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Three Coverages South Carolina Insurance Policy Holders Should Add

Insurance , , , , ,

As mentioned in my previous post, I am amazed at the insurance coverages my clients never even knew existed. This challenge goes out to all insurance salesmen to better inform your clients of  the coverages and give them examples of why they need it. I know they probably don’t want to pay the extra money and you don’t get much additional commission but it’s your job to explain why $50-$100 extra a year can save them $1,000-$25,000.  I have these three things and so should you:

  1. Personal Injury Protection(P.I.P) and/or Medical Payments (Medpay) coverage- this covers you and all the passengers in your automobile regardless of fault or liability- if you don’t have health insurance this is a must;
  2. Underinsurance(U.I.M) coverage-exactly what it sounds like, except easier to understand when I explained that it helps cover you and your passengers or family when someone injures them that does not have enough insurance or assets to go after; and
  3. GAP Coverage& Renters Insurance-both of these coverages take care of your possessions when they are damaged. The first being your automobile that is over financed and not worth what you owe on it. The second for your possessions while renting someone else’s home or apartment.

I can not help you if you are not helping yourself by taking advantage of the insurance coverage that actually benefits you and not someone else. As much as I comment about how I hate insurance companies, they are a necessary evil. If you are able to play the game of insurance successfully you can and will come out on top.

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Bad Economy Leads More Drivers to Drop Insurance

Automobile Insurance , , , , , ,

M.P. McQueen of “The Wall Street Journal” reports that:

More drivers are letting their car insurance lapse because of the sour economy, putting themselves and others at risk……..

Ms. McQueen quoted Robert Hartwig, president of the Insurance Information Institute, as saying:

“A good proportion of people on the road are either uninsured or underinsured, and so you have to protect yourself… “

“Your odds of being in an accident with an uninsured driver are substantial.”

As I reported in my “Full Coverage”  article:

Minimum insurance limits in the South Carolina are mandated by S.C. Code Ann. § 38-77-140 and at the present time are 25,000/50,000/25,000. Likewise, UM, or uninsured coverage is mandatory but you should carry higher than the minimum limits.

Insurance coverages that protect you when someone is uninsured, underinsured, or is covered with Allstate are below: (insurance companies don’t want you to know about them because it costs them money in the long run):

  1. UIM–In accordance with C. Code Ann. § 38-77–160, this is optional coverage you can purchase in the event that damages are sustained in excess of the liability limits carried by an at-fault insured (driver) or underinsured motorist. Remember minimum coverage is $25,000.00 per one person.
  2. UM–This is uninsured coverage and essentially your insurance company will defend the at fault person against you. HUH? Read it again. That’s right! You’re own insurance company defends the uninsured person against you. Why? Insurance companies don’t make money paying you money, that includes your insurance company. Call and ask them if you think I am being untruthful.
  3. PIP/MEDPAY– This is the greatest insurance ever. If you do not have it, you’re an idiot. It’s cheap, too.

GAP Coverage-Gap insurance covers the difference between what the insurance company says your car is worth versus what’s left on your car loan, or note.