boyce Insurance of Matthews, NC has the answer.

Is RV insurance required in North Carolina?

Since an RV acts as a vehicle and home, most people are confused about whether insurance is mandatory. Just like your vehicle, RVs must have insurance to be driven legally on the road. At the minimum, you must purchase $30,000/$60,000 bodily injury liability and property damage liability of $25,000. These liability policies are meant to protect other people on the road.

It’s important to note that basic insurance won’t protect you when faced with a significant liability claim. Increase your liability limit or consider umbrella insurance if you need higher and broader liability coverage.

RV Insurance options

RV insurance isn’t only limited to the state requirements — there are other options to consider for optimum protection. These include:

  • Comprehensive coverage: It covers loss or damage to your RV when faced with non-collision perils like fire, theft, and vandalism.
  • Collision coverage: It covers physical damage to your RV after a collision with another motorist or stationary object.
  • Personal property coverage: You unquestionably have items like clothing, electronics, and other belongings in your RV. Invest in this coverage to cover losses or damage to your personal assets.
  • Medical Payments (MedPay) coverage: This policy covers medical costs for you and your passengers after a road accident.
  • Road assistance: It covers towing and issues like puncture repair, battery jump-starting, gas delivery, and locked-out keys.

Are you looking for an affordable RV insurance policy in Matthews, NC? Please get in touch with Jim Boyce Insurance.

5 Motorcycle Insurance Add-ons to Consider

You know that you aren’t optimally covered against all risks when you purchase motorcycle insurance. Thankfully, you can buy “add-ons” or “riders” to boost your motorcycle insurance policy. Since there are several add-ons to consider, Jim Boyce Insurance of Matthews, NC is here to guide you on the ones you can pick out.

Roadside assistance

You need this coverage if you regularly use your two-wheeler away from your home. This insurance policy comes to your rescue when your bike stalls when you are away from your residence. The breakdown could be a dead battery, electrical mishaps, punctures, or running out of gas. Whatever the reason, road assistance coverage has you covered.

Umbrella insurance

Are you a high-net-worth individual? You need umbrella insurance when faced with expensive lawsuits. Umbrella insurance takes over from where your conventional motorcycle insurance leaves off, protecting your assets and earnings.

Zero depreciation

If you want compensation for the full amount of what your bike is worth, you need to consider zero depreciation coverage. This policy shields you from depreciation, ensuring you get full compensation for what your bike is worth if it were to be replaced today.

Uninsured/underinsured motorist (UI/UIM) coverage

After a crash, it can be frustrating to find out that the other motorist at fault doesn’t have enough insurance. Or worse yet, they aren’t covered at all! The only route to recover the damage is through suing, which can be costly and time-consuming. However, you don’t need to go the long route of lawsuits if you have UI/UIM coverage.

Engine protect

Suppose your bike’s engine is damaged because of waterlogging or oil leakage. Typical motorcycle insurance won’t pay for the damage in such a case. However, engine damage is well covered if you have “engine protect” coverage.

Want to learn more about motorcycle insurance in Matthews, NC? Please get in touch with Jim Boyce Insurance for more information.