Every Household Should Have a Budget - Auto Insurance Policies

Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

kathy sheehan


Every household should have a budget - auto insurance policies.  If you have a vehicle, you MUST have insurance.  The type of insurance coverage required can best be answered by your insurance agent.  Your insurance premium will depend on how much you drive, what type of vehicle you drive, and where you live.  

In a recent conversation with a referral partner, I asked him for the 3 top mistakes made when selecting auto insurance.  Here are his answers:

  1. Not electing for underinsured/uninsured motorist coverage.  Frequently this is the first coverage that is eliminated when someone is trying to reduce their premium.  It may not be the wisest decision since this will cover YOUR expenses if someone else is at fault.
  2. Look for discounts by combining your auto insurance, homeowner's insurance or renter's insurance.  This can result in a considerable savings.
  3. Lastly, make sure you understand the coverage!  Too many times it is after the fact that an indivudal finds out they don't have enough coverage.  

Please contact your licensed insurance professional for specific information regarding your situation and needs.




Every Household Should Have a Budget - Getting Started

Every Household Should Have a Budget - Step 2

Every Household Should Have a Budget - Savings

Every Household Should Have a Budget - Checking Account

Every Household Should Have a Budget - Life Insurance

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Kathy Sheehan Senior Loan Officer






Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988



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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.



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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Kathy -  I've also heard that if you want to save on auto insurance premiums, raise your deductible especially if you are not accident-prone.  Thanks for sharing the thoughts from your referral partner.

Aug 31, 2013 01:09 AM #1
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have always strived to be over insured.  Learned that lesson from my parents over 20 years ago when they had a tornado and their homeowners didn't cover the boat.

And I have a lending question for you... do you have an investor that does manufactured home loans?  even as a second home?  let me know if you do.


Aug 31, 2013 01:13 AM #2
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent
Tennessee requirements are that every driver should have at least the minimums. Of course many do not and are only caught if the are stopped or in an accident.
Aug 31, 2013 01:50 AM #3
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Michael, that is an option, if you have the money to cover that higher deductible.

Tammy, I agree with you!

Debbie, here too, but there are always those that think the law doesn't apply to them.

Aug 31, 2013 01:55 AM #4
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Tammy, please email all of the details and I will see what I can do for you, kathy.sheehan@prospectmtg.com.


Aug 31, 2013 01:59 AM #5
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Kathy, when it comes to car insurance, one needs to ask a lot of questions to understand the rates and coverage, only then can one really make the best decision.

Aug 31, 2013 02:44 AM #6
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Kathy- very good information and it's so important to know your coverage.  I usually call every year or so and ask about my coverage to see if there are changes I need to make.  

Aug 31, 2013 03:34 AM #7
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I'm going over our insurance plans now and realizing that I am definitely over paying.  

Aug 31, 2013 03:35 AM #8
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Kathy: Interestingly, I just went over my plan with my insurance lady. Your needs do change over the year. And I like your suggestion #2, keep all insurance policies in one place.

Aug 31, 2013 04:04 AM #9
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Kathy, that is true!

Kathy, most people put it in place and new review.

Chris Ann, it should be an annual event.

Hella, yes they do, all the more reason to review.

Aug 31, 2013 11:59 AM #10
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hey Kathy-good post I am going to start following you!

Sep 01, 2013 03:20 AM #11
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Kathy Sheehan

Senior Loan Officer
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