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2 years ago · by · Comments Off on Is your Auto Insurance Protecting You?

Is your Auto Insurance Protecting You?

Auto insurance can easily be forgotten with no care as to what you are paying because it is just another bill and not looked at as a protection, or even an investment, of your assets. The Arizona legislature, in the early 90’s, created state minimums for auto insurance for bodily injury and property damage of 15/30/10.

What does this mean for your auto insurance protection?

To many, it is the cheapest auto insurance, and that’s what they want. But what if you worked your whole life and built up assets and you carried only state minimums, only to get hit by someone who just wants the cheapest insurance or someone who carries no insurance at all?

When you only have the state minimums of 15/30/10, you are taking chances on your assets and your future earnings. If you hit someone and hurt people, your state minimum coverage will pay out no more than $15,000 to any single victim that you hurt. If you hurt more than one person, your coverage will pay out no more than $30,000 to all victims combined with no single person getting more than $15,000. Also, if you only carry state minimums, your policy will pay out no more than $10,000 if you cause damage to other vehicles, curbs, signs, etc. If you have assets and carry the state minimums, the lawyers will sue you for everything you have worked for to cover the cost your state minimum policy does not cover.

Insurance Example:

A gentleman was driving his Lexus when he ran a red light and t-boned my niece in her 2015 Ford Focus with her brother in the passenger seat.

Her vehicle was totaled, and she and her brother had to go to the hospital. They are still going to physical therapy and recovering.

Question- Do you think the 2015 Ford Focus that was totaled cost $10,000 to replace? Do you think the ambulance ride, the hospital stay, and the physical therapy cost less than $15,000 for both my niece and nephew?

Answer- NO! The Focus cost just under $20,000 and the hospital bills have surpassed the $30,000 mark and are growing, especially when the driver of the Lexus has to payout pain and suffering.

Solution- Get the proper amount of insurance to cover your assets and future earnings. My minimum recommendation is to carry 100/300/100, but for those with many assets why stop there? I suggest to many of my clients to carry 500/500/500 and add a $1 million umbrella. This gives you $1.5 million in liability coverage and will certainly help cover the majority of accidents you may cause. We have umbrellas that can cover up to $10 million. Keep in mind these coverages are not as expensive as one might think, it just depends on the driver and their history.

What about uninsured and underinsured coverage?

empty wallet of underinsured driverDid you know that 66% of drivers either carry no insurance or not enough insurance? This means you are responsible for protecting yourself, and you cannot rely on others. If someone hits you and does not have insurance, or not enough, what does that mean for you? What if they have no assets and eke by every week on what they make? You can’t sue them! You can garnish their wages but that does nothing for you now, if ever!

Uninsured and underinsured coverage was created for this purpose. Similar to your coverage for bodily injury, you can receive the same coverage for uninsured and underinsured of 100/300 to 500/500, and can even include it in your umbrella for an added expense. If you go to the example of my niece and nephew, they had 100/300 for both uninsured and underinsured, so when the guy driving the Lexus hit them and was underinsured, their policy kicked in and paid the bills. Now, Farmers is subrogating the guy who drives the Lexus, which essentially means their getting their money back with lawsuits.

The Ugly Truth- If you are in an accident, and it is blamed on you, and you carry the state minimums, do you think your insurance company will back you and spend the money to investigate or go to court? Or do you think they will payout $10,000 for property damage and $30,000 for bodily injury and walk away with minimal losses? What if you had 500/500/500 and a $1 million umbrella? Do you think they may listen to you and investigate and go to court if you say you were not at fault? Now you have the full power of your insurance company behind you and their team of lawyers to defend you and investigate the incident and find out the truth to PROTECT YOUR ASSETS!

Contact my agency and let us determine what auto insurance coverage you should have and how we can protect your assets and future earnings.

Company Information

James Merrill Agency

9332 E Raintree RD Suite 140
Scottsdale, AZ 85260

Phone: (480) 868-2952
Hours: Monday - Saturday 9am-6pm

Contact Us

(480) 868-2952

Ready for the next step? It is easy to tailor insurance coverage around your needs. Call us to learn more about the options available and get an insurance quote.