So many people struggling because of the economy must make difficult decisions about how to spend their money. One area of crisis not discussed often is personal insurance. We hear many stories about how insurance companies are not being managed well, but rarely hear about how people are choosing not to purchase and/or renew insurance policies. I am greatly concerned at the number of people choosing to drive without automobile insurance. As most of you know, I spent many years as a partner in a law firm that had a department devoted to defending automobile accident cases. We were hired by insurance companies to represent policyholders. As a result, I was repeatedly exposed to the potential costs associated with being an accident victim – bodily injury as well as property damage. In regard to bodily injury claims, the damages associated with not being able to work/go back to work are exceptionally high; this is especially true for an athlete. An athlete who cannot perform her normal duties as a basketball player stands to potentially lose a tremendous amount of money throughout her career and life. This is in addition to the already high costs of medical care.
How is this relevant to you? Recently, I have been told by numerous insurance industry friends that the economy is causing a record number of people to not pay for automobile insurance and to purposely drive without insurance. Many of these people also do not have substantial personal assets. As a result, if one of these people cause an accident, his/her victim will NOT have any insurance coverage from him/her. In addition, it is unlikely the victim will be able to get any type of civil recovery from the person who caused the accident because if he/she cannot afford insurance, it is likely his/her assets are not great either. Where does this leave you? If you are also not insured, it leaves you with absolutely nothing. However, if you are like most people and have insurance, you must contact your insurance broker/company as soon as possible to ensure you have adequate uninsured motorist coverage. Uninsured motorist coverage is part of most policies that allows you to be covered if you are hit by a driver who is not insured. However, just like any other portion of an insurance policy, it has limits of insurance and exclusions. As an athlete, you are NOT the same as a "normal" driver; you have greater insurable needs because of your level of income. Therefore, you must ensure that the uninsured motorist coverage you have will provide enough benefits to cover and protect you and your future – in other words, you must ensure the limits of your insurance policy are high enough.
How is this relevant to you? Recently, I have been told by numerous insurance industry friends that the economy is causing a record number of people to not pay for automobile insurance and to purposely drive without insurance. Many of these people also do not have substantial personal assets. As a result, if one of these people cause an accident, his/her victim will NOT have any insurance coverage from him/her. In addition, it is unlikely the victim will be able to get any type of civil recovery from the person who caused the accident because if he/she cannot afford insurance, it is likely his/her assets are not great either. Where does this leave you? If you are also not insured, it leaves you with absolutely nothing. However, if you are like most people and have insurance, you must contact your insurance broker/company as soon as possible to ensure you have adequate uninsured motorist coverage. Uninsured motorist coverage is part of most policies that allows you to be covered if you are hit by a driver who is not insured. However, just like any other portion of an insurance policy, it has limits of insurance and exclusions. As an athlete, you are NOT the same as a "normal" driver; you have greater insurable needs because of your level of income. Therefore, you must ensure that the uninsured motorist coverage you have will provide enough benefits to cover and protect you and your future – in other words, you must ensure the limits of your insurance policy are high enough.
Please contact me as soon as possible with questions. Also, remember that I am eager to help you speak with your insurance professional.
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