During a recession everyone thinks about cutting back whether it is how much you spend on telephone, your cable bill, dinner out and of course insurance. The TV ads tout that you can name your price and they will find coverage for you that will fit your price. What isn’t obvious is to get your price the insurance company is lowering your auto liability limits. Even if you haven’t subscribed to lowering your auto liability limits it would probably never occur to you to increase your limits for savings!
In insurance – just like real life, during a recession everything seems to cost more just when available cash on hand is getting tighter. If all costs are rising it also means cost to settle claims for losses and injuries are rising also.
If you are a good driver, have a clean record and good credit it may only cost you a few more dollars to increase your liability limits to the next level. For some it may not cost you anything and for a few it can actually save you money! Think of it as buying a loaf of bread and getting another for free. You are used to paying for one loaf and you notice that the loaf has increased in price. However, the store has an offer of buy one and get one free – now the cost of the one loaf doesn’t seem so bad. With auto insurance you are not really buying liability and getting more liability free but you can double your coverage and pay at a reduced rate which is some cases may be no more than what you are paying currently.
This opportunity is not something that you will see advertised but is certainly worth checking out. Talk to your agent and find out what it would cost to increase your limits and let me know your success.