We are an insurance company offering non-standard auto insurance coverage. This non-standard coverage is sold to drivers who trust our agents to get them the coverage they need at a price they can afford.
Our company is headquartered in Atlanta, GA with offices in Tampa, FL and Dallas, TX and operates through the subsidiaries AssuranceAmerica Insurance Company, assurance america Managing General Agency and InsureMax Insurance Company.
That’s what you need to change. What does yours say?
STRATEGY 4 – Review & Change Bodily Injury Liability.
Although Bodily Injury Liability Coverage is a must, almost all of us end-up overpaying for the coverage we need. This type of coverage specifically covers:
- Any and all occupants of an automobile, whether it’s yours or someone else’s;
- Any and all occupants of another vehicle;
- And Pedestrians
Your only goal with this type of coverage is to have just enough protection to protect what is yours … in other words, your assets. And in order to protect your assets, you need to figure out what your Net Worth is – here’s a well known site for calculating your net worth – www.kiplinger.com/personalfinance/tools/networth.html?
A great way to slash your premiums is to have no more in bodily injury liability than what your net worth is. Here’s a common example of the coverage most people have – If your net worth is only $20,000 and you have $100,000 in coverage, you’re throwing money away.
And if you have little, or negative net worth, just get the required State minimums. You’ll need this info to get the lowest car insurance rates. Again, you can get see your state minimums by Googling “car insurance state minimums.”
Here’s what to look for when trying to figure out how much coverage you have now. As I said earlier, most Policies today have your liability coverage’s listed like so – 50/100/100 – The first two numbers (whatever they might be) refer to bodily injury liability coverage. In this example, there is $50,000 in coverage per person and $100,000 per accident.
What does your policy say? Are you paying more than your net worth? If so, change it.
STRATEGY 5 – Review & Change Uninsured/Underinsured Motorist Coverage.
The uninsured/underinsured motorist coverage is a fantastic deal for car insurance companies … and a lousy one for you. This premium alone can increase your auto insurance by a couple hundred dollars a year.
Most folks think that uninsured/underinsured coverage is there to get your car repaired if it is hit by someone without insurance … or someone with lousy insurance.
Any damage done to your car is already covered – by the premium you’re already paying for collision.
First things first … check your policy if your paying for uninsured/underinsured coverage now. If you are, Google “uninsured motorist state requirements” to see if your State requires it.
If it’s not required by your State, cancel it.
If the State you live in does require uninsured/underinsured coverage, make sure you have the absolute minimum required. These minimums are not advertised, change every couple of years and are very difficult to find. So, here’s how you handle this.
Do a Google search for your State Department of Insurance, go to the “Contact Us” page, find a phone number, then call and ask what the minimums are.
Don’t try looking for it. Finding the minimums listed is almost impossible on most State Web Sites – they’ve buried it so deep you’ll never find it. Just call your State Department of Insurance.
I know it’s a bit of a hassle to get the info yourself. Yet relying on the Insurance Companies to give you the correct information isn’t very wise.
Next– Part 2 of “How To Slash Your Car Insurance Costs Up To 54% In 10 Easy Steps”