Frequently Asked Questions…And Their Answers!

Q: Where can I find the “NAIC number” for my car registration?
A: The NAIC number is a unique identifier for you insurance company assigned by the National Association of Insurance Commissioners. (Those meetings must be a real hoot, eh? Zzzzzzzz.) You’ll find the NAIC code on your Financial Responsibility Identification Card – or “ID Card” as we call it. This is the document that proves you have car insurance.

Q. I thought all you did was car and home insurance! (OK. Not really a “question”, but we hear it all the time.)
A: The Gannon Agency is an Independent Insurance Agency. Always has been. A good portion of our business is Auto & Home Insurance with Erie Insurance but we also represent Travelers, Grange, Progressive, The Hartford, Foremost, Modern American and others for personal lines. AND..we help our clients buy a lot of life insurance! We represent many life insurance companies to get the best deals we can find. Plus, we also handle Business Insurance (i.e. Commercial Auto, General Liability, Workers Comp, etc.) and more. I hope you’ll give us a chance to help with whatever you need!

Q. What is your fax number and mailing address?
A. The Gannon Insurance Agency’s fax number is (215) 891-9995. Our office address is: 2383 Pasqualone Blvd. Bensalem, PA 19020

Q. What is a deductible?
A. In insurance policy terms, it is the amount that must be paid out of pocket before the insurer will pay for any damage to your home or vehicle. In practical terms, insurance companies include a deductible in the policies to keep premiums down by avoiding payouts on relatively small claims. A typical auto insurance policy for example, may carry a $500.00 collision deductible. If the owner of that car noticed that his vehicle was hit while in a parking lot, he would have to pay the first $500.00 of the repair bill out of his own pocket.

Q. If I borrow a vehicle from a friend and I am involved in an accident, whose insurance pays?
A. In most cases, insurance follows the vehicle first so your friend’s insurance would be the primary coverage. Your policy would be secondary. Always check with your agent on your policy specifics.

Q. Why is my mortgage company requesting that I supply a copy of my insurance policy?
A. Mortgage companies want to make sure that their interest in the property is properly protected by insurance. At renewal, insurance companies sell mortgages to other companies or change addresses without notifying the insurance agency. Any request for proof of coverage should be mailed or faxed to the Gannon Insurance Agency. We will send the proper evidence of insurance to your lender.

Q. Why does my homeowner’s coverage continue to increase each year?
A. The increase in coverage reflects the increase in the replacement cost of your home. The replacement cost was originally determined at the inception of your policy using a replacement cost estimator. Insurance companies automatically update the replacement value of your home each year based on the inflation guard for this region for that particular year. This is due to the fact that the cost of building materials, supplies and labor often increase even when the real estate value may have decreased.

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