Three Coverages South Carolina Insurance Policy Holders Should Add

As mentioned in my previous post, I am amazed at the insurance coverages my clients never even knew existed. This challenge goes out to all insurance salesmen to better inform your clients of  the coverages and give them examples of why they need it. I know they probably don't want to pay the extra money and you don't get much additional commission but it's your job to explain why $50-$100 extra a year can save them $1,000-$25,000.  I have these three things and so should you:

  1. Personal Injury Protection (P.I.P) and/or Medical Payments (Medpay) coverage- this covers you and all the passengers in your automobile regardless of fault or liability- if you don't have health insurance this is a must;
  2. Underinsurance (U.I.M) coverage-exactly what it sounds like, except easier to understand when I explained that it helps cover you and your passengers or family when someone injures them that does not have enough insurance or assets to go after; and
  3. GAP Coverage & Renters Insurance-both of these coverages take care of your possessions when they are damaged. The first being your automobile that is over financed and not worth what you owe on it. The second for your possessions while renting someone else's home or apartment.

I can not help you if you are not helping yourself by taking advantage of the insurance coverage that actually benefits you and not someone else. As much as I comment about how I hate insurance companies, they are a necessary evil. If you are able to play the game of insurance successfully you can and will come out on top.

 

Previous or Related Posts I Have Written on these Coverages:

 

Single Car Accidents Leave Drivers and Passengers with Few Options

I often consult with clients that have been in a single car accident and want to utilize the insurance coverage they have paid on for years because they have "full coverage". Well, liability insurance is just that, it goes in effect when you are at fault for causing someone or something injury and/or damages. Not when you cause yourself injury or damages. People would be running their cars into trees on purpose to get insurance coverage if that were the case.

Accidents happen and those in the "driver's seat", literally and figuratively, have a duty to the passengers in the car.  Passengers traveling in the car during a single car accident often times have claims against the insurance company of the driver.  "Fault", or liability, is a legal term here used to proceed against the insurance company of the driver. Sometimes that driver is your friend, family member, and/or loved one.  However, their insurance premium is going to go up regardless of what you do because they are going to have a "claim" for property damage or simply for the accident.  Thus, you are causing no more trouble and are actually using resources that your friend, family member, and/or loved one has provided for people like yourself. Medical Payments/Personal Injury Protection is additional coverage everyone should have because it benefits every occupant in a car that has been injured, regardless of who is at fault.

Unfortunately there were more than a few single car accidents in Upstate South Carolina this past week as reported by The Greenville News and Anderson Independent:

Be careful out there on the roadways. Regardless of whether you are the driver or a passenger.

Kay Werts of Fountain Inn: Killed in Fatal Collision

The Greenville News was reporting that a fatal accident occurred between Ms. Kay Werts of 738 S. Old Fairview Road and a teenage driver this morning on Fairview Road in Greenville County. 

You never know when a freak accident can occur. Please make sure you have your loved ones, friends, and even your enemies taken care of in times of need. It starts with:

  1. Full Coverage Automobile Insurance;
  2. Personal Injury Protection (P.I.P)/ Medical Payments;
  3. Handling Your Property Damage Correctly; and
  4. Avoiding Allstate Insurance Company Because They Suck

If you or your loved one has been injured in an accident, or as a result of another person's ignorance, negligence, or omission, please feel free to call upon me at 864-231-7171 or toll free at 1-800-483-0880.

"Full Coverage" Automobile Insurance

When I turn to my clients and ask them about their automobile coverage, they quickly respond back that they have "Full Coverage".  Full coverage to them and full coverage to me are two different things. My idea of full coverage is below:

  1. $100,000/$300,000/$100,000 Liability and Property Coverage ( Minimum insurance limits in the South Carolina are mandated by S.C. Code Ann. § 38-77-140 and at the present time are 25,000/50,000/25,000. Likewise, UM, or uninsured coverage is mandatory but you should carry higher than the minimum limits).
  2. Personal Injury Protection/Medical Payments (PIP/Medpay)- $25,000.00.  This is no fault insurance that protects you and other occupants of the car. This is optional coverage you can request that is very inexpensive.
  3. Underinsured Motorist Coverage (UIM)- $100,000.00. In accordance with S.C. Code Ann. § 38-77-160, this is optional coverage you can purchase in the event that damages are sustained in excess of the liability limits carried by an at-fault insured (driver) or underinsured motorist. Remember minimum coverage is $25,000.00 per one person.
  4. Comprehensive/Collision Coverage-Again these are optional coverages you can get that provide deductibles you pay to have your automobile repaired if it is in a collision or damaged as a result of something other than collision, ie fire, theft, weather, vandalism, etc (comprehensive). Often times collision coverage is required if you finance your vehicle through a bank, or lender.
  5. GAP Coverage-Gap insurance covers the difference between what the insurance company says your car is worth versus what's left on your car loan, or note. I was not going to include this in my "Full Coverage" but in the past few weeks I have had 3 clients that would pay triple their premium in exchange for GAP coverage.  

Full coverage to my clients usually means the bare minimum it takes to drive on the roadways of the state of South Carolina. As stated above, that would be liability coverage if you cause injury or property damage to someone else at $25,000/$50,000/$25,000 and Uninsured Motorist Coverage for incidents where you are injured by someone that failed to follow the law and carry the minimum insurance coverage. The amounts I use above can be adjusted to fit in each individuals budget. If you carry the bare minimum required by law, just remember the old adage that "You get what you pay for!"

INSURANCE is just that, coverage and protection when losses are injuries occur to you or your family as a result of the negligence or lack of responsibility of another party.  Be prepared when that time comes. The South Carolina Department of Public Safety put out a report a few years ago that indicated a traffic wreck occurred every 4.7 minutes.