Choosing the Right Insurance Company and Coverages

Posted Friday, April 03, 2015 by Ed Harper

A friend of mine recently asked if she could lower her insurance coverage. Here are some of my thoughts:

Not all Insurance Companies are Equal

First, not all insurance companies are equal. Some handle their claims better than others. And a first party insurance (your insurance) has a greater obligation to treat you with good faith and fair dealing than say a third party insurance (the at fault company). There is assumed to be an adversarial relationship with a third-party insurer. So, don’t be swayed by a cute little gecko who has a funny Australian accent - they are not in the business to give you anything, least of all, good customer service. Because they are more interested in making money than caring about their image if you are a claimant.

What Amount of Coverage do I need?

Second, I the amount of insurance coverage you have for bodily injury, for your liability coverage, is an amount of money that will adequately protect what you own. You need insurance for the amount of assets that you guys are trying to protect.

Liability Coverage is Only One Form of Coverage You Should Have

Third, I would try and keep PIP (personal injury protection) and especially UIM (uninsured or underinsured motorist) as high as possible. These coverages are in essence a form of self-insurance. PIP provides medical and wage loss (and a few other things) and UIM protects you guys with a relatively cheap form of coverage. These coverages are vastly important because I have seen some truly injured people really need more insurance when the other driver doesn’t have enough insurance. For example, UIM coverage stacks on top of the amount of coverage of the at-fault insurance coverage.

Let your Fingers do the Walking and Get Several Quotes

Finally, my suggestion to my friend was to shop around, and get some different quotes from a variety of insurance companies. This allows you to see how much another insurance company would charge for the same amount of coverage.

Just my thoughts. If you have any questions or concerns about your insurance coverage from a personal injury, give Harper Law a call.

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