Do you have an insurance with an animal as its icon? Did they save you a bunch of money? MOST IMPORTANTLY are they going to cover you when a catastrophic event occurs?
Insurance is your worst enemy if you never use it, and your best friend when you need it. It's painful cutting a check each month, what's more painful is cutting a check from a lawsuit. Let's do a small exercise together. Get our your calculator and add up the value of your car, value of your assets, money in the bank, any thing worth money, and a year's worth of income.
What number do you come up with? Let's put a figure on it and say it comes to $300,000. Are your coverages $300,000 worth? We live in Utah, it snows, ice packs up, and cars slide all over the road. If you run into a 1992 Geo Metro will your coverages cover it? What about a 2005 Dodge Ram 2500 Diesel truck? How about a 2015 BMW? What about a 2015 Chevy Corvette? Etc. What if you t-bone someone and cause $90,000 worth of medical bills for one person who you paralyze?
Let's now take out your insurance information. What are the numbers on it? The state minimums are $25,000/$65,000 with $15,000. So $25,000 for each person who is injured, $65,000 for the total accident for injury and $15,000 worth of property damage. Does that cover your $300,000?
Say you hit the Corvette, that's a $60,000 car. You T-bone it and paralyze the driver and put the passenger in a coma. The driver sustains a $90,000 bill and the passenger a $30,000 doctor bill. Your current coverages are 25/65 with 15 for property. So for the driver you're $65,000 over and the passenger you're $5,000 over. For the Corvette you are $45,000 over. In total a lawsuit will be coming your way for $110,000.
Chump change right? You're thinking, I don't even make close to that per year. I'll just declare bankruptcy. WRONG!!! DEAD WRONG!!! Not how it works in the insurance industry. The court can order up to 35% of your wages be garnished till the debt is paid PLUS up to 12% interest.
What coverage you really need to cover yourself is 100/300 with 100 for property. That is the BARE MINIMUM you need to be covered. So are you really fully insured? Is the 15% you saved with the lizard going to save you 35% of your paycheck?
Save 15% now and pay 35% later? Or pay the extra money now to save the 35% later? The choice is yours, but as a licensed insurance agent I refuse to quote state minimums, and you should too! Give me a call or submit your info for a quote. Together we can choose the coverage that is right for you.
Call or Text 385-204-6762