Are you covered? Did you buy enough insurance? Are your future wages at risk?
Many drivers across the country don’t know enough about auto insurance or even stop to think about their policy limits to see what may happen to them if they become exposed. These drivers don’t worry about it until it’s too late or it happens to them. In the past 7 years of insurance experience I have found some people who have had a policy for many years with millions of dollars at risk.
I was fortunate to find a major lack in coverage for a dentist with two 16 year old sons who bought the minimum amount of coverage required by the state for years. The review of his policy found he could lose a tremendous amount of cash and investments he had on hand.
The dentist had shared with me that he has had the same insurance carrier with minimum limits on the policy for more than 10 years. The policy review made him aware of the exposure his sons or even himself could leave his family high and dry, totally exposed to lose a lot. If his son was to have an accident the driver of the other vehicle is going to come after him not his 16 year old sons.
Insurance companies consider male drivers under 25 in their highest risk category for drivers without any accidents or tickets. They don’t make this stuff up, there is good reason why this class of drivers pay more for insurance, they are more likely to have accidents, take on bigger risk and leave a parents assets exposed without enough auto insurance coverage!
Please review coverage amounts before renewing your next policy. In most cases you can add 3-4 times more coverage for less than $10 a month. As an agent I would like to see drivers raise their deductibles to buy more coverage limits if they can’ afford the extra money. This would leaver drivers at a higher risk to pay more during a claim. However, this could help prevent them from having a major financial devistation, protect their future wages, investments, property and valuable things. The bottom line is a driver with a higher deductible and higher limits would most likely have a bad day instead of a bad life.
