Prokop Insurance Agency
Plymouth, Minneapolis, St. Paul and Minnesota Insurance Pros
Term vs. Permanent Life Insurance. According to industry experts, most people don’t have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That’s only half the recommended 7-year threshold.1,2,3
Continue Reading
As you step into the world of insurance, you might encounter two key professionals: insurance brokers and insurance agents. While they both play vital roles in helping you secure coverage, they differ in fundamental ways.
Insurance agents act as representatives of one or more insurance companies. They have contractual agreements with these insurers to sell their products. There are two types of agents: captive agents, who represent a single insurer, and independent agents, who sell policies from several companies. The primary loyalty of an insurance agent lies with the insurance company they work for. Captive agents can offer in-depth knowledge of their specific company’s products, while independent agents provide a broader view with options from multiple insurers.
Agents earn a commission based on the policies they sell, and they handle the administrative work of maintaining your policy. They can be your point of contact for making changes to your policy or filing a claim.
Insurance brokers, on the other hand, represent you, the insurance buyer. They do not have an allegiance to a specific insurance company. Instead, they use their professional knowledge to survey the insurance market to find the most suitable policy for your needs, taking into account coverage options and price.
Brokers are particularly valuable for individuals and businesses with more complex insurance needs, such as requiring bespoke or high-level coverage that isn’t readily available off-the-shelf. A broker’s duty is to their clients, offering tailored advice, advocating on their behalf, and ensuring their interests are protected.
The crucial difference lies in representation: agents represent insurers, and brokers represent clients. This distinction matters when you’re seeking personalized advice and solutions for your insurance needs. Whether you choose an agent or a broker, ensure they are licensed, reputable, and understand your requirements.
As your insurance professional, I am committed to guiding you through these choices, ensuring you have all the information to make the best decision for your coverage needs. Need help deciphering which path to take? Let’s talk and find the right protection for you.
Get in touch today, and let’s ensure your future is well-protected.
With summer quickly approaching, you may ask yourself which expenses are worth the investment when planning vacations. Especially when it comes to travel insurance, you want to make sure you are not overpaying for protection that may not be 100 percent necessary. Depending on where you’re traveling and how long you’ll be there, taking a trip can eat up a substantial amount of your budget as it is. Add travel insurance, and you could quickly acquire more costs than planned.
Continue Reading
These are our 6 tips to clean up your driving record as auto insurance pros, essential for maintaining affordable insurance rates in Minnesota and avoiding legal consequences. A clean driving record means that you have not been involved in any accidents or received any traffic violations. However, if you have a less than perfect driving record, don’t worry; there are ways to improve it. Below are some tips for improving your driving record in Minnesota.
Improving your driving record takes time and effort, but it is well worth it in the long run. By following these tips and staying focused on safe driving, you can protect yourself, your passengers, and other drivers on the road. If you need help finding affordable car insurance, contact Prokop Insurance. We can help you find the right coverage at an affordable price.
At Prokop Insurance we never like to explain DWI or DUI: How They Impact Your Car Insurance Rates. Driving while intoxicated (DWI) or Driving Under the Influence (DUI) is a serious offense that can increase your car insurance rates. DWI and DUI are often used interchangeably but refer to different crimes. A DWI or DUI conviction can result in fines, license suspension or revocation, and even jail time.
In Minnesota, DWI stands for “Driving While Intoxicated.” This offense occurs when a person operates a motor vehicle with a blood alcohol concentration (BAC) of 0.08 or higher or under the influence of drugs or alcohol.
On the other hand, DUI stands for “Driving Under the Influence.” This offense typically refers to driving under the influence of drugs, illegal, prescription, and even over-the-counter medications that can impair driving.
What Types of Vehicles Can Result in a DWI or DUI Charge in Minnesota?
What are the consequences?
It’s important you think twice about getting intoxicated by alcohol or taking drugs anytime before driving. If you need to go somewhere, ask someone to drive you or use a taxi or ride-sharing service.
If you have questions about your car insurance rates after a DWI, contact the Pros at Prokop Insurance. We can help you understand what you need to do to get your rates back down.