What you hear and see:
You only pay for what you need
What you don’t:
- One often doesn’t know what they need until there is a claim, and claims can come from anywhere
- Most states require very low liability limits. Maryland, for instance, requires $30,000 per person injured, $60,000 per accident for bodily injury, and $15,000 for property damage – triggered when one does damage to other cars. Or property. The average new car price in 2020 was $37,876. The average insured overnight hospital stay costs about $11,700 – per person. If one determines “what they need” on minimum required limits, there will be a huge problem after an incident
- Forbes ( https://www.forbes.com/advisor/homeowners-insurance/claim-mistakes/ ) notes “One of the worst mistakes a homeowner can make happens before a loss occurs” . . . “It’s not having the right coverage.”
- Affordability of insurance is based on spread of risk – the “rule of large numbers.” The ad assertion is an attention grab; the carrier knows this and distributes product primarily through experienced professional independent agents who are required to maintain licenses with mandated continuing education
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