Luke Turner, CFP®, CEPA®
I help entrepreneurs build and protect wealth | Financial Advisor to Entrepreneurs
- Report this post
If you have a car you probably have the wrong insurance.I see this almost every time I review auto coverage.Underinsurance on your cars and personal liability.First, let me explain what you are looking at on your car insurance. You are going to see 3 numbers.25/50/25.Here is what they mean.1st Number - Bodily injury coverage per person2nd Number - Bodily injury coverage per accident3rd Number - Property Damage per accidentSo if your numbers look like this it is a problem and here is why.You run into the back of a new Yukon and total it.That car costs $80,000 to replace but you only have $25,000 in coverage. You are out of pocket $55,000.That Yukon owner sues you for back issues for another $100,000. You have $25,000 in liability coverage. You are out of pocket $75,000.The cost to increase these liability coverages to the proper limits would be less than $100 a month. Don't step over the dollars to pick up the pennies.
30
17 Comments
Andy Harbut
Symphony Risk Solutions – President, Symphony Transact
4d
- Report this comment
I'm looking at a commercial plumbing business right now that has 25/50/25 across a fleet of 11 Sprinters...yikes!
1Reaction 2Reactions
Jacob Turner
I help entrepreneurs and athletes build and protect wealth | Investopedia Top 100 Advisor | My kids don't believe I played MLB baseball
4d
- Report this comment
Such an easy thing to miss
1Reaction 2Reactions
Erik Wicklund
Insurance & Financial Services Expertise | Sr. Sales Rep | State Farm - Jim Lindahl Agency
4d
- Report this comment
Easily overlooked by many people...
1Reaction 2Reactions
Dan Schnurbusch
I help families protect themselves, their kids, and their money.
4d
- Report this comment
Definitely. Most should look into umbrella coverage, too, as it is so cheap!!
1Reaction 2Reactions
Tucker Walsh
Chief Investment Officer at Arrowside Capital | 30+ Years Investing | Disrupting the Investment Industry
4d
- Report this comment
It's seems like it's worth saving that little amount of money until you really need the coverage.Thanks for sharing, Luke!
1Reaction 2Reactions
Justin Wright
3L at Cumberland School of Law contributing to organizational success through pragmatic and progressive legal research, counseling, and support.
4d
- Report this comment
Part of the problem is car insurance is already pretty expensive. You're talking about bumping insurance to the cost of the payment, if not more, for many folks. I don't disagree, but it's unfortunately impractical for lower income households to shell out close to 500 a month per car for better coverage.
1Reaction 2Reactions
Aaron Tucker
Financial Advisor to Owners and Executives focusing on Wealth Strategies and Exit Planning
4d
- Report this comment
Good words. If having more coverage is cost-prohibitive, I'll often ask clients about raising the deductible in tandem with the coverage. So often the deductible is crazy low anyway -- they'd never call the insurance company for a $500 fix
1Reaction
Andrew W.
Concierge Family CFO for the Hyper-growth, Purpose Driven, Legacy-minded Entrepreneur
2d
- Report this comment
The most expensive insurance is the kind we believe and count on to work/protect us when weNeed it most and it doesn’t… if it’s worth having, make sure it’s the right kind and amounts. Thanks for being a proactive and comprehensive financial leader Luke Turner, CFP®, CEPA® and for investing the time to make us all better
1Reaction
Matt Matros
3d
- Report this comment
I started BrandRock for this very reason
1Reaction
To view or add a comment, sign in
More Relevant Posts
-
Valor Insurance Group
52 followers
- Report this post
When it comes to car insurance, you've got three pieces of the pie to consider. First, there's coverage for others which is also known as liability insurance. This is important because it covers damages and injuries that you may cause to other people and their property. 🙏Next up, we have coverage for you. This includes things like medical payments coverage and personal injury protection which can help cover medical expenses for you and your passengers in the event of an accident. 😷And last but certainly not least, we have coverage for your vehicle which includes comprehensive and collision coverage. These are optional coverages that can help cover repairs or replacements to your car in the event of damage or theft. 🚗🛡️Follow for more...
Like CommentTo view or add a comment, sign in
-
Steven Kohnle
Agency Owner - Farmers Insurance Group
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/gtjGSb5b
1
Like CommentTo view or add a comment, sign in
-
TheInsuranceMasters
22 followers
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/dKn2y7J4
Like CommentTo view or add a comment, sign in
-
Doug Blevins Agency - Alfa Insurance
123 followers
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/dKn2y7J4
Like CommentTo view or add a comment, sign in
-
Ken May Insurance Services
23 followers
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/dKn2y7J4
Like CommentTo view or add a comment, sign in
-
Michael Hooker
Owner/Agent at Michael Hooker Insurance - Farmers Mesquite, TX
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/gNQb3baB
2
Like CommentTo view or add a comment, sign in
-
Elaine Turner
Agency Owner at Atlanta Premier Insurance Agency LLC
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/eBxyR6d9
1
Like CommentTo view or add a comment, sign in
-
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/gYU9fCGG
1
Like CommentTo view or add a comment, sign in
-
Danielle Burton
Office Manager The Insurance Masters
- Report this post
Liability insurance can help cover the other driver’s costs if you’re at fault in a car accident. But liability doesn’t cover your vehicle’s damage. For that protection, you’ll need what’s commonly called full-coverage car insurance. Not sure which is better? Here’s a closer look at liability vs. full coverage. https://lnkd.in/ezEHSC_T
1
Like CommentTo view or add a comment, sign in
-
Brandi J. Newland,
Real Estate Adviser - Commercial | Luxury | Residential
- Report this post
Check out these strategies for #saving money on car insurance. #moneytips finance.yahoo.comCheck out these strategies for #saving money on car insurance. #moneytips
Like CommentTo view or add a comment, sign in
3,974 followers
- 609 Posts
View Profile
FollowExplore topics
- Sales
- Marketing
- Business Administration
- HR Management
- Content Management
- Engineering
- Soft Skills
- See All
