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Speaker 1: What's going on, buddy? How do you partner? That's right, listeners,

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Speaker 1: Juel and I along with our families, we are still

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Speaker 1: on a little break at the beach.

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Speaker 2: Don't worry, we're coming back next episode.

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Speaker 1: We are. We'll be back here on Wednesday with a

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Speaker 1: fresh episode. And you and I we were kind of

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Speaker 1: coming through the How to Money catalog and we're trying

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Speaker 1: we were thinking through what would be a good topic

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Speaker 1: for us to revisit.

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Speaker 2: We're like, every single one of these episodes is pure gold,

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Speaker 2: so fantastic, like other than by gold Well. I was like, Matt,

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Speaker 2: you can do no wrong. I screw up occasionally, but

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Speaker 2: oh please Okay.

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Speaker 1: So we decided to choose one on insurance, how to

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Speaker 1: Handle an accident, and that got me thinking, though, you know,

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Speaker 1: the things that loomed the largest dinner minds are the

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Speaker 1: things that we do the least often. Yeah, the things

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Speaker 1: that seem to be a massive hassle. They're not the

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Speaker 1: things that we have developed workflow or they're things that

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Speaker 1: were rehearsed or practiced at and oftentimes what that means

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Speaker 1: is that we're the least prepared for these crucial moments

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Speaker 1: when something oftentimes terrible will happen.

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Speaker 2: And so I'm if you are well practiced, you probably

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Speaker 2: don't have insurance coverage anymore.

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Speaker 1: You got kick to the curve in this particular case

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Speaker 1: if you do this thing a lot.

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Speaker 2: So this is your eighth claim this year, ma'am sir, sorry,

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Speaker 2: we're gonna need you to mosey on down the road.

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Speaker 1: That's right.

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Speaker 2: I just had man trees loom large on my head

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Speaker 2: these days. I had the tree fall through the roof

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Speaker 2: last year, and then Matt just had a branch come

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Speaker 2: down in the backyard, a massive branch smacked some of

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Speaker 2: the fencing in the backyard and landed in the neighbor's property.

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Speaker 2: And so, yeah, making sure you have insurance. These trees

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Speaker 2: the way that they're u these ninety one hundred foot

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Speaker 2: tall trees, they make me want to have my insurance

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Speaker 2: game buttoned up.

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Speaker 1: That's right, you better watch out. It's worth mentioning too.

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Speaker 1: This is a format of episode that we don't do anymore.

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Speaker 1: This is when we choose a singular topic and we

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Speaker 1: do a deep dive and we really pick it apart.

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Speaker 1: And so, without further ado, let's talk about insurance. Welcome

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Speaker 1: to How to Money. I'm Joel, I'm not.

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Speaker 2: And today we're talking about accidents, insurance and deductibles.

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Speaker 1: Oh my, that's right, man. We are talking about insurance

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Speaker 1: and accidents for a couple of reasons. Actually, we're gonna

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Speaker 1: talk about that today. First of all, accidents and these

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Speaker 1: are things that cost you money, right and anytime there

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Speaker 1: is an opportunity to earn more money, invest your money

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Speaker 1: or save money, and Joel are gonna be on the case,

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Speaker 1: We're gonna want to talk about that. So that's one reason.

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Speaker 1: Another reason is because you, sir, my co host here

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Speaker 1: at How to Money, you have experienced a string of

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Speaker 1: bad luck. Yes, is maybe the best way or the

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Speaker 1: lightest way to put it.

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Speaker 2: I should say I wasn't carrying my lucky rabbits foot

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Speaker 2: this week, and that did you ever have a lucky

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Speaker 2: rabbits foot as a kid. I think when I was

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Speaker 2: in like fifth grade.

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Speaker 1: I feel like that's like the age third fourth grade.

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Speaker 1: I'm pretty sure I've got one at a national park

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Speaker 1: maybe when we're visiting Yellowstone sounds about right.

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Speaker 2: But no, you're right, keep going, You're right. I'm definitely

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Speaker 2: like bitten the bullet. Recently, a couple of accidents which

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Speaker 2: kind of caused us to say, well, we should talk

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Speaker 2: about this on the show, and we can. Yeah, I

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Speaker 2: can just kind of lament about like the things I've

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Speaker 2: been going through over the past couple of weeks, basically

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Speaker 2: had a tree follow my house, So I'm making the

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Speaker 2: homeowners insurance tame. We'll talk about that in this episode.

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Speaker 1: I got rear ended by someone else just letting there

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Speaker 1: at a red light less than a week later, less

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Speaker 1: than a later, right out a week, I guess. Yeah,

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Speaker 1: So there's a lot I think to talk about based

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Speaker 1: on my own personal experience, but based on just kind

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Speaker 1: of things that everyone needs to know when it comes

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Speaker 1: to the kind of insurance they carry, what they keep

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Speaker 1: their deductible at, and just kind of a lot of

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Speaker 1: stuff to know pre and post accident in order to

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Speaker 1: be most efficient with your money and make sure you're

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Speaker 1: covered in the right places. Yeah. And by the way,

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Speaker 1: it wasn't just any old tree that It's not like

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Speaker 1: a tree just happened to kind of fall over, like

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Speaker 1: your house got skewered. Yeah, essentially, like lightning struck this

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Speaker 1: giant How tall do you think that tree was? Like

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Speaker 1: eighty feet probably it was massive, and just the way

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Speaker 1: it came through your roof.

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Speaker 2: To We'll have to put a picture in the fil

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Speaker 2: and on Instagram because it literally looks like crazy someone

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Speaker 2: stuck a tree for it.

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Speaker 1: What's crazy in my house? That's exactly what looks like

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Speaker 1: someone's trying to eat my head. It was like a

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Speaker 1: giant tuning fork. Yeah, essentially. Yeah, So, like you weren't

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Speaker 1: even there and you gave me a call, You're like, uh,

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Speaker 1: can you head over to my house. I couldn't believe

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Speaker 1: it when I saw it. I mean, yeah, so we will, Yeah,

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Speaker 1: we'll definitely post some pictures.

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Speaker 2: Yeah, you got to see it because, like I will

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Speaker 2: say this, it went through the roof, through the couch,

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Speaker 2: through the rug, through the hardwood floors. I mean that's

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Speaker 2: how force and broke floor joists. Oh as well, that's

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Speaker 2: the I mean roof choice and floor joys.

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Speaker 1: So I thought when I was over there, and it's

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Speaker 1: like it's been raining as well, so it's dripping into

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Speaker 1: the house a little bit. I'm talking to you on

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Speaker 1: the phone, and I was trying to be optimistic. I

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Speaker 1: was like, I mean, it's pretty bad, but I don't

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Speaker 1: think it damaged your floor. Yeah, because I couldn't see

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Speaker 1: because like the couch. Yeah, I thought it had stopped it,

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Speaker 1: but no, it had gone through your couch. Yeah, through

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Speaker 1: the floor. Crazy. I guess the tree guy sent you

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Speaker 1: a picture later and there's literally a hole on the

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Speaker 1: floor the size of a dinner plate.

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Speaker 2: Yeah, or even a little bit bigger than that we

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Speaker 2: had we have. That's they were getting in there. So

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Speaker 2: it's kind of Yeah, they like to explore.

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Speaker 1: But I will say, too, how do you be able

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Speaker 1: to have somewhat of a sense of humor about it? Yeah?

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Speaker 2: I mean you got to. I will say, we were

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Speaker 2: so glad that we were out of town when this happened.

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Speaker 2: I hate to have made you the person to go

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Speaker 2: over there and document everything. Happy to get over there,

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Speaker 2: I appreciate that. But it's one of those that I was.

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Speaker 1: In there because that's normally where I sit. I love

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Speaker 1: sitting on that couch, and it fell right where Matt

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Speaker 1: normally sits. That's right.

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Speaker 2: And if we had been awake at the time, or

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Speaker 2: you know, a lot of debris and limbs got into

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Speaker 2: Ezra's room, my little dude and so man, think about

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Speaker 2: how freaked out he would have been and how freaked

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Speaker 2: out we all would have been if we were in

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Speaker 2: the house at the time. So that's one of those

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Speaker 2: things where it's like you gotta look on the bright

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Speaker 2: side and think about how fortunate you are even when

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Speaker 2: accidents occur. But we've got, yeah, a lot to get

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Speaker 2: to on this episode when it comes to thinking about

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Speaker 2: accidents kind of on the front end and then kind

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Speaker 2: of like in the aftermath, how do you deal with

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Speaker 2: it effectively in order to in order to make sure

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Speaker 2: that you you don't get left hold.

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Speaker 1: In the bag. Totally. Yeah, and naturally there will be

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Speaker 1: plenty of personal anecdotes during this episode. But first, let's

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Speaker 1: quickly introduce our beer. Joel, You and I. We were

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Speaker 1: enjoying an Aoka Marsin style logger. This is a Groooner

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Speaker 1: Brothers Brewing beer and this was sent to us by Katie. So, Katie,

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Speaker 1: thank you so much for donating this one to the show.

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Speaker 1: We look forward to sharing our thoughts at the end

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Speaker 1: of the episode.

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Speaker 2: This was her She lives in Wyoming. This is her

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Speaker 2: favorite brewery from Wyoming. So I don't know if I've

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Speaker 2: ever had any beer from Wyoming Wyoming beer. I've never

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Speaker 2: been to Wyoming, sadly, so it's a great place. One

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Speaker 2: of these days make it happen, all right, But let's

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Speaker 2: move on now, let's get to the subject at hand.

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Speaker 2: We are talking about accidents, insurance and deductibles and yeah,

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Speaker 2: of course my personal experience. You know what it made

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Speaker 2: me think of. It made me think of fire drills

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Speaker 2: in elementary school. You remember those, right, Well, we all

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Speaker 2: had to do them. It felt like kind of a

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Speaker 2: waste of time. We're like, come on, really, we were

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Speaker 2: going to get a fire in this building. But yet

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Speaker 2: you had to go through the motion. The same thing

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Speaker 2: with tornado drills, very similar. You had to get under

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Speaker 2: your desk. You had to wait for what like five

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Speaker 2: minutes until the postage you've got a tornado passed.

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Speaker 1: Our drills Like you'd have to go out in the hallway,

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Speaker 1: get up against the wall and tuck your head under

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Speaker 1: your hand. That was the tornado drill. Yes, So why

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Speaker 1: do we crawl under our desk? Is that an earthquake drill?

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Speaker 1: Maybe that was that? I don't know, okay, I mean,

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Speaker 1: as kids, they all seem ridiculous, right, Like you think

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Speaker 1: about tornado drills or tornadoes in general, and you think

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Speaker 1: about twister, but that you know that doesn't happen at

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Speaker 1: least here down in Georgia, although that being said, through

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Speaker 1: the Midwest tornadoes kind of recently, so more and more. Yeah, yeah,

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Speaker 1: maybe all these drills make sense after all, Maybe they do.

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Speaker 2: They always felt like this waste of time. Sure, but

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Speaker 2: I guess the bright tie with they got you had

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Speaker 2: a class for a little while, and so you were like, whatever.

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Speaker 1: It's fine.

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Speaker 2: But the thing was, it was obviously a good thing

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Speaker 2: if your school ever did experience a fire, right, if

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Speaker 2: you ever needed to put that drill into practice. Yeah,

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Speaker 2: And it was, you know, probably practice that was more

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Speaker 2: necessary for the teachers rather than for us as kids.

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Speaker 2: They had to know how to shepherd heard all the

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Speaker 2: cast exactly. But even though it felt kind of silly, right,

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Speaker 2: you would be glad that you went through the motions

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Speaker 2: if your school ever experienced one. And insurance it kind

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Speaker 2: of makes me think it's kind of like a fire

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Speaker 2: drill in a lot of ways. Most of the times

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Speaker 2: it feels unnecessary. It almost feels like wasted dollars. What

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Speaker 2: if I could claw that money back that I was

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Speaker 2: spending on insurance that I never used. But in the

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Speaker 2: rare instances where you actually need to put it to use,

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Speaker 2: you're more than happy to know that you have that

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Speaker 2: policy in place totally. I know a lot of people

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Speaker 2: are like, well, and we're not going to really talk

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Speaker 2: about like life insurances, mostly car and homeowners insurance focused.

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Speaker 2: But a lot of people are like, man, if I

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Speaker 2: don't die, that insurance is worthless. It's like, yeah, but

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Speaker 2: that's kind of what you want, right You're insuring against

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Speaker 2: the thing that you wouldn't be able to pay for

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Speaker 2: in the event that the worst thing happens.

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Speaker 1: And at least with insurance or life insurance, you know

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Speaker 1: that at some point you actually will die. Yeah, maybe

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Speaker 1: not during get term policy the term that you have,

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Speaker 1: maybe not in the thirty years that you have your

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Speaker 1: policy for, but yeah, dude, I mean I even remember

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Speaker 1: as an adult, like working at one of my first

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Speaker 1: jobs after college, like we had a twelve story office

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Speaker 1: building and they would have fire drills as well, but

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Speaker 1: at least in those instances, like they would always have

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Speaker 1: a food truck out on the parking dick or like

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Speaker 1: ice cream to give out like freezenas for all of

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Speaker 1: the hassle. But the fact is, like, even as adults,

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Speaker 1: that quote unquote inconvenience, like that was a prudent move

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Speaker 1: that I would have been thankful for, and anyone out

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Speaker 1: there who has made an insurance claim, they would be

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Speaker 1: in a similar but they would feel so lilarly. And

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Speaker 1: while virtually everyone out there is required to have car insurance,

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Speaker 1: I think like New Hampshire might be the only state

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Speaker 1: that he doesn't require it. They are the live for

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Speaker 1: or die state. So it's like, don't treat on me,

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Speaker 1: I don't need my car insurance. That makes said not

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Speaker 1: everyone has had the misfortune of actually being in an accident,

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Speaker 1: So knock on some wood if that's you. And so

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Speaker 1: one of the problems that we're addressing today is what

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Speaker 1: you should do once you've been involved in a car accident.

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Speaker 1: You know, it's a it can be a surreal experience

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Speaker 1: that can catch you off guard if you're not prepared,

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Speaker 1: and so we think it's wise to talk through some

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Speaker 1: of the practical steps that you should take after you've

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Speaker 1: been involved in a.

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Speaker 2: Carreg Yeah, we're gonna talk about homeowners insurance claims too,

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Speaker 2: and kind of what happens how you navigate post accident,

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Speaker 2: post supernatural act of God sort of experience. But let's

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Speaker 2: talk about car rex stuff first. Matt and I did.

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Speaker 2: I mentioned yes, I had the tree fall through the roof,

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Speaker 2: but I also last this past Sunday, had someone run

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Speaker 2: into the back of our car when we're stopped to

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Speaker 2: stop light, and so I had to know how to

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Speaker 2: do some of these things firsthand in the heat of

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Speaker 2: the moment, which I will say, you're very disoriented when

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Speaker 2: that happens, even if it's not something terrible. This guy

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Speaker 2: slammed into the back of our car. We should post

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Speaker 2: that video, by the way, too.

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Speaker 1: Gosh, we're gonna have so much, so much great media

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Speaker 1: from all of Joel's misfortune.

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Speaker 2: The Instagram content is rich this week.

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Speaker 1: So the reason you said post the video, the car

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Speaker 1: in front of you had dashcam, a backwards facing gashcam,

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Speaker 1: which is kind of crazy that that exists. I know

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Speaker 1: it exists. I guess not many people have them. Yeah,

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Speaker 1: in some countries that's required. You actually do have footage

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Speaker 1: of y'all getting slammed.

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Speaker 2: Kind of crazy, but it really can be disorienting when

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Speaker 2: when you get in some sort of car wreck, and

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Speaker 2: it's hard to know until we want to kind of cover. Hey,

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Speaker 2: here's the things you should do immediately upon that happening,

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Speaker 2: and running through this ahead of time, because essentially it's

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Speaker 2: a drill just like when you were back in school,

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Speaker 2: just like one of those tornado drills or fire drills,

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Speaker 2: because knowing the right steps on the front end can

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Speaker 2: save you that time, the hassle, and of course money.

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Speaker 2: And by the way, later this episode, we're going to

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Speaker 2: cover some different ways to optimize your insurance, how you

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Speaker 2: can make sure that you're properly insured, but also how

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Speaker 2: you can make sure that you're not paying more than

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Speaker 2: you need to in order to be properly insured, which

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Speaker 2: is important. But let's talk about how to react right

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Speaker 2: after an accident occurs, Matt. And of course the number

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Speaker 2: one thing that everyone is concerned about and should be

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Speaker 2: first and foremost concerned about, is whether or not everyone's safe,

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Speaker 2: whether or not they're okay. And that was our first

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Speaker 2: reaction after getting an accident. Fortunately it wasn't too bad.

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Speaker 2: That guy was going, I don't have twenty or twenty

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Speaker 2: five miles an hour when he ran to the back

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Speaker 2: of us. We were a little shocked, but it was like,

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Speaker 2: especially with the kids being in.

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Speaker 1: The car, are you okay? Are you okay?

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Speaker 2: And if anybody had been seriously injured, we would have

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Speaker 2: taken advantage of the an ambulance and gone.

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Speaker 1: To the god to the hospital.

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Speaker 2: Where would we could have even gone just because the

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Speaker 2: car was driveable, we could have taken everyone to urging

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Speaker 2: Care to.

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Speaker 1: Get checked out.

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Speaker 2: Just depends on what people are complaining of after the fact.

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Speaker 2: But that is the first thing you need to be,

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Speaker 2: of course, concerned about, is everyone's physical condition. I would say,

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Speaker 2: winned out, go get checked out, of course, to make

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Speaker 2: sure that there's nothing terribly wrong, but also it's going

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Speaker 2: to help you in the you do make an insurance claim.

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Speaker 1: Yeah, this isn't a time to be frugal, right, because

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Speaker 1: I think a lot of times folks are thinking, oh, man,

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Speaker 1: if we're to call the ambulance, that's gonna cost a

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Speaker 1: lot of money. But there are a lot of times

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Speaker 1: that I think folks will come down on us and

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Speaker 1: they're like, man, you guys are being that's not frugal,

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Speaker 1: Like that is being cheap. And I will say this

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Speaker 1: is an instance where we're I think we would lean

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Speaker 1: certainly more on the air on the side of caution

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Speaker 1: as opposed to thinking about the dollars and cents and

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Speaker 1: how it is that you can save money and I'll

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Speaker 1: say too. You know, I think right after making sure

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Speaker 1: everyone's safe, we're talking about those dash cam but I've

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Speaker 1: seen footage of cars basically like hitting patches of ice

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Speaker 1: on interstates. This is the kind of thing that the

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Speaker 1: algorithms feed me because they know I guess that's what

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Speaker 1: I'm into. But it's crazy. I mean, it's unfortunate, honestly,

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Speaker 1: because I've seen some of these videos where there's just

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Speaker 1: evidently just a massive amount of ice in these cars

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Speaker 1: just keep continuing to pile onto each other because the

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Speaker 1: cars can't stop because they're hitting ice. And so it's

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Speaker 1: important to make sure that you're not in imminent danger

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Speaker 1: as well. So aside from making sure that you're immediately safe,

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Speaker 1: like right after something like that occurring, finding a way

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Speaker 1: to ensure that you're out of harm's way essentially so

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Speaker 1: that additional harm doesn't occur, not only to your property,

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Speaker 1: but to you physically as well. Even though you want

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Speaker 1: to document kind of what's going on, and we'll talk

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Speaker 1: about that. If you're where you ended up after that wreck,

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Speaker 1: if you're an imminent danger of further damage being done

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Speaker 1: by other vehicles or whatever, you're gonna want to make

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Speaker 1: sure that you're you're not in a position to do

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Speaker 1: further harm to yourself or to your property. Yeah, So

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Speaker 1: once you know that everyone is okay, you're not in

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Speaker 1: harms way, the next thing you want to do is

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Speaker 1: call the police. You know, even if it's just a

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Speaker 1: minor fender bender. Again, you don't need an actual amblance

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Speaker 1: to show up there on the scene. Having police there

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Speaker 1: at the scene of the accident to ride up an

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Speaker 1: official accident report is going to be crucial. It can

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Speaker 1: be incredibly difficult to actually file a claim with an

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Speaker 1: insurance company if there isn't an official report. So you know,

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Speaker 1: sometimes the evidence is going to be clear, Joel, Like

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Speaker 1: when you were rear ended, it's pretty obvious that you

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Speaker 1: were at no fault.

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Speaker 2: But I've been in other accidents where the driver claimed

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Speaker 2: that he wasn't at fault, but it was clear to

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Speaker 2: me that he was. And so having that incident report

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Speaker 2: so that it's not a he said, she said sort

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Speaker 2: of situation, you definitely don't want that. And so having

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Speaker 2: that officer come out document what happened in that report

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Speaker 2: saved my bacon when it came to insurance, because that

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Speaker 2: guy was going to claim till the end of his

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Speaker 2: dying days that he didn't cause the accident when he

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Speaker 2: was clearly trying to get across three lanes of traffic

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Speaker 2: and ran into me.

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Speaker 1: You know.

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Speaker 2: So those are the kind of things where you definitely

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Speaker 2: want to make sure no matter what, because you never

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Speaker 2: know what that person's gonna say to their insurance company

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Speaker 2: or what they're going to try to argue, and.

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Speaker 1: If you have kind of medical claim, they might want

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Speaker 1: to try to claim. Yeah.

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Speaker 2: So if you have that unbiased third party, which is

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Speaker 2: typically a police officer writing an incident report, that's really

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Speaker 2: important and that's going to help you ultimately not be

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Speaker 2: left on the hook for something it wasn't your fault. Sure,

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Speaker 2: And the next thing to do is to document everything, right,

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Speaker 2: to take a lot of pictures, and so even though

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Speaker 2: it's the job of the officer who shows up to

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Speaker 2: document what happened, hopefully they're going to write a thorough report.

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Speaker 1: Like having your own.

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Speaker 2: Documentation is key to making sure that you're made hole

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Speaker 2: and that the responsible parties are identified. Yeah, And so

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Speaker 2: this is the case whether we're talking about a home

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Speaker 2: or an auto insurance claim, Like, take thorough picks before

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Speaker 2: you move anything, document any further damage as it occurs.

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Speaker 2: So for instance, on my home right now, there were

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Speaker 2: some places in the roof that weren't tarped appropriately, and

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Speaker 2: there's another hole that we didn't even know about until later,

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Speaker 2: until we saw water damage coming through the dining room.

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Speaker 2: And so it's just it's important to for insurance purposes,

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Speaker 2: to document that as that damage is happening, and to

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Speaker 2: relay that information to your adjuster, to the person you're

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Speaker 2: working with at the insurance company too. And so items

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Speaker 2: that are destroyed or damaged completely, they need to be

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Speaker 2: recorded for insurance purposes. The couch, for instance, Matt, that

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Speaker 2: you referenced that was impaled by that tree, Like, I

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Speaker 2: took pictures before putting it on the curb so that

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Speaker 2: now I can show the adjuster, Hey, this was the

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Speaker 2: couch I had. I know it's hard for you to

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Speaker 2: tell what kind of make and model it was, but

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Speaker 2: and then I can link and show them exactly what

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Speaker 2: kind of couch I had, just through a quick Google search.

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Speaker 2: But it's I would say too, this is one thing

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Speaker 2: it's important to have friends and have neighbors. Who I

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Speaker 2: was talking to when a case for community, Yeah, well,

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Speaker 2: when I first called my insurance company. The person I

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Speaker 2: talked to was not my actual agent. It was just

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Speaker 2: somebody who worked on the one eight hundred line, and

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Speaker 2: they told me, Wow, it's amazing, like three or four

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Speaker 2: neighbors reaching out. We had neighbors in there cleaning up

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Speaker 2: some of the water damage, which was just so incredibly

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Speaker 2: nice but just so helpful too. And he said, I

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Speaker 2: don't really know my neighbors.

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Speaker 1: I feel like.

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Speaker 2: After this, I really should get to know my neighbors.

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Speaker 2: And I thought this was just a real It's a

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Speaker 2: really good thing to mention too. If you want to

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Speaker 2: be prepared for an accident, knowing your neighbors is one

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Speaker 2: of those things. Having some sort of relationships so you

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Speaker 2: can call them and say, can you go check on

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Speaker 2: my house I'm not sure what happened, or having enough

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Speaker 2: of a relationship to where they're going to call you

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Speaker 2: and notify you if something happened. We were at a

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Speaker 2: time if we had come back four days later and

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Speaker 2: no one had reached out to us, imagine how awful

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Speaker 2: that feels like to come home and realize that to

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Speaker 2: know ahead of time is so massively helpful. So I

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Speaker 2: think knowing your neighbors and knowing that they can help

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Speaker 2: you out a pinch and vice versa is just massively important.

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Speaker 1: True. Yeah, so that's specific to home insurance, but when

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Speaker 1: it comes to where you'd be involved in a car wreck,

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Speaker 1: you want to make sure that you exchange information with

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Speaker 1: the other party. You don't want to walk away from

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Speaker 1: that accident without having insurance information from those folks, and

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Speaker 1: so you can either write it down, you can take

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Speaker 1: a picture of their information if it seems like something

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Speaker 1: where it might be unclear as to what it is

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Speaker 1: that happened. Having somebody there who witnessed it, who's saying, hey, man,

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Speaker 1: I saw what happened. I'm willing to hang out here

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Speaker 1: for a little bit and provide a secondhand report, you know,

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Speaker 1: to the police officer of what happened. That can be

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Speaker 1: incredibly helpful. And like you said, I mean you literally

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Speaker 1: literally have digital evidence. What's crazy you know of when

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Speaker 1: y'all got hit, Like you have video of that actually happening.

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Speaker 1: I guess you could have video too if somebody had

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Speaker 1: a ring like one of the ring doorbells across this,

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Speaker 1: you know, if you had a neighbor that had that,

435
00:17:53,080 --> 00:17:55,160
Speaker 1: you that would be that might be even I don't

436
00:17:55,160 --> 00:17:57,160
Speaker 1: want to see it. Even crazier to see is actually

437
00:17:57,160 --> 00:17:59,800
Speaker 1: seeing a tree get struck by lightning. Sure, but you

438
00:17:59,880 --> 00:18:01,359
Speaker 1: know when it came to the car accident, you were

439
00:18:01,400 --> 00:18:03,520
Speaker 1: able to get that footage from that guy and you

440
00:18:03,560 --> 00:18:06,200
Speaker 1: have that on hand. I'm sure the guy that hits

441
00:18:06,240 --> 00:18:08,080
Speaker 1: you wasn't going to try to make a case that

442
00:18:08,280 --> 00:18:11,320
Speaker 1: it wasn't his fault, but if he did, you had

443
00:18:11,320 --> 00:18:13,439
Speaker 1: that evidence on hand that showed clearly that y'all were

444
00:18:13,440 --> 00:18:16,280
Speaker 1: just sitting there. You're like looking for your sunglasses. I know,

445
00:18:17,000 --> 00:18:19,080
Speaker 1: which is I guess that's actually how or one of

446
00:18:19,119 --> 00:18:20,800
Speaker 1: the reasons. Yeah, that Sean was binding him's why he

447
00:18:20,840 --> 00:18:22,200
Speaker 1: ran it into the back of you. You were looking for

448
00:18:22,280 --> 00:18:24,720
Speaker 1: your sunglasses and maybe he was looking for his two. Yeah.

449
00:18:24,760 --> 00:18:27,360
Speaker 2: Well, I will say having that that third party, not

450
00:18:27,440 --> 00:18:30,600
Speaker 2: just the police officer come out and document things, but

451
00:18:30,720 --> 00:18:34,200
Speaker 2: having a witness on hand, having their information, having them

452
00:18:34,240 --> 00:18:36,520
Speaker 2: speak to the police officer about what happened to is

453
00:18:36,520 --> 00:18:37,600
Speaker 2: just is really important too.

454
00:18:37,640 --> 00:18:40,440
Speaker 1: So the covering all your bases. Yeah, and I'll say too,

455
00:18:40,720 --> 00:18:43,760
Speaker 1: like as you are exchanging that information, like, certainly be

456
00:18:43,880 --> 00:18:48,040
Speaker 1: kind regardless of whose fault it is, but don't don't

457
00:18:48,080 --> 00:18:50,919
Speaker 1: be overly kind. Because I think in an effort to

458
00:18:51,480 --> 00:18:54,719
Speaker 1: be accommodating to somebody else, you might even say the words, oh,

459
00:18:54,760 --> 00:18:57,200
Speaker 1: I'm so sorry, it's all my fault. Yeah, And that's

460
00:18:57,320 --> 00:19:00,840
Speaker 1: something you don't necessarily want to admit because it may

461
00:19:00,880 --> 00:19:01,840
Speaker 1: not be your fault.

462
00:19:01,880 --> 00:19:03,560
Speaker 2: It might say it's not your fault to that person

463
00:19:03,600 --> 00:19:07,000
Speaker 2: when it is their fault exactly, but you might say

464
00:19:07,080 --> 00:19:09,280
Speaker 2: it's okay, like we're gonna get exactly. Those kind of

465
00:19:09,320 --> 00:19:11,440
Speaker 2: things are better than trying to You don't want to

466
00:19:11,440 --> 00:19:13,840
Speaker 2: sign any sort of blame to yourself or to that

467
00:19:13,920 --> 00:19:14,520
Speaker 2: person exactly.

468
00:19:14,600 --> 00:19:16,280
Speaker 1: Yeah, because they might have their phone out as well,

469
00:19:16,359 --> 00:19:18,720
Speaker 1: taking pictures, taking video, and if they have a video

470
00:19:19,000 --> 00:19:20,600
Speaker 1: and it's you know, they got their phone out and

471
00:19:20,640 --> 00:19:23,600
Speaker 1: that thing is going, and on that video they have

472
00:19:23,760 --> 00:19:25,880
Speaker 1: you saying it's not your fault or oh, it's all

473
00:19:25,880 --> 00:19:27,880
Speaker 1: my fault. That could be something that could come back

474
00:19:27,880 --> 00:19:29,960
Speaker 1: and matech in the butt. But after that, you want

475
00:19:30,000 --> 00:19:33,120
Speaker 1: to make sure that you notify your insurance company, even

476
00:19:33,119 --> 00:19:35,280
Speaker 1: if you aren't at fault here, because they can help

477
00:19:35,359 --> 00:19:39,040
Speaker 1: to negotiate with the opposing party's insurance or they might

478
00:19:39,080 --> 00:19:42,600
Speaker 1: even file the claim for you. Right Like, aside from

479
00:19:42,640 --> 00:19:45,679
Speaker 1: the headache of having a busted up ride or a

480
00:19:45,720 --> 00:19:48,400
Speaker 1: home that needs to be fixed, that needs to be repaired.

481
00:19:48,720 --> 00:19:50,280
Speaker 1: It can feel like a part time job trying to

482
00:19:50,280 --> 00:19:52,320
Speaker 1: get a company on the phone as you're trying to

483
00:19:52,680 --> 00:19:55,800
Speaker 1: coordinate and schedule adjusters to show up, or in your case,

484
00:19:55,880 --> 00:19:57,600
Speaker 1: like I think you said, like you need to get

485
00:19:57,600 --> 00:19:59,600
Speaker 1: like an engineer out there because some of the structural

486
00:19:59,640 --> 00:20:00,680
Speaker 1: damage that that took place.

487
00:20:00,720 --> 00:20:02,400
Speaker 2: They at least want to kind of look a little

488
00:20:02,400 --> 00:20:04,639
Speaker 2: bit further, make sure that it document that stuff so

489
00:20:04,680 --> 00:20:06,480
Speaker 2: that they know that everything is fixed.

490
00:20:06,480 --> 00:20:08,679
Speaker 1: But they're doing it properly, which you know, even though

491
00:20:08,720 --> 00:20:10,760
Speaker 1: it's kind of a headache, you can, I guess you

492
00:20:10,800 --> 00:20:14,200
Speaker 1: can appreciate their how thorough of a job that they're

493
00:20:14,200 --> 00:20:16,600
Speaker 1: doing and not like we'll just throw some drywall over

494
00:20:16,640 --> 00:20:18,520
Speaker 1: that it'll be fine. It's like, well, no, I don't

495
00:20:18,520 --> 00:20:19,400
Speaker 1: want you to do that either.

496
00:20:19,480 --> 00:20:20,920
Speaker 2: It's going to make the whole process take a little

497
00:20:20,920 --> 00:20:22,480
Speaker 2: bit longer, but it's one of those things where it's

498
00:20:22,520 --> 00:20:24,159
Speaker 2: worth it in the end because just in case they

499
00:20:24,240 --> 00:20:27,800
Speaker 2: uncover something that maybe to the naked eye is hard

500
00:20:27,800 --> 00:20:30,160
Speaker 2: to see, you want to make sure a structural engineer

501
00:20:30,200 --> 00:20:32,400
Speaker 2: takes especially when you're talking about a tree coming through

502
00:20:32,400 --> 00:20:34,480
Speaker 2: your roof. That's one of those things where yeah, it

503
00:20:34,520 --> 00:20:37,960
Speaker 2: impacted for Joys roof beams, So yeah, I want to

504
00:20:37,960 --> 00:20:39,120
Speaker 2: make sure that it's getting a lot.

505
00:20:39,000 --> 00:20:41,120
Speaker 1: Of different systems it can repair properly. Yeah, but again,

506
00:20:41,160 --> 00:20:43,560
Speaker 1: even if you aren't at fault, let your insurance company know,

507
00:20:43,640 --> 00:20:46,080
Speaker 1: because a great insurance company that you know is going

508
00:20:46,119 --> 00:20:48,240
Speaker 1: to be able to shoulder some of this burden. And

509
00:20:48,320 --> 00:20:49,639
Speaker 1: if that were to be the case, I think that

510
00:20:49,680 --> 00:20:52,480
Speaker 1: would be some welcomed relief as you're trying to get

511
00:20:52,520 --> 00:20:55,560
Speaker 1: back to normal living without having to worry about the

512
00:20:55,720 --> 00:20:58,840
Speaker 1: constant flood of emails and phone calls that you're having

513
00:20:58,880 --> 00:21:00,560
Speaker 1: to tend to. Yeah. Really, I said it was.

514
00:21:00,560 --> 00:21:02,280
Speaker 2: One of the most annoying parts of the whole thing

515
00:21:02,680 --> 00:21:04,040
Speaker 2: is that it becomes kind of like a part time

516
00:21:04,119 --> 00:21:06,560
Speaker 2: job for you, which I wasn't necessarily looking for another

517
00:21:06,600 --> 00:21:07,800
Speaker 2: part time job, and now I kind of have to

518
00:21:08,320 --> 00:21:10,919
Speaker 2: working with both of these situations. But it kind of

519
00:21:10,920 --> 00:21:13,480
Speaker 2: comes with the territory. And I will say one other

520
00:21:13,520 --> 00:21:16,399
Speaker 2: thing to mention is a lot of insurance companies are

521
00:21:16,440 --> 00:21:19,280
Speaker 2: going to steer you towards what are known as preferred contractors,

522
00:21:19,520 --> 00:21:22,000
Speaker 2: whether that is fixing up your car, or fixing up

523
00:21:22,000 --> 00:21:25,840
Speaker 2: your house. They have relationships with a lot of different companies,

524
00:21:25,840 --> 00:21:28,600
Speaker 2: whether they're independent or whether they actually work specifically, whether

525
00:21:28,640 --> 00:21:31,359
Speaker 2: it's like a progressive branded auto repair center or whatever

526
00:21:31,359 --> 00:21:34,320
Speaker 2: it is. They might have people they work with regularly,

527
00:21:34,560 --> 00:21:36,240
Speaker 2: and so they might try to tell you, hey, you

528
00:21:36,240 --> 00:21:38,000
Speaker 2: should go here to get it fixed and it might

529
00:21:38,080 --> 00:21:40,800
Speaker 2: save them money. But the truth is you have the

530
00:21:40,920 --> 00:21:43,600
Speaker 2: right to be able to hire your own folks to

531
00:21:43,680 --> 00:21:47,200
Speaker 2: fix your vehicle or your house, so you're not subject

532
00:21:47,240 --> 00:21:49,960
Speaker 2: to using people that the insurance company might try to

533
00:21:50,000 --> 00:21:51,880
Speaker 2: push on you. I think it's just important to note,

534
00:21:51,920 --> 00:21:53,720
Speaker 2: Matt because you might not feel comfortable with that, or

535
00:21:53,760 --> 00:21:56,280
Speaker 2: you might want to hire your people that you've worked

536
00:21:56,320 --> 00:21:58,320
Speaker 2: with before or who you trust the quality of their work,

537
00:21:58,359 --> 00:22:00,679
Speaker 2: whether it's repairing your car or repairing your home. And

538
00:22:00,760 --> 00:22:02,959
Speaker 2: so that's what I'm going to do. Like, I'm not

539
00:22:02,960 --> 00:22:05,320
Speaker 2: going to go with the people that the insurance company recommends,

540
00:22:05,640 --> 00:22:08,239
Speaker 2: not that they might not be great, but I'd rather

541
00:22:08,320 --> 00:22:11,399
Speaker 2: use people I've worked with before or take recommendations from neighbors. Ye,

542
00:22:11,640 --> 00:22:14,080
Speaker 2: and it's got a relationship established already with some of

543
00:22:14,160 --> 00:22:16,479
Speaker 2: these different mechanics. Yeah, so I would say ask around

544
00:22:16,560 --> 00:22:18,560
Speaker 2: if you don't have anybody that you've worked with before,

545
00:22:18,560 --> 00:22:20,440
Speaker 2: whether it's a contractor, Like I reached out to a

546
00:22:20,480 --> 00:22:23,280
Speaker 2: contractor we've used before. He's busy, he can't handle the work.

547
00:22:23,320 --> 00:22:25,199
Speaker 2: So I'm reaching out to other people now that my

548
00:22:25,240 --> 00:22:28,040
Speaker 2: neighbors have used that they recommend. And so, yeah, just

549
00:22:28,080 --> 00:22:30,640
Speaker 2: make sure that the company you're hiring is licensed and insured,

550
00:22:30,800 --> 00:22:33,320
Speaker 2: and it's helpful to get multiple opinions and quotes before

551
00:22:33,640 --> 00:22:35,399
Speaker 2: kind of starting the work, whether it's to your car

552
00:22:35,560 --> 00:22:37,040
Speaker 2: or to your home. But I think a lot of

553
00:22:37,040 --> 00:22:40,600
Speaker 2: people feel compelled to use somebody that the insurance company recommends,

554
00:22:40,680 --> 00:22:42,800
Speaker 2: and it's just important to note that you don't have

555
00:22:42,840 --> 00:22:43,600
Speaker 2: to that's right.

556
00:22:43,680 --> 00:22:46,879
Speaker 1: Yeah, you're not beholden to those vendors that they that

557
00:22:46,920 --> 00:22:48,480
Speaker 1: they have a relationship with. You can reach out to

558
00:22:48,520 --> 00:22:51,199
Speaker 1: the folks that you have that relationship with. And by

559
00:22:51,200 --> 00:22:53,560
Speaker 1: the way, during the claims process, in particular with a

560
00:22:53,640 --> 00:22:57,720
Speaker 1: car ensure, most folks don't know about diminished value, and

561
00:22:58,119 --> 00:23:01,400
Speaker 1: many insurance companies they convenient forget to tell you about it.

562
00:23:01,720 --> 00:23:05,120
Speaker 1: But basically, because your car has now been in an accident,

563
00:23:05,400 --> 00:23:07,560
Speaker 1: it's going to be worth less if you were to

564
00:23:07,600 --> 00:23:10,280
Speaker 1: sell it on the open market. So if you were

565
00:23:10,280 --> 00:23:12,640
Speaker 1: in a wreck and you are not at fault, you're

566
00:23:12,760 --> 00:23:14,879
Speaker 1: entitled not only to your car being fixed, but also

567
00:23:15,080 --> 00:23:19,200
Speaker 1: to reimbursement because your car is now worthless money. And

568
00:23:19,240 --> 00:23:21,479
Speaker 1: so it might take jumping through some additional hoops and

569
00:23:21,560 --> 00:23:25,639
Speaker 1: providing additional documentation and diminished value. You know, the rules

570
00:23:25,640 --> 00:23:27,359
Speaker 1: depend on what state it is that you live in,

571
00:23:27,440 --> 00:23:30,080
Speaker 1: but it could be well worth the additional effort in

572
00:23:30,240 --> 00:23:32,800
Speaker 1: order to get maybe an additional ten fifteen percent out

573
00:23:32,800 --> 00:23:32,960
Speaker 1: of it.

574
00:23:33,040 --> 00:23:35,399
Speaker 2: Yes, yeah, yeah, I got hundreds of dollars based on

575
00:23:35,560 --> 00:23:38,000
Speaker 2: just kind of Hey when when I was sidewiped by

576
00:23:38,000 --> 00:23:39,520
Speaker 2: that car then went across the three lanes of traffic,

577
00:23:39,640 --> 00:23:41,560
Speaker 2: and I said, hey, like this, I know my car

578
00:23:41,600 --> 00:23:42,960
Speaker 2: is not like super nice or anything. I was back

579
00:23:42,960 --> 00:23:45,680
Speaker 2: when I had that like green Ultima that wasn't remember

580
00:23:45,680 --> 00:23:48,399
Speaker 2: that it wasn't terribly excellent, but it was worth a

581
00:23:48,400 --> 00:23:50,760
Speaker 2: few hundred dollars to me in diminished value that the

582
00:23:50,800 --> 00:23:53,560
Speaker 2: insurance company never would have said a word about or

583
00:23:53,720 --> 00:23:55,280
Speaker 2: And then when they did make their initial offer, it

584
00:23:55,320 --> 00:23:56,919
Speaker 2: was low. And I came back and I said, hey,

585
00:23:56,920 --> 00:23:59,280
Speaker 2: based on these calculations I've made, it sure looks like

586
00:23:59,320 --> 00:24:01,560
Speaker 2: I'm entitled to a couple hundred dollars more than what

587
00:24:01,640 --> 00:24:05,800
Speaker 2: you initially stated, and they go back and they say, oh.

588
00:24:05,760 --> 00:24:06,520
Speaker 1: Okay, fine.

589
00:24:06,840 --> 00:24:09,040
Speaker 2: But that's one of those things most people don't even know.

590
00:24:09,080 --> 00:24:11,480
Speaker 2: They've never even heard that term. But if you're in

591
00:24:11,480 --> 00:24:14,280
Speaker 2: a car accident, it's important to know that diminished value

592
00:24:14,359 --> 00:24:17,119
Speaker 2: exists and that you are owed money not just to

593
00:24:17,160 --> 00:24:19,159
Speaker 2: fix your car, but to fix the fact that your

594
00:24:19,200 --> 00:24:19,879
Speaker 2: car is now worth less.

595
00:24:20,000 --> 00:24:22,960
Speaker 1: Yea, your car now has a reputation that's going to

596
00:24:23,040 --> 00:24:23,639
Speaker 1: always follow it.

597
00:24:23,760 --> 00:24:25,640
Speaker 2: Yeah, exactly, it's it's gonna be on the car facts

598
00:24:25,760 --> 00:24:27,600
Speaker 2: right moving forward, which means so what he pulls out

599
00:24:27,600 --> 00:24:29,719
Speaker 2: when they're trying to buy it, they're like, wait a second,

600
00:24:30,000 --> 00:24:31,320
Speaker 2: I don't think I'm wanna pay you as much as

601
00:24:31,320 --> 00:24:33,240
Speaker 2: the one that hasn't been in an accident. But Matt,

602
00:24:33,240 --> 00:24:36,000
Speaker 2: we've got more to get to on insurance and deductibles.

603
00:24:36,119 --> 00:24:38,920
Speaker 2: We have a lot to talk about on the deductible front,

604
00:24:38,920 --> 00:24:40,600
Speaker 2: because that is one way that you can save a

605
00:24:40,640 --> 00:24:42,399
Speaker 2: lot of money or lose a lot of money. We'll

606
00:24:42,440 --> 00:24:44,119
Speaker 2: talk about that and more right after this.

607
00:24:53,600 --> 00:24:55,480
Speaker 1: All right, man, we are back from the break, and

608
00:24:55,520 --> 00:24:58,440
Speaker 1: we just talked about what to do in the immediate

609
00:24:58,440 --> 00:25:01,680
Speaker 1: aftermath after an accident. There, But let's now talk about

610
00:25:01,720 --> 00:25:05,600
Speaker 1: preparing for accidents in advance, because you know you can't

611
00:25:05,600 --> 00:25:09,000
Speaker 1: predict like when or if an accident's going to occur,

612
00:25:09,240 --> 00:25:12,440
Speaker 1: but you don't want to leave yourself financially vulnerable if

613
00:25:12,600 --> 00:25:15,359
Speaker 1: something terrible comes along. So we're gonna talk about preparing

614
00:25:15,359 --> 00:25:17,919
Speaker 1: for those accidents. But first things first, we want to

615
00:25:18,000 --> 00:25:21,040
Speaker 1: make sure that you know when to not use certain

616
00:25:21,080 --> 00:25:23,240
Speaker 1: types of insurance that is going to end up costing

617
00:25:23,280 --> 00:25:25,800
Speaker 1: you more in the long run. So specifically I'm thinking

618
00:25:25,840 --> 00:25:28,959
Speaker 1: about like roadside assistance, which you know it's not technically insurance,

619
00:25:28,960 --> 00:25:32,760
Speaker 1: but oftentimes can be offered through your insure. We would

620
00:25:32,800 --> 00:25:35,679
Speaker 1: prefer for you to self ensure and pay for your

621
00:25:36,200 --> 00:25:39,119
Speaker 1: own toes if you are stranded on the side of

622
00:25:39,119 --> 00:25:41,919
Speaker 1: the road, or go with triple A, but using the

623
00:25:42,080 --> 00:25:46,440
Speaker 1: roadside assistance that is offered by car insurance can act

624
00:25:46,560 --> 00:25:50,480
Speaker 1: like a claim, potentially increasing your actual insurance premium. And

625
00:25:50,520 --> 00:25:54,160
Speaker 1: so even though it's not technically a part of insurance,

626
00:25:54,200 --> 00:25:57,880
Speaker 1: it is something that they're offering, and most people don't think, hey,

627
00:25:58,000 --> 00:26:01,000
Speaker 1: if I make this roadside insure like because it's set

628
00:26:01,040 --> 00:26:04,080
Speaker 1: up almost like a like a little perk like a concierge.

629
00:26:04,280 --> 00:26:05,840
Speaker 1: Like it's like at a hotel where they're like, would

630
00:26:05,840 --> 00:26:08,160
Speaker 1: you like this cookie? Right, and it's just like, oh wait,

631
00:26:08,200 --> 00:26:10,159
Speaker 1: you just charged me for that cookie. That's exactly what

632
00:26:10,240 --> 00:26:11,439
Speaker 1: I feel. That's sort of like what this is.

633
00:26:11,480 --> 00:26:13,040
Speaker 2: And most people assume that the bottle of water in

634
00:26:13,040 --> 00:26:14,240
Speaker 2: the hotel is going to be free, but no, it

635
00:26:14,280 --> 00:26:16,439
Speaker 2: costs you five ninety nine. And it's very similar to

636
00:26:16,520 --> 00:26:20,560
Speaker 2: roadside insurance through the one specifically through your insurance company,

637
00:26:20,760 --> 00:26:21,680
Speaker 2: because they might.

638
00:26:21,640 --> 00:26:23,520
Speaker 1: Wait, they track it and then it goes on your

639
00:26:23,520 --> 00:26:26,160
Speaker 1: clue report and it's stuck with you for like five

640
00:26:26,240 --> 00:26:26,800
Speaker 1: seven years.

641
00:26:26,840 --> 00:26:29,320
Speaker 2: It's going to impact you potentially on the rates you

642
00:26:29,359 --> 00:26:31,560
Speaker 2: pay with your currniture, but definitely if you start shopping

643
00:26:31,560 --> 00:26:34,520
Speaker 2: around for rates to move elsewhere. And so yeah, I

644
00:26:34,560 --> 00:26:37,320
Speaker 2: forget exactly how long those things stick on that clue report,

645
00:26:37,359 --> 00:26:39,120
Speaker 2: which again is something most people don't know about. It's

646
00:26:39,119 --> 00:26:42,199
Speaker 2: like an insurance database and so all insurance companies can

647
00:26:42,280 --> 00:26:45,159
Speaker 2: kind of see your claim's history. It lives kind of

648
00:26:45,160 --> 00:26:47,040
Speaker 2: in the back end on this clue report that most

649
00:26:47,040 --> 00:26:49,960
Speaker 2: of us don't really know what's on there. But so yeah,

650
00:26:50,000 --> 00:26:51,959
Speaker 2: I think not using certain things like that like not

651
00:26:52,080 --> 00:26:54,159
Speaker 2: having roadside assistants and if you do, just definitely not

652
00:26:54,320 --> 00:26:56,080
Speaker 2: using it. But if a cost you extra money, ditch

653
00:26:56,119 --> 00:26:58,600
Speaker 2: it and get your own. But also it's important to

654
00:26:58,880 --> 00:27:01,200
Speaker 2: make sure you have enough in insurance. And this might

655
00:27:01,200 --> 00:27:04,199
Speaker 2: sound crazy, but you people are likely a lot of

656
00:27:04,200 --> 00:27:06,800
Speaker 2: our listeners are probably under insured right now, Matt, we

657
00:27:06,800 --> 00:27:10,240
Speaker 2: would suggest to check the face value of your insurance policy.

658
00:27:10,400 --> 00:27:13,359
Speaker 2: If your home were to be completely destroyed in a fire,

659
00:27:13,440 --> 00:27:17,400
Speaker 2: God forbid, would your insurance actually cover the full replacement

660
00:27:17,440 --> 00:27:21,240
Speaker 2: cost of the home? Right And when you think about inflation,

661
00:27:21,480 --> 00:27:24,359
Speaker 2: inflation has impacted everything. It's in fact, it's impacted the

662
00:27:24,960 --> 00:27:28,960
Speaker 2: cost of materials to rebuild your home. It's impacted the

663
00:27:29,000 --> 00:27:32,719
Speaker 2: cost of labor, it's impacted the timeline for renovations. Everything

664
00:27:32,720 --> 00:27:35,240
Speaker 2: has just gotten more expensive. It's taking longer and time

665
00:27:35,320 --> 00:27:38,760
Speaker 2: is money on this front. So chances are you might

666
00:27:38,800 --> 00:27:42,399
Speaker 2: not have quite enough insurance and that could negatively impact

667
00:27:42,440 --> 00:27:44,320
Speaker 2: you in a worst case scenario. And so you know,

668
00:27:44,440 --> 00:27:48,600
Speaker 2: updating the policy and getting more coverage on your home

669
00:27:48,720 --> 00:27:51,680
Speaker 2: is going to cost you more in premiums in all likelihood,

670
00:27:51,800 --> 00:27:53,320
Speaker 2: but it's also going to ensure that you're not left

671
00:27:53,320 --> 00:27:56,560
Speaker 2: holding the bag for potentially thousands, tens of thousands or

672
00:27:56,640 --> 00:28:01,080
Speaker 2: hundreds of thousands of dollars in repair costs and replacement

673
00:28:01,080 --> 00:28:03,120
Speaker 2: costs because your coverage is going to be robust enough.

674
00:28:03,160 --> 00:28:06,639
Speaker 2: So read your policy to check current limits and if necessary,

675
00:28:06,880 --> 00:28:09,840
Speaker 2: increase them to cover the full replacement cost of your home.

676
00:28:09,840 --> 00:28:12,120
Speaker 2: It's worth kind of say, okay, what would it cost

677
00:28:12,160 --> 00:28:14,760
Speaker 2: to build a four bedroom, three bath or a two bedroom,

678
00:28:14,800 --> 00:28:17,760
Speaker 2: one bath home like I'm in where I live, and

679
00:28:17,800 --> 00:28:21,640
Speaker 2: then kind of checking to see if your insurance policy,

680
00:28:21,359 --> 00:28:23,639
Speaker 2: what the overall amount of coverage you have is, and

681
00:28:23,680 --> 00:28:25,359
Speaker 2: if it's not quite up to snuff, you want to

682
00:28:25,400 --> 00:28:26,600
Speaker 2: raise those that amount.

683
00:28:26,760 --> 00:28:29,120
Speaker 1: That's right, Yeah, And some insurers actually provide what's called

684
00:28:29,119 --> 00:28:32,480
Speaker 1: inflation guard coverage, where there's sort of like this automatic

685
00:28:32,680 --> 00:28:35,280
Speaker 1: stair step built into the amount of coverage that they

686
00:28:35,280 --> 00:28:37,879
Speaker 1: provide every single year. Which I'm not totally sure how

687
00:28:37,920 --> 00:28:39,880
Speaker 1: I feel about it, because on one hand, I like

688
00:28:39,920 --> 00:28:42,479
Speaker 1: it because you cannot think about it, and what that

689
00:28:42,520 --> 00:28:45,640
Speaker 1: means is that over time, your coverage is probably going

690
00:28:45,680 --> 00:28:47,720
Speaker 1: to match the value of your actual home. But in

691
00:28:47,800 --> 00:28:50,000
Speaker 1: a perfect world, like on the other hand, I don't

692
00:28:50,040 --> 00:28:52,960
Speaker 1: like it because in an ideal world that would be

693
00:28:53,040 --> 00:28:55,320
Speaker 1: something that you regularly check, like maybe once a year,

694
00:28:55,360 --> 00:28:57,560
Speaker 1: and be like, Okay, does the value of my home

695
00:28:57,840 --> 00:29:00,480
Speaker 1: does it adequately match the coverage that I have? But

696
00:29:00,560 --> 00:29:04,440
Speaker 1: the fact is do most people do that? No, probably

697
00:29:04,600 --> 00:29:05,520
Speaker 1: is the answer.

698
00:29:05,600 --> 00:29:07,480
Speaker 2: So a product like that's going to put on autopilot

699
00:29:07,520 --> 00:29:09,280
Speaker 2: for most people who aren't going to recheck exactly. But

700
00:29:09,320 --> 00:29:10,920
Speaker 2: this is hopefully a good chance for people to go

701
00:29:11,000 --> 00:29:13,640
Speaker 2: in right now, log into the back end of their

702
00:29:13,640 --> 00:29:17,320
Speaker 2: insurance and say click the view my policy website right now.

703
00:29:17,360 --> 00:29:19,400
Speaker 1: Because of the prompt that we are providing you.

704
00:29:19,480 --> 00:29:22,840
Speaker 2: Literally right now, you can see basically like the coverage

705
00:29:23,000 --> 00:29:25,560
Speaker 2: that you have, not just like the headline amount, which

706
00:29:25,560 --> 00:29:27,160
Speaker 2: is important, That's what I'm telling you look at now,

707
00:29:27,240 --> 00:29:29,440
Speaker 2: but then even below that you can dig in and

708
00:29:29,480 --> 00:29:32,280
Speaker 2: see what other kind of coverages does this entail as well?

709
00:29:32,520 --> 00:29:35,360
Speaker 2: That's right, like some additional ad on policies, because those

710
00:29:35,440 --> 00:29:38,600
Speaker 2: might be necessary as well. So for instance, if you

711
00:29:38,760 --> 00:29:41,000
Speaker 2: have like say you're a collector, maybe you've got some

712
00:29:41,120 --> 00:29:44,480
Speaker 2: nice art, maybe you've got some very expensive fine jewelry.

713
00:29:44,480 --> 00:29:47,080
Speaker 1: I don't know if my folk art qualifies. I think

714
00:29:47,120 --> 00:29:49,440
Speaker 1: it would, okay, I mean, if you can attach a dude,

715
00:29:49,560 --> 00:29:51,960
Speaker 1: you can share anything you attach a dollar amount to anything,

716
00:29:52,040 --> 00:29:54,680
Speaker 1: somebody out there will look at those fancy tables and

717
00:29:54,720 --> 00:29:57,320
Speaker 1: they'll write a policy for it. But what if that

718
00:29:57,520 --> 00:29:59,440
Speaker 1: fancy folk art of yours were.

719
00:30:00,080 --> 00:30:02,320
Speaker 2: What if it were destroyed? Fortunately not, most of it

720
00:30:02,360 --> 00:30:02,720
Speaker 2: was less?

721
00:30:03,840 --> 00:30:05,760
Speaker 1: Did you didn't have any art? There's like one little

722
00:30:05,800 --> 00:30:08,920
Speaker 1: gash in one really? Yeah, I'm sorry. I bet there'll

723
00:30:08,960 --> 00:30:10,920
Speaker 1: be additional things too, where you're kind of like, oh,

724
00:30:11,040 --> 00:30:13,200
Speaker 1: here's something else that happened. Oh here's something else. Oh yeah,

725
00:30:13,840 --> 00:30:17,920
Speaker 1: But these additional items may mean most likely won't be

726
00:30:17,920 --> 00:30:20,680
Speaker 1: covered under your regular policy, and you might need an

727
00:30:20,680 --> 00:30:23,440
Speaker 1: additional writer in addition to that. Maybe you have other

728
00:30:23,480 --> 00:30:25,480
Speaker 1: structures on the property as well, and so make sure

729
00:30:25,720 --> 00:30:28,160
Speaker 1: that those have enough coverage under the policy as well.

730
00:30:28,320 --> 00:30:31,520
Speaker 1: Oh and check to see whether some items are covered

731
00:30:31,600 --> 00:30:34,760
Speaker 1: with replacement cost coverage. That way, you are, you know,

732
00:30:34,840 --> 00:30:37,000
Speaker 1: just paid a fraction of what you would have to

733
00:30:37,000 --> 00:30:40,280
Speaker 1: spend in order to rebuy those now wrecked items. The

734
00:30:40,320 --> 00:30:42,600
Speaker 1: counter to that would be the actual cash value, which

735
00:30:42,600 --> 00:30:45,560
Speaker 1: takes into account depreciation, and so in that case you

736
00:30:45,560 --> 00:30:48,120
Speaker 1: would get paid less. But what you actually want is

737
00:30:48,200 --> 00:30:51,080
Speaker 1: the replace full replacement value what it would cost you

738
00:30:51,200 --> 00:30:53,680
Speaker 1: right now today. Joel to go out and buy a

739
00:30:53,680 --> 00:30:55,520
Speaker 1: new sofa, like what is that going to cost you?

740
00:30:55,640 --> 00:30:58,160
Speaker 1: Not what the with the cash Valuease.

741
00:30:57,760 --> 00:30:59,760
Speaker 2: Just because I bought the sofa five years ago doesn't

742
00:30:59,800 --> 00:31:01,840
Speaker 2: mean I'm not paying today's costs or replace it so

743
00:31:01,840 --> 00:31:03,840
Speaker 2: far exactly, And so you want to make sure and

744
00:31:05,080 --> 00:31:08,280
Speaker 2: my policy fortunately does have replacement cost coverage. So I'm

745
00:31:08,320 --> 00:31:09,960
Speaker 2: going to get the full amount for what that soaf

746
00:31:10,000 --> 00:31:12,680
Speaker 2: will cost me today even though I bought it. Well,

747
00:31:12,680 --> 00:31:14,080
Speaker 2: actually not that long ago, like a year and a

748
00:31:14,080 --> 00:31:16,400
Speaker 2: half ago or something. But these are, yeah, these are

749
00:31:16,400 --> 00:31:19,120
Speaker 2: important things to look at because these are the kind

750
00:31:19,120 --> 00:31:21,200
Speaker 2: of things that could cost you hundreds or thousands of

751
00:31:21,240 --> 00:31:23,560
Speaker 2: dollars if you're not insured properly. You want to make

752
00:31:23,600 --> 00:31:25,960
Speaker 2: sure you have enough insurance, even though it's going to

753
00:31:26,040 --> 00:31:28,600
Speaker 2: cost you a little bit more from a premium perspective,

754
00:31:28,880 --> 00:31:30,800
Speaker 2: being under insured could cost you a whole lot more

755
00:31:31,000 --> 00:31:33,200
Speaker 2: in the long run. It's also important to Matt when

756
00:31:33,200 --> 00:31:35,880
Speaker 2: we're talking about preparing in advance for an accident that

757
00:31:35,880 --> 00:31:38,120
Speaker 2: can happen and making sure that you're not going to

758
00:31:38,160 --> 00:31:40,760
Speaker 2: be in a financial emergency, like if some sort of

759
00:31:40,760 --> 00:31:43,800
Speaker 2: other emergency car or home occurs to you, is having

760
00:31:43,880 --> 00:31:46,080
Speaker 2: enough money on hand. We talk about emergency funds all

761
00:31:46,120 --> 00:31:49,800
Speaker 2: the time, but man, like when this is this is

762
00:31:49,800 --> 00:31:52,040
Speaker 2: one of those places, yeah, right, Like, there's a bunch

763
00:31:52,040 --> 00:31:54,200
Speaker 2: of instances where you might use an emergency fund, but

764
00:31:54,240 --> 00:31:56,680
Speaker 2: I can't think of many more important than if you're

765
00:31:56,720 --> 00:31:58,720
Speaker 2: in a car accident or if you have some sort

766
00:31:58,760 --> 00:32:02,960
Speaker 2: of home homeowner's insurance claim as well. And so it's

767
00:32:03,040 --> 00:32:05,120
Speaker 2: not there just in the event that you lose your

768
00:32:05,200 --> 00:32:07,920
Speaker 2: job or if your transmission ghost bust. It's also there

769
00:32:07,960 --> 00:32:10,120
Speaker 2: to help you if an accident occurs. And so this

770
00:32:10,160 --> 00:32:12,440
Speaker 2: is part of the reason why having three to six

771
00:32:12,480 --> 00:32:14,680
Speaker 2: months of savings is so helpful, and this is why

772
00:32:14,720 --> 00:32:16,719
Speaker 2: that's money you're number four, right. We don't want it

773
00:32:16,760 --> 00:32:19,800
Speaker 2: to be so far down the list that you're investing

774
00:32:19,840 --> 00:32:22,000
Speaker 2: so much that you don't have access to funds to

775
00:32:22,000 --> 00:32:25,080
Speaker 2: help you get through some sort of emergency or accident.

776
00:32:25,120 --> 00:32:27,360
Speaker 2: And so the reality is that having that additional savings

777
00:32:27,400 --> 00:32:30,040
Speaker 2: on hand is going to help you in the case

778
00:32:30,160 --> 00:32:32,640
Speaker 2: you got to meet that deductible, and it's going to

779
00:32:32,680 --> 00:32:35,840
Speaker 2: help you pay for some of the contractors that you

780
00:32:35,880 --> 00:32:38,000
Speaker 2: might need to deal with while you're having the home

781
00:32:38,040 --> 00:32:41,120
Speaker 2: fix before you get reimbursed by insurance, which is the

782
00:32:41,120 --> 00:32:44,280
Speaker 2: position I'm in. You can have your insurance company pay

783
00:32:44,360 --> 00:32:46,520
Speaker 2: a lot of these bills directly, or you can kind

784
00:32:46,520 --> 00:32:49,200
Speaker 2: of be the hub. I just feel more comfortable. Maybe

785
00:32:49,200 --> 00:32:51,360
Speaker 2: it's like a control issue being kind of the hub

786
00:32:51,640 --> 00:32:53,840
Speaker 2: for those and then submitting those retreats to the insurance.

787
00:32:53,520 --> 00:32:55,800
Speaker 1: Company, or just a desire to move things along because

788
00:32:55,840 --> 00:32:57,520
Speaker 1: if you know that, well I can call them right

789
00:32:57,560 --> 00:32:59,560
Speaker 1: now and get that scheduled. You know that that's going

790
00:32:59,600 --> 00:33:01,200
Speaker 1: to happen. Yeah, a good bit sooner. Really.

791
00:33:01,280 --> 00:33:02,600
Speaker 2: Yeah, it's taken some of the gum out of the

792
00:33:02,640 --> 00:33:04,400
Speaker 2: gears and it allows you to kind of feed things

793
00:33:04,480 --> 00:33:06,000
Speaker 2: up and then I'll pay people and then I'll submit

794
00:33:06,040 --> 00:33:08,080
Speaker 2: that receipt to the insurance company, and it just makes

795
00:33:08,120 --> 00:33:10,120
Speaker 2: things move a little bit faster. Although it does mean

796
00:33:10,240 --> 00:33:11,960
Speaker 2: you've got to have the cash in the bank to

797
00:33:12,000 --> 00:33:13,720
Speaker 2: kind of facilitate those transaction.

798
00:33:13,320 --> 00:33:15,400
Speaker 1: Lists, right, so to be able to float some of

799
00:33:15,400 --> 00:33:18,320
Speaker 1: those expenses. But another you mentioned, you know, using some

800
00:33:18,440 --> 00:33:21,200
Speaker 1: of your emergency fund to cover that deductible, but another

801
00:33:21,240 --> 00:33:25,080
Speaker 1: plus of having like an even larger emergency fund on hand,

802
00:33:25,200 --> 00:33:27,040
Speaker 1: right so maybe even you know towards a six or

803
00:33:27,040 --> 00:33:30,520
Speaker 1: even the six plus month's worth of expenses on hand there,

804
00:33:30,560 --> 00:33:32,880
Speaker 1: and that fund is the ability to set your deductible

805
00:33:32,920 --> 00:33:36,600
Speaker 1: even higher. And of course, the higher you're deductible, the

806
00:33:36,640 --> 00:33:39,600
Speaker 1: more you're gonna be able to save on your insurance premiums.

807
00:33:39,800 --> 00:33:41,560
Speaker 1: That's just how it works. But let's just say that

808
00:33:41,600 --> 00:33:44,920
Speaker 1: you've got a bear two thousand dollars in your savings account, right.

809
00:33:45,000 --> 00:33:47,280
Speaker 1: If that's the case, well you're not gonna want to

810
00:33:47,320 --> 00:33:50,400
Speaker 1: raise your deductible to double that, right, Like you know,

811
00:33:50,560 --> 00:33:51,720
Speaker 1: you don't want to take that to four or five

812
00:33:51,720 --> 00:33:54,240
Speaker 1: thousand dollars because that would be putting your finances in

813
00:33:54,400 --> 00:33:57,320
Speaker 1: harm's way. But if you have been a great saver,

814
00:33:57,800 --> 00:34:00,280
Speaker 1: increasing your deductibles is one of the best ways to

815
00:34:00,360 --> 00:34:04,240
Speaker 1: reduce those monthly or annual premiums. And that's both that's

816
00:34:04,280 --> 00:34:06,440
Speaker 1: the case on both auto and homeowners insurance. You can

817
00:34:06,480 --> 00:34:09,720
Speaker 1: raise deductibles on both of those things in an effort

818
00:34:09,800 --> 00:34:11,920
Speaker 1: to save money every single month or every single year

819
00:34:11,960 --> 00:34:13,759
Speaker 1: when it comes to the premiums you pass, that's right. Yeah, So,

820
00:34:13,800 --> 00:34:17,440
Speaker 1: for instance, with your homeowners insurance, going from a pretty

821
00:34:17,440 --> 00:34:21,359
Speaker 1: low five hundred dollars deductible to a two thousand dollars deductible, well,

822
00:34:21,360 --> 00:34:23,560
Speaker 1: I can see you more than five hundred dollars a

823
00:34:23,640 --> 00:34:26,200
Speaker 1: year depending on the insured. But again, you want to

824
00:34:26,200 --> 00:34:28,560
Speaker 1: make sure that you have way more than that within

825
00:34:28,600 --> 00:34:31,279
Speaker 1: your actual emergency fund. But when if you were to

826
00:34:31,320 --> 00:34:33,680
Speaker 1: do that, in just over three years of not having

827
00:34:33,760 --> 00:34:35,640
Speaker 1: a claim, you're going to have made all of that

828
00:34:35,719 --> 00:34:38,080
Speaker 1: money back, and then beyond that is just icing on top.

829
00:34:38,840 --> 00:34:41,160
Speaker 1: And the other perk is that you're less likely to

830
00:34:41,239 --> 00:34:43,839
Speaker 1: actually file a claim. And so you've kind of got

831
00:34:43,840 --> 00:34:46,399
Speaker 1: the psychological element behind it as well, where you're trying

832
00:34:46,440 --> 00:34:50,040
Speaker 1: to disincentivize yourself from actually making a claim because in

833
00:34:50,040 --> 00:34:52,000
Speaker 1: the long run that's going to end up costing you more.

834
00:34:52,520 --> 00:34:55,160
Speaker 1: Having that cash on hand to be able to address

835
00:34:55,280 --> 00:34:57,960
Speaker 1: some of those minor emergencies is what you want to

836
00:34:57,960 --> 00:34:59,640
Speaker 1: be able to do. Yeah, no, I agree, And I'll

837
00:34:59,640 --> 00:35:02,840
Speaker 1: say case we're not talking about a minor emergency, like, yeah,

838
00:35:02,880 --> 00:35:05,279
Speaker 1: this is me, Like, I don't know if you've if

839
00:35:05,320 --> 00:35:07,520
Speaker 1: you're cresting one hundred k yet, but like you're definitely

840
00:35:07,560 --> 00:35:08,680
Speaker 1: in the tens of thousands.

841
00:35:09,040 --> 00:35:12,239
Speaker 2: Tens of thousands, yeah for sure, But I don't know

842
00:35:12,280 --> 00:35:14,720
Speaker 2: that's a good question. Like we're still in the initial

843
00:35:14,719 --> 00:35:16,759
Speaker 2: stages of kind of figuring out all happen and how

844
00:35:16,760 --> 00:35:19,200
Speaker 2: extensive the damages. Don't have that engineer out, and it

845
00:35:19,239 --> 00:35:21,759
Speaker 2: depends on whoa if it's if the whole roof needs

846
00:35:21,760 --> 00:35:24,920
Speaker 2: to be replaced down to like I don't know, the

847
00:35:24,920 --> 00:35:28,759
Speaker 2: the things that hold up the roof down to the roof, yeah, yeah,

848
00:35:28,960 --> 00:35:31,239
Speaker 2: like all that. Who knows, who knows right now, But

849
00:35:31,320 --> 00:35:34,520
Speaker 2: I mean it is going to be an expensive endeavor,

850
00:35:34,760 --> 00:35:36,960
Speaker 2: and so I do think it's important to That's a

851
00:35:37,000 --> 00:35:38,600
Speaker 2: really important part of it, though, Matt, is that if

852
00:35:38,640 --> 00:35:42,600
Speaker 2: people have a higher deductible on their policy, they're less

853
00:35:42,680 --> 00:35:44,920
Speaker 2: likely to tap the policy. And I think that's a

854
00:35:44,920 --> 00:35:47,839
Speaker 2: good thing because I've seen some people who have a

855
00:35:48,440 --> 00:35:51,600
Speaker 2: they've got a thousand dollars deductible, there's a six hundred

856
00:35:51,640 --> 00:35:54,239
Speaker 2: dollars repair. They go to insurance and they tap into

857
00:35:54,280 --> 00:35:56,560
Speaker 2: that insurance and they make a claim. And that is

858
00:35:56,719 --> 00:35:59,040
Speaker 2: the worst possible thing you could do. Even though you're

859
00:35:59,040 --> 00:36:01,440
Speaker 2: gonna come out four hundred dollars ahead, let's say in

860
00:36:01,480 --> 00:36:03,799
Speaker 2: the short term, over the long term you're going to lose.

861
00:36:03,840 --> 00:36:05,920
Speaker 2: And that's a bad idea. And so setting your deductible

862
00:36:05,960 --> 00:36:07,840
Speaker 2: higher means you're less likely to tap it for a

863
00:36:07,880 --> 00:36:11,160
Speaker 2: small thing. And research shows that rates can climb something

864
00:36:11,239 --> 00:36:14,120
Speaker 2: like forty to fifty percent, and that that rate, that

865
00:36:14,200 --> 00:36:17,040
Speaker 2: premium that goes that goes sky high when you make

866
00:36:17,040 --> 00:36:19,560
Speaker 2: that claim, it can stay elevated for somewhere between three

867
00:36:20,000 --> 00:36:22,280
Speaker 2: and five years. So I would say run the numbers

868
00:36:22,280 --> 00:36:24,480
Speaker 2: and don't file a claim unless it makes sense. I

869
00:36:24,480 --> 00:36:26,600
Speaker 2: think some people think just because you've been involved in

870
00:36:26,600 --> 00:36:29,080
Speaker 2: an accident, boom, it's time to turn to insurance. But

871
00:36:29,120 --> 00:36:33,040
Speaker 2: if it's something relatively minor, if that tree had crashed

872
00:36:33,080 --> 00:36:36,400
Speaker 2: and it had just damaged for some reason, like my

873
00:36:36,520 --> 00:36:39,400
Speaker 2: son's little electric cheap that he rides around the yard, like,

874
00:36:39,440 --> 00:36:40,440
Speaker 2: I wouldn't make a claim on.

875
00:36:40,360 --> 00:36:42,200
Speaker 1: That, Or if it just if it only knocked off

876
00:36:42,239 --> 00:36:44,040
Speaker 1: your gutters, right, for instance, you knock off the gutter,

877
00:36:44,080 --> 00:36:45,520
Speaker 1: it's not something you're going to file a claim. O.

878
00:36:45,719 --> 00:36:48,160
Speaker 2: Yes, I am going to replace those gutters myself. Some

879
00:36:48,200 --> 00:36:49,680
Speaker 2: people think, well, it hit the home, I've got to

880
00:36:49,719 --> 00:36:53,040
Speaker 2: involve insurance. That's not necessarily the case. And so yeah,

881
00:36:53,080 --> 00:36:55,880
Speaker 2: if your deductible is set higher, it's going to cause

882
00:36:55,920 --> 00:36:58,560
Speaker 2: you to lean on your own finances more in the

883
00:36:58,600 --> 00:37:01,719
Speaker 2: case of like minor incident and not going directly to

884
00:37:01,880 --> 00:37:04,840
Speaker 2: the insurance company, which which you want to avoid really

885
00:37:04,880 --> 00:37:05,359
Speaker 2: when you can.

886
00:37:05,480 --> 00:37:06,880
Speaker 1: Well, the same is true when it comes to car

887
00:37:06,920 --> 00:37:10,080
Speaker 1: insurance as well, especially when it comes to comprehensive coverage.

888
00:37:10,239 --> 00:37:12,839
Speaker 1: And I'll speak to this from personal experience as well.

889
00:37:13,360 --> 00:37:14,719
Speaker 1: You don't want to make a claim. You don't want

890
00:37:14,719 --> 00:37:18,759
Speaker 1: to file a claim when your winchel cracks because oh my.

891
00:37:18,680 --> 00:37:21,360
Speaker 2: Gosh, that's when I see people do and yeah, and

892
00:37:21,480 --> 00:37:25,040
Speaker 2: I did that. So in college, I filed two claims

893
00:37:25,080 --> 00:37:27,880
Speaker 2: because I had to crackminshield and another claim when I

894
00:37:27,960 --> 00:37:30,920
Speaker 2: hit had hit a deer. And I didn't know that

895
00:37:31,120 --> 00:37:33,520
Speaker 2: these you know, all these claims were counting against me

896
00:37:33,960 --> 00:37:37,160
Speaker 2: until it knocked our entire families car insurance into like

897
00:37:37,200 --> 00:37:39,720
Speaker 2: this high risk profile. And not just I mean literally

898
00:37:39,719 --> 00:37:41,160
Speaker 2: our entire family. So it wasn't just me, it was

899
00:37:41,200 --> 00:37:41,839
Speaker 2: my parents as well.

900
00:37:41,880 --> 00:37:45,120
Speaker 1: So they were paying like a factor of two x

901
00:37:45,160 --> 00:37:47,919
Speaker 1: and I got the boot and that was just like, hey,

902
00:37:48,239 --> 00:37:50,160
Speaker 1: I'm sorry, You're gonna have to find your own insurance.

903
00:37:50,440 --> 00:37:52,919
Speaker 1: And I wish I would have been taught that, like, hey,

904
00:37:53,160 --> 00:37:55,799
Speaker 1: maybe every time your windshield cracks, you don't call up

905
00:37:55,840 --> 00:37:58,480
Speaker 1: the insurance company and have them send safe light or

906
00:37:58,480 --> 00:38:01,160
Speaker 1: whoever out to you know, actually to make a repair

907
00:38:01,480 --> 00:38:02,279
Speaker 1: or to replace.

908
00:38:02,160 --> 00:38:04,880
Speaker 2: Especially something as basic as a Winshield replacement. You're barely

909
00:38:04,920 --> 00:38:07,640
Speaker 2: gonna get paid out more than the deductible in most cases.

910
00:38:08,000 --> 00:38:10,560
Speaker 1: Yeah. In that case, I think the deductible was crazy low.

911
00:38:10,760 --> 00:38:12,759
Speaker 1: And I was just like, well, that's what insurance is for. Yeah,

912
00:38:12,760 --> 00:38:14,480
Speaker 1: I want to keep my ride looking good.

913
00:38:14,520 --> 00:38:16,120
Speaker 2: But I think you're right, and it's so important for

914
00:38:16,200 --> 00:38:18,279
Speaker 2: us just to just to say that. Again, a lot

915
00:38:18,280 --> 00:38:20,200
Speaker 2: of people think that's what insurance is for, but that

916
00:38:20,280 --> 00:38:22,440
Speaker 2: is not what insurance is for. That's what self insurance

917
00:38:22,520 --> 00:38:25,920
Speaker 2: is for. Insurance is really your emergency funds. Yeah, it's

918
00:38:25,960 --> 00:38:27,839
Speaker 2: for only when the numbers make sense. And I will

919
00:38:27,880 --> 00:38:31,480
Speaker 2: say my deductible, you could raise your deductible really high,

920
00:38:31,520 --> 00:38:34,239
Speaker 2: And so I'm a proponent of people self insuring and

921
00:38:34,280 --> 00:38:38,239
Speaker 2: raising their deductible higher then they maybe even feel comfortable with,

922
00:38:38,239 --> 00:38:38,759
Speaker 2: which I did.

923
00:38:38,760 --> 00:38:39,320
Speaker 1: In my case.

924
00:38:39,480 --> 00:38:41,960
Speaker 2: Some insurance companies will allow you to actually raise your

925
00:38:42,000 --> 00:38:46,160
Speaker 2: deductible to a percentage of the overall insured amount as

926
00:38:46,160 --> 00:38:48,399
Speaker 2: opposed to just a flat number. And so I did that.

927
00:38:48,680 --> 00:38:50,680
Speaker 2: I up the stakes even more in order to lower

928
00:38:50,680 --> 00:38:53,359
Speaker 2: my premiums. And so right now I'm feeling the financial pain,

929
00:38:53,680 --> 00:38:56,640
Speaker 2: but because it's going to be quite a bit of

930
00:38:56,640 --> 00:38:58,440
Speaker 2: money having to fork over out of my pocket. I

931
00:38:58,480 --> 00:39:01,240
Speaker 2: am co insured basically with the insurance compan were basically

932
00:39:01,280 --> 00:39:03,719
Speaker 2: co insuring this home, and so it's going to be expensive.

933
00:39:03,760 --> 00:39:05,959
Speaker 2: But I was prepared for that, and I was willing

934
00:39:06,000 --> 00:39:08,399
Speaker 2: to take the savings over the years that I got them,

935
00:39:08,680 --> 00:39:10,319
Speaker 2: and I think I will continue to go this route,

936
00:39:10,360 --> 00:39:11,640
Speaker 2: like I'm not changing my tune.

937
00:39:11,760 --> 00:39:14,960
Speaker 1: Because the lightning strikes the tree once and it skewers

938
00:39:14,960 --> 00:39:17,840
Speaker 1: your house, doesn't It doesn't change the fact that this

939
00:39:17,920 --> 00:39:20,200
Speaker 1: is a rare occurrence. And even though it happened once,

940
00:39:20,480 --> 00:39:21,759
Speaker 1: you know, I think there's a lot of folks who

941
00:39:21,840 --> 00:39:24,600
Speaker 1: might react to that negatively and they'll be like, oh, shoot,

942
00:39:24,800 --> 00:39:26,799
Speaker 1: like I'm never going to do that again. Well, that

943
00:39:27,000 --> 00:39:29,560
Speaker 1: is true if you weren't financially prepared to have handled

944
00:39:29,560 --> 00:39:30,640
Speaker 1: that deductive body, you were.

945
00:39:30,800 --> 00:39:32,359
Speaker 2: Just because I go to Vegas and I win five

946
00:39:32,440 --> 00:39:34,439
Speaker 2: hundred bucks at blackjack doesn't mean blackchack is a smart

947
00:39:34,440 --> 00:39:36,480
Speaker 2: way to make money exactly. And the same is true

948
00:39:36,560 --> 00:39:39,000
Speaker 2: in the opposite way in this Just because I did

949
00:39:39,040 --> 00:39:40,840
Speaker 2: get some sort of act of god lightning struck a

950
00:39:40,840 --> 00:39:43,759
Speaker 2: tree occurrence doesn't mean that a higher deductible isn't still

951
00:39:43,760 --> 00:39:45,399
Speaker 2: the best way to save money. For people who can

952
00:39:45,480 --> 00:39:47,040
Speaker 2: self insurre and have saved money, it was.

953
00:39:47,040 --> 00:39:48,839
Speaker 1: An act of God. What did you What did you do?

954
00:39:49,000 --> 00:39:52,160
Speaker 1: I know, right, I'm sorry. So it's you know, it's

955
00:39:52,160 --> 00:39:55,040
Speaker 1: a short sighted move to file a claim when it's

956
00:39:55,040 --> 00:39:57,120
Speaker 1: something that you can afford. I get, you know, saves

957
00:39:57,160 --> 00:39:59,600
Speaker 1: you money for a minute, but not over the long haul.

958
00:40:00,000 --> 00:40:02,400
Speaker 1: But I also just wanted to mention that it is

959
00:40:02,520 --> 00:40:06,680
Speaker 1: possible to over ensure as well. There is basically an

960
00:40:06,719 --> 00:40:10,000
Speaker 1: insurance product out there for like everything anything that you

961
00:40:10,040 --> 00:40:13,120
Speaker 1: can buy everything under the sun, and they're not all necessary,

962
00:40:13,239 --> 00:40:15,879
Speaker 1: like and so I'm talking about like pet insurance, right,

963
00:40:15,880 --> 00:40:17,680
Speaker 1: Like you can get like cancer insurance for your pet,

964
00:40:17,840 --> 00:40:21,120
Speaker 1: quote unquote insurance for your new laptop. Maybe you're gonna

965
00:40:21,120 --> 00:40:23,960
Speaker 1: get a policy on your main water line that goes

966
00:40:23,960 --> 00:40:26,120
Speaker 1: out to the street, flight insurance, all of these things.

967
00:40:26,560 --> 00:40:28,000
Speaker 1: And so we want to make sure that you are

968
00:40:28,000 --> 00:40:31,279
Speaker 1: well covered. You know, again, log in to the back

969
00:40:31,360 --> 00:40:33,200
Speaker 1: end of your policy, take a look at your coverage

970
00:40:33,200 --> 00:40:35,880
Speaker 1: and make sure that it will cover the full replacement

971
00:40:35,960 --> 00:40:38,520
Speaker 1: value to rebuild your home, for instance. But you can't

972
00:40:38,600 --> 00:40:41,839
Speaker 1: ensure against everything that's out there, and you shouldn't. That's

973
00:40:41,880 --> 00:40:46,400
Speaker 1: where savings are such an essential part of the preparedness equation.

974
00:40:46,680 --> 00:40:49,040
Speaker 1: And as we're talking about insurance here, we don't want

975
00:40:49,239 --> 00:40:50,800
Speaker 1: the opposite thing that we want to do is scare

976
00:40:50,920 --> 00:40:53,799
Speaker 1: everybody out there into over insurance and all of their

977
00:40:53,880 --> 00:40:56,640
Speaker 1: monthly cash flow is flowing into these insurance products that

978
00:40:56,640 --> 00:40:58,439
Speaker 1: they're not likely to actually need.

979
00:40:58,640 --> 00:41:01,120
Speaker 2: Yeah, I think you can be so that you sign

980
00:41:01,200 --> 00:41:04,040
Speaker 2: up for the extended warranty policy at Best Buy every

981
00:41:04,040 --> 00:41:05,640
Speaker 2: time you buy an electronic sign them, which would be

982
00:41:05,640 --> 00:41:07,600
Speaker 2: a complete waste of your money. And you should self insure.

983
00:41:07,719 --> 00:41:10,920
Speaker 2: You shouldn't spend eighty dollars to ensure three hundred dollars laptop.

984
00:41:11,040 --> 00:41:13,880
Speaker 2: That is really that's not smart. Same thing with you

985
00:41:13,920 --> 00:41:15,879
Speaker 2: when you're insuring like a TV or whatever, and there's

986
00:41:15,880 --> 00:41:17,800
Speaker 2: all sorts of products like that. You can ensure anything

987
00:41:17,800 --> 00:41:19,840
Speaker 2: in everything these days that you want to, and you

988
00:41:19,840 --> 00:41:21,919
Speaker 2: really shouldn't, but you should make sure on those most

989
00:41:21,960 --> 00:41:24,759
Speaker 2: important things that you have enough insurance and that you

990
00:41:24,760 --> 00:41:27,640
Speaker 2: also have enough money in the bank to cover the

991
00:41:27,719 --> 00:41:29,680
Speaker 2: general wear and tear or the things that are going

992
00:41:29,719 --> 00:41:32,160
Speaker 2: to break in everyday life. As well, including those electronics,

993
00:41:32,239 --> 00:41:34,759
Speaker 2: right or including some sort of yeah, flight change that

994
00:41:34,800 --> 00:41:36,759
Speaker 2: you have to make. Just no need to buy the

995
00:41:36,800 --> 00:41:38,120
Speaker 2: insurance every single time, Dope.

996
00:41:38,120 --> 00:41:39,799
Speaker 1: You can build some of that margin into your own

997
00:41:39,840 --> 00:41:42,080
Speaker 1: life by keeping that keeping that cash in the bank. Yes,

998
00:41:42,200 --> 00:41:44,040
Speaker 1: for sure. All right, so let's hear savings account.

999
00:41:44,040 --> 00:41:46,160
Speaker 2: But there are ways, Matt, even as you're making sure

1000
00:41:46,160 --> 00:41:49,480
Speaker 2: you're properly adequately ensured that you can reduce the costs

1001
00:41:49,560 --> 00:41:52,600
Speaker 2: of insurance in your life. You can have your cake

1002
00:41:52,640 --> 00:41:54,680
Speaker 2: and eat it too. We'll talk about that right after this.

1003
00:42:04,040 --> 00:42:07,120
Speaker 1: All right, now, let's talk about how to spend less

1004
00:42:07,120 --> 00:42:09,120
Speaker 1: money on insurance. Let's talk about some of the different

1005
00:42:09,160 --> 00:42:12,399
Speaker 1: ways you can reduce insurance costs in your life. And

1006
00:42:12,880 --> 00:42:14,719
Speaker 1: you know, the main thrust of this episode is that

1007
00:42:14,760 --> 00:42:17,920
Speaker 1: we want you to be prepared in case of an accident,

1008
00:42:17,960 --> 00:42:21,440
Speaker 1: whether it is with your home or auto, and we

1009
00:42:21,480 --> 00:42:23,520
Speaker 1: want you to be frugal, not cheap, and so that

1010
00:42:23,560 --> 00:42:26,440
Speaker 1: means having the proper coverage in the necessary amounts. But

1011
00:42:26,440 --> 00:42:29,959
Speaker 1: we also want you to save money wherever possible. And

1012
00:42:30,239 --> 00:42:32,359
Speaker 1: the truth is a lot of how money listeners out

1013
00:42:32,360 --> 00:42:35,359
Speaker 1: there could save a lot of money pretty easily on

1014
00:42:35,400 --> 00:42:37,280
Speaker 1: what they pay for insurance.

1015
00:42:36,800 --> 00:42:38,719
Speaker 2: In five minutes, could they save fifteen percent or more

1016
00:42:38,760 --> 00:42:39,720
Speaker 2: map easily.

1017
00:42:40,280 --> 00:42:42,840
Speaker 1: We already talked about raising your deductible. That can be

1018
00:42:42,960 --> 00:42:45,319
Speaker 1: a great way to reduce your premiums, assuming you have

1019
00:42:45,400 --> 00:42:48,960
Speaker 1: that money set aside in your emergency fund. The more

1020
00:42:49,000 --> 00:42:50,680
Speaker 1: you're able to self insure, the more you're going to

1021
00:42:50,680 --> 00:42:53,160
Speaker 1: be able to save. But there are other ways that

1022
00:42:53,200 --> 00:42:55,359
Speaker 1: you can also reduce the cost of what you're going

1023
00:42:55,400 --> 00:42:58,640
Speaker 1: to pay for insurance without cutting corners, yes, without without

1024
00:42:58,640 --> 00:42:59,120
Speaker 1: going cheap.

1025
00:42:59,120 --> 00:43:01,239
Speaker 2: It's important to mention a lot of things that people

1026
00:43:01,280 --> 00:43:04,520
Speaker 2: can do to save because I think people might assume, oh, okay,

1027
00:43:04,560 --> 00:43:06,400
Speaker 2: I need to beef up my insurance. It's just going

1028
00:43:06,480 --> 00:43:08,719
Speaker 2: to cost me a ton of money. And like we said,

1029
00:43:08,880 --> 00:43:11,160
Speaker 2: like if you are to raise the limits on your

1030
00:43:11,160 --> 00:43:13,720
Speaker 2: current homeowner's policy, it is going to cost you more money,

1031
00:43:13,800 --> 00:43:15,360
Speaker 2: but it's going to be well worth it. But that

1032
00:43:15,440 --> 00:43:17,719
Speaker 2: being said, there are still other ways that you can

1033
00:43:17,840 --> 00:43:20,200
Speaker 2: kind of tame the price of insurance in your life.

1034
00:43:20,200 --> 00:43:23,120
Speaker 2: And one of those things is to increase your credit score.

1035
00:43:23,280 --> 00:43:25,719
Speaker 2: Because in most states, not all states, I think California

1036
00:43:25,800 --> 00:43:27,680
Speaker 2: is one of those states where they don't allow insurance

1037
00:43:27,680 --> 00:43:31,040
Speaker 2: companies to take credit score into consideration. But in most states,

1038
00:43:31,280 --> 00:43:34,520
Speaker 2: it's legal for those insurance companies to base your rates

1039
00:43:34,560 --> 00:43:38,160
Speaker 2: at least partially based on your credit score. And so

1040
00:43:38,280 --> 00:43:41,160
Speaker 2: making sure that your score is solid not only saves

1041
00:43:41,200 --> 00:43:43,320
Speaker 2: you by getting a lower interest rate when you're buying

1042
00:43:43,320 --> 00:43:46,279
Speaker 2: that home, but also it impacts what you're going to

1043
00:43:46,360 --> 00:43:49,879
Speaker 2: pay every single year to ensure it. And it's amazing, man.

1044
00:43:49,920 --> 00:43:52,319
Speaker 2: I think on a recent Friday flight we mentioned that,

1045
00:43:52,680 --> 00:43:56,000
Speaker 2: I think for folks who have poor credits versus great credit,

1046
00:43:56,920 --> 00:44:00,359
Speaker 2: the average difference in annual premiums on homeowners insurance something

1047
00:44:00,400 --> 00:44:01,440
Speaker 2: like seventy two.

1048
00:44:01,280 --> 00:44:04,520
Speaker 1: Percent, so a significant amount. It's not minor from having

1049
00:44:04,520 --> 00:44:06,960
Speaker 1: crap your credit, Yeah, it's not minor. And so your

1050
00:44:07,000 --> 00:44:09,640
Speaker 1: credit score has a massive impact on what you're going

1051
00:44:09,719 --> 00:44:11,480
Speaker 1: to be able to save and how much you're going

1052
00:44:11,560 --> 00:44:15,600
Speaker 1: to pay overall fourk over for the same exact insurance policy.

1053
00:44:15,719 --> 00:44:18,000
Speaker 1: It's not like you're being cheap here. You're literally changing

1054
00:44:18,040 --> 00:44:19,840
Speaker 1: one factor in your life and you're able to like

1055
00:44:19,880 --> 00:44:21,400
Speaker 1: pull a bunch of money back into it. It's a

1056
00:44:21,400 --> 00:44:23,759
Speaker 1: factor that's going to affect you positively when it comes

1057
00:44:23,800 --> 00:44:26,360
Speaker 1: to your finances in multiple areas. Yes, and so that

1058
00:44:26,440 --> 00:44:28,640
Speaker 1: seventy two percent. That's just the average, you know, the

1059
00:44:28,960 --> 00:44:31,160
Speaker 1: average increase some states is even more than that, right,

1060
00:44:31,200 --> 00:44:33,080
Speaker 1: And so that means in some states I think I

1061
00:44:33,080 --> 00:44:36,440
Speaker 1: saw in like New York and Arizona, it's like Arizona's

1062
00:44:36,400 --> 00:44:38,560
Speaker 1: one hundred and seventy something around on hundred and seventy

1063
00:44:38,560 --> 00:44:42,160
Speaker 1: percent more. And so it makes a massive difference if

1064
00:44:42,200 --> 00:44:44,440
Speaker 1: you're listening to this and you happen to live in Phoenix, if.

1065
00:44:44,280 --> 00:44:45,920
Speaker 2: You live in Tempe or Tusigon, it's like you want

1066
00:44:45,920 --> 00:44:47,360
Speaker 2: to pay even more attention to the credit score. We

1067
00:44:47,400 --> 00:44:48,840
Speaker 2: actually have an article that will link to in the

1068
00:44:48,840 --> 00:44:50,560
Speaker 2: show notes about how to improve your credit score. But

1069
00:44:50,600 --> 00:44:52,120
Speaker 2: there's so there's so much you need to know. There's

1070
00:44:52,120 --> 00:44:53,919
Speaker 2: some low hanging fruit there where if you're like, yeah,

1071
00:44:53,920 --> 00:44:56,360
Speaker 2: my credit score is pretty bad. We've got prior episodes,

1072
00:44:56,400 --> 00:44:58,239
Speaker 2: we've got articles up on the site where you can

1073
00:44:58,320 --> 00:45:00,839
Speaker 2: kind of improve that. But just know at improving that

1074
00:45:00,920 --> 00:45:03,399
Speaker 2: one thing could have a massive impact on what you're

1075
00:45:03,400 --> 00:45:05,640
Speaker 2: paying for insurance every month and every year. When it

1076
00:45:05,640 --> 00:45:07,040
Speaker 2: comes to homeowners insurance.

1077
00:45:07,080 --> 00:45:08,759
Speaker 1: Yeah, you know, I feel that most folks know that

1078
00:45:08,760 --> 00:45:10,640
Speaker 1: bundling is going to be one of the easiest ways

1079
00:45:10,640 --> 00:45:14,000
Speaker 1: to save on insurance costs. If for some reason you've

1080
00:45:14,280 --> 00:45:16,239
Speaker 1: got your car and you've got your homeowners insurance with

1081
00:45:16,280 --> 00:45:19,239
Speaker 1: two different companies, it's likely costing you too much money.

1082
00:45:19,280 --> 00:45:21,279
Speaker 1: So this is some additional some more of that low

1083
00:45:21,320 --> 00:45:23,960
Speaker 1: hanging fruit that's right for the picking. But bundling is

1084
00:45:24,000 --> 00:45:27,680
Speaker 1: going to knock typically around fifteen to twenty percent off

1085
00:45:27,719 --> 00:45:30,719
Speaker 1: of the price of each policy, right, So not you know,

1086
00:45:31,040 --> 00:45:33,880
Speaker 1: we're talking about over your car insurance and your homeowners

1087
00:45:34,120 --> 00:45:36,600
Speaker 1: and so finding the policies that you need with the

1088
00:45:36,640 --> 00:45:40,560
Speaker 1: lowest overall combined price. That is a smart way to

1089
00:45:40,600 --> 00:45:42,799
Speaker 1: think about how it is that you can save the

1090
00:45:42,800 --> 00:45:45,319
Speaker 1: most on insurance costs in your life. Don't worry if

1091
00:45:45,360 --> 00:45:48,319
Speaker 1: your auto insurance goes up five percent. If that means

1092
00:45:48,320 --> 00:45:51,479
Speaker 1: your homeowners is able to drop by twenty percent, well

1093
00:45:51,600 --> 00:45:53,680
Speaker 1: you know, obviously that's a net win of fifteen percent.

1094
00:45:53,760 --> 00:45:56,400
Speaker 1: So make sure you are looking at the premiums for

1095
00:45:56,480 --> 00:46:00,400
Speaker 1: both policies and not just getting distracted by a singular increases.

1096
00:46:00,480 --> 00:46:02,880
Speaker 2: Yeah, and if you're shopping around with other providers, if

1097
00:46:02,880 --> 00:46:05,000
Speaker 2: you're trying to figure out where you go for insurance,

1098
00:46:05,080 --> 00:46:07,480
Speaker 2: don't think about just the price of one policy. And

1099
00:46:07,600 --> 00:46:11,440
Speaker 2: speaking of which, that is another massive way to reduce

1100
00:46:11,480 --> 00:46:13,799
Speaker 2: insurance costs in your life is to shop around in

1101
00:46:13,920 --> 00:46:16,600
Speaker 2: order to lower the overall amount that you pay loyalty.

1102
00:46:16,640 --> 00:46:18,759
Speaker 2: We've always said this, it does not pay in the

1103
00:46:18,760 --> 00:46:21,520
Speaker 2: realm of insurance. The longer you stay put, the more

1104
00:46:21,600 --> 00:46:23,799
Speaker 2: likely you are to be paying too much. And so

1105
00:46:24,440 --> 00:46:27,040
Speaker 2: here's the thing. Don't just consider the price and go

1106
00:46:27,080 --> 00:46:29,880
Speaker 2: with the absolute lowest quote or provider you come across.

1107
00:46:30,040 --> 00:46:32,479
Speaker 2: I think about some of those companies that advertise during

1108
00:46:32,640 --> 00:46:34,759
Speaker 2: daytime television, like I don't know if Judge Judy is

1109
00:46:34,760 --> 00:46:37,400
Speaker 2: still on in daytime, but like they're often these kind

1110
00:46:37,400 --> 00:46:39,200
Speaker 2: of fly by net companies barely.

1111
00:46:38,920 --> 00:46:41,839
Speaker 1: To who Judge Judy is. Oh dude, she's a star.

1112
00:46:41,960 --> 00:46:45,600
Speaker 2: But there's all all sorts of companies that advertise during

1113
00:46:45,600 --> 00:46:49,160
Speaker 2: that time of day that there may maybe not the

1114
00:46:49,200 --> 00:46:51,680
Speaker 2: most upstaining insurance companies, I'll put it that way, but

1115
00:46:52,200 --> 00:46:53,919
Speaker 2: you're going to want to make sure that you're doing

1116
00:46:53,920 --> 00:46:56,000
Speaker 2: business with a company who isn't going to leave you

1117
00:46:56,000 --> 00:46:58,920
Speaker 2: in the lurch when an accident occurs. Right, Just because

1118
00:46:58,920 --> 00:47:00,640
Speaker 2: you got the lowest rate does mean that you came

1119
00:47:00,680 --> 00:47:04,160
Speaker 2: out ahead. So consumer reports their rankings are helpful here.

1120
00:47:04,200 --> 00:47:07,960
Speaker 2: They consistently rank USAA in AMIKA at the top of

1121
00:47:07,960 --> 00:47:10,319
Speaker 2: the heat in terms of insurance companies to do that

1122
00:47:10,320 --> 00:47:12,720
Speaker 2: are worth doing business with. And so if you're eligible

1123
00:47:12,760 --> 00:47:15,719
Speaker 2: for coverage with USAA, if you're in the military or

1124
00:47:15,840 --> 00:47:19,920
Speaker 2: the family member of someone who served in the military,

1125
00:47:19,960 --> 00:47:21,560
Speaker 2: I believe you have to be a direct descendant.

1126
00:47:21,600 --> 00:47:23,600
Speaker 1: Is that correct, Matt, Yeah, basically you have to have

1127
00:47:24,000 --> 00:47:27,400
Speaker 1: a parent who was in the military. And well, not

1128
00:47:27,440 --> 00:47:29,640
Speaker 1: necessarily I guess, because like if your grandfather was in

1129
00:47:29,920 --> 00:47:32,880
Speaker 1: the military, and then that would have made your dad eligible.

1130
00:47:33,080 --> 00:47:35,440
Speaker 1: So your dad wouldn't have necessarily needed to have been

1131
00:47:35,480 --> 00:47:37,360
Speaker 1: in the military for you to then be eligible. So

1132
00:47:37,360 --> 00:47:39,200
Speaker 1: as long as you have, for instance, like a parent

1133
00:47:39,200 --> 00:47:41,840
Speaker 1: who is eligible, whether or not they serve themselves, that

1134
00:47:41,920 --> 00:47:43,920
Speaker 1: specifically is what makes you eligible or.

1135
00:47:43,880 --> 00:47:47,320
Speaker 2: Yeah, so USA they're consistently ranked one of the best

1136
00:47:47,680 --> 00:47:51,480
Speaker 2: insurance companies out there. And if you are eligible, if

1137
00:47:51,239 --> 00:47:53,000
Speaker 2: you like one of your parents or something like that

1138
00:47:53,320 --> 00:47:55,279
Speaker 2: has USA, you should find a way to get your

1139
00:47:55,280 --> 00:47:57,160
Speaker 2: foot in the door because they're one of the best

1140
00:47:57,160 --> 00:47:58,839
Speaker 2: companies to do business with, and if they offer you

1141
00:47:58,880 --> 00:48:01,360
Speaker 2: a great rate then and it's worth going in that direction.

1142
00:48:01,640 --> 00:48:04,960
Speaker 1: IKA is even more but again not necessarily because they're

1143
00:48:04,960 --> 00:48:07,319
Speaker 1: the cheapest, but because they rank so highly when it

1144
00:48:07,360 --> 00:48:08,520
Speaker 1: comes to customer.

1145
00:48:08,239 --> 00:48:11,520
Speaker 2: Satisfaction yep, and so like let's say rates though through

1146
00:48:11,560 --> 00:48:14,560
Speaker 2: one of the insurance companies that is ranked the most

1147
00:48:14,640 --> 00:48:17,800
Speaker 2: highly by consumer reports. Let's say they offer you something

1148
00:48:17,800 --> 00:48:20,399
Speaker 2: that's sky high. You're saying, well, I can way better

1149
00:48:20,480 --> 00:48:23,720
Speaker 2: rates other places. Well, at least look at solid, solidly

1150
00:48:23,840 --> 00:48:25,440
Speaker 2: rated companies, right, because you just don't want to be

1151
00:48:25,440 --> 00:48:29,160
Speaker 2: subject to working with an insurance company who rates really low,

1152
00:48:29,280 --> 00:48:32,000
Speaker 2: extremely poor on claims and service in the event that

1153
00:48:32,040 --> 00:48:34,360
Speaker 2: you need to use your insurance. Because the goal, like

1154
00:48:34,400 --> 00:48:36,160
Speaker 2: we said, is kind of hopefully you never have to

1155
00:48:36,239 --> 00:48:38,000
Speaker 2: use your insurance. Hopefully a lot of the things we're

1156
00:48:38,040 --> 00:48:40,799
Speaker 2: talking about in this episode you never have to deal

1157
00:48:40,840 --> 00:48:44,160
Speaker 2: with because lightning doesn't strike your treaty right, or somebody

1158
00:48:44,160 --> 00:48:46,640
Speaker 2: doesn't rear end you or whatever, and you remain accident

1159
00:48:46,640 --> 00:48:49,200
Speaker 2: free for the rest of your life life congratulations. But

1160
00:48:49,719 --> 00:48:51,239
Speaker 2: if you do, you want to make sure you're doing

1161
00:48:51,280 --> 00:48:53,640
Speaker 2: business with a company that is gonna treat you right,

1162
00:48:53,680 --> 00:48:56,719
Speaker 2: that they're gonna be responsive, and they're gonna pay out accordingly.

1163
00:48:56,840 --> 00:48:58,839
Speaker 1: That's right. Yeah, So, as you're shopping around, like this

1164
00:48:58,880 --> 00:49:01,400
Speaker 1: is obviously something you can do yourself in order to

1165
00:49:01,480 --> 00:49:03,839
Speaker 1: save money. That's totally a fine way to do it. It

1166
00:49:03,880 --> 00:49:05,919
Speaker 1: just might take a little more time than you would

1167
00:49:05,920 --> 00:49:07,920
Speaker 1: actually like it to. And so some other options out

1168
00:49:07,920 --> 00:49:11,360
Speaker 1: there are just to turn to some brokers who specialize

1169
00:49:11,400 --> 00:49:14,880
Speaker 1: in shopping with multiple companies all at once on your behalf.

1170
00:49:15,400 --> 00:49:18,840
Speaker 1: And so some companies online do this, like Policy Genius

1171
00:49:18,840 --> 00:49:20,759
Speaker 1: were huge fans of what it is that they offer.

1172
00:49:21,280 --> 00:49:24,799
Speaker 1: That's like a more automated digital online version of doing that.

1173
00:49:24,880 --> 00:49:28,080
Speaker 1: But then heading over to Trusted Choice, that's a great

1174
00:49:28,120 --> 00:49:30,560
Speaker 1: site to turn to that will help you to find

1175
00:49:30,640 --> 00:49:34,040
Speaker 1: an individual, typically a local independent agent, who is going

1176
00:49:34,080 --> 00:49:35,360
Speaker 1: to be able to do the same thing. They're going

1177
00:49:35,440 --> 00:49:37,000
Speaker 1: to be able to talk you through some of the

1178
00:49:37,000 --> 00:49:38,560
Speaker 1: different coverage limits, they're going to help you to find

1179
00:49:38,600 --> 00:49:41,600
Speaker 1: the best insurance products for your specific situation.

1180
00:49:41,320 --> 00:49:44,439
Speaker 2: And they're going to shop with multiple insurance companies at once,

1181
00:49:44,480 --> 00:49:46,080
Speaker 2: and they're going to be able to kind of say, yeah,

1182
00:49:46,120 --> 00:49:48,480
Speaker 2: give you the rundown. Hey, here's here's I write a

1183
00:49:48,520 --> 00:49:49,640
Speaker 2: lot of policies with this company.

1184
00:49:49,640 --> 00:49:50,440
Speaker 1: Here's how they respond.

1185
00:49:50,560 --> 00:49:52,040
Speaker 2: I think you're gonna get a lot of insight if

1186
00:49:52,040 --> 00:49:54,160
Speaker 2: you can independent broker at least talk to one.

1187
00:49:54,080 --> 00:49:56,520
Speaker 1: And they're going to give you state specific information as well,

1188
00:49:56,560 --> 00:49:58,560
Speaker 1: because that also has an impact on some of the

1189
00:49:58,600 --> 00:50:00,960
Speaker 1: different products that are avail to you, the types of

1190
00:50:00,960 --> 00:50:03,480
Speaker 1: coverage that are required. And then plus it's it can

1191
00:50:03,520 --> 00:50:06,280
Speaker 1: be really nice to have somebody, like an actual contact,

1192
00:50:06,320 --> 00:50:08,279
Speaker 1: somebody who you know that you can call, Like I

1193
00:50:08,320 --> 00:50:11,719
Speaker 1: have an independent broker and when it comes tign for

1194
00:50:11,800 --> 00:50:13,560
Speaker 1: renewal and my rates have gone up, well, I know

1195
00:50:13,640 --> 00:50:15,680
Speaker 1: exactly who it is I'm gonna call. I have our

1196
00:50:15,760 --> 00:50:17,920
Speaker 1: numbers saved in my phone. I know exactly who it is.

1197
00:50:17,960 --> 00:50:20,480
Speaker 1: I'm going to email and where I'm asking the questions, Hey,

1198
00:50:20,480 --> 00:50:22,439
Speaker 1: why do you know what happened? What happened with auto

1199
00:50:22,480 --> 00:50:24,640
Speaker 1: insurance rates last year? Yeah? What can I do to

1200
00:50:24,800 --> 00:50:27,640
Speaker 1: get those premiums down? But having a real life independent

1201
00:50:27,680 --> 00:50:30,440
Speaker 1: agent who you can count on can be can certainly

1202
00:50:30,480 --> 00:50:32,799
Speaker 1: be a great move. But we're talking about shopping your

1203
00:50:32,840 --> 00:50:35,240
Speaker 1: insurance coverage, you know, with a bunch of different providers.

1204
00:50:35,440 --> 00:50:37,399
Speaker 1: While we're talking about shopping, I wanted to mention too

1205
00:50:37,560 --> 00:50:40,799
Speaker 1: specific to car insurance, the type of car that you

1206
00:50:40,880 --> 00:50:42,960
Speaker 1: drive will have a big impact on the rates that

1207
00:50:43,000 --> 00:50:45,440
Speaker 1: you pay as well, So as you are shopping for

1208
00:50:46,239 --> 00:50:48,640
Speaker 1: a new ride, whether fer Mari I just bought. The

1209
00:50:48,680 --> 00:50:51,040
Speaker 1: insurance is so expensive, it's going to be so expensive.

1210
00:50:51,160 --> 00:50:53,440
Speaker 1: And so I mean, you and I were two frugal

1211
00:50:53,520 --> 00:50:56,000
Speaker 1: dads and we drive our old mini vans. It's kind

1212
00:50:56,040 --> 00:50:58,439
Speaker 1: of like a badge of honor. It's in large part

1213
00:50:58,520 --> 00:51:01,320
Speaker 1: to save money. It's not because we love old minivans.

1214
00:51:01,440 --> 00:51:03,400
Speaker 1: Is because we don't necessarily want to pay more than

1215
00:51:03,400 --> 00:51:05,400
Speaker 1: we need to in order to get from point A

1216
00:51:05,480 --> 00:51:07,439
Speaker 1: to point B. And it's not just on the price

1217
00:51:07,440 --> 00:51:08,880
Speaker 1: of the vehicle. It's on the recurring cost of the

1218
00:51:08,880 --> 00:51:10,920
Speaker 1: intro every single month or every six months, depending on

1219
00:51:11,000 --> 00:51:12,719
Speaker 1: how it is that you pay. And so if your

1220
00:51:12,760 --> 00:51:16,600
Speaker 1: craft beer is having a nice ride, that's totally fine.

1221
00:51:16,719 --> 00:51:18,759
Speaker 1: But like you said, no that it's more than just

1222
00:51:18,800 --> 00:51:21,479
Speaker 1: the sticker price. It's also the cost of ensuring that vehicle.

1223
00:51:21,480 --> 00:51:26,200
Speaker 1: There's a reason that Chevy Camaros and Ford Mustangs they

1224
00:51:26,239 --> 00:51:29,759
Speaker 1: cost more than a five year old Toyota Camri to

1225
00:51:29,960 --> 00:51:33,560
Speaker 1: ensures because those cars are designed to go fast, and

1226
00:51:33,600 --> 00:51:36,120
Speaker 1: when cars go faster, they are at higher risk of

1227
00:51:36,120 --> 00:51:38,560
Speaker 1: getting an auto accidents, in which case insurers are going

1228
00:51:38,600 --> 00:51:40,840
Speaker 1: to have to pay out on claims made by individuals

1229
00:51:40,880 --> 00:51:43,600
Speaker 1: who are negatively impacted by those vehicles, and so these

1230
00:51:43,600 --> 00:51:45,520
Speaker 1: are all things that you want to keep it in mind.

1231
00:51:45,560 --> 00:51:47,000
Speaker 2: If I was in the market for a new car,

1232
00:51:47,280 --> 00:51:49,319
Speaker 2: I would be calling my insurance company and I would say,

1233
00:51:49,400 --> 00:51:51,960
Speaker 2: how much does this car cost to ensure, because that

1234
00:51:52,040 --> 00:51:53,919
Speaker 2: is going to factor into my decision as to whether

1235
00:51:53,960 --> 00:51:56,040
Speaker 2: that is a good decision to buy that car or not.

1236
00:51:56,120 --> 00:51:59,680
Speaker 2: I think oftentimes we avoid that question, and especially yeah, Matt,

1237
00:51:59,680 --> 00:52:01,759
Speaker 2: if you're looking to some of those models that are

1238
00:52:01,800 --> 00:52:04,400
Speaker 2: more accident prone that are going to cost more in insurance,

1239
00:52:04,400 --> 00:52:07,040
Speaker 2: it's just worth getting a quote on what that insurance

1240
00:52:07,080 --> 00:52:09,040
Speaker 2: is going to cost every single year before you make

1241
00:52:09,040 --> 00:52:09,719
Speaker 2: the purchase, right.

1242
00:52:09,600 --> 00:52:12,040
Speaker 1: They look at those actuary tables. Yeah, And oftentimes we

1243
00:52:12,080 --> 00:52:16,080
Speaker 1: think about, for instance, something as somewhat basic as gas mileage,

1244
00:52:16,080 --> 00:52:18,400
Speaker 1: and we're like, oh, you know, it's a gas guzzler.

1245
00:52:18,440 --> 00:52:19,759
Speaker 1: I'm not sure if I want to go that route,

1246
00:52:19,760 --> 00:52:22,600
Speaker 1: But then we don't consider something as significant as car

1247
00:52:22,600 --> 00:52:24,120
Speaker 1: insurance and the impact that I can have on the

1248
00:52:24,120 --> 00:52:25,799
Speaker 1: total cost of ownership as well.

1249
00:52:25,880 --> 00:52:27,399
Speaker 2: Yeah, and I just want to say too, like most

1250
00:52:27,440 --> 00:52:29,759
Speaker 2: things in life, like we talked about early frugal versus

1251
00:52:29,880 --> 00:52:33,359
Speaker 2: cheap value is more important than getting the absolute lowest price.

1252
00:52:33,400 --> 00:52:35,480
Speaker 2: And so when you're talking about insurance coverage, you want

1253
00:52:35,520 --> 00:52:38,320
Speaker 2: to make sure that you're fully covered by a reputable

1254
00:52:38,320 --> 00:52:41,520
Speaker 2: insurance company. But it's also possible to overdo it, right.

1255
00:52:41,600 --> 00:52:44,640
Speaker 2: You can over insure, or you can over index. Maybe

1256
00:52:44,800 --> 00:52:46,960
Speaker 2: for I got to be with the company that's number

1257
00:52:46,960 --> 00:52:50,799
Speaker 2: one rated by consumer reports, when maybe the number five

1258
00:52:50,880 --> 00:52:54,160
Speaker 2: or six company on the list gets stellar rating still,

1259
00:52:54,480 --> 00:52:56,760
Speaker 2: but they offer you a much better rate. That's probably

1260
00:52:56,800 --> 00:52:58,480
Speaker 2: the best place for you to turn. And this is

1261
00:52:58,480 --> 00:53:00,319
Speaker 2: the kind of thing that people should be doing, if

1262
00:53:00,320 --> 00:53:02,280
Speaker 2: not every year, at least every three years, right shopping

1263
00:53:02,320 --> 00:53:04,839
Speaker 2: there insurance around it is. It's I would say every

1264
00:53:04,840 --> 00:53:06,560
Speaker 2: three if you don't want to overdo it. If you're

1265
00:53:06,760 --> 00:53:09,799
Speaker 2: particularly frugal and can't stand the thought of wasting a dollar,

1266
00:53:09,880 --> 00:53:11,239
Speaker 2: then you want to do it every year. But every

1267
00:53:11,239 --> 00:53:13,920
Speaker 2: three years is probably a good idea. Revisit what you

1268
00:53:13,920 --> 00:53:17,359
Speaker 2: know your insurance coverage, and then also revisit and test

1269
00:53:17,440 --> 00:53:18,680
Speaker 2: the open market to see if you can get a

1270
00:53:18,680 --> 00:53:21,440
Speaker 2: better rate elsewhere. And every accident, by the way, is different, Right,

1271
00:53:21,440 --> 00:53:24,920
Speaker 2: It's impossible to be one hundred percent prepared for every

1272
00:53:24,960 --> 00:53:28,440
Speaker 2: possible accident under the sun. It's it's also impossible to

1273
00:53:28,480 --> 00:53:31,200
Speaker 2: avoid accidents completely. Sometimes they just happen to you. I've

1274
00:53:31,239 --> 00:53:33,480
Speaker 2: had two happen to me in the past month that

1275
00:53:33,800 --> 00:53:36,680
Speaker 2: I could just I couldn't really have been prepared for.

1276
00:53:36,800 --> 00:53:39,919
Speaker 2: I wasn't expecting, you know, someone, Sometimes somebody just runs

1277
00:53:39,960 --> 00:53:42,960
Speaker 2: into the back of you, or sometimes lightning strikes you're

1278
00:53:43,160 --> 00:53:45,400
Speaker 2: the tree in your front yard. Sey Lovy, it is

1279
00:53:45,400 --> 00:53:49,200
Speaker 2: what is, and it's it's always an inconvenience, but hopefully

1280
00:53:49,239 --> 00:53:51,600
Speaker 2: you can at least be prepared for a potential mishap

1281
00:53:51,840 --> 00:53:54,960
Speaker 2: from a financial perspective, and so it's important to do

1282
00:53:55,040 --> 00:53:57,480
Speaker 2: your best to have proper coverage and to self insure

1283
00:53:57,480 --> 00:53:59,360
Speaker 2: as much as possible in order to be as ready

1284
00:53:59,360 --> 00:54:01,600
Speaker 2: as you can, even though we can't predict or plan

1285
00:54:01,920 --> 00:54:05,280
Speaker 2: for these things that come along. So hopefully this episode

1286
00:54:05,320 --> 00:54:07,520
Speaker 2: helps you do just that, helps you be more ready

1287
00:54:07,560 --> 00:54:09,640
Speaker 2: than you currently are, helps you make some tweaks here

1288
00:54:09,719 --> 00:54:12,480
Speaker 2: or there, or maybe even some major changes to your

1289
00:54:12,480 --> 00:54:15,360
Speaker 2: insurance to your deductibles to ensure that you are ready

1290
00:54:15,560 --> 00:54:18,120
Speaker 2: to take on whatever comes your way and that when

1291
00:54:18,160 --> 00:54:20,840
Speaker 2: that next accident happens, that it doesn't derail your financial

1292
00:54:20,880 --> 00:54:21,600
Speaker 2: plan completely.

1293
00:54:21,760 --> 00:54:23,320
Speaker 1: Yeah, that's right man. All right, let's go ahead and

1294
00:54:23,360 --> 00:54:26,399
Speaker 1: get back to our beer. This was an AOK mar

1295
00:54:26,560 --> 00:54:31,000
Speaker 1: Zen style Lagger sent to us by Katie. I thank

1296
00:54:31,040 --> 00:54:33,600
Speaker 1: you again Katie for this beer, and this one is

1297
00:54:33,640 --> 00:54:36,440
Speaker 1: brewed by Gruner Brothers Brewing Company. Joel, what were your

1298
00:54:36,480 --> 00:54:39,200
Speaker 1: thoughts on this beer out of Casper, Wyoming?

1299
00:54:39,280 --> 00:54:41,920
Speaker 2: Oh, Casper, Wyoming, It's a place I'd like to visit someday.

1300
00:54:41,960 --> 00:54:43,319
Speaker 1: But this beer was great, man.

1301
00:54:43,400 --> 00:54:46,799
Speaker 2: It was very much like october Fest vibes going on, yeah,

1302
00:54:46,840 --> 00:54:48,440
Speaker 2: which is typically drunk in.

1303
00:54:48,360 --> 00:54:52,160
Speaker 1: The fall, almost literally definition of a yeah of a marzen.

1304
00:54:52,320 --> 00:54:52,520
Speaker 2: Yeah.

1305
00:54:52,560 --> 00:54:55,160
Speaker 1: And so it's like a nice taste of fall in

1306
00:54:55,200 --> 00:54:55,960
Speaker 1: a cup, which.

1307
00:54:55,800 --> 00:54:57,960
Speaker 2: I appreciate because fall now feels like a long time away,

1308
00:54:58,000 --> 00:54:59,640
Speaker 2: but really not that not so Long's the.

1309
00:54:59,640 --> 00:55:03,000
Speaker 1: Nice taste of bread, but in a carbonated alcoholic version.

1310
00:55:03,120 --> 00:55:05,600
Speaker 2: Yea of very much tastes like brown bread, you know,

1311
00:55:05,880 --> 00:55:06,960
Speaker 2: in a cup, which is great.

1312
00:55:07,000 --> 00:55:08,919
Speaker 1: So yeah, smooth and malty. Yeah.

1313
00:55:08,960 --> 00:55:11,320
Speaker 2: I liked it a lot. Biscuity, all those kind of bodies.

1314
00:55:11,400 --> 00:55:14,560
Speaker 1: Yeah, dark biscuits though, yeah, maybe that whole week flower

1315
00:55:14,600 --> 00:55:17,400
Speaker 1: with flax seed in it, I don't know. Yeah, this

1316
00:55:17,520 --> 00:55:19,960
Speaker 1: is a really good one and would definitely recommend for

1317
00:55:19,960 --> 00:55:22,160
Speaker 1: folks to check out this brewery if you happen to

1318
00:55:22,440 --> 00:55:24,720
Speaker 1: be there in the area. What I can only assume

1319
00:55:24,880 --> 00:55:29,239
Speaker 1: is the beautiful country of Casper, Wyoming. But Joel, that's

1320
00:55:29,239 --> 00:55:30,799
Speaker 1: gonna be it for this episode. We'll make sure to

1321
00:55:30,840 --> 00:55:33,480
Speaker 1: link to some of the different resources that we have

1322
00:55:33,600 --> 00:55:35,600
Speaker 1: mentioned during this episode, like where it is that you

1323
00:55:35,640 --> 00:55:39,200
Speaker 1: can find an independent insurance broker in your area. You

1324
00:55:39,239 --> 00:55:40,920
Speaker 1: can find those in our show notes up on the

1325
00:55:40,920 --> 00:55:43,279
Speaker 1: website at howtomoney dot com. Right.

1326
00:55:43,360 --> 00:55:45,200
Speaker 2: You can also sign up for our newsletter by the way, Yes,

1327
00:55:45,280 --> 00:55:48,480
Speaker 2: you can have money dot com slash newsletter. It's awesome

1328
00:55:48,600 --> 00:55:50,080
Speaker 2: and it's free, so check that out.

1329
00:55:50,160 --> 00:55:52,360
Speaker 1: From time to time. We'll have insurance saving tips in

1330
00:55:52,440 --> 00:55:54,120
Speaker 1: there as well. Sure, but Buddy, that's going to be

1331
00:55:54,160 --> 00:55:56,719
Speaker 1: it for this episode. Until next time, Best Friends Out,

1332
00:55:56,800 --> 00:56:00,759
Speaker 1: Best Friends Out. The