Insurance: Drunk Driver Ruins Financial Future

Clyde and Claudette's financial future is now ruined!devastation that occurred could have been easily
Make sure it doesn't happen to you. These tips willprevented if they had increased their coverage
help you protect yourself from the time-bombamount. It would have only cost them pennies
that devastated them.each day. Instead, it cost them much more.
I talked with Clyde and his wife, Claudette,I wish I had met them sooner. I might have been
recently. In fact, Clyde brought his son to one ofable to help prevent their financial devastation. It's
my popular financial seminars so he could learn totoo late for them, but it's not for you. Sit down
avoid the mistakes his father had made.with a qualified property and casualty agent and
Everything had been going great for Clyde andreview your automobile and homeowners
Claudette--he had a secure job with excellentinsurance policies to make sure that the coverage
benefits. Their home was almost paid for. Theiris adequate.
kids were doing well in school. Life and their futureIf you are like most people, it has probably been
looked bright.several years since you've done so. Your situation
Then one day, Claudette was driving home fromor damage awards in your state could have
the store just like she always did. A drunk driverchanged since then. Perhaps you don't need as
speeding in her direction hit a car on his side ofmuch insurance as you did in the past, perhaps
the road, careened off of it, jumped across theyou need more. Isn't it worth a phone call to your
median and plowed into Claudette's car.agent to find out?
In just seconds Clyde's and Claudette's lives wereIt was for me. I recently was able to switch
forever changed. Luckily she wasn't killed. But sheinsurance companies, increase my coverage limits
is permanently handicapped. As often happens,and keep my premiums the same. The point is, it
the police never caught the drunk driver. Theironly takes a little time to make sure you and
medical bills quickly mounted and they soonyour family is properly covered, and it doesn't
discovered their financial weakest link--they onlyhave to cost an arm and a leg to do so.
had $50,000 of uninsured motorist coverage inYou should also consider an umbrella liability policy.
their auto policy.It provides blanket liability protection in addition to
How much uninsured motorist coverage do youthat offered by your automobile and
have? How much medical and liability coverage ishomeowners policies. I especially recommend
in your automobile policy? If you're like mostthem to my Private Wealth Management clients
people, you probably don't even know. And itthat are doctors because they are prone to
could be a ticking time-bomb waiting to devastatelawsuits. I recommend them if you have a
your financial future.swimming pool or trampoline or if you own a
Clyde and Claudette were lucky to be able to paypotentially hazardous recreational vehicle such as a
most of their immediate medical bills, but onlyboat, jet-ski, or ATV.
after they had to go to court, sue their insuranceTake these simple steps to make sure you don't
company, and pay out a big chunk of theirmake the same mistake Clyde and Claudette did:
$50,000 in lawyers' fees.1) Make an appointment to have your property
But what about their future? Claudette will neverand casualty insurance policies reviewed. 2)
be able to work again and the cost of caring forConsider an umbrella liability policy if you don't
her increased medical needs will continue for thecurrently have one. 3) Consider increasing your
rest of her life. Their financial future is ruined.deductibles to lower your premiums. 4) Call around
It didn't have to be that way. The financialand compare rates from different carriers.