The biggest mistake I see from people is they really don't understand what their coverages mean and what exactly is at stake by not being informed. So here's some info just in case. Keep in mind that if you cause an accident, and suffer a significant judgment against you, damages over and above your policy limits will be your responsibility. That means your personal assets and even your future earnings could be at risk. There are generally six different types of auto insurance coverage. Bodily injury and property damage liability pays for your legal defense costs and judgments against you in cases that involve injuries or damage to other people or property. Often I see someone having 15-25,000 property damage. There are a lot of cars on the road in CA that are over 25,000!!! Medical payments coverage pays for the medical expenses of the insured driver and passengers, regardless of fault. Uninsured/underinsured motorist covers losses caused by a driver who is uninsured or has inadequate insurance. Collision pays for accident damage to your own car, while comprehensive insures your vehicle against all other physical damage — including those that result from theft, vandalism or natural disaster. Drivers may also purchase endorsements that extend their coverage even further. Rental reimbursement will pay for a rental car while your damaged vehicle is in the shop. Optional towing and labor insurance kicks in whenever your auto breaks down — not just for accidents covered under the basic insurance. The other mistakes I see are in policy limits. They are the maximum dollar amounts that will be paid by your insurance company in the event of a claim. There are separate limits set for each type of coverage, and higher limits will require higher premiums. Consider the value of your vehicle and personal assets, your tolerance for risk, and the amount you can afford to pay out of pocket when you choose your coverage limits. Last, I want you to know I don't just handle auto/homeowners plans. I handle ALL financial and insurance services. I do a lot of retirement planning such as investments with mutual funds, ETF's, etc. Most Americans are not prepared at all for college funds/retirement and please don't rely on social security to be there. It is not nearly enough to survive on. Put something away every month so you can get dollar cost averaging working in your favor in up and down markets. If you make a retirement account just like you do for all your other bills, you will be shocked at how it grows over time. Call me and we can discuss setting something up and getting you started
I just got out of a 10 day lovely hospital stay and I wanted you to know about this because it's a "you never know" situation. Out of nowhere, I got struck with a rare condition called Trigeminal Neuralgia. If you google it, you will see it's nasty. It's the nerves effecting the face, such as eyes, mouth, and ears. In my case it was my right eye. It's a stabbing pain or electrical shock of the most excruciating pain. The scary part is there is no known cure other than drugs and surgery which are not always successful. I'll take any prayers that the drugs work. The reason I am telling you this is because I will never be able to apply for life or long-term care coverage because it's an automatic decline. Fortunately, being in the business, I have those coverages in place and all set. So, stop and think, if you have a life policy, let me review it. In order for me to replace it, I have to prove to the new carrier how the new one is better. Perhaps we can add more years if you have a term policy. If you have a universal/whole life policy, many I review will blow up in much higher premiums down the road. Maybe you have no coverage, would your dependents be ok if you passed away? You can even get a burial guaranteed issue policy of $5-20,000, very inexpensive, so your loved ones don't have to deal with it when that day comes. If you have a long-term care policy, I salute you! Smart move. Leave that alone. Maybe you got that policy a long time ago and could use a little more coverage for care. We could add another small one. You need at least $5-6,000 per month for care. If you don't have any coverage, if you need care today, what is your plan? Clients and customers who call me for this are ones who have seen it with their family and the toll it takes.
Darrell Fryer Insurance Advisor of Capistrano Premier Insurance Services and can be reached at 949-248-3112