Insurance policies might as well be written in a different language
November 1, 2019
Insurance policies might as well be written in a different language. As you peruse the information, you might encounter jargon that’s nearly impossible understand. That’s where we can help.
The practice of utilizing technical language in these policies is intentional. This is why we encourage our clients to send us the policy so that we can decipher, explain, and check to see if the policy provides enough coverage to meet our clients’ needs. So before a tragic event occurs, they can contact us to make sure they’re properly protected.
When clients do not have enough coverage, they undergo “a coverage tragedy.” This is when a person has sustained a horrendous loss, but does not have adequate insurance to protect them. To complicate matters further, in Pennsylvania and New Jersey, there’s something called the “limited tort threshold.” This involves the customer obtaining more protection against an individual BUT at an extra cost even if the accident is the other person‘s fault. Finding this fine print is a challenge to those who are in the market for insurance policies because the language is so technical which makes it difficult to figure out exactly what your coverage encompasses. Therefore, we encourage our clients, in Pennsylvania to invest in policies that consist of the “Full Tort Threshold” or in New Jersey, the “Zero Tort Threshold.”
We also strongly advise our clients to purchase policies for under-insured motorist and uninsured motorist. Under-insured motorist coverage comes into play when the responsible party doesn’t have enough automobile insurance to protect against the loss. As a result of having this type of policy, your insurance company provides additional coverage to protect you. On the other hand, if you’re involved in an accident with an uninsured vehicle, you will have to deal with a coverage tragedy, particularly if your coverage is inadequate.
All in all, we can help you with navigating through the complex language so that you can feel secure in purchasing the policy that’s best for you and your family.