Protect Your Money / Investments by ensuring you have Adequate auto Insurance...
Hello all, today I want to make sure all my investors are protecting their assets/money by ensuring they have adequate auto insurance coverages selected that match up with THEIR lifestyles. Everyone has different lifestyles, needs, assets that is why it is critical to know what YOU as an individual need. Below I will break down some coverages that are standard throughout the auto insurance industry.
Liability Coverages: You have bodily Injury and Property Damage (liability always extend to the other party in the event of an accident). This is your most IMPORTANT coverage you can have. I say this because, if you do not have high enough limits the other individual can and WILL most likely SUE you for your assets. They can even Garnish your wages.
Collision: This covers your vehicle if someone hits you or you hit someone else. You have a deductible that needs to be paid out first in order for the insurance company to pay for the remaining repairs or pay for the total cost of the vehicle depending on the damages and what the vehicle is worth.
Comprehensive: This covers the vehicle primarily when it is parked. It will cover acts of God like, hail, fire, flood and it also covers glass replacement, theft and collision with an animal. Again, just like collision your deductible needs to be paid first before the insurance company pays for the repairs.
Medical Payments / Personal Injury Protection (PIP): This coverage is for your and your passengers if you are injured in an auto accident you will receive payments for the amounts you select. Some amounts are as follows: 5k, 10k, 25k, 50K and 100k and this is per person (meaning whoever is in your vehicle at the time of the accident).
Then you have extra coverages that are vehicle specific. For example, rental reimbursement, Towing and Labor, Car Replacement Assistance (which is basically a cheaper gap insurance) some insurance companies will give an extra 20 percent of actual cash value ACV at the time of loss. Which can go hard if you are upside down in your loan.
I really hope this was value added guys. I get too many calls about people not having adequate coverages and have to pay out of pocket or losing their homes, their wages being garnished, it is crazy! Please double check yours, and if you have any questions hit me up I will definitely assist you guys! For a fee of course.. Jk Jk Jk!! :P