The following lists some common events that should trigger a review of your personal auto policy (PAP):
Policy Renewal:
If you’re like most people, your PAP is issued on a yearly basis. Before you renew, take the time to review it. For example, collision coverage may become less necessary as the value of your vehicle decreases.
Family Status Changes:
Because your PAP covers not only you but frequently family members who live with you, review your PAP when you get married, get divorced, are widowed, have children reaching driving age, or become an empty nester. You may become more concerned about protecting assets after marriage, or you may wish to purchase more liability coverage after your child gets a driver’s license.
Net Worth Increases:
As your net worth increases, you will have more assets to protect. It’s an unfortunate fact, too, that wealthy people are sometimes targeted for lawsuits. Without adequate auto liability protection, your assets could be seized to pay a judgment against you. As your net worth increases, so too does the amount of protection you need. Purchasing additional liability coverage can provide that protection.
If you have questions or would like a second opinion on your personal auto policy, contact the experts at Henssler Financial: 770-429-9166 or experts@henssler.com.
Disclosures:
The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.
