Ok, we all hate insurance, but it is a necessary evil and you won’t realize how much you need it until you actually need it. In this post we will discuss auto insurance.
Many people buy minimum coverage? If you are one of them you are making a mistake and here’s why.
If you have any assets at all the minimum policy you should carry is 100/300/100; that is, bodily injury liability coverage of $100,ooo per person, bodily injury liability insurance per accident of $300,000 and per accident property damage liability of $100,000.
If you have a decent amount of assets you should step up to 250/500/100.
Insurance is protection, in this case you are protecting assets and future wages against an at fault accident that causes significant injury.
If you haven’t reviewed how insurance is an integral part of your financial plan you should contact your CERTIFIED FINANCIAL PLANNER™ to get started.