by ninatins » Thu Oct 23, 2008 04:07 pm
How much insurance should you buy? Any insurance agent worthy of their salt will tell you that you should buy as much as you can afford. While this is a good rule of thumb, it''s about as useful as a stock broker''s tip to buy low and sell high. It might be sound logic but it doesn''t get you any closer to an educated decision. There are a few filters that need consideration in order to make that educated decision. First, what is the state required minimum coverage where you live? Second, what does the minimum cover? Third, what other coverage is available and can you afford it? And fourthly, what are you protecting?
Posted: Thu Oct 23, 2008 04:23 pm Post Subject:
Fourth should be FIRST. The state minimums are....minimal at best. They usually won't cover anything more than a few stitches and a 1997 Toyota Corolla. If you talk to an agent who jus wants to sell you the minimim, run - don't walk - to someone else.
That agent does not have your best interest in his/her mind.
Posted: Thu Oct 23, 2008 08:00 pm Post Subject:
I completely agree. I will quote state minimum if asked but technically will do everything in my ability to not sell it. I will also have them sign a waiver stating that I went over the ramifications of their purchase of state minimums. I personally will quote auto BI at either 100/300 or 300/300 in PA. For the most part so the UM/UIM is higher since in my area we have one of the largest amount of Uninsured and underinsured drivers.
I explain to the customer to take into consideration what it would cost if there were at-fault and the other person would have to spend a week in the hospital with x-rays or CAT scans. When they start thinking about that...it usually is not an issue.
Posted: Sat Jul 16, 2011 03:23 pm Post Subject: LzGhZiKHKcf
IJWTS wow! Why can't I think of tihgns like that?
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