We all want to save money on things like insurance. It is rarely used, so we feel like we can and should cut corners on coverage options that we don’t think are necessary or that we don’t understand. Heck if I am honest I considered doing that this very week myself, BUT I didn’t, and the reason why is because there is real value in insurance. But we must remember insurance is for the catastrophic. It is designed to protect you and your assets from ruin. So, it’s for when you have a total loss and you are facing BIG losses that you don’t want to be skimping on things that can cost pennies a month. Enter the Value of an Independent Insurance Agent
Here are a few things for auto insurance.
- Liability limits – Do you know what the numbers 15/30/10, 25/50/25, 50/100/50, 100/300/100, or 250/500/100 mean? Did you know the cost from one to the other can be VERY little? When was the last time you increased your limits. GASP! Increase insurance?!? Many of us purchase state minimums when we are struggling college students, then later become business owners, professionals, or just increase what we are earning, and never adjust our insurance to protect us. This has particularly been an issue recently as more of us purchase our insurance online. Don’t cut corners on liability insurance ever, ever, ever. Medical bills are increasing and its almost criminal that the state minimum limits are so low, because they barely cover anything.
- Uninsured and Underinsured Motorist coverage – There are uninsured and underinsured driver’s everywhere (see point number 1). What if you get hit by one. We recently had a lady come into the office that had been hit by an uninsured driver on her way to Phoenix she sustained injuries that cost millions of dollars in medical bills. She didn’t have any uninsured and underinsured motorist coverage. Heath insurance covered much of this, but uninsured and underinsured motorist is SO much more.
- Medical Payments – Medical payments is a no-fault coverage, meaning you don’t have to be at fault for it to pay out. But I have medical insurance, so. Do you car pool? Do have other people’s kids in your car? You see where I am going? If not, your medical payments coverage might be the only or best coverage they have. Even if you do have health insurance, medical payments can pay your deductible. With health insurance deductibles increasing more and more every year this can be a HUGE benefit.
The list can go on and on. I will spare you. But this much I will say. Changes to your policy are often made with the intent to save money, not being fully understanding the consequences until after a loss. So, my plead to you is that before you go changing your policy please ask your insurance agent for examples of how the coverage works and an example of when it would be used. Ask for the worse case they have seen. Yes, it can happen here, and yes it can happen to you.
What’s the answer? Look, if you need to save on insurance, ask us, let us shop for you. Sometimes in the best-case scenario you can save money AND increase your coverage. Imagine. That’s the benefit of an independent insurance agency, like Gila Insurance Group LLC.