By Rich Ferreira, Rich Ferreira Agency
So you really think you can get by with the same old 100/300/100 liability limits on your auto policy? Not if you have a kid driving! Not if you are a sales person in your car with that cell phone in your hand. And certainly not because you think you are still that sharp driver you used to be!
Just because you have never had an accident doesn’t mean that you are not now at a much greater risk as you retire. And, I’ll bet you have avoided a few big accidents when you were younger due to your crisp reflexes. Once you are over 60 years of age, you will lose some of those reflexes every year and may not be so capable of avoiding that next accident! You have spent your lifetime building up a net worth of over $300k, maybe even a lot more. That net worth is slowly going up in value at maybe 3%-8% every year. Why not invest less than .1% of that nest egg, or only $300 to protect it and its increasing value.
In fact that $1,000,000 of blanket coverage over your homeowner and auto policy will likely cost a lot less, starting at about $160 in premium. A $3M to $5M umbrella may be warranted for higher net worth individuals at a cost of maybe $120-$200 per additional million, depending on how may toys and properties they have. For most people, an umbrella is a must. Do you want your family at risk by not considering an umbrella policy?
Rich Ferreira offers FREE 1-hour insurance seminars in our Oro Valley office on Saturdays. No soliciting during or after. No sales follow-ups.