Most people buy insurance because they have to have it. I ask all of my prospective clients "Why did you pick this coverage and these liability limits?" The number one answer is my agent did it for me over the phone, or the lizard helped me do it online. I am getting used to hearing it but it still amazes me. The most important part of your insurance program is your liability limits, if you bang up a car it can be fixed, a leaky roof while a headache is not a financial death sentence. But on the other hand if you are driving a car and run a stop light and seriously injure or even kill someone, that is when your insurance can save your financial security and future earnings.
Example: You injure a hardworking family man that has a stay at home wife and 3 school age children. He makes $70,000 a year as a commercial plumber, has a mortgage, 2 car payments, saving for kids college, ect. You injure him and he is off work for a year and can't return to his old job, he must find a lesser paying job but he still has the same financial needs as he did before you ran that red light. He is going to need you or your insurance liability limits to reimburse him for his lost wages, medical bills not covered by his medical insurance and not to mention the loss of income from the old to the new job he must take for the next 20 years due to his injuries.
I see people with liability limits set at 50,000/100,000 or even less. The first number is per person limits and the 2nd is per accident. These limits would be wiped out in a heartbeat, and guess who pays the difference, hint not the lizard or the agent on the phone. Yes you are responsible for the shortage. Do me a favor and look at the back on your big phone book, who is on there? A lawyer!! That is who will sue you for his/her clients loss of income, medical bills and pain and suffering.
Now do me one more favor, dig out you current auto and home insurance policies and check your limits. If you do not have a minimum of $250,000/500,000 on your autos and $500,000 on your homes run don't walk to the phone and call me. 816-285-9483. Increasing your limits will not cost as much as you think, it is the least expensive thing on your policies to increase. I also recommend that you have an umbrella policy that extends your liability limits an additional $1,000,000 for less than the price of a dinner each month.
Call Chris Campbell