Continuing our discussion of what is the best advise I can give someone regarding insurance and the issues surrounding its purchase.
5) Our agency is here in Naples, Fl., within a very short drive we have a, Mercedes dealer, Tesla dealer, Jag/Land Rover dealer and Bentley dealer. So being in a bit of an affluent town there are a lot of high dollar cars on the road, and when a accident happens it can mean big bucks.... Why this big discussion....? Hey Charlie, how much liability coverage should I carry? My hones answer is as much as you can afford. Let me give you the nightmare....rainy day your car sliding into a Bentley and injuring the other driver. It happens everyday. It doesn't make you a bad driver or stupid that is why they call them accidents.... How much is that extra liability worth at that moment? Also, if you care enough about asset protection to be reading a insurance blog, you should couple your liability policies with a personal liability umbrella. This type of policy works along with your underlying policy (in this case the auto policy) to protect you beyond the policy limits of that policy for an additional 1,2 or 5 million dollars. Whatever size you choose to purchase. So adequate limits of liability coupled with and umbrella policy..... this is a very valuable piece of advise to protect your financial well being.
6) Don't forget the toys. Many times we acquire things like ATVs, boats, guns, collections and jewelry but forget to get them insured properly. These items have very limited coverage on most homeowners policies or are excluded altogether so when you acquire one, speak with your agent as soon as possible to secure the right coverage for you.
7) Here's one....I dont sell it, but I believe in it whole heartily LIFE INSURANCE. Buy it and lots of it. Your loved ones will be grateful.
8) Don't immediately dismiss the "extras". Many policies offer policy enhancements and endorsements that really are a good value and well worth the money. Some folks are in the "give me the cheapest thing you got" mode and most of the time those are the folks that are disappointed and angry when a claim happens.
Last, when looking for an agent consider the person. Is this person of good character? Are they involved in the community, church or civic group, or are they just selling me something? To me I'd rather pay a bit more if I know that my agent works a soup kitchen on Tuesday nights with his son or something along those lines....
Anyway, these are just a few of the generalities that I find helpful in the insurance world that I hope will help you.
Have a great week,