Understanding the Two Types of Life Insurance

Posted on November 17, 2023November 30, 2023 by admin

When you need life insurance, it’s important to understand the types of life policies that are available. There are two main types that you can choose from. People usually find that one or the other fits their needs the best. The one that you choose depends on which features you want and how much is in your life insurance budget. When you need a life insurance policy, call us at Parr Insurance Services in Lynchburg, VA.

Understanding the Two Types of Life Insurance

Whole Life Insurance

A whole life policy is one that stays in place for as long as you keep making the payments. It doesn’t have an expiration date. This is a popular type of insurance because many people want to keep their insurance policy for life instead of having it expire and having to get a new one. These policies also come with a buildup of cash value. This is a small portion of the profits that the insurance company makes when they invest your premium payments. This cash value starts after a few years and keeps building up over the years. This amount is there for you to borrow if you ever need to. Many people like having this option and find that it brings peace of mind.

Term Life Insurance

This is a much different type of policy that has an expiration date. These policies will stay good for a specific number of years. After that, you have to get a new policy to stay protected. There is no cash value that builds up with these policies. However, these policies are much less expensive than whole life insurance. For people who have tight budgets, this is often the best choice for affordability.

Protect Your Family

When you need life insurance, you can call us at Parr Insurance Services in Lynchburg, VA to get started.

Bought the Car, Now What Do I Do?

Posted on October 20, 2023November 1, 2023 by admin

Congratulations on buying a new car! You want it insured? True, in Virginia you can get out of purchasing insurance by paying a $500 fee. But do you really want to do that? If your car is damaged, insurance can help you pay for repairs. Also, if you plan to drive out of state, you will be required by law to have auto insurance. Even if it’s not the law, getting your new car insured is a good idea and easier than you think.

How To Do It

It may seem like putting the cart in front of the horse, but it’s best to get insurance before you buy your car so that the dealership can’t talk you into buying their insurance plans. Today, you don’t need to go to a lot to select a new car until you’re ready to drive it off the lot. You can shop online. Know what make and model you want. Get the vehicle identification number (VIN) and mileage. Do some comparison shopping for the insurance. Submit an application. And then once you have proof of insurance, it’s time to purchase the vehicle!

Full Coverage Vs Gap

Full coverage insurance includes insurance against collision, hail, fire, theft, and vandalism. It pays out up to the market value of your car minus the deductible. If your car is stolen or wrecked, gap insurance will pay for the remaining balance of your car loan or lease and the current market value of your car.

Parr Insurance Services Serving Lynchburg, VA

If you need auto insurance and are living in the Lynchburg, VA area, please consider Parr Insurance Services. Our courteous and knowledgeable agents will do their best to help you.

Do Online Businesses Need Commercial Insurance?

Posted on September 22, 2023October 3, 2023 by admin

If you own a business that is either partially or wholly online, you’ll need the correct type of insurance to protect against online risks. If you are currently interested in finding a quality insurance policy for online business needs, we can help. You can trust the experts at Parr Insurance Services to provide quality insurance products and exceptional customer service for the residents of Lynchburg, VA.

Commercial Insurance Protection

Operating a business online or having an online presence poses certain risks unique to traditional business structures. Having the correct type of insurance in place is essential to prevent losses associated with these particular risks. That’s where our professional insurance agents can help. We can work with each customer to help them understand their unique needs and match them with policies that offer the best blanket of protection and eliminate gaps.

Inadequate coverage or gaps in your insurance coverage can lead to losses if there is a claim. Our team of insurance professionals can accurately assess your needs and match you with policies that deliver the right amount of protection. It’s all a part of our commitment to service before, during, and after the policy sale. If there is a claim at any point during the policy’s lifetime, we’ll also assist with submitting information and documentation to help settle it as quickly as possible.

Find Out More Today

If you would like to learn more about commercial insurance and which policies offer the best protection against risks, we can help. Please call or stop by the office of Parr Insurance Services, serving the residents of Lynchburg, VA, to schedule a consultation. Don’t take risks with insurance coverage. Get the advice and support necessary to make an informed choice.

Filing a Home Insurance Claim: A Step-by-Step Guide to Simplify the Process

Posted on August 24, 2023September 7, 2023 by admin

Facing unexpected damage can be less stressful with a clear plan for filing a home insurance claim. Let us at Parr Insurance Services, providing homeowners in the greater Lynchburg, VA area with home insurance, explain what you can expect when filing a home insurance claim.

Filing a Home Insurance Claim:

Step 1: Evaluate the Situation

Start by assessing the damage or loss to your property. Document details with photos and notes for future reference when discussing the claim with your insurance provider.

Step 2: Notify Your Insurance Company and File a Claim

Contact your insurer promptly. Have your policy number and incident details ready. Share accurate information about the situation for a quicker response.

Step 3: Understand Your Coverage

Your insurance agent will explain your policy coverage. Understand what’s included and any applicable deductibles. Clear communication helps set expectations for claim resolution.

Step 4: Inspection and Assessment

An insurance adjuster will assess the damage. Your presence during the inspection can offer additional insights. The adjuster’s report influences the final claim decision.

Step 5: Claim Decision and Settlement

Your insurer determines the claim amount based on policy terms after the assessment. They communicate the decision and issue payment accordingly.

Step 6: Repair and Restoration

With an approved claim, proceed with repairs or replacements. Choose reliable contractors and keep records of expenses related to the repairs.

Consult With Us

In a perfect world, you would never have to file a home insurance claim. But, if you do, knowing what to expect can be invaluable. Here at Parr Insurance Services, we are dedicated to helping residents in the greater Lynchburg, VA find the home insurance policy that offers the protection that they need. Call or email us today to learn more.

How Can Umbrella Insurance Help You Today

Posted on July 21, 2023August 8, 2023 by admin

Life is unpredictable and full of surprises. Many times, those can be pleasant surprises, but when they aren’t, Parr Insurance Services helps Lynchburg, VA residents stay prepared. Are you wondering if you have enough coverage? Are you worried about not having insurance to fill in the gaps?

None of us can know if or when life’s what-ifs will happen to us, but we can take precautions and be better prepared. For many of those situations, the answer looks like umbrella insurance and the help of reliable and trusted professionals like Parr Insurance.

Insurance for Your Life

Do you live in or around the Lynchburg, VA area? Are you thinking about adding an umbrella insurance policy to your existing coverage plan? Are you interested in learning more about how umbrella insurance could help you?

At Parr Insurance Services, we have the answers to your insurance coverage questions, and our team can help you understand how an umbrella insurance policy could help you today. Want to learn more? Then we would love to talk to you.

Umbrella Insurance For You

For all the what-ifs and unexpected events in life, people in and around Lynchburg VA find peace of mind with the help of companies like Parr Insurance Services. That is because at Parr Insurance customers know they are working with professionals who are friendly and there to help.

More importantly, however, Lynchburg, VA residents who take advantage of umbrella insurance through agencies like Parr Insurance also feel better prepared for the what-ifs in life. And that is why we are here.

Thank you for visiting Parr Insurance Services. Contact us to get started and find the peace of mind your life deserves for all of life’s unexpected surprises.

Tips to keep your classic car running like new

Posted on June 15, 2023June 15, 2023 by admin

If you’re a classic car enthusiast here in the Lynchburg, VA area, you know the joy of owning and driving a classic car. But with that comes the responsibility of ensuring it runs like new. Here are some tips from us at Parr Insurance Services on how to keep your classic car running like new.

Tips to keep your classic car running like new

1. Invest in Regular Maintenance

Regular maintenance is key to keeping your classic car running like new. Have your mechanic check regularly for any worn or faulty parts, and make sure to replace them as needed.

2. Keep It Clean

A clean engine is a happy engine! Make sure to regularly clean out both the exterior and interior of your car, as well as its engine components, so dirt and grime don’t build up and negatively affect performance over time.

3. Check Fluids Often

As with any car, it’s important to regularly check the oil, coolant, transmission fluid, brake fluid, and other fluids that are necessary for the proper functioning of your classic car’s engine.

4. Protect from Rust

Rust can be a major issue for older cars, so make sure you are checking often for any rust spots or potential areas where water may be seeping in through holes or cracks in the bodywork. Treat these areas immediately to avoid damage being caused by rusting metal parts.

5. Take Care When Driving

As much fun as it can be to drive fast when taking your classic car out for a spin, try not to put too much strain on its engine or other components by revving high or accelerating too quickly.

Reach Out To Us

For more tips, give us at Parr Insurance Services a call today. We are proud to serve the Lynchburg, VA area.

What Does RV Insurance Cover?

Posted on May 19, 2023June 6, 2023 by admin

The agents at Parr Insurance Services serving the Lynchburg, VA area want you to know that Recreational Vehicle (RV) insurance was created to provide coverage for motorhomes and travel trailers as well as other types of recreational vehicles. If you plan on camping and traveling this year with your RV, you should make sure you have the proper insurance coverage before you head out on the highway.

RV Liability Insurance

In the state of Virginia, all motor vehicles must be covered by at least a minimum amount of liability insurance. This type of insurance becomes very important if you are involved in an accident in which property damage or bodily injury occurs to others and the accident is your fault. This will even help you cover legal fees if the other person sues you for damage.

Uninsured and Underinsured Motorist Coverage

If you are involved in an accident that is caused by a driver who does not have a sufficient amount of insurance to cover injuries and property damage to you and your vehicle, this type of coverage will pick up the slack to help you out.

Collision and Comprehensive Insurance

Collision coverage is also very important since it will cover damage to your RV if you collide with another vehicle or object. Comprehensive coverage is just as important to have in place since it will help you repair or replace your boat if it is stolen or becomes the victim of a fire, weather event, or vandalism.

Other Options

In addition to these more common coverage options, you can opt to secure a variety of other coverage options, such as personal injury protection and roadside assistance.

Contact Us Today

For all of your insurance needs, including RV insurance, contact the agents at Parr Insurance Services serving the Lynchburg, VA area.

Safe riding tips for new motorcycle riders

Posted on April 11, 2023May 8, 2023 by admin

As a new motorcycle rider here in the Lynchburg, VA area, safety should always be your top priority. To help you stay safe out on the road, Parr Insurance Services is happy to help.

Here are some essential riding tips to follow:

1. Always wear the proper gear – this includes a helmet, eye protection, and heavy-duty boots and gloves. Wearing the right gear can ensure that you’re not only more visible to other drivers but also protected in case of an accident.

2. Follow the rules of the road – obey all traffic laws and signals and stay within speed limits so you don’t put yourself or other motorists at risk.

3. Take it slow – before taking on any long rides or open roads, practice in an open area so you can become familiar with your bike’s capabilities and better understand how to handle it in different situations.

4. Stay alert – keep your eyes on the road at all times and be aware of your surroundings; anticipate what other drivers might do so you can react quickly if needed.

5. Remain visible – make sure to ride with your headlights on during daytime hours and use reflective clothing or tape to make yourself more noticeable while riding after dark.

These tips will hopefully help you stay safe while out on the open road! As a new rider, it’s important to take the time to learn proper safety techniques before embarking on any long rides – this will ensure that everyone stays safe and injury-free!

Reach Out To Us!

For more safety tips or to explore a policy to cover your bike, give us at Parr Insurance Services a call today. We proudly serve the Lynchburg, VA area.

Tips to prepare your boat for a storm

Posted on March 27, 2023April 5, 2023 by admin

Preparing your boat for a storm can be an overwhelming task, but it doesn’t have to be. Here are some helpful tips from us at Parr Insurance Services to make sure your boat is safe and ready for any potential storms here in the Lynchburg, VA area, or anywhere you happen to be:

Tips to prepare your boat for a storm

1. Secure all loose items on board the boat. Make sure all removable items like furniture, tackle boxes, and coolers are secured and stored away. Double-check that anything that could potentially become a projectile during the storm is either removed or locked down properly.

2. Check the bilge pumps and flotation devices to ensure they are working properly and functioning correctly. Test these things before you leave the dock in case of emergencies during the storm.

3. Anchor your vessel if possible. A good anchor can prevent damage from wind gusts or high waves created by the storm. Be sure to check your anchor lines as they may need to be adjusted with every change in tide or wave height.

4. Disconnect any electronics from power sources when not in use and make sure cords are not exposed to water or possible lightning strikes during the storm. Unplugging non-essential electronics can help protect your valuable equipment from power surges caused by weather events like thunderstorms or high winds.

5. Invest in waterproof covers for all onboard items that aren’t being used during the stormy weather, such as cushions, mattresses, sails, etc., which can easily get damaged from water exposure and weather conditions if unprotected.

Give Us A Call

For more safe boating tips, or if you have any questions about your boat insurance policy, give us at Parr Insurance Services a call today. We are proud to serve the Lynchburg, VA area.

Do all condo owners in Virginia need to have condo insurance?

Posted on February 21, 2023February 28, 2023 by admin

Those that are in the Lynchburg, VA area will have various housing options. One great option to consider is to purchase a condo, which offers various amenities and benefits compared to other housing options. When you buy a condo, it is very important that you get the right insurance. Condo owners in this region need to have condo insurance for various reasons. Parr Insurance Services is happy to assist.

Why Condo Insurance?

Financial Coverage

A reason that all condo owners here need to have coverage is so they can obtain financial coverage. If you are going to buy a condo, you will want to know that you are able to make repairs if you incur damage due to a covered risk. Further, you will want to know you have support if there is an accident that causes damage and you are deemed liable. With condo insurance, you can get coverage in those situations.

Meet Insurance Requirements

If you are going to purchase a condo, you undoubtedly need to have condo insurance. When living in a condo, there will be condo association rules that need to be followed around insurance requirements. Further, any mortgage lender will want to confirm that you always have condo insurance. When you have this coverage, you will remain in good standing with these requirements.

Reach Out To Us

Anyone that is looking to purchase a condo in the Lynchburg, VA area will need to take their condo insurance needs seriously. When you are ready to start looking for a new condo insurance plan, you can begin the process by calling our team with Parr Insurance Services. There are a lot of important choices to make when looking for this coverage, and our team can help you assess all of your needs and options to ensure you build an ideal plan.

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Categories

Insurance Blog

Understanding the Two Types of Life Insurance

Whole Life Insurance

Term Life Insurance

Protect Your Family

How To Do It

Full Coverage Vs Gap

Parr Insurance Services Serving Lynchburg, VA

Commercial Insurance Protection

Find Out More Today

Filing a Home Insurance Claim:

Step 1: Evaluate the Situation

Step 2: Notify Your Insurance Company and File a Claim

Step 3: Understand Your Coverage

Step 4: Inspection and Assessment

Step 5: Claim Decision and Settlement

Step 6: Repair and Restoration

Consult With Us

Insurance for Your Life

Umbrella Insurance For You

Tips to keep your classic car running like new

1. Invest in Regular Maintenance

2. Keep It Clean

3. Check Fluids Often

4. Protect from Rust

5. Take Care When Driving

Reach Out To Us

RV Liability Insurance

Uninsured and Underinsured Motorist Coverage

Collision and Comprehensive Insurance

Other Options

Contact Us Today

Here are some essential riding tips to follow:

Reach Out To Us!

Tips to prepare your boat for a storm

Give Us A Call

Why Condo Insurance?

Financial Coverage

Meet Insurance Requirements

Reach Out To Us