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Joseph M. Ghabour & Associates LLC

There are certain types of insurance that every person should carry. And there are certain types of insurance which are only necessary in certain situations.

In my opinion, one can still have ample protection without buying the following policies, depending on one’s assets and circumstances. For some they are necessary, but not for everyone.

Comprehensive and Collision insurance
    Buying comprehensive and collision insurance coverage really depends on how much your car is worth and how much money you would be willing to pay if it were damaged in an accident or stolen. If totaling your car wouldn’t be a financial catastrophe, and if the premiums you would pay feel more burdensome than the risk of damage to your car, it likely means that you can confidently skip comprehensive and collision insurance. Of course, if you are financing or leasing your vehicle, your financing company will require both comprehensive and collision coverages to protect its collateral (your car).

Umbrella policies
    Umbrella policies are best suited to high net worth individuals who have considerable assets to protect. Remember that purchasing an umbrella policy requires a significant amount of liability insurance. For certain people, this type of policy makes a great deal of sense, but for other’s—those with fewer assets, who are less desirable targets for lawsuits—merely buying the amount of liability insurance necessary to consider purchasing an umbrella policy is an unnecessary expense.  If you make more money than your auto insurance policy covers, you should have an Umbrella policy.  The cost is minimal compared to the peace of mind you will have knowing you are well covered.

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