As an insurance professional I run into people regularly whose primary concern is to get the cheapest coverage. They like to ask,
How low can I go?
I have a friend, who carried pretty standard auto insurance liability limits with 100,000 per person injured in an accident and matching coverage for underinsured motorists. One morning while taking his dog for a walk he got clipped by a driver who had the same amount of coverage on his own policy.
My friend required years of physical therapy and multiple surgeries to repair the damage to his body. This ran him upwards of half a million in surgeries alone. Now for those of you who are good at math you are realizing that the driver’s liability coverage plus my friend’s underinsured motorist coverage add up to 200,000 towards paying my friend’s medical bills. Of course, however you do your math my friend now was on the hook for hundreds of thousands over the course of multiple years.
This casts a new perspective on the question above. The question should not be, “how low can I go?” but “how much is enough?” For that I refer to my previous article with that title. There is a balance that needs to be struck between risk protection and not blowing the budget, and for that it is invaluable to have an insurance advisor.
We don’t really grasp the importance of insurance until we use it like my friend and the driver that hit him. If you are unsure about your coverage or have questions it is critical for you to find and retain a quality insurance advisor. If you need an insurance expert I am happy to meet that need. Either fill out the form or call my office at 719-247-0008.