Selecting the right amount of coverage to protect you and your family from losing everything that you have worked so hard for in life to satisfy a judgment is something you and your agent should take into consideration. For example let’s say you were driving a long and a vehicle pulled out in front of you, there isn’t enough time to stop, BAM! You slam into the back of the vehicle sending it spinning across the intersection knocking over a light pole. The vehicle you hit was carrying a mother and her 3 children. Let’s say that the mother was seriously hurt, this is why you have insurance. Now let’s suppose that instead of injuring the mother, she is now dead. Do you think the family will sue? If so for how much? Now if you don’t have the right amount of coverage which one of your assets would you be willing to give up to satisfy the judgment (your house, cars, savings, wages, etc..)? Hopefully none. This is were having the right amount of protection would protect you from this. I know what you are thinking, this will never happen to me. Hopefully it never will, but what if it does. You can think of insurance much like purchasing coffee. If you were shopping for coffee you would have 2 choices a 5lb bag for $7.00 or a 10lb bag for $10.00. Insurance works the same way you want to look for the best value per insurance dollar.

Here is a look at the average American:

Age 25+
Family size: 3
Average single income: $32,140
Average Family income: $46,326
Average Home: $185,200
Average New Car: $28,000
Average Mini-van/SUV: $30,000-$35,000
Average New Pick-up: $20,000-$35,000
Average Income Loss from Death: $964,200

If you were to kill an average American in an accident, you could be on the hook for $964,200.00.

The average law suit in Illinois right now being awarded by a jury is over $200,000.00
1-4 drivers has no insurance in Illinois

The best way to protect you and your family is to discuss this with your agent to make sure that your coverage’s protects you against the average law suit of $200,000.00

For more information on insurance coverage’s please visit my website http://michaelferrarainsurance.com

or email me at mferrara@farmersagent.com

Michael Ferrara
Farmers Insurance Group
630.688.5091
mferrara@farmersagent.com

http://michaelferrarainsurance.com

Article Source: http://EzineArticles.com/?expert=Michael_A_Ferrara

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