You hear the commercials on the television, internet, billboards, etc…… “15 minutes can save you 15% or more on car insurance!” or they challenge you with “So Easy a Caveman can do it!” What are these insurance companies really saying to you as a consumer? Better yet where are they coming up with these types of savings?
In one word “COVERAGE”. That’s right. The truth of the matter is in order to save you money something else has to give and a lot of times that is your coverage. In the state of MI the statutory (minimum) limit an insured is required to carry for an automobile is 20/40/20. Many of these online tools start your auto insurance coverage at these limits. This means you have a total of $20,000 in a liability law suit. Do you think if you or a family member (think about your teenager) were to injure or kill someone in an accident that $20,000 will be sufficient protection? We don’t either.
When you have insufficient auto insurance limits you will be sued personally. That’s right. Goodbye house, car, second home, bank account, 401K… or any other assets you have been working hard for your whole life. Below are a couple areas to consider next time you are spending 15 minutes shopping online for your auto insurance…
Or you can speak with a true professional advisor at Allied Insurance Managers
Things to remember when purchasing auto insurance:
- Don’t sacrifice auto insurance limits to get cheaper insurance premiums
- Only change damage deductibles if you can afford it
- Bundle auto insurance with your home insurance or with other autos to get a multi-policy discount
- Speak with an insurance agent about the best ways to get your rate down with the same insurance coverage’s
“Your Future is Our Focus”
Contributed by John Kosmal
Allied Insurance Account Executive since 2010