INDUSTRY INSIGHT
INSURANCE
SPONSORED CONTENT
AUTO COVERAGE FAQS
There are many questions that are commonly asked by people who come into our office.
• Is my coverage adequate?
• Is it the right coverage for me?
• What do all the technical terms mean anyway?
Once customers better understand the answers to these questions, and more specifically how the answers relate to their insurance needs, customers feel more at ease with the process of buying auto insurance.
Do I Need More Liability Coverage Than the Minimum Required by Law?
Minimum liability requirements are typically just that— minimum, not necessarily enough. When you’ re at fault in an accident, liability insurance pays to repair or replace the other driver’ s car and pays other people’ s medical expenses up to the limit of your coverage. If your coverage isn’ t enough to pay all of the costs, the remainder comes out of your pocket.( Ouch!) More liability coverage could help avert a financial disaster.
Should I Increase My Deductible?
By requesting a higher deductible— the portion you pay before your insurance coverage kicks in— you can typically lower your premium. For example, you may consider going from a $ 500 deductible to a $ 1,000 deductible. But before you do, make sure you have the funds set aside to cover your portion in case you have a claim.
Do Red Cars Really Cost More to Insure?
It doesn’ t matter if your car is red, blue or purple. What’ s important are the year, make, model, body type, engine size, your driving record and the like. So get whatever color car makes you happy! Then give our office a call to make sure you and your car are properly protected.
Do I Need an Umbrella Policy? Umbrella policies supplement the liability coverage you already have through your auto and home insurance and provide an extra layer of protection through increased or excess coverage limits. An umbrella policy may also help to plug gaps in liability coverage that fall outside the scope of your underlying auto, home and other personal liability policies. The only thing worse than being at fault in a terrible accident might be if you’ re sued and lose the rest of your assets in the lawsuit. Consider it financial catastrophe protection, and psychological and emotional comfort when you really need it the most.
When Do I Need to Add My Teenager to My Policy? You should add your teenager as soon as your child gets a permit or license. Check out the Farmers teen driver education program, You’ re Essential to Safety( Y. E. S.), at www. farmers. com / parents _ yes. html. It’ s free to all young drivers.
Ways to Save on Car Insurance
• Drive safely and drive less.
• Choose a car that’ s less expensive to insure.
• Get discounts for purchasing multiple policies with Farmers.
• Pay for your policy in full.
• Choose a higher deductible.
• Research before you buy.
Auto insurance options and requirements can be complex. I offer a free service that simplifies your options, so you can decide if your policy gives you the coverage that you want. Let’ s have a conversation.
Securities and investment advisory services are offered through Voya Financial Advisors, Inc. Member SIPC. Cornerstone Wealth Advisory and Insurance Services, LLC is not a subsidiary of nor controlled by Voya Financial Advisors, Inc. Cornerstone Wealth Advisory and Insurance Services LLC is not a broker / dealer nor a registered investment advisor.
This Industry Insight was written by Patrick Geary. Patrick Geary is the owner of Cornerstone Wealth Advisory and Insurance Services, LLC., located in Erie, PA. Our clients come first. Everyone is treated with respect, integrity, and honesty. Through a long-term commitment to these principles, we strive to be known as a company that builds solid relationships. Mr. Geary is licensed in PA, NY, and OH to provide individual and commercial insurance coverage. For a free quote call 814-315-2700 or email pgeary @ farmersagent. com.
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