Frequently Asked Questions
In the event of a loss, Replacement Cost Coverage is a method used to determine the cost of replacing property with a similar product of comparable quality, without consideration of depreciation. Insurance carriers commonly require coverage limits to be set at replacement cost values for property like homes and valuable jewelry.
Actual Cash Value (ACV) is a method used to determine the cost of repairing or replacing property less depreciation. It is common for insurance carriers to provide ACV coverage on property like vehicles, boats, and even personal property.
An umbrella policy is an additional insurance policy providing protection above and beyond coverage in your other policies, like home and auto. An umbrella policy protects your assets from catastrophic losses resulting from injury, property damage, certain lawsuits, and personal liability situations.
If you’re considering adding an umbrella policy to your coverage, ask yourself the following: Do I have an inexperienced driver in my home? Do I have significant assets or savings? Do I own a home or vehicle that could put me at higher risk for frivolous lawsuits? Do I need protection for the potential loss of income? Do I own investment property? Do I own my own business? Do I own something that could potentially cause serious injury to others, like a dog, pool, or trampoline? If you answered yes to any of these questions, you may want to reach out to your Vibrant account representative to discuss the benefits of an umbrella policy. A standard $1 million umbrella policy costs anywhere from $150-$300/year, and the peace of mind might be worth the added investment.
Congratulations! If you’re the owner of a new vehicle that will replace a vehicle on an existing auto policy, that policy will automatically apply to your new vehicle for between 7 to 30 days from the date of purchase, depending on the insurance carrier. This gives you time to call your Vibrant account representative with information needed to amend your policy for the new vehicle. If you purchased a vehicle in addition to vehicles you already own, the broadest coverage for any vehicle on your auto policy automatically applies to the new vehicle. This automatic coverage typically extends between 7 to 30 days from the date of purchase, depending on the carrier. This gives you time to call your Vibrant account representative with information needed to amend your policy. If you don’t have any existing insurance policies, or if your existing auto policy is liability insurance only, the new vehicle won’t likely have proper coverage. Call your Vibrant account representative right away so you aren’t operating the vehicle in violation of required auto insurance laws.
We work with many national, super-regional, and small mutual insurance carriers to provide a unique mix of options and appetites intended to solve for almost any insurance need. Please contact us for more details!
If you’ve recently replaced your roof, give us a call! A new roof could qualify for discounts, may impact how future roof claims are handled by your carrier, and/or could make you a more desirable customer to carriers in the future. Insurance carriers often request proof of roof replacement if it has been replaced in the past 10 years.
If your child is getting a learner’s permit to drive, nothing needs to be adjusted on your auto insurance. Your policy will automatically provide coverage for a child who is required to be driving with a licensed adult in the vehicle. If your child is getting a school permit to drive to school without a licensed adult in the car, your auto policy needs to include the child as a driver to ensure proper coverage exists. The Iowa Department of Transportation provides guidelines for requirements of driving with a school permit. Information we need in order to add your child to an auto policy as a driver includes: child’s full name, gender, date of birth, school permit/license number, and which vehicle(s) the child will drive. Your child may qualify for a rate discount if you can submit transcripts showing they have earned a 3.0 or higher cumulative GPA.
Most insurance policies provide for a special limit of liability (the maximum amount a company will pay out for unique categories of coverage), reducing the amount of coverage for specific items including jewelry, watches, furs, and cash. All carriers have slightly different maximum limits, but generally they amount to approximately $1,500. In cases of theft, your deductible would also apply. Scheduling (adding) valuable jewelry to your policy ensures that items are covered up to their reported value with no deductible required. Usually, proof of value, including a recent bill of sale or appraisal, is required for coverage. Jewelry scheduled on a standard policy provides coverage up to the item’s value but allows the insurance carrier more leeway when determining a payout amount. Insurance companies typically use wholesale jewelers to replace scheduled jewelry, with a similar type and quality, or they may offer a payout for the price of the wholesale item for you to purchase your own replacement. Insurance companies are not obligated to pay you the amount listed on the policy unless you’ve secured ‘agreed value’ coverage.
If you plan to rent a vehicle while traveling for pleasure, not business, the broadest coverage found on your auto policy will apply to a rental vehicle. However, in case of damage or accident, rental car company contracts can charge additional damage or losses to you that a standard insurance policy might not cover (e.g. daily cost of the rental for loss of use and diminished value due to accident/damage). These gaps may vary from company to company, so we recommend contacting your Vibrant account manager to discuss what they’d recommend. When in doubt, it is safest to pay for insurance through the rental car company. Alternatively, many credit card companies also provide rental car coverage when their credit cards are used to reserve and pay for a rental vehicle, eliminating the need for additional coverage in most cases.
We’re open Monday-Friday, 7:30 a.m. until 4:30p.m. We close 2 hours early the day before every holiday. We are closed for the following holidays: New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, Day After Thanksgiving, Christmas Eve, and Christmas Day.