INDUSTRY INSIGHT
INSURANCE
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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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