Often, when I meet with clients, it is days or weeks after the worst days (or one of them) of their life. Either they or a loved one has been in a horrible accident, and they need lots of medical care. Or they are injured due to someone else's negligence, but quickly learn that the person that hit them only has the statutory minimum insurance coverage of $25,000 per person, and they are faced with bills 5 times that amount. Or even worse yet, they are hit by someone with no insurance coverage at all.
Sometimes when faced with these situations, and I ask "What kind of insurance coverage do you have?" I am met with blank stares because they don't know. This is entirely common. Most folks buy insurance because they are legally required to, and never give it a second thought. This is an easily solvable problem. The real tragedy occurs when I locate their declarations page and discover they have disclaimed med pay (PIP) coverage, Underinsured Motorist (UIM) coverage, or Uninsured Motorist (UM) coverage. This decision saved them a few bucks every six months when they purchased their policy, which sounded like a great deal. Little did they know that they might need that coverage in case the worst happened. When someone injures you, and you need additional insurance coverage to help pay for medical care or lost wages, those few bucks seem wholly insignificant.
I try to educate my clients one at a time of the value of purchasing the most med pay, UIM, and UM coverage they can afford. As you might guess, I am insured out the wazoo, and my med pay, UIM, and UM coverage is about $40 every 6 months. So don't skimp. Don't try to save what is the equivalent of a pizza dinner for your family. Spend the money and get as much med pay, UIM, and UM coverage as you can afford. You only need it when you need it, and old Benjamin Franklin is right in this regard. An ounce of prevention is worth (MUCH MORE) than a pound of cure. #arlx