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The Votes Are In!
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PLANNING A TRIP?
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September Events & Holiday Observances
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SKYWATCH: September
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The Autumnal Equinox occurs on 9/23. The Sun will shine directly on the equator and there will be nearly equal amounts of day and night throughout the world. This is also the first day of fall in the Northern Hemisphere and the first day of spring (vernal equinox) in the Southern Hemisphere.
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FARMER'S ALMANAC FORECAST: September
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 Temperature 67° (avg.); precipitation 3" (0.5" below avg.); 1-11: T-storms, then sunny, pleasant; 12-15: Hurricane threat; 16-17: Sunny, cool; 18-23: T-storms, then sunny, cool; 24-26: T-storms, warm; 27-30: Sunny, cool.
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CONTACT US:
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D.F. Dwyer Insurance
38 Bellevue Avenue
Newport, RI 02840
and
2623 East Main Road
Portsmouth, RI 02871
phone: 401.846.9629
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EXTRA EXTRA!
Info for You
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to stay 'in the know' with timely updates on topical insurance info, helpful tips and discounts -- join the conversation!
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Issue: # 54
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September 2014
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Welcome Back To School
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This month as children of all ages return to school, we'll focus on two topics of great importance to both parents and students.
As newly-minted drivers get behind the wheel and start exploring their transportation independence it can be a very anxious time for parents. Below we'll give you some tips on the best ways to protect your student driver, your automobile, your budget and your peace of mind with options for insuring your teenage driver.
With the tightening of standards in recent years, creating and maintaining a strong credit rating has become increasingly important. Most college students are unaware of the serious impact that their spending habits will have on their financial futures. Below is some information to share with them as they head off to campus with credit cards in hand this fall.
You may download extended versions of these feature articles on the Resources page of our website. And, as always, please email me or call me at 401-846-9629 with any questions about your insurance coverage or for a complimentary policy review. We're here to do what's best for you, our valued clients!
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Auto Insurance for Teen Drivers
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Because they present more of a risk, auto insurance rates are generally higher for teenage drivers. However, there are some ways you can both protect yourself financially and lower the cost of insuring your teen by doing the following:
Understand the Risk
Talk to your teen about the relationship between auto accidents and insurance costs. Teens often forget that the cost of owning a car includes auto insurance. Explain that a driving infraction or being in an accident can drive up their insurance costs.
Insure Your Teen on Your Own Policy
It is generally less expensive for parents to add a teenager to their insurance policy than for teens to purchase their own. By insuring your teenager's car with your insurance company, you can also qualify for a multi-vehicle discount.
Assign Your Teen to the Right Car
If possible, assign your teen to your least valuable car. Some insurers will allow policyholders to do this if the number of automobiles equals or exceeds the number of insured drivers on a policy. With this kind of arrangement there can be no exceptions; if your teen is involved in an accident with an unassigned car, penalties could be imposed and your premiums might increase.
Increase Your Liability Insurance
Should your teen get into an accident, state minimums for liability insurance will not be enough to fully protect you from lawsuits. Many vehicles today are worth more than $15,000 and medical bills for injuries can easily exceed $20,000 for one person. If your teen is found negligent in an accident and the damages exceed your insurance limits, you will be held financially responsible for amounts not covered by your insurance.
Consider an Umbrella Liability PolicyIn our litigious society, you may want to have an extra layer of liability protection. That is what a personal umbrella liability policy provides. An umbrella policy would kick in when you reach the limit on the underlying liability coverage in the auto policy.Raise Your DeductibleGoing from a $250 to $500 or $1,000 deductible can save 10-20% on a premium; a savings you can use to increase your liability insurance. Is Your Teen Going Away To School? When your teen heads off to college, you may be eligible for lower premiums, providing he or she leaves the car behind. Many insurers will reduce rates for students attending a school at least 100 miles away from home who do not have a car on campus. Good Grades + Driver Training = Discount  Most insurance companies will give a discount on auto insurance to students who are maintaining at least a "B" average in school. Another way to earn a discount is by having your teen take a recognized driver-training course. Contact Us!
The good news is, as your teenager gets older, insurance rates will drop-providing he or she has a good driving record. When your teen is ready to get his or her learners permit, make sure to give us a call at 401-846-9629 to discuss the options and costs involved in insuring a teenage driver. We're here to help!
Download a copy of these article here
Content Courtesy: Insurance Information Institute
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Farm & Agribusiness Insurance
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 D.F. Dwyer Agency, a Nationwide Agribusiness Insurance partner would like to be a valued resource for your local farm-based business. Give us a call at 401-846-9629 for a complimentary policy review, then subscribe to our new Farm E-Newsletter with specific features and information to help you protect your locally grown business.
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College & Credit: Tips for Managing Your Money
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Many of today's college students are turning to credit cards to finance their college education, using them for everything from everyday necessities to books and tuition. Unfortunately, this can result in an excessive amount of debt. Young people are frequently unaware that their bill paying habits will affect their credit history. Many graduates do not think they need to worry about their credit score until they apply for a mortgage to buy a house. So it can come as a shock when they find out that potential landlords, employers and even utilities companies routinely access credit scores as part of their application process.
Learning how to manage student loans, credit cards and other debt is essential for college students. Establishing financial skills early on and working to build a good credit standing will affect their lives both now and in the future. A person's credit history begins with their first credit card. And good credit can help savvy college graduates save money in the following situations:
- Applying for a Job. Potential employers now routinely check people's credit history as part of the hiring process.
- Renting an Apartment. Landlords often rent to the applicant with the best credit history.
- Signing Up for Utilities. Cable, electric and gas companies may waive deposits for customers with established credit histories.
- Securing Loans. Having better credit makes it easier to get a car loan or mortgage at a more competitive interest rate
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Insuring a Car or Home. Having good credit can ultimately save consumers through a stronger credit-based insurance score.
Developing a Financial Plan
 In order to develop a good credit rating, parents and students need to work together on a financial plan for college from the beginning. Specific educational expenses including tuition, room and board, and books and fees can be viewed as "good debt" and can be covered through student loans, grants and the like. Day-to-day college expenses, including personal needs, transportation costs, telephone and other incidentals, are the types of expenses that students should endeavor not to charge on credit cards.
In most cases, college is the first opportunity for young people to make independent financial judgments. Carrying high, unpaid balances is one of the quickest ways to incur too much debt and fall behind in payments. If college students plan to use a credit card regularly, they should have limits and know ahead of time where the money will come from to pay the bill at the end of the month.
To develop good financial habits, the I.I.I. suggests that students:
- Plan and stick to a budget. Living within a budget is an important skill to master.
- Pay credit card bills on time. Not only will paying bills promptly start to build a solid credit history, late payments can be costly, as they include stiff penalties and may result in an increase in the annual percentage rate (APR)
- Use credit responsibly. Remember, credit is a loan-- one that will need to be repaid with interest.
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Keep in touch with creditors. If students change residences and forget to tell their creditors, a series of lost bills can result in a black mark on a credit report. Most students can take advantageof electronic billing and payment to avoid this.
What Can You Do to Improve Your Credit Score?
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 o not pay someone to "fix" your credit history. Accurate information cannot be deleted from your report. - Create a plan to improve your credit. Pay your bills on time. Pay at least the minimum balance due every month. If you cannot make a payment, talk to your creditor.
- Do not max out your credit limit. As a general rule, keep limits on credit cards below 50% to avoid the risk of hurting your FICO score.
- Limit the number of new credit accounts you apply for.
- Consider the APRs of your credit cards. Paying off cards with higher rates devotes less money towards interest, and leaves more money available to pay down your principle balances.
- Keep at it. Your credit will improve if you make changes now, your credit based insurance score will also improve.
- Consider credit counseling. If you find yourself in a financial bind, consider credit and money counseling. Information is available from the National Foundation for Credit Counseling or the American Center for Credit Education. Students should also consider taking advantage of the financial literacy programs that are offered by many colleges and universities. Information on how to improve your credit score used by lenders is available at MyFico.com.
- Review your credit report regularly. You have the right to dispute any information in your credit report. By law, the credit-reporting agency must provide you with a free copy of your credit report and must correct inaccurate or incomplete information at no charge to you. The three national credit reporting agencies are:
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