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The Jaguar lesson


I had a customer a few years back who was driving down I95. It wasn't rush hour, thankfully. His exit was coming up so he started to merge to the right lanes. He kept looking in his mirrors, turning his head and checking as he got over. However, there was a car in his blind spot that he didn't see and he slammed right into it. He hit the car hard, going at a pretty fast speed and spun the car into a guard rail. Fortunately no one was hurt. Unfortunately, the car he hit was totaled. And more unfortunately, the car was a Jaguar.

In his case, he had property damage limits of $100,000, and the insurance company wrote a check out for $92,000 to the other driver.

The state minimum limits of liability in Virginia are $20,000. Do you know how many people are driving around with $20,000 of coverage for property damage? If you live in the DC Metro area, you know that most of the cars on the road around you are worth more than $20,000. This is the case in most areas these days.

So what happens if you have $20,000 on your policy and hit a $92,000 vehicle? Well, unless you have $72,000 in the bank just in case this happens, the court will find a way for you to pay it back. If you own a home, the court can put a lien against your home or other property you own. The court can also order you to pay through garnished wages. (much like child support) How long do you think it would take you to pay back $72,000? We don't even want to think about it and we don't have to, if we're properly insured.

That's where I come in. I am not in the business of writing policies just to get your business. I won't cut coverage just to give you the lowest price, just to get your business. I make sure my customers are adequately insured. I explain coverage. I don't write state minimum limits, EVER.

If you'd like to know more or just have someone who knows insurance review your policies, you can contact me at marie@brocknorton.com.

And though we're located in Northern VA, we are licensed in many states. If I can't write your policy, I'll explain the coverage to you and advise you on who to contact in your area, to make sure your getting the best coverage for you.

MW
Copyright 2016

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