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The Ultimate Financial Plan: Balancing Your Money and Life by Tim Maurer, Jim Stovall

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CHAPTER 7

The Gift of Certainty

AUTO, HOME, AND LIABILITY INSURANCE

“Fifteen minutes could save you 15 percent or more on your car insurance.”

“Quote in six minutes. You could save $550 on car insurance.”

“Get more and pay less.”

Various advertisements

You’re involved in a car accident. It’s your fault. The person driving the car you hit is injured. He visits with an attorney who runs late-night commercials in between People’s Court reruns. They decide to sue you. They win and are awarded $950,000. Who pays that bill? The insurance company? Hopefully. You? Possibly. If insurance, which one of those different types of coverage tells you how much they’ll pay? “Gee, I hope that when I saved 15 percent in 15 minutes I didn’t reduce that particular coverage.”

You’ve seen the commercial claiming to save you 15 percent on your auto insurance if you’re willing to spend 15 minutes. I’ve talked to several people who liked that idea, spent their 15 minutes, and, indeed, saved 15 percent or more on their car insurance. What is not promised by the unnamed insurance company, which incidentally is also represented by an oversized lizard and a couple of prehistoric humans, is whether new converts can be guaranteed to maintain or improve on their auto insurance pricing and still have good coverage. In other words, they may be spending less . . . for less.

It is not my intent to demonize the above-referenced company. You may very well have your auto insurance with them and be properly insured for ...

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