Do I Really Need Insurance?

Why do I need insurance?  You buy insurance to transfer the risk of loss to the insurance company and thereby reduce your financial hardship when you suffer the loss.  As with most things in life it is not about “if” events will happen, but rather “when” they will happen.

Most of the time the purchase of insurance is entirely voluntary.  However, in some cases the purchase of insurance is required by law or regulations.  If you drive a car, in most states, a minimum value insurance policy is required.  Businesses are required to carry certain types of insurance to help protect workers and customers.

Arizona law requires that all motor vehicle owners maintain some type of motor vehicle liability insurance coverage. Unfortunately, each year thousands of Arizona citizens are involved in automobile accidents with drivers who have not maintained the required automobile insurance. This results in unpaid damage claims and higher insurance premium rates for all Arizonans.

When you purchase a vehicle and you use some type of financing the lender requires you to carry comprehensive and collision insurance.  You may want to consider GAP coverage as well.  Gap insurance covers the difference between what you owe on your car and what your car insurance company is willing to pay for it — without any maximum payout stipulation. If you financed a new car, chances are this gap will linger for a couple of years, leaving you responsible for the difference in the event of a total loss. Eventually the difference in these totals will vanish, but in the meantime, gap coverage protects you from having to pay out-of-pocket for that difference.

What type of insurance and how much insurance you need is best discussed with a trusted insurance agent. 

You probably wouldn’t even consider not having homeowner's or auto insurance, but you might not know what kind of insurance you need. Insurance is there to help you if you can't afford to pay out of your pocket to set right something that has gone wrong, like a car accident, a tree in your yard falling on a neighbor's house, the medical costs of a serious illness, or the death of your spouse.

Assess your life and your needs and think about what you need to protect. You may want to consider an insurance review.

When considering your needs for insurance products for your life, home or business consider contacting Bennett Insurance Group at 623-979-4140

Presented By:
Jim Bennett
Bennett Insurance Group
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com