Auto Insurance is your Highest Probability for Loss.
It’s Crucial to Get your Coverages Right for the Way You Live
There are (3) major areas that you need to review on your policy
- Personal Injury Protection (PIP)
- Bodily Injury Limits (These are what protect your financial well being)
- Comprehensive and Collision Coverages
Personal Injury Protection
This is the coverage that, if it’s wrong, will do more than bankrupt your family. Medical bills pile up faster than most people expect, and is the only debt that survives personal bankruptcy. Here are some items for you to consider;
- The No-Fault Insurance Reform of 2020 made significant changes to PIP on your auto policy;
- Changed who has access to PIP – limited to “resident relatives” only
- Changed the definition of “resident relative”
- Reduced the state required minimum coverage from Unlimited to only $250,000
- Scenarios where we commonly see gaps in coverage
- A child graduates college and no longer has access to your PIP. It’s complicated.
- You use a personal vehicle for your business, but it is not properly endorsed
- You have a company provided vehicle but use for personal family trips without the proper endorsements
Bodily Injury (Lawsuit Protection)
This is what protects your assets and income. You need to make sure that your coverage is sufficient to shield your assets (home, savings, investments, retirement accounts) and income from lawsuit. We are seeing more and more policies that are only written for the state required minimum of $250,000.
If you own a home or have a retirement account, you need more than the state minimum.
Comprehensive and Collision Coverage
This is the most straightforward part of your insurance policy and is what most people think of when they think of auto insurance. We can talk through how much risk you are willing to self-insure and the costs of each option.