Why Didn’t Someone Tell Me That? Common Insurance Misconceptions
Before I entered the industry I had a lot of insurance misconceptions. I had thought that insurance was something that most people have but is completely useless. However, I later learned that when used right, it can turn any bad situation into a good situation. Here are 5 items that I wish someone had told me about insurance to help me understand its value:
Auto liability insurance that covers bodily injury can protect against way more than someone’s actual bodily injury
If you exceed your allotted coverage, you’ll be paying out of pocket for the excess. When you cause an accident, here are some of the items you can be held liable for under this coverage:
- Someone’s medical bills – this includes physical therapy and surgery as well as any other medical bill
- Someone’s pain and suffering – this can be from just about anything
- Punitive damages – if you were texting and driving or doing something illegal, the judge and jury can give you a large fine –(may not always be covered)
- Lost wages – if someone cannot work for a period because of the accident
Auto medical payments can pay YOU
If you’re hurt in, or by a car, your medical payments coverage can pay your medical bills or ER visit. Whether it is an at-fault accident, or shutting your finger in a car door, medical payments can protect you.
Some homeowner’s policies will pay to replace UNDAMAGED items.
You might at one point have a claim on your roof or siding. If you’re unable to repair the damaged area with the exact matching material, it could get frustrating. However, some companies will pay to replace all of it so that it matches perfectly.
There can be coverage for your new machines randomly stopping.
If you just purchased a new machine – from an air conditioner to a multi-ton press – from a home appliance to a commercial machine – and it mysteriously stops, you could be covered for a new, or similar item. Machinery break down coverage protects you against non-wear and tear breakage that could cause serious problems if not taken care of.
There don’t have to be large out of pocket expenses just because you had a claim.
Built into your policy is something that can reimburse you for expenses you wouldn’t have had if a claim didn’t happen. If you lost business, or part of your income because of a loss, there is coverage for that as well.
Talk to an independent agent today to see if you have the right coverages, and make sure you aren’t left asking, “WHY DIDN’T’ SOMEONE TELL ME THAT?!”