by slappy » Thu Oct 23, 2008 08:44 pm
There is currently an AllState Commercial running in my area that takes place in a courtroom with a young man (maybe 17) being sued by another for an accident he caused. The ending states that the young man owes $100K. The other lawyer says they are going to start the process immediately to recoup the amoung and the boys lawyer says he doesn't have enough insurance. The other lawyer says they will get it from savings, college fund or any other assets. The boys parents ask if they can do that and the boys lawyer says they can.
I don't sell AllState but I love this commercial because it shows the ramifications of not carrying enough coverage. I actually think it is kind of surprising coming from AllState (no offense to those agents out there that carry AllState) but the agents in my area that we sell against have no problem pushing state minimum to get business instead of taking the customers best interest into consideration. My main point is that this is a great commercial and we should see more of them around.
Have you seen anything or done anything with this same thought in mind?
I don't sell AllState but I love this commercial because it shows the ramifications of not carrying enough coverage. I actually think it is kind of surprising coming from AllState (no offense to those agents out there that carry AllState) but the agents in my area that we sell against have no problem pushing state minimum to get business instead of taking the customers best interest into consideration. My main point is that this is a great commercial and we should see more of them around.
Have you seen anything or done anything with this same thought in mind?
Posted: Thu Oct 23, 2008 09:06 pm Post Subject:
I am an Allstate agent and I love the commercial also. My agency has received a lot of calls because of it.
Only thing I would have done is made the judgment $500K or more. That would open the door to discussions about Umbrella policies instead of just "raising" my limits. But don't get me wrong, any incoming phone call is a good phone call.
You are right..unfortunately. There are agents - of all companies - who will sell the minimum just to put the policy on the books. There are a few of us - again, all companies - who do want to put the best interests of the customers first, and suggest higher limits.
Posted: Thu Oct 23, 2008 09:29 pm Post Subject:
I've been an adjuster for about 17 years now. Want to know how many times I've seen an attorney go that far in a case?
**** 0 ****
So basically when it comes to the _real_ world, it's just Allstate using scare tactics to sell higher limits. A person _selling_ insurance can always justify someone having higher limits. So I ask the people selling... why not increase _your_ limits.
Posted: Thu Oct 23, 2008 09:51 pm Post Subject:
We do increase our limits. We have very high limits of liability available to our clients. We also offer Umbrella polices in excess of 7 figures.
I have a friend, (fellow insurance agent) who had this happen to his client a couple of years ago. Accident, law suit, savings account and kids college fund depleted, lein against house and to this day, still garnishment on the paycheck.
You may not have seen it, but it does happen.
Posted: Fri Oct 24, 2008 12:55 am Post Subject:
I've seen the commercial.
It's compelling and misleading.
Most persons do not have assets beyond the state exemptions.
Certain assets are EXEMPT from lawsuit judgments regardless of value.
This varies greatly from state to state.
In Florida, the following assets are EXEMPT from lawsuit judgments:
222.01 Designation of homestead by owner.
222.11 Exemption of wages from garnishment.
222.13 Life insurance policies; disposition of proceeds.
222.14 Exemption of cash surrender value of life insurance policies and annuity contracts from legal process.
222.18 Exempting disability income benefits from legal processes.
222.21 Exemption of pension money and certain tax-exempt funds or accounts from legal processes.
222.22 Exemption of assets in qualified tuition programs, medical savings accounts, Coverdell education savings accounts, and hurricane savings accounts from legal process.
The vast majority of all regular persons wealth is concentrated in the value of their home and their IRA, 401k or Annuities.
Are you in good hands?
That's Allstate's stand!
Since Allstate, State Farm and every other brand name insurance company refuses to write homeowners insurance in Florida they are obviously attempting to scare up some liability insurance where none is actually justified.
In my humble opinion.
Posted: Fri Oct 24, 2008 01:14 am Post Subject:
I'm not even sure if they show this commercial in Florida. Allstate's commercials are regional, for one of the reasons you state Gary - everything doesn't apply to every state.
I'm sure you will let me know if they do though.
Posted: Fri Oct 24, 2008 01:32 am Post Subject:
Well of course they showed it in Florida.
I've seen it a couple of times.
Like I said, it's compelling, just not reality for the most part. In fact, having the liability insurance would actually promote a lawsuit as the attorneys would now have a deep pocket, the insurance company, to go after.
As tcope wrote:
I've been an adjuster for about 17 years now. Want to know how many times I've seen an attorney go that far in a case?
**** 0 ****
So basically when it comes to the _real_ world, it's just Allstate using scare tactics to sell higher limits.
tcope hit that one out of the ball park!
Posted: Fri Oct 24, 2008 01:42 am Post Subject:
I welcome your opinion. They are like...what's the expression...armpits (or some other area of the body).
It's like I tell my clients when they give me the "if I have a large limit of liability, won't the attorney come after me for more money?" argument...
...better the insurance company then them.
Posted: Fri Oct 24, 2008 09:35 am Post Subject:
I've been an adjuster more than 20 years...seen excess policy limit judgements twice in all that time..both times the insured's were wealthy folks...and they paid, boy did they pay....
Doesn't mean it couldn't happen to anyone, and with todays sue happy greed world, well....
I'd say a good judge of this is...Gary, Todd, what are your liability limits? I carry 100k pd, and 250/500 bi/um........my state requires 10/25/50
Posted: Fri Oct 24, 2008 10:55 am Post Subject:
I'd say a good judge of this is...Gary, Todd, what are your liability limits?
I carry the absolute minimum. I'm not even sure what that is, maybe $25,000?
Where's Joe the Plumber when you need 'em? P & C....yawn....not my thing.
No attorney is going to pursue a case when there isn't any money there.
Now, if you have $1,000,000 dollars of liability they'll be right on it!
But my point is what's the point of paying for extreme liability coverage when most all assets of most all persons are EXEMPT from judgments by state law in Florida?
Posted: Fri Oct 24, 2008 11:39 am Post Subject:
But my point is what's the point of paying for extreme liability coverage when most all assets of most all persons are EXEMPT from judgments by state law in Florida?
Well first of all you're talking about Florida only, and I don't know that I'm sure about that...especially the garnishment...how is ANY judgement collected then?I do KNOW in MO that if you fail to pay a judgement a garnishment can be attached after I think maybe 60 or 90 days....so in that case, Gary, you rearend someone, they have terrible injury's you have no defense at all for the loss (let's assume)...you want them coming after your earnings for the rest of your life? ok then....I don't get it but ok...do you carry an E and O policy atleast?
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