Urban Legends of Insurance

We've all seen the Urban Legends that float around the internet. They always intrigue me because so many people believe them and do not consider checking the validity of them. We just share the post on one of our many social media sites, truly thinking we are helping others, unitl someone decides to check www.snopes.com or www.urbanlegends.com , and then they post that it was all a hoax.

I have several favorites, but here are a few old timers......

 Bloody Mary, the one where if you stand in front of a mirror in a dark room and say Bloody Mary Bloody Mary Bloody Mary several times a terrifying ghost will appear in the mirror.

 Or what about the one about The Babysitter and the Man Upstairs.  This one is where the babsitter receives a call asking her to check the children. She ignores the caller several times and when she finally decides to call the police they tell her that the call has been traced to inside the house.  She then runs out of the house just in time to see a man with a bloody ax coming downstairs.  He had already killed the children and was just waiting on the babysitter to come upstairs.

 

Then there is the one that I believe to be the most believable, The Killer in the Backseat.  This one is where a woman has stopped to get gas and while she is pumping someone had crawled into her  backseat.  She is unaware of this and begins to get back in her car to leave.  The gas station attendant had witnessed the man getting in the back seat, so he calls of the intercom to tell the woman that something is wrong with her card and she needs to come in to pay.  When she goes inside teh gas station attendant tells her about he man and lets her know he as already called the police.

 

These come across our news feeds a few times a year, or they may be things we tried as children, but did you know that there are several Urban Legends about insurance as well.  Here are just a few to get you thinking about the importance of your inurance portfolio.

 

1. I don’t need much insurance. I drive an older car.

This is untrue because a 1970 Pinto can do just as much damage as a 2014 Mercedes.

 

2. I only need liability, my car is paid off.

This is untrue because comprehensive and collision coverage pays for the repair or cash value of your car. It isn’t only protection for the lien holder.

3. I don’t need life insurance, I have it through my work.

False because, if you get ill and have to quit working do you get to take the insurance with you?

Most people get ill (MS, cancer, etc) and leave working but they then loose their life insurance and don’t qualify for life insurance anymore.

4. It is an older house. It isn’t worth that much.

In case of a total loss, you cannot build a 1970 home again. Cities will require the rebuilding to be up to city codes that are currently in place.

Reconstruction cost will typically run higher than market value

 

Like the Urban Legends above many people believe or think they know what they need to know about insurance.  People call our office all the time and say I just want liability or I want full coverage., with out really knowing what that means.  Did you know just because you have "full coverage" does not necessarily mean you have rental coverage, or towing?  These are just a couple of minor things to take into consideration.  What if it was bigger than that? What if you didn't have high enough limits to cover that accident?  Do you have questions about your coverage? Don't just assume it's ok, sit down with a professional and confirm you're protected. Make it a point to annually review your coverages. Know what you have, and to make sure it's what you need contact www.kirkwoodagency.com .  We're the snopes of insurance!