AUTOMOBILE INSURANCE

If there was ever an insurance product that could be classified as Commodity; Automobile insurance surely would top the list. If you watch TV, listen to the radio, read email or surf the internet you are no doubt inundated with advertisements from auto insurance companies touting how much you may “save” with a brief phone call. After awhile even the gecko becomes tiring.  

The pricing of Auto insurance is very competitive and very cyclical, depending on where you may be in the insurance company’s cycle can affect your premiums. While it’s prudent to shop around every few years it’s even more prudent to be certain you have adequate coverage. After all if you “save” $300 on your premium but now have a lawsuit on your hands with a potential payout of $100,000 over your insurance limit then what did you really save on?  

There’s a carrier that touts “name your own price,” sounds great until you learn that naming your own price did not provide enough coverage for your costly rehabilitation expenses due injuries sustained in an accident. No one wants to pay more than necessary for their Auto insurance but understand what you are buying and why it’s important to protect your assets from lawsuits &/or medical expenses arising from an Auto accident whether it’s your fault or not. In the legal community the definition of an Automobile is: “A Lawsuit on Wheels.” If you have drivers with 5 years or less driving experience you’ve just upped the ante significantly.