FAQs

Laramie Investment Company, Inc.  Serving Wyoming, Colorado, & Utah for over 65 years.

 

Q:  What types of insurance does Laramie Investment Company sell?

A:  We sell Auto, Home, Business / Commercial, Life, & Health Insurance.  We also sell bonds, Aflac, and memberships to the AAA auto club.

Q:  How long does it take to get a quote?

A:  Typically, all quotes can be provided within 30 minutes of your call, depending on what type of insurance you are requesting.

Q:  Does Laramie Investment Company “shop” my insurance quote with more than 1 company?

A:  Absolutely.  Usually, we will generate between 3 and 6 quotes for you, depending on what type of insurance you are requesting.

Q:  My premium has increased, can you tell me why?

A:  There are many reasons that your premium may increase:

1. Change in vehicle from an older vehicle to a newer vehicle.
2. You (or a driver on your policy) has a new ticket / violation.
3. You (or a driver on your policy) had an accident during your policy term.
4. You added a young driver, or a driver with a violation, to your policy.
5. The Insurance company had a general rate increase.
6. The average cost to repair your specific vehicle has increased (driven by auto parts manufacturers).

 

Q:  Is there something I can do to lower my premium?

A:  All companies we represent offer ways to save money on your insurance.  Some of those ways are:

1. Multiple vehicle discount (more than 1 vehicle on your policy)
2. Multiple policy discount (combining your home / auto / life insurance with one company)
3. Accident Prevention / Defensive Driving Course (for those over 55).
4. Safe & clear driving record (no violations in 3 years, no accidents in 5 years)
5. Established reputation with your insurance company (not jumping around)
6. Vehicle safety ratings (air bags, seat belts).
7. Home security systems (burglar) and fire alarms.
8. Business security systems (burglar) and fire alarms.
9. AAA Memberships (for AAA auto & home policies only)
10. Accident forgiveness, and diminishing deductible plans.
11. Advance “shopping” discount – if you shop your insurance more than 7 days out.
12. Premium payments are made in a timely & prompt manner.

Q:  What is a C.L.U.E. report?

A:  C.L.U.E. stands for Comprehensive Loss Underwriting Exchange.  The C.L.U.E. database tells the agent and insurance company what claims you have filed in the past 5 years.  High claim history on the C.L.U.E. report may result in higher premiums.

Insurance Myths:

I am the primary breadwinner in our home, so only I need life insurance.

Well, have you seen the cost of childcare lately? Along with the costs associated with meal preparing, housekeeping, school and activity transportation, you can see how much your spouse contributes to the household.  It has been estimated by several companies, that a non-working spouse contributes at least, and sometimes more, than the equivalent of a full time job!  For this reason it is important to buy life insurance for everyone in the household if the absence of their contribution would cause a financial hardship.

Flood insurance is only for people who live in high risk / flood areas.

Everyone who lives in a National Flood Insurance Program area is eligible and can buy flood insurance. These areas are not always prone to floods so even if you think your area is low risk you may be eligible. Check with your insurance agent to learn more.  Flood insurance is regulated by the federal government.  If you would like more information, go to www.floodsmart.gov.

My auto insurance will cover my child when he / she is delivering newspapers.

If your vehicle is used for anything but personal use, then you will probably need to extend your personal auto policy to cover business use.  Just because you were unaware of your coverages, does not mean you will get your accident paid for--your insurance policy is a contract that you agreed to adhere to. If you don't understand all the coverages in your contract, you need to contact your agent.

Umbrella insurance is only for the wealthy.

With the frequent & common occurrence of lawsuits, umbrella insurance is a must for every home, auto, and recreational vehicle owner.  Umbrella insurance is designed to give you added liability protection, above and beyond the limits on homeowners, auto, and recreational vehicle personal insurance policies.  Depending on the company, you can add 1 to 2 million dollars in liability coverage “on top of your existing policies” for as little as $200.00 per year.

My agent knows the right amount of coverage to have on my home, auto, property, and / or business.

Only you…the insured…knows the “right” amount of insurance coverage to have.  Your agent can help guide you to make the best decisions to suit your needs, but should never tell you exactly how much coverage to have.  It is important to use all available resources in determining how much coverage to have (appraisals, builders, insurance agents, lawyers, etc.).  Further, just because one policy is less expensive than another, doesn’t mean it properly covers you!  Buyer beware!