Friday, September 27, 2019

Just In Case

“Just give me whatever costs the least.”  We get this request daily, particularly in regards to auto insurance.  No one likes to pay for an accident that hasn’t even happened!

Sure, no one thinks an accident will happen to them, and we certainly hope it never does; however, G5 Insurance believes that you should have quality coverage just in case.

I’ll give you an example.  Someone living in New York asks for the “cheapest coverage” we can give them.  The lowest coverage we can legally provide is $25,000 for bodily injury per person, $50,000 per accident, and $10,000 for property damage.

Now, an accident happens.  You hit a brand new Tesla with five passengers who are all taken to the hospital.  Here’s how the coverage will be dished out.

The most the insurance company is going to give you for the entire accident is $50,000, regardless of how many people are hurt.  The most coverage per person, regardless of their bodily injury expenses, you’ll get is $25,000 up to that $50,000 total accident maximum.  And that’s only the bodily injury expenses!  As for the brand new Tesla you hit?  The insurance company is only going to pay $10,000 of that property damage.  The rest of the Tesla will be coming out of your pocket.

We aren’t being the dreaded insurance salespeople when we say no to minimum coverage.  We take pride in making sure that you are covered in the most comprehensive way possible at the time of loss.  We hope you’ll never need it, but insurance coverage should be great, just in case.