Auto insurance is often treated as a commodity˳ Buy it online; buy it cheap; fulfill your legal requirements so you don’t get in trouble with the law˳ Don’t think of it that way˳ Some insurance companies are less expensive but sometimes you get what you pay for˳ Take some time to find out what coverage you are buying and when it applies because once in accident happens, you are stuck with your decision˳
Your relationship with your company˳ Midwesterners are nice people˳ We often buy insurance from an agent who is our friend, neighbor or someone we have known for a long time˳ That agent often personifies the company in our minds˳ We pay the premium every month, but whenever possible, we avoid making a claim˳ We hope that the company will be there for us when we need them because that nice agent wouldn’t leave you out in the cold˳ It isn’t that simple˳
Insurance companies are complicated animals˳ The nice guy that sells you the coverage isn’t the one who decides whether you get compensation down the road˳ I am sure if the agent had it his way, you would always be satisfied with the company – everyone will be happy and the neighborhood barbeque will be less awkward˳ But the people in charge of payment on your claim are in a completely different department: the claims adjusters˳ The claims adjuster probably doesn’t know you or your family˳ He or she has seen thousands of people in your situation and you can expect to be treated the same as everyone else˳ If they see an opportunity to save their company some money, it is their job to act on it, regardless of your feelings˳
I often have clients who are very disappointed by their own insurance companies˳ People usually hire me to help them with their claims against other people’s insurance companies˳ Dealing with a first-party issue is often secondary to the main case – but that doesn’t mean they aren’t in for a fight˳
No-Fault Coverage This is often the first source of your coverage following a car accident˳ This coverage is there to get you the medical treatment and repayment of lost wages you need to get back on your feet after an accident˳ Ways your insurance company can frustrate this process include cutting off your benefits before they are exhausted or denying coverage altogether˳ You can save money by electing not to purchase stacking, but that might be a bad idea˳ Also, if you choose a bargain-basement company, you might be dealing with a company who is more likely to fight you on this and you are an easy target if you are not represented˳
UM/UIM Insurance I once heard someone in the insurance industry scoff at this coverage because he felt that most people don’t know either what it is or that they even have it˳ As I have said before, this is insurance you buy for yourself˳ You don’t get to choose who hurts you in an accident˳ Often, these people are not as responsible as you are˳ They might have a minimum policy or none at all˳ Where do you go then? It is important to have a high limit on this part of your auto policy because it is there for you˳ Saving money here might be a big mistake˳
Speak to an experienced personal injury attorney about your coverage and why it is important˳
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