Colorado Underinsured MotoristHappy New Year!  Time to eat some veggies, exercise, and tone up your insurance policies.

For Auto

Make sure your auto insurance deductibles, limits, and primary driver designations are up to date.  Most importantly, make sure you have Underinsured Motorist Coverage for bodily injury (UM/UIM) and med pay.  Sometimes auto insurers encourage people to opt out of these coverages.  That’s because these coverages can cost insurers a lot of money!

But UM/UIM and med pay are a great deal for you.  UM/UIM allows your own insurance carrier to pay your bills if you are hit by an uninsured driver.  Med pay will cover the first $5000 of your medical expenses with no restrictions, no deductibles, and no right to be repaid from your settlement.  Unlike traditional health insurance coverage, med pay is basically free health care money for accident victims.  If you opted out of UM/UIM and med pay, it’s time to opt back in.

For Home

Did you receive some nice holiday gifts?  Take inventory of your possessions and store this list off-site.  Make sure you have enough coverage to rebuild/replace your home if disaster strikes.  In 2019, the average build price was $100-$150 per square foot, but this cost can vary widely and should be calculated by your insurance company.  Make sure you have taken advantage of all available discounts, too.  Bundling your home and auto policies can be a great way to save money.

And For a Really Terrible Day

Would your assets be protected in the event of a catastrophic lawsuit?  If that question makes you twitchy, consider an umbrella policy.  Umbrella policies protect you when home and auto run out.  These policies are typically not expensive and can provide valuable peace of mind.

Peace on Earth might be a stretch, but peace of mind is not.  So tone up your policies.  Be at peace.

Article by Molly Fuscher