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Speaker 1: Welcome to How to Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're talking about accidents, insurance, and deductibles. Oh my,

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Speaker 1: that's right, man.

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Speaker 2: We are talking about insurance and accidents for a couple

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Speaker 2: of reasons. Actually, we're gonna talk about that today. First

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Speaker 2: of all, accidents and these are things that cost you money,

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Speaker 2: right and anytime there is an opportunity to earn more money,

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Speaker 2: invest your money, or save money, Matt and Joel are.

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Speaker 1: Gonna be on the case.

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Speaker 2: We're gonna want to talk about that. So that's one reason.

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Speaker 2: Another reason is because you, sir, my co host here

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Speaker 2: at How to Money, you have experienced a string of

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Speaker 2: bad luck. Yes, is maybe the best way or the

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Speaker 2: lightest way to put it, so.

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Speaker 1: I should say I wasn't carrying my lucky it's foot

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Speaker 1: this week and that Did you ever have a rabbits

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Speaker 1: foot as a kid? I think when I was in

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

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Speaker 1: third and fourth grade. I'm pretty sure I got one

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Speaker 1: at a national park, maybe when we were visiting Yellowstone

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Speaker 1: sounds about right, But no, you're right, keep going, You're right.

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Speaker 1: I've definitely like bitten the bullet recent with a couple

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Speaker 1: of accidents, which kind of caused us to say, well,

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Speaker 1: we should talk about this on the show, and we can. Yeah,

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Speaker 1: I can just kind of lament about, like the things

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Speaker 1: I've been going through over the past couple of weeks.

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Speaker 1: Basically had a tree follow my house, so I'm making

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Speaker 1: a homeowners insurance fame. 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 week 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.

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Speaker 2: Yeah, and by the way, it wasn't just any old

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Speaker 2: tree that It's not like a tree just happened to

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Speaker 2: kind of fall over, like your house got skewered, essentially,

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Speaker 2: like lightning struck this giant How tall do you think

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Speaker 2: that tree was, like eighty feet or it was massive

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Speaker 2: and just the way it came through your roof to

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Speaker 2: We'll have to put a picture and on Instagram because

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Speaker 2: it literally looks like crazy someone stuck a tree for it.

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Speaker 2: What's crazy like my house as exactly? What looks like

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Speaker 2: someone's trying to eat my head. It was like a

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Speaker 2: giant tuning fork. Yeah, essentially. Yeah, So, like you weren't

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Speaker 2: even there and you gave me a call, You're like, uh,

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Speaker 2: can you head over to my house? I couldn't believe

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Speaker 2: it when I saw it. I mean, yeah, so we will. Yeah,

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Speaker 2: we'll definitely post some pictures.

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Speaker 1: Yeah, you got to see it because, like I will

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Speaker 1: say this, it went through the roof, through the couch,

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Speaker 1: through the rug, through the hardwood floors. I mean that's

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Speaker 1: how force and broke floor joists as well. That's I

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Speaker 1: mean roof choice and floor jost.

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Speaker 2: So I thought when I was over there, and it's

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Speaker 2: like it's been raining as well, so it's dripping into

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Speaker 2: the house a little bit. I'm talking to you on

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Speaker 2: the phone, and I was trying to be optimistic. I

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Speaker 2: was like, I mean, it's pretty bad, but I don't

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Speaker 2: think it damaged your floor. Yeah, because I couldn't because like,

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Speaker 2: the couch is still in the way. Yeah, I thought

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Speaker 2: it had stopped it, but no, it had gone through

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Speaker 2: your couch. Yeah, through the floor every crazy I guess

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Speaker 2: the tree guy sent you a picture later and there's

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Speaker 2: literally a hole on the floor the size of a

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Speaker 2: dinner plate.

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Speaker 1: Yeah, or even a little bit bigger than that. We had.

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Speaker 1: We have cats that they were getting in there, so it's

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Speaker 1: kind of Yeah, they like to explore.

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Speaker 2: But I will say, too, you're able to have somewhat

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Speaker 2: of a sense of humor about it.

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Speaker 1: Yeah, I mean you got to. I will say, we

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Speaker 1: were so glad that we were out of town when

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Speaker 1: this happened. I hate to have made you the person

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Speaker 1: to go over there and document everything. Happy to get

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Speaker 1: over there, I appreciate that. But it's one of those la.

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Speaker 2: Ils in there because that's normally where I sit. I

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Speaker 2: love sitting on that couch, and it fell right where

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Speaker 2: that normally sits. That's right.

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Speaker 1: And if we had been awake at the time, or

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Speaker 1: you know, a lot of debris and limbs got into

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Speaker 1: Ezra's room, my little dude and so man, think about

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Speaker 1: how freaked out he would have been, and how freaked

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Speaker 1: out we all would have been if we were in

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Speaker 1: the house at the time. So that's one of those

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Speaker 1: things where it's like you gotta look on the bright

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Speaker 1: side and think about how fortunate you are even when

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Speaker 1: accidents occurred. But we've got, yeah, a lot to get

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Speaker 1: to on this episode when it comes to thinking about

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Speaker 1: accidents kind of on the front end and then kind

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Speaker 1: of like in the aftermath, how do you deal with

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Speaker 1: it effectively in order to in order to make sure

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Speaker 1: that you don't get left hold in the bag totally.

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Speaker 2: Yeah, and naturally there will be plenty of personal anecdotes

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Speaker 2: during this episode. But first, let's quickly introduce our beer. Joel,

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Speaker 2: You and I. We are enjoying an Aoka Marsin style logger.

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Speaker 2: This is a Groooner Brothers Brewing beer and this was

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Speaker 2: sent to us by Katie. So, Katie, thank you so

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Speaker 2: much for donating this one to the show. We look

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Speaker 2: forward to sharing our thoughts at the end of the episode.

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Speaker 1: This was her She lives in Wyoming. This is her

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Speaker 1: favorite brewery from Wyoming. So I don't know if I've

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Speaker 1: ever had any beer from.

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Speaker 2: Wyoming Wyoming beer.

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Speaker 1: I've never been to Wyoming, sadly, so it's a great

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Speaker 1: place one of these days. Make it happen, all right,

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Speaker 1: But let's move on nowt let's get to the subject

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Speaker 1: at hand. We are talking about accidents, insurance and deductibles

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Speaker 1: and yeah, of course my personal experience. You know what

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Speaker 1: it made me think of? It made me think of

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Speaker 1: fire drills in elementary school. Yeah, you remember those, right,

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Speaker 1: we all we all had to do them. It felt

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Speaker 1: like kind of a waste of time. We're like, come on, really,

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Speaker 1: we were going to get a fire in this building.

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Speaker 1: But yet you had to go through the motion. The

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Speaker 1: same thing with tornado drills, very similar. You had to

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Speaker 1: get under your desk. You had to wait for what

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Speaker 1: like five minutes until the opposed tornado passed.

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Speaker 2: Our drills Like you'd have to go out in the hallway,

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Speaker 2: get up against the wall and tuck your head under.

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Speaker 2: That was the tornado drill.

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Speaker 1: That was another Yes, So what was when? Why do

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Speaker 1: we crawl under our desk?

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Speaker 2: Is that an earthquake drill?

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Speaker 1: Maybe that was that?

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Speaker 2: I don't know, Okay, I mean, as kids, they all

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Speaker 2: seem ridiculous, right, Like you think about tornado drills or

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Speaker 2: tornadoes in general, and you think about twister, but that

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Speaker 2: you know that doesn't happen at least here down in Georgia.

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Speaker 2: Although that being said, the Middle tornados kind of recently

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Speaker 2: so more and more. Yeah, yeah, maybe all these drills

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Speaker 2: make sense after all.

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Speaker 1: Maybe they do. They always felt like this waste of time, sure,

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Speaker 1: but I guess the bright tide with they got you

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Speaker 1: had a class for a little while, and so you

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Speaker 1: were like, whatever, it's fine. But the thing was, it

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Speaker 1: was obviously a good thing if your school ever did

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Speaker 1: experience a fire, right, if you ever needed to put

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Speaker 1: that drill into practice. Yeah, And it was you know,

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Speaker 1: probably practice that was more necessary for the teachers rather

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Speaker 1: than for us as kids. They had to know how

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Speaker 1: to shepherd heard all the cats exactly. But even though

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Speaker 1: it felt kind of silly, right, you would be glad

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Speaker 1: that you went through the motions if your school ever

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Speaker 1: experienced one. And insurance it kind of makes me think

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Speaker 1: it's kind of like a fire drill in a lot

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Speaker 1: of ways. Most of the times it feels unnecessary. It

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Speaker 1: almost feels like wasted dollars. What if I could claw

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Speaker 1: that money back that I was spending on insurance that

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Speaker 1: I never used. But in the rare instances where you

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Speaker 1: actually need to put it to use. You're more than

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Speaker 1: happy to know that you have that policy in place totally.

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Speaker 1: I know a lot of people are like, well, and

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Speaker 1: we're not going to really talk about like life insurances

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Speaker 1: mostly car and homeowners insurance focused. But a lot of

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Speaker 1: people are like, man, if I don't die, that insurance

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Speaker 1: was worthless. It's like, yeah, but that's kind of what

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Speaker 1: you want, right, You're insuring against the thing that you

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Speaker 1: wouldn't be able to pay for in the event that

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Speaker 1: the worst thing happens.

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Speaker 2: And at least with insurance or life insurance, you know

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Speaker 2: that at some point you actually will die. Yeah, maybe

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Speaker 2: not ter get.

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Speaker 1: Term policy the term that you have, Maybe not in

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Speaker 1: the thirty years that you have your policy for, but yeah, dude,

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Speaker 1: I mean I even remember as.

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Speaker 2: An adult, like working at one of my first jobs

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Speaker 2: after college, like we had a twelve story office building

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Speaker 2: and they would have fire drills as well, but at

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Speaker 2: least in those instances, like they would always have a

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Speaker 2: food truck out on the parking dig or like ice

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Speaker 2: cream to give out like freezenacks for all of the hassle.

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Speaker 2: But the fact is, like, even as adults that quote

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Speaker 2: unquote inconvenience like that was a prudent move that I

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Speaker 2: would have been thankful for. And anyone out there who

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Speaker 2: has made an insurance claim, they would be in a

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Speaker 2: similar but they would feel similarly. Uh. And while virtually

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Speaker 2: everyone out there is required to have car insurance, I

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Speaker 2: think like New Hampshire might be the only state that

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Speaker 2: he doesn't require it. They are the live, pre or

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Speaker 2: die state. So like, uh, don't treat on me. I

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Speaker 2: don't need my car insurance. That being said, not everyone

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Speaker 2: has had the misfortune of actually being in an accident,

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Speaker 2: So knock on some wood if that's you. And so

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Speaker 2: one of the problems that we're addressing today is what

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Speaker 2: you should do once you've been involved in a car accident.

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Speaker 2: You know, it's a it can be a surreal experience

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Speaker 2: that can catch you off guard if you're not prepared.

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Speaker 2: And so we think it's wise to talk through some

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Speaker 2: of the practical steps that you should take after you've

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Speaker 2: been involved in a car arect.

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Speaker 1: Yeah, we're gonna talk about homeowners insurance claims too, and

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Speaker 1: kind of what happens how you navigate post accident, post

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Speaker 1: supernatural act of God sort of experience. But let's talk

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Speaker 1: about car rex stuff first. Matt and I did. I mentioned, yes,

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Speaker 1: I had the tree fall through the roof, but I

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Speaker 1: also last this past Sunday, had someone run into the

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Speaker 1: back of our car when we were stoped at a stoplight,

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Speaker 1: and so I had to know how to do some

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Speaker 1: of these things firsthand in the heat of the moment,

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Speaker 1: which I will say, you're very disoriented when that happens,

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Speaker 1: even if it's not something terrible. This guy slammed into

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Speaker 1: the back of our car. We should post that video,

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Speaker 1: by the way, too.

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Speaker 2: Gosh, we're gonna have so much great, so much great

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Speaker 2: media from all of Joel's misfortune.

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Speaker 1: The Instagram content is rich this week.

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Speaker 2: So the reason you said post the video, the car

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Speaker 2: in front of you had dashcam, a backwards facing dashcam,

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Speaker 2: which is kind of crazy that that exists. I know

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Speaker 2: it exists, I guess, but not many people have them. Yeah,

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Speaker 2: in some countries it's required. Yeah, so you actually do

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Speaker 2: have footage of y'all getting slammed.

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Speaker 1: Kind of crazy, but it really can be disorienting when

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Speaker 1: when you get in some sort of car wreck and

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Speaker 1: it's hard to know, and so we want to kind

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Speaker 1: of cover. Hey, here's the things you should do immediately

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Speaker 1: upon that happening and running through this ahead of time,

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Speaker 1: because essentially it's a drill just like when you were

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Speaker 1: back in school, just like one of those tornado drills

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Speaker 1: or fire drills, because knowing the right steps on the

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Speaker 1: front end can save you that time, the hassle, and

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Speaker 1: of course money. And by the way, later in this episode,

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Speaker 1: we're going to cover some different ways to optimize your insurance,

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Speaker 1: how you can make sure that you're properly insured, but

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Speaker 1: also how you can make sure that you're not paying

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Speaker 1: more than you need to in order to be properly insured,

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Speaker 1: which is important. But let's talk about how to react

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Speaker 1: right after an accident occurs, Matt. And of course the

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Speaker 1: number one thing that everyone is concerned about and should

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Speaker 1: be first and foremost concerned about, is whether or not

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Speaker 1: everyone's safe, whether or not they're okay. And that was

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Speaker 1: our first reaction after getting an accident. Fortunately it wasn't

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Speaker 1: too bad. That guy was going, I don't have twenty

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Speaker 1: or twenty five miles an hour. When he ran to

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Speaker 1: the back of us. We were a little shocked, but

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Speaker 1: it was like, especially with the kids being in the car,

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Speaker 1: are you okay? Are you okay? And if anybody had

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Speaker 1: been seriously injured, we would have taken advantage of the

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Speaker 1: an ambulance and gone to the god to the hospital.

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Speaker 1: Would we could have even gone just because the car

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Speaker 1: was drip we could have taken everyone to urgent care

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Speaker 1: to get checked out. It depends on what people are

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Speaker 1: complaining of after the fact, but that is the first

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Speaker 1: thing you need to be, of course, concerned about, is

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Speaker 1: everyone's physical condition. I would say, winned out, go get

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Speaker 1: checked out, of course, to make sure that there's nothing

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Speaker 1: terribly wrong, but also it's going to help you in

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Speaker 1: the event that you do make an insurance clian.

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Speaker 2: Yeah, this isn't a time to be frugal, right, because

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Speaker 2: I think a lot of times folks are thinking, oh, man,

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Speaker 2: for her to call the ambulance, that's going to cost

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Speaker 2: a lot of money. But there are a lot of

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Speaker 2: times that I think folks will come down on us

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Speaker 2: and they're like, man, you guys are being that's not frugal,

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Speaker 2: Like that is being cheap. And I will say this

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Speaker 2: is an instance where we're I think we would lean

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Speaker 2: certainly more on the air on the side of caution

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Speaker 2: as opposed to thinking about the dollars and cents and

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Speaker 2: how it is that you can save money. And I'll

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Speaker 2: say too, you know, I think right after making sure

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Speaker 2: everyone's safe. We're talking about those dash cam but I've

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Speaker 2: seen footage of cars basically like hitting patches of ice

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Speaker 2: on interstates. This is the kind of thing that the

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Speaker 2: algorithms feed me because they know I guess that's what

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Speaker 2: I'm into. But it's it's crazy. I mean, it's unfortunate, honestly,

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Speaker 2: because I've seen some of these videos where there's just

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Speaker 2: evidently just a massive amount of ice in these cars

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Speaker 2: just keep continuing to pile onto each other because the

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Speaker 2: cars can't stop because they're hitting ice. And so it's

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Speaker 2: important to make sure that you're not in imminent danger

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Speaker 2: as well. So aside from making sure that you're immediately safe,

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Speaker 2: like right after something like that occurring, finding a way

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Speaker 2: to ensure that you're out of harm's way essentially so

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Speaker 2: that additional harm doesn't occur, not only to your property,

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Speaker 2: but to you physically as well, even though you want

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Speaker 2: to document kind of what's going on, and we'll talk

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Speaker 2: about that. If you're where you ended up after that wreck,

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Speaker 2: if you're an imminent danger of further damage being done

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Speaker 2: by other vehicles, or whatever. You're gonna want to make

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Speaker 2: sure that you're you're not in a position to do

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Speaker 2: further harm to yourself or to your property. Yeah, So

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Speaker 2: once you know that everyone is okay, you're not in

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Speaker 2: harms way, the next thing you want to do is

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Speaker 2: call the police. You know, even if it's just a

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Speaker 2: minor fender bender and you don't need an actual ambulance

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Speaker 2: to show up there on the scene, having police there

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Speaker 2: at the scene of the accident to ride up an

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Speaker 2: official accident report is going to be crucial. It can

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Speaker 2: be incredibly difficult to actually file a claim with an

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Speaker 2: insurance company if there isn't an official report. So you know,

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Speaker 2: sometimes the evidence is going to be clear, Joel, Like,

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Speaker 2: when you were rear ended, it's pretty obvious that you

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Speaker 2: were at no fault.

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Speaker 1: Yeah, but I've been in other accidents where the driver

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Speaker 1: claimed that he wasn't at fault, but it was clear

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Speaker 1: to me that he was. And so having that incident

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Speaker 1: report so that it's not a he said, she said

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Speaker 1: sort of situation. You definitely don't want that. And so

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Speaker 1: having that officer come out document what happened in that

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Speaker 1: report saved my bacon. When it came to insurance because

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Speaker 1: that guy was going to claim till the end of

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Speaker 1: his dying, dying days that he didn't cause the accident

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Speaker 1: when he was clearly trying to get across the three

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Speaker 1: lanes of traffic and ran into me.

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Speaker 2: You know.

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Speaker 1: So those are the kind of things where you definitely

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Speaker 1: want to make sure no matter what, because you never

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Speaker 1: know what that person's going to say to their insurance

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Speaker 1: company or what they're going to try to argue, and

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Speaker 1: if you.

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Speaker 2: Have what kind of medical claim they might want.

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Speaker 1: To try to claim. Yeah, So if you have that

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Speaker 1: unbiased third party, which is typically a police officer riding

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Speaker 1: an incident report, that's really important and that's going to

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Speaker 1: help you ultimately not be left on the hook for

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Speaker 1: something that wasn't your fault. Sure, And the next thing

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Speaker 1: to do is to document everything, right, to take a

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Speaker 1: lot of pictures. So even though it's the job of

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Speaker 1: the officer who shows up to document what happened, hopefully

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Speaker 1: they're going to write a thorough report. Like having your

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Speaker 1: own documentation is key to making sure that you're made

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Speaker 1: whole and that the responsible parties are identified. Yea. And

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Speaker 1: so this is the case whether we're talking about a

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Speaker 1: home or an auto insurance claim, like take thorough picks

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Speaker 1: before you move anything, document any further damage as it occurs.

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Speaker 1: So for instance, on my home right now, there were

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Speaker 1: some places in the roof that weren't tarped appropriately, and

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Speaker 1: there's another hole that we didn't even know about until later,

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Speaker 1: until we saw water damage coming through the dining room.

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Speaker 1: And so it's just it's important to for insurance purposes,

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Speaker 1: to document that as that damage is happening, and to

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Speaker 1: relay that information to your adjuster, to the person you're

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Speaker 1: working with at the insurance company too. And so items

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Speaker 1: that are destroyed or damaged completely, they need to be

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Speaker 1: recorded for insurance purposes. The couch, for instance, Matt, that

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Speaker 1: you that was impaled by that tree, Like, I took

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Speaker 1: pictures before putting it on the curb, so that now

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Speaker 1: I can show the adjuster, Hey, this was the couch

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Speaker 1: I had. I know it's hard for you to tell

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Speaker 1: what kind of make and model it was, but and

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Speaker 1: then I can link and show them exactly what kind

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Speaker 1: of couch I had, just through a quick Google search.

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Speaker 1: But it's I would say too. This is one thing

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Speaker 1: it's important to have friends and have neighbors who I

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Speaker 1: was talking.

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Speaker 2: To when I had a case for community.

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Speaker 1: Yeah. Well, when I first called my insurance company, the

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Speaker 1: person I talked to was not my actual agent. It

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Speaker 1: was just somebody who worked on the one eight hundred line.

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Speaker 1: And they told me, Wow, it's amazing get like three

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Speaker 1: or four neighbors reaching out. We had neighbors in there

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Speaker 1: cleaning up some of the water damage, which was just

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Speaker 1: so incredibly nice but just so helpful too. And he said,

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Speaker 1: I don't really know my neighbors. I feel like, after this,

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Speaker 1: I really should get to know my neighbors. And I

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Speaker 1: thought this was just a really it's a really good

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Speaker 1: thing to mention too. If you want to be prepared

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Speaker 1: for an accident, knowing your neighbors is one of those things.

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Speaker 1: Having some sort of relationships so you can call them

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Speaker 1: and say, can you go check on my house I'm

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Speaker 1: not sure what happened, or having enough a relationship to

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Speaker 1: where they're going to call you and notify you if

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Speaker 1: something happened. We were at a turn. If we had

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Speaker 1: come back four days later and no one had to

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Speaker 1: reach out to us, imagine how awful that feels like

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Speaker 1: to come home and realize that to know ahead of

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Speaker 1: time is so massively helpful. So I think knowing your

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Speaker 1: neighbors and knowing that they can help you out a

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Speaker 1: pinch and vice versa is just massively important.

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Speaker 2: That's true. Yeah, so that's specific to home insurance. But

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Speaker 2: when it comes to where you'd be involved in a

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Speaker 2: car wreck, you want to make sure that you exchange

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Speaker 2: information with the other party. You don't want to walk

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Speaker 2: away from that accident without having insurance information from those folks,

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Speaker 2: and so you can either write it down, you can

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Speaker 2: take a picture of their information if it seems like

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Speaker 2: something where it might be unclear as to what it

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Speaker 2: is that happened. Having somebody there who witnessed it, who's saying, hey, man,

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Speaker 2: I saw what happened. I'm willing to hang out here

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Speaker 2: for a little bit and provide a secondhand report you

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Speaker 2: to the police officer of what happened. That can be

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Speaker 2: incredibly helpful. And like you said, I mean, you literally

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Speaker 2: literally have digital evidence. What's crazy, you know, when y'all

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Speaker 2: got hit like you have video of that actually happening.

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Speaker 2: I guess you could have video too if somebody had

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Speaker 2: a ring like one of the ring doorbells across this,

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Speaker 2: you know, if you had a neighbor that had that you,

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Speaker 2: that would be that might be even I don't want

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Speaker 2: to see it. Even crazier to see is actually seeing

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Speaker 2: a tree get struck by lightning. Sure, but you know

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Speaker 2: when it came to the car accident, you were able

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Speaker 2: to get that footage from that guy and you have

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Speaker 2: that on hand. I'm sure the guy that hits you

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Speaker 2: wasn't going to try to make a case that it

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Speaker 2: wasn't his fault, but if he did, you had that

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Speaker 2: evidence on hand that showed clearly that y'all were just

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Speaker 2: sitting there. You're like looking for your sunglasses. I know,

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Speaker 2: which is I guess that's actually how or one of

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Speaker 2: the reasons.

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Speaker 1: Yeah, that Sean was binding him.

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Speaker 2: That's why he ran it into the back of you. You

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Speaker 2: were looking for your sunglasses and maybe he was looking

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Speaker 2: for his two Yeah.

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Speaker 1: Well, and I will say having that that third party,

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Speaker 1: not just the police officer come out and document things,

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Speaker 1: but having a witness on hand, having their information, having

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Speaker 1: them speak to the police officer about what happened to

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Speaker 1: is just is really important too. So covering all your basis.

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Speaker 2: Yeah, and I'll say too, like as you are exchanging

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Speaker 2: that inform, like certainly be kind regardless of whose fault

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Speaker 2: it is, but don't be overly kind, because I think

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Speaker 2: in an effort to be accommodating to somebody else, you

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Speaker 2: might even say the words, oh, I'm so sorry, it's

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Speaker 2: all my fault. Yeah, And that's something you don't necessarily

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Speaker 2: want to admit because it may not be your fault.

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Speaker 1: It might say it's not your fault to that person

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Speaker 1: when it is their fault exactly, but you might say

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Speaker 1: it's okay, like we're gonna get exactly. Those kind of

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Speaker 1: things are better than trying to You don't want to

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Speaker 1: sign any sort of blame to yourself or to that

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Speaker 1: person exactly.

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Speaker 2: Yeah, because they might have their phone out as well,

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Speaker 2: taking pictures, taking video, and if they have a video

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Speaker 2: and it's you know, they got their phone out and

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Speaker 2: that thing is going, and on that video they have

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Speaker 2: you saying it's not your fault or oh, it's all

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Speaker 2: my fault, that could be something that could come back

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Speaker 2: and Mitch in the butt. But after that, you want

435
00:17:47,720 --> 00:17:50,840
Speaker 2: to make sure that you notify your insurance company, even

436
00:17:50,880 --> 00:17:53,000
Speaker 2: if you aren't at fault here, because they can help

437
00:17:53,080 --> 00:17:56,760
Speaker 2: to negotiate with the opposing party's insurance or they might

438
00:17:56,800 --> 00:18:00,959
Speaker 2: even file the claim for you. Right from the headache

439
00:18:01,000 --> 00:18:04,080
Speaker 2: of having a busted up ride or a home that

440
00:18:04,280 --> 00:18:06,520
Speaker 2: needs to be fixed, that needs to be repaired, it

441
00:18:06,560 --> 00:18:08,160
Speaker 2: can feel like a part time job trying to get

442
00:18:08,160 --> 00:18:10,880
Speaker 2: a company on the phone as you're trying to coordinate

443
00:18:10,920 --> 00:18:13,520
Speaker 2: and schedule adjusters to show up, or in your case,

444
00:18:13,600 --> 00:18:15,320
Speaker 2: like I think you said, like you need to get

445
00:18:15,359 --> 00:18:17,360
Speaker 2: like an engineer out there because some of the structural

446
00:18:17,400 --> 00:18:18,440
Speaker 2: damage that took place.

447
00:18:18,440 --> 00:18:20,120
Speaker 1: They at least want to kind of look a little

448
00:18:20,119 --> 00:18:22,359
Speaker 1: bit further, make sure that it document that stuff so

449
00:18:22,400 --> 00:18:24,480
Speaker 1: that they know that everything is fixed.

450
00:18:24,200 --> 00:18:26,440
Speaker 2: But they're doing it properly, which you know, even though

451
00:18:26,440 --> 00:18:28,520
Speaker 2: it's kind of a headache, you can, I guess you

452
00:18:28,560 --> 00:18:31,920
Speaker 2: can appreciate their how thorough of a job that they're

453
00:18:31,960 --> 00:18:34,159
Speaker 2: doing and not like we'll just throw some dry all

454
00:18:34,200 --> 00:18:36,040
Speaker 2: over that it'll be fine. It's like, well, no, I

455
00:18:36,080 --> 00:18:37,120
Speaker 2: don't want you to do that either.

456
00:18:37,200 --> 00:18:38,640
Speaker 1: It's going to make the whole process take a little

457
00:18:38,640 --> 00:18:40,200
Speaker 1: bit longer, But it's one of those things where it's

458
00:18:40,240 --> 00:18:42,320
Speaker 1: worth in the end because just in case they uncover

459
00:18:42,400 --> 00:18:45,960
Speaker 1: something that maybe to the naked eye is hard to see,

460
00:18:46,119 --> 00:18:48,719
Speaker 1: you want to make sure a structural engineer takes, especially

461
00:18:48,720 --> 00:18:50,480
Speaker 1: when you're talking about a tree coming through your roof.

462
00:18:50,480 --> 00:18:53,200
Speaker 1: That's one of those things where yeah, it impacted four

463
00:18:53,280 --> 00:18:56,000
Speaker 1: joys roof beams, So yeah, I want to make sure

464
00:18:56,000 --> 00:18:56,840
Speaker 1: that it's getting a lot.

465
00:18:56,720 --> 00:18:58,840
Speaker 2: Of different systems it can repair properly. Yeah, but again,

466
00:18:58,880 --> 00:19:01,320
Speaker 2: even if you aren't at fault, let your insurance company know,

467
00:19:01,359 --> 00:19:03,840
Speaker 2: because a great insurance company that you know is going

468
00:19:03,880 --> 00:19:05,960
Speaker 2: to be able to shoulder some of this burden. And

469
00:19:06,040 --> 00:19:07,399
Speaker 2: if that were to be the case, I think that

470
00:19:07,400 --> 00:19:10,240
Speaker 2: would be some welcomed relief as you're trying to get

471
00:19:10,240 --> 00:19:13,320
Speaker 2: back to normal living without having to worry about the

472
00:19:13,480 --> 00:19:16,600
Speaker 2: constant flood of emails and phone calls that you're having

473
00:19:16,640 --> 00:19:17,040
Speaker 2: to tend to.

474
00:19:17,320 --> 00:19:18,680
Speaker 1: Yeah, it really said it was. One of the most

475
00:19:18,680 --> 00:19:21,040
Speaker 1: annoying parts of the whole thing is that it becomes

476
00:19:21,080 --> 00:19:22,840
Speaker 1: kind of like a part time job for you, which

477
00:19:22,880 --> 00:19:24,920
Speaker 1: I wasn't necessarily looking for another part time job, and

478
00:19:24,960 --> 00:19:26,800
Speaker 1: now I kind of have too working with both of

479
00:19:26,840 --> 00:19:29,640
Speaker 1: these situations, but it kind of comes with the territory.

480
00:19:29,920 --> 00:19:32,159
Speaker 1: And I will say one other thing to mention is

481
00:19:33,000 --> 00:19:34,840
Speaker 1: a lot of insurance companies are going to steer you

482
00:19:34,880 --> 00:19:38,120
Speaker 1: towards what are known as preferred contractors, whether that is

483
00:19:38,240 --> 00:19:40,520
Speaker 1: fixing up your car or fixing up your house. They

484
00:19:40,560 --> 00:19:44,120
Speaker 1: have relationships with a lot of different companies, whether they're

485
00:19:44,240 --> 00:19:46,600
Speaker 1: independent or whether they actually work specifically, whether it's like

486
00:19:46,600 --> 00:19:49,359
Speaker 1: a Progressive branded auto repair center or whatever it is.

487
00:19:49,640 --> 00:19:52,520
Speaker 1: They might have people they work with regularly, and so

488
00:19:52,600 --> 00:19:54,399
Speaker 1: they might try to tell you, hey, you should go

489
00:19:54,520 --> 00:19:56,760
Speaker 1: here to get it fixed, and it might save them money.

490
00:19:57,000 --> 00:19:59,159
Speaker 1: But the truth is, you have the right to be

491
00:19:59,200 --> 00:20:02,520
Speaker 1: able to hire your own folks to fix your vehicle

492
00:20:02,600 --> 00:20:03,080
Speaker 1: or your house.

493
00:20:03,119 --> 00:20:03,560
Speaker 2: So you do.

494
00:20:03,720 --> 00:20:06,760
Speaker 1: You're not subject to using people that the insurance company

495
00:20:07,200 --> 00:20:08,960
Speaker 1: might try to push on you. I think it's just

496
00:20:09,000 --> 00:20:11,120
Speaker 1: important to note Matt because you might not feel comfortable

497
00:20:11,160 --> 00:20:13,520
Speaker 1: with that, or you might want to hire your people

498
00:20:13,520 --> 00:20:15,280
Speaker 1: that you've worked with before or who you trust the

499
00:20:15,320 --> 00:20:17,320
Speaker 1: quality of their work, whether it's repairing your car or

500
00:20:17,359 --> 00:20:20,320
Speaker 1: repairing your home. And so that's what I'm gonna do. Like,

501
00:20:20,400 --> 00:20:21,720
Speaker 1: I'm not going to go with the people that the

502
00:20:21,760 --> 00:20:25,160
Speaker 1: insurance company recommends, not that they might not be great,

503
00:20:25,480 --> 00:20:27,399
Speaker 1: but I'd rather use people I've worked with before, or

504
00:20:27,440 --> 00:20:29,719
Speaker 1: take recommendations from neighbors instead.

505
00:20:29,760 --> 00:20:32,800
Speaker 2: A relationship established already with some of these different mechanics.

506
00:20:32,840 --> 00:20:34,920
Speaker 1: Yeah, so I would say ask around if you don't

507
00:20:34,920 --> 00:20:37,280
Speaker 1: have anybody that you've worked with before, whether it's a contractor,

508
00:20:37,440 --> 00:20:39,399
Speaker 1: Like I reached out to a contractor we've used before.

509
00:20:39,520 --> 00:20:41,560
Speaker 1: He's busy, he can't handle the work. So I'm reaching

510
00:20:41,560 --> 00:20:43,680
Speaker 1: out to other people now that my neighbors have used

511
00:20:43,680 --> 00:20:46,240
Speaker 1: that they recommend. And so, yeah, just make sure that

512
00:20:46,280 --> 00:20:48,760
Speaker 1: the company you're hiring is licensed and insured. And it's

513
00:20:48,800 --> 00:20:51,600
Speaker 1: helpful to get multiple opinions and quotes before kind of

514
00:20:51,600 --> 00:20:53,480
Speaker 1: starting the work, whether it's to your car or to

515
00:20:53,560 --> 00:20:55,399
Speaker 1: your home. But I think a lot of people feel

516
00:20:55,640 --> 00:20:58,480
Speaker 1: compelled to use somebody that the insurance company recommends, and

517
00:20:58,480 --> 00:21:00,520
Speaker 1: it's just important to note that you don't.

518
00:21:00,440 --> 00:21:03,240
Speaker 2: Have to That's right. Yeah, you're not beholden to those

519
00:21:03,359 --> 00:21:05,720
Speaker 2: vendors that they that they have a relationship with. You

520
00:21:05,760 --> 00:21:07,159
Speaker 2: can reach out to the folks that you have that

521
00:21:07,240 --> 00:21:10,240
Speaker 2: relationship with. And by the way, during the claims process,

522
00:21:10,520 --> 00:21:13,199
Speaker 2: in particular with a car ensure, most folks don't know

523
00:21:13,320 --> 00:21:18,399
Speaker 2: about diminished value, and many insurance companies they conveniently forget

524
00:21:18,400 --> 00:21:20,720
Speaker 2: to tell you about it. But basically, because your car

525
00:21:20,960 --> 00:21:23,679
Speaker 2: has now been in an accident, it's going to be

526
00:21:23,720 --> 00:21:26,159
Speaker 2: worth less if you were to sell it on the

527
00:21:26,200 --> 00:21:28,600
Speaker 2: open market. So if you were in a wreck and

528
00:21:28,640 --> 00:21:31,359
Speaker 2: you are not at fault, you're entitled not only to

529
00:21:31,400 --> 00:21:34,640
Speaker 2: your car being fixed, but also to reimbursement because your

530
00:21:34,640 --> 00:21:37,600
Speaker 2: car is now worthless money. And so it might take

531
00:21:37,720 --> 00:21:41,440
Speaker 2: jumping through some additional hoops and providing additional documentation and

532
00:21:41,800 --> 00:21:44,320
Speaker 2: diminished value. You know, the rules depend on what state

533
00:21:44,359 --> 00:21:46,080
Speaker 2: it is that you live in, but it could be

534
00:21:46,280 --> 00:21:48,760
Speaker 2: well worth the additional effort in order to get maybe

535
00:21:48,760 --> 00:21:50,679
Speaker 2: an additional ten fifteen percent out of it.

536
00:21:50,760 --> 00:21:53,119
Speaker 1: Yes, yeah, yeah, I got hundreds of dollars based on

537
00:21:53,280 --> 00:21:55,760
Speaker 1: just kind of Hey when when I was sidewiped by

538
00:21:55,760 --> 00:21:57,439
Speaker 1: that car then went across three lanes of traffic, and

539
00:21:57,520 --> 00:21:59,359
Speaker 1: I said, hey, like this, I know my car is

540
00:21:59,400 --> 00:22:00,680
Speaker 1: not like super andn igh or anything I was back

541
00:22:00,680 --> 00:22:03,119
Speaker 1: when I had that like green Ultima that wasn't I

542
00:22:03,119 --> 00:22:06,040
Speaker 1: remember that it wasn't terribly excellent, but it was worth

543
00:22:06,080 --> 00:22:08,359
Speaker 1: a few hundred dollars to me in diminished value that

544
00:22:08,400 --> 00:22:10,840
Speaker 1: the insurance company never would have said a word about

545
00:22:11,119 --> 00:22:12,920
Speaker 1: or And then when they did make their initial offer,

546
00:22:12,960 --> 00:22:14,680
Speaker 1: it was low and I came back and I said, hey,

547
00:22:14,680 --> 00:22:17,000
Speaker 1: based on these calculations I've made. It sure looks like

548
00:22:17,040 --> 00:22:19,280
Speaker 1: I'm entitled to a couple hundred dollars more than what

549
00:22:19,359 --> 00:22:24,280
Speaker 1: you initially stated. And they go back and they say, oh, okay, fine.

550
00:22:24,600 --> 00:22:26,760
Speaker 1: But that's one of those things most people don't even know.

551
00:22:26,800 --> 00:22:29,200
Speaker 1: They've never even heard that term. But if you're in

552
00:22:29,200 --> 00:22:32,040
Speaker 1: a car accident, it's important to know that diminished value

553
00:22:32,080 --> 00:22:34,879
Speaker 1: exists and that you are owed money not just to

554
00:22:34,880 --> 00:22:36,919
Speaker 1: fix your car, but to fix the fact that your

555
00:22:36,920 --> 00:22:37,680
Speaker 1: car is now worth less.

556
00:22:38,040 --> 00:22:41,040
Speaker 2: Your car now has a reputation that's going to always

557
00:22:41,080 --> 00:22:41,359
Speaker 2: follow it.

558
00:22:41,480 --> 00:22:43,120
Speaker 1: Yeah, exactly, it's it's going to be on the car

559
00:22:43,160 --> 00:22:45,200
Speaker 1: facts right moving forward, which means so what he pulls

560
00:22:45,240 --> 00:22:47,000
Speaker 1: that when they're trying to buy it, they're like, wait

561
00:22:47,000 --> 00:22:48,719
Speaker 1: a second, I don't think I wanna pay you as

562
00:22:48,760 --> 00:22:50,320
Speaker 1: much as the one that hasn't been in an accident.

563
00:22:50,600 --> 00:22:53,080
Speaker 1: But Matt, we've got more to get to on insurance

564
00:22:53,080 --> 00:22:55,719
Speaker 1: and deductibles. We got a lot to talk about on

565
00:22:55,760 --> 00:22:57,639
Speaker 1: the deductible front, because that is one way that you

566
00:22:57,640 --> 00:22:59,680
Speaker 1: can save a lot of money or lose a lot

567
00:22:59,680 --> 00:23:01,840
Speaker 1: of money. We'll talk about that and more right after this.

568
00:23:11,320 --> 00:23:13,199
Speaker 2: All right, man, we are back from the break and

569
00:23:13,240 --> 00:23:16,160
Speaker 2: we just talked about what to do in the immediate

570
00:23:16,200 --> 00:23:19,439
Speaker 2: aftermath after an accident there, but let's now talk about

571
00:23:19,440 --> 00:23:23,320
Speaker 2: preparing for accidents in advance, because you know you can't

572
00:23:23,320 --> 00:23:26,720
Speaker 2: predict like when or if an accident's going to occur,

573
00:23:26,960 --> 00:23:30,160
Speaker 2: but you don't want to leave yourself financially vulnerable if

574
00:23:30,320 --> 00:23:33,080
Speaker 2: something terrible comes along. So we're gonna talk about preparing

575
00:23:33,080 --> 00:23:35,639
Speaker 2: for those accidents. But first things first, we want to

576
00:23:35,720 --> 00:23:38,800
Speaker 2: make sure that you know when to not use certain

577
00:23:38,800 --> 00:23:41,000
Speaker 2: types of insurance that is going to end up costing

578
00:23:41,040 --> 00:23:43,560
Speaker 2: you more in the long run. So specifically, I'm thinking

579
00:23:43,560 --> 00:23:46,679
Speaker 2: about like roadside assistance, which you know it's not technically insurance,

580
00:23:46,720 --> 00:23:50,520
Speaker 2: but oftentimes can be offered through your insure. We would

581
00:23:50,520 --> 00:23:53,439
Speaker 2: prefer for you to self ensure and pay for your

582
00:23:53,960 --> 00:23:56,879
Speaker 2: own toes if you are strained on the side of

583
00:23:56,880 --> 00:23:59,639
Speaker 2: the road, or go with triple A, but using the

584
00:23:59,760 --> 00:24:03,880
Speaker 2: road side assistance that is offered by car insurance can

585
00:24:03,920 --> 00:24:08,080
Speaker 2: act like a claim, potentially increasing your actual insurance premium.

586
00:24:08,160 --> 00:24:11,880
Speaker 2: And so even though it's not technically a part of insurance,

587
00:24:11,920 --> 00:24:14,040
Speaker 2: it is something that they're offering.

588
00:24:14,080 --> 00:24:16,360
Speaker 1: And most people don't think, hey, if I make this

589
00:24:16,480 --> 00:24:18,520
Speaker 1: roadside insurance like because.

590
00:24:18,280 --> 00:24:21,920
Speaker 2: It's set up almost like a little perk, like a concierge.

591
00:24:22,000 --> 00:24:23,560
Speaker 2: Like it's like at a hotel where they're like, would

592
00:24:23,560 --> 00:24:25,880
Speaker 2: you like this cookie? Right, and it's just like, oh wait,

593
00:24:25,920 --> 00:24:27,960
Speaker 2: you just charged me for that cookie. That's exactly what

594
00:24:27,960 --> 00:24:29,199
Speaker 2: I feel. That's sort of like what this is.

595
00:24:29,200 --> 00:24:30,840
Speaker 1: And most people assume that the bottle water in the

596
00:24:30,840 --> 00:24:32,200
Speaker 1: hotel is going to be free, but no, it costs

597
00:24:32,200 --> 00:24:34,760
Speaker 1: you five ninety nine. And it's very similar to roadside

598
00:24:35,160 --> 00:24:38,800
Speaker 1: insurance through the one specifically through your insurance company, because

599
00:24:38,840 --> 00:24:39,359
Speaker 1: they might.

600
00:24:39,359 --> 00:24:41,280
Speaker 2: Wait, they track it and then it goes on your

601
00:24:41,280 --> 00:24:43,360
Speaker 2: clue report and then it's stuck with you for like

602
00:24:43,640 --> 00:24:44,480
Speaker 2: five seven years.

603
00:24:44,560 --> 00:24:47,080
Speaker 1: What's going to impact you potentially on the rates you

604
00:24:47,080 --> 00:24:49,320
Speaker 1: pay with your currniture, but definitely if you start shopping

605
00:24:49,320 --> 00:24:52,240
Speaker 1: around for rates to move elsewhere. And so yeah, I

606
00:24:52,280 --> 00:24:55,040
Speaker 1: forget exactly how long those things stick on that clue report,

607
00:24:55,080 --> 00:24:56,840
Speaker 1: which again is something most people don't know about. It's

608
00:24:56,880 --> 00:24:59,919
Speaker 1: like an insurance database and so all insurance companies can

609
00:25:00,160 --> 00:25:02,920
Speaker 1: to see your claim's history. It lives kind of in

610
00:25:02,960 --> 00:25:04,840
Speaker 1: the back end on this clear report that most of

611
00:25:04,920 --> 00:25:07,680
Speaker 1: us don't really know what's on there. But so yeah,

612
00:25:07,720 --> 00:25:09,720
Speaker 1: I think not using certain things like that, like not

613
00:25:09,800 --> 00:25:11,960
Speaker 1: having roadside assistance, and if you do, just definitely not

614
00:25:12,040 --> 00:25:13,840
Speaker 1: using it. But if a cost you extra money, ditch

615
00:25:13,840 --> 00:25:16,320
Speaker 1: it and get your own. But also it's important to

616
00:25:16,600 --> 00:25:19,600
Speaker 1: make sure you have enough insurance. And this might sound crazy,

617
00:25:19,920 --> 00:25:22,479
Speaker 1: but people are likely a lot of our listeners are

618
00:25:22,520 --> 00:25:25,240
Speaker 1: probably under insured. Right now, Matt, we would suggest to

619
00:25:25,320 --> 00:25:28,439
Speaker 1: check the face value of your insurance policy. If your

620
00:25:28,480 --> 00:25:31,760
Speaker 1: home were to be completely destroyed in a fire, God forbid,

621
00:25:32,160 --> 00:25:36,360
Speaker 1: would your insurance actually cover the full replacement cost of

622
00:25:36,440 --> 00:25:39,600
Speaker 1: the home? Right And when you think about inflation, inflation

623
00:25:39,640 --> 00:25:43,040
Speaker 1: has impacted everything. It's in fact, it's impacted the cost

624
00:25:43,320 --> 00:25:47,040
Speaker 1: of materials to rebuild your home. It's impacted the cost

625
00:25:47,119 --> 00:25:50,600
Speaker 1: of labor, it's impacted the timeline for renovations. Everything has

626
00:25:50,640 --> 00:25:53,159
Speaker 1: just gotten more expensive. It's taking longer and time is

627
00:25:53,200 --> 00:25:56,600
Speaker 1: money on this front. So chances are you might not

628
00:25:56,800 --> 00:26:00,280
Speaker 1: have quite enough insurance and that could negatively impact you

629
00:26:00,320 --> 00:26:02,560
Speaker 1: in a worst case scenario. And so you know, updating

630
00:26:02,600 --> 00:26:06,520
Speaker 1: the policy and getting more coverage on your home is

631
00:26:06,560 --> 00:26:09,400
Speaker 1: going to cost you more in premiums in all likelihood,

632
00:26:09,520 --> 00:26:11,040
Speaker 1: but it's also going to ensure that you're not left

633
00:26:11,080 --> 00:26:14,280
Speaker 1: holding the bag for potentially thousands, tens of thousands, or

634
00:26:14,359 --> 00:26:19,080
Speaker 1: hundreds of thousands of dollars in repair costs and replacement costs.

635
00:26:19,080 --> 00:26:20,960
Speaker 1: Because your coverage is going to be robust enough. So

636
00:26:21,280 --> 00:26:24,359
Speaker 1: read your policy to check current limits and if necessary,

637
00:26:24,640 --> 00:26:27,560
Speaker 1: increase them to cover the full replacement cost of your home.

638
00:26:27,600 --> 00:26:29,879
Speaker 1: It's worth kind of say, okay, what would it cost

639
00:26:29,880 --> 00:26:32,520
Speaker 1: to build a four bedroom, three bath or a two bedroom,

640
00:26:32,520 --> 00:26:35,479
Speaker 1: one bath home like I'm in where I live, and

641
00:26:35,520 --> 00:26:39,360
Speaker 1: then kind of checking to see if your insurance policy,

642
00:26:39,080 --> 00:26:41,359
Speaker 1: what the overall amount of coverage you have is, and

643
00:26:41,400 --> 00:26:43,080
Speaker 1: if it's not quite up to snuff, you want to

644
00:26:43,160 --> 00:26:44,399
Speaker 1: raise those that amount.

645
00:26:44,480 --> 00:26:46,800
Speaker 2: That's right, Yeah, And some insurers actually provide what's called

646
00:26:46,840 --> 00:26:50,240
Speaker 2: inflation guard coverage where there's sort of like this automatic

647
00:26:50,400 --> 00:26:53,000
Speaker 2: stair step built into the amount of coverage that they

648
00:26:53,040 --> 00:26:55,639
Speaker 2: provide every single year, which I'm not totally sure how

649
00:26:55,640 --> 00:26:57,600
Speaker 2: I feel about it, because on one hand, I like

650
00:26:57,640 --> 00:27:00,480
Speaker 2: it because you cannot think about it. What that means

651
00:27:00,520 --> 00:27:03,480
Speaker 2: is that over time, your coverage is probably going to

652
00:27:03,520 --> 00:27:05,639
Speaker 2: match the value of your actual home. But in a

653
00:27:05,680 --> 00:27:07,840
Speaker 2: perfect world, like on the other hand, I don't like

654
00:27:07,880 --> 00:27:11,119
Speaker 2: it because an ideal world that would be something that

655
00:27:11,160 --> 00:27:13,720
Speaker 2: you regularly check, like maybe once a year and be like, okay,

656
00:27:13,800 --> 00:27:16,680
Speaker 2: does the value of my home does it adequately match

657
00:27:16,800 --> 00:27:18,960
Speaker 2: the coverage that I have? But the fact is do

658
00:27:19,040 --> 00:27:23,240
Speaker 2: most people do that? No, probably is the answer.

659
00:27:23,320 --> 00:27:24,639
Speaker 1: So a product like that's going to put it on

660
00:27:24,640 --> 00:27:26,960
Speaker 1: autopilot for most people who aren't going to recheck exactly.

661
00:27:26,960 --> 00:27:28,560
Speaker 1: But this is hopefully a good chance for people to

662
00:27:28,560 --> 00:27:31,119
Speaker 1: go in right now, log into the back end of

663
00:27:31,160 --> 00:27:35,119
Speaker 1: their insurance and say click the view my policy.

664
00:27:34,280 --> 00:27:36,399
Speaker 2: Website right now because of the prompt that we are

665
00:27:36,440 --> 00:27:37,920
Speaker 2: providing you literally.

666
00:27:37,600 --> 00:27:40,840
Speaker 1: Right and you can see basically like the coverage that

667
00:27:40,920 --> 00:27:43,679
Speaker 1: you have, not just like the headline amount, which is important,

668
00:27:43,680 --> 00:27:45,600
Speaker 1: That's what I'm telling you look at now, but then

669
00:27:45,640 --> 00:27:48,000
Speaker 1: even below that you can dig in and see what

670
00:27:48,040 --> 00:27:50,000
Speaker 1: other kind of coverages does this entail as well?

671
00:27:50,240 --> 00:27:53,080
Speaker 2: That's right, like some additional ad on policies, because those

672
00:27:53,160 --> 00:27:56,359
Speaker 2: might be necessary as well. So for instance, if you

673
00:27:56,480 --> 00:27:58,720
Speaker 2: have like say you're a collector, maybe you've got some

674
00:27:58,840 --> 00:28:02,200
Speaker 2: nice art, maybe you've got some very expensive fine jewelry.

675
00:28:02,200 --> 00:28:03,800
Speaker 1: I don't know if my folk art qualifies.

676
00:28:04,560 --> 00:28:06,200
Speaker 2: I think it would, okay, I mean, if you can

677
00:28:06,280 --> 00:28:08,879
Speaker 2: attach a dude you can sure anything you attach a

678
00:28:08,880 --> 00:28:11,639
Speaker 2: dollar amount to anything, somebody out there will look at

679
00:28:11,680 --> 00:28:13,480
Speaker 2: those fancy tables and they'll write a policy for it.

680
00:28:14,040 --> 00:28:16,960
Speaker 2: But what if that fancy folk art of yours were

681
00:28:17,280 --> 00:28:18,760
Speaker 2: what if it were destroyed?

682
00:28:18,880 --> 00:28:22,120
Speaker 1: Fortunately not, most of it was less intact, you didn't

683
00:28:22,160 --> 00:28:24,640
Speaker 1: have any art. There's like one little gash in one really.

684
00:28:24,520 --> 00:28:27,479
Speaker 2: Yeah, I'm sorry. I bet there'll be additional things too,

685
00:28:27,480 --> 00:28:30,000
Speaker 2: where you're kind of like, oh, here's something else that happened. Oh,

686
00:28:30,040 --> 00:28:34,719
Speaker 2: here's something else. Yeah, but these additional items may mean

687
00:28:34,840 --> 00:28:37,560
Speaker 2: most likely won't be covered under your regular policy, and

688
00:28:37,600 --> 00:28:40,360
Speaker 2: you might need an additional writer in addition to that,

689
00:28:40,480 --> 00:28:42,479
Speaker 2: maybe you have other structures on the property as well,

690
00:28:42,520 --> 00:28:45,040
Speaker 2: and so make sure that those have enough coverage under

691
00:28:45,040 --> 00:28:47,400
Speaker 2: the policy as well. Oh and check to see whether

692
00:28:48,000 --> 00:28:51,920
Speaker 2: some items are covered with replacement cost coverage. That way,

693
00:28:51,920 --> 00:28:54,080
Speaker 2: you are, you know, just paid a fraction of what

694
00:28:54,200 --> 00:28:56,400
Speaker 2: you would have to spend in order to rebuy those

695
00:28:56,440 --> 00:28:58,960
Speaker 2: now wrecked items. The counter to that would be the

696
00:28:59,000 --> 00:29:02,600
Speaker 2: actual cash value, which takes into account depreciation, and so

697
00:29:02,760 --> 00:29:04,440
Speaker 2: in that case you would get paid less. But what

698
00:29:04,480 --> 00:29:08,080
Speaker 2: you actually want is the replace full replacement value what

699
00:29:08,160 --> 00:29:10,440
Speaker 2: it would cost you, right, now today, Joel, to go

700
00:29:10,520 --> 00:29:12,600
Speaker 2: out and buy a new sofa, Like, what is that

701
00:29:12,640 --> 00:29:13,280
Speaker 2: going to cost you?

702
00:29:13,360 --> 00:29:13,440
Speaker 1: Not?

703
00:29:13,840 --> 00:29:15,000
Speaker 2: What the what the cash?

704
00:29:15,040 --> 00:29:16,880
Speaker 1: Right, because just because I bought the sofa five years

705
00:29:16,880 --> 00:29:19,360
Speaker 1: ago doesn't mean I'm not paying today's cost to replace

706
00:29:19,360 --> 00:29:21,080
Speaker 1: the sofa exactly, And so you want to make sure

707
00:29:21,520 --> 00:29:25,880
Speaker 1: and my policy fortunately does have replacement cost coverage. So

708
00:29:25,880 --> 00:29:27,480
Speaker 1: I'm going to get the full amount for what that

709
00:29:27,520 --> 00:29:30,040
Speaker 1: sofa will cost me today even though I bought it.

710
00:29:30,280 --> 00:29:31,040
Speaker 2: Well, actually not that.

711
00:29:31,000 --> 00:29:32,600
Speaker 1: Long ago, like a year and a half ago or something.

712
00:29:32,840 --> 00:29:34,960
Speaker 1: But these are, yeah, these are important things to look

713
00:29:35,000 --> 00:29:37,760
Speaker 1: at because these are the kind of things that could

714
00:29:37,760 --> 00:29:39,760
Speaker 1: cost you hundreds or thousands of dollars if you're not

715
00:29:39,840 --> 00:29:42,960
Speaker 1: insured properly. You want to make sure you have enough insurance,

716
00:29:43,040 --> 00:29:44,840
Speaker 1: even though it's going to cost you a little bit

717
00:29:44,840 --> 00:29:47,800
Speaker 1: more from a premium perspective, being under insured could cost

718
00:29:47,800 --> 00:29:49,880
Speaker 1: you a whole lot more in the long run. It's

719
00:29:49,880 --> 00:29:51,920
Speaker 1: also important to Matt when we're talking about preparing in

720
00:29:52,000 --> 00:29:54,960
Speaker 1: advance for an action that can happen and making sure

721
00:29:55,000 --> 00:29:57,440
Speaker 1: that you're not going to be in a financial emergency,

722
00:29:57,520 --> 00:29:59,840
Speaker 1: like if some sort of other emergency car or home

723
00:30:00,080 --> 00:30:02,360
Speaker 1: occurs to you, is having enough money on hand. We

724
00:30:02,360 --> 00:30:05,760
Speaker 1: talk about emergency funds all the time, but man, like

725
00:30:05,880 --> 00:30:09,040
Speaker 1: when this is this is one of those places, yeah, right, Like,

726
00:30:09,160 --> 00:30:11,000
Speaker 1: there's a bunch of instances where you might use an

727
00:30:11,000 --> 00:30:13,880
Speaker 1: emergency fund, but I can't think of many more important

728
00:30:13,920 --> 00:30:15,920
Speaker 1: than if you're in a car accident or if you

729
00:30:15,960 --> 00:30:19,760
Speaker 1: have some sort of homeowners insurance claim as well. And

730
00:30:19,840 --> 00:30:22,520
Speaker 1: so it's not there just in the event that you

731
00:30:22,560 --> 00:30:25,200
Speaker 1: lose your job or if your transmission ghost bust. It's

732
00:30:25,200 --> 00:30:27,360
Speaker 1: also there to help you if an accident occurs. And

733
00:30:27,400 --> 00:30:29,840
Speaker 1: so this is part of the reason why having three

734
00:30:29,880 --> 00:30:32,160
Speaker 1: to six months of savings is so helpful, and this

735
00:30:32,200 --> 00:30:34,120
Speaker 1: is why that's money you're number four, right. We don't

736
00:30:34,160 --> 00:30:36,760
Speaker 1: want it to be so far down the list that

737
00:30:36,800 --> 00:30:39,320
Speaker 1: you're investing so much that you don't have access to

738
00:30:39,360 --> 00:30:42,080
Speaker 1: funds to help you get through some sort of emergency

739
00:30:42,240 --> 00:30:44,120
Speaker 1: or accident. And so the reality is that having that

740
00:30:44,160 --> 00:30:47,440
Speaker 1: additional savings on hand is going to help you in

741
00:30:47,480 --> 00:30:50,120
Speaker 1: the case you got to meet that deductible, and it's

742
00:30:50,160 --> 00:30:53,360
Speaker 1: going to help you pay for some of the contractors

743
00:30:53,400 --> 00:30:55,480
Speaker 1: that you might need to deal with while you're having

744
00:30:55,480 --> 00:30:58,480
Speaker 1: the home fix before you get reimbursed by insurance, which

745
00:30:58,520 --> 00:31:01,560
Speaker 1: is the position I'm in. Can have your insurance company

746
00:31:01,760 --> 00:31:04,000
Speaker 1: pay a lot of these bills directly, or you can

747
00:31:04,080 --> 00:31:06,720
Speaker 1: kind of be the hub. I just feel more comfortable.

748
00:31:06,760 --> 00:31:08,800
Speaker 1: Maybe it's like a control issue being kind of the

749
00:31:08,880 --> 00:31:10,880
Speaker 1: hub for those and then submitting those retreats to the

750
00:31:10,960 --> 00:31:11,760
Speaker 1: insurance company.

751
00:31:11,640 --> 00:31:13,720
Speaker 2: Or just a desire to move things along because if

752
00:31:13,760 --> 00:31:15,560
Speaker 2: you know that, well, I can call them right now

753
00:31:15,680 --> 00:31:18,080
Speaker 2: it get that schedule. You know that that's gonna happen. Yeah,

754
00:31:18,120 --> 00:31:18,720
Speaker 2: a good bit sooner.

755
00:31:18,760 --> 00:31:20,280
Speaker 1: Really. Yeah, it's taken some of the gum out of

756
00:31:20,280 --> 00:31:21,920
Speaker 1: the gears and it allows you to kind of feed

757
00:31:21,960 --> 00:31:23,440
Speaker 1: things up and then I'll pay people and then I'll

758
00:31:23,480 --> 00:31:25,520
Speaker 1: submit that receipt to the insurance company, and it just

759
00:31:25,600 --> 00:31:27,600
Speaker 1: makes things move a little bit faster. Although it does

760
00:31:27,680 --> 00:31:29,440
Speaker 1: mean you've got to have the cash in the bank

761
00:31:29,600 --> 00:31:31,480
Speaker 1: to kind of facilitate those transaction lists.

762
00:31:31,360 --> 00:31:33,800
Speaker 2: Right, so to be able to float some of those expenses.

763
00:31:34,160 --> 00:31:36,560
Speaker 2: But another you mentioned, you know, using some of your

764
00:31:36,760 --> 00:31:39,360
Speaker 2: emergency fund to cover that deductible, but another plus of

765
00:31:39,400 --> 00:31:43,080
Speaker 2: having like an even larger emergency fund on hand, right

766
00:31:43,120 --> 00:31:44,960
Speaker 2: so maybe even you know towards a six or even

767
00:31:44,960 --> 00:31:48,240
Speaker 2: the six plus month's worth of expenses on hand there,

768
00:31:48,280 --> 00:31:50,600
Speaker 2: and that fund is the ability to set your deductible

769
00:31:50,640 --> 00:31:54,320
Speaker 2: even higher. And of course, the higher you're deductible, the

770
00:31:54,360 --> 00:31:57,320
Speaker 2: more you're gonna be able to save on your insurance premiums.

771
00:31:57,520 --> 00:31:59,240
Speaker 2: That's just how it works. But let's just say that

772
00:31:59,280 --> 00:32:02,640
Speaker 2: you've got a two thousand dollars in your savings account, right.

773
00:32:02,720 --> 00:32:05,000
Speaker 2: If that's the case, well you're not gonna want to

774
00:32:05,040 --> 00:32:08,200
Speaker 2: raise your deductible to double that, right Like you know,

775
00:32:08,280 --> 00:32:09,440
Speaker 2: you don't want to take that to four or five

776
00:32:09,480 --> 00:32:11,960
Speaker 2: thousand dollars because that would be putting your finances in

777
00:32:12,160 --> 00:32:15,040
Speaker 2: harm's way. But if you have been a great saver,

778
00:32:15,520 --> 00:32:18,000
Speaker 2: increasing your deductibles is one of the best ways to

779
00:32:18,120 --> 00:32:21,960
Speaker 2: reduce those monthly or annual premiums. And that's both that's

780
00:32:22,000 --> 00:32:24,160
Speaker 2: the case on both auto and homeowners insurance. You can

781
00:32:24,240 --> 00:32:27,520
Speaker 2: raise deductibles on both of those things in an effort

782
00:32:27,520 --> 00:32:29,640
Speaker 2: to save money every single month or every single year

783
00:32:29,680 --> 00:32:31,480
Speaker 2: when it comes to the premiums you pass. That's right. Yeah, So,

784
00:32:31,560 --> 00:32:35,160
Speaker 2: for instance, with your homeowners insurance, going from a pretty

785
00:32:35,200 --> 00:32:39,040
Speaker 2: low five hundred dollars deductible to a two thousand dollars deductible, well,

786
00:32:39,080 --> 00:32:41,600
Speaker 2: I can see you more than five hundred dollars a year,

787
00:32:41,760 --> 00:32:44,040
Speaker 2: depending on the insurer. But again, you want to make

788
00:32:44,080 --> 00:32:46,480
Speaker 2: sure that you have way more than that within your

789
00:32:46,520 --> 00:32:49,360
Speaker 2: actual emergency fund. But when if you were to do that,

790
00:32:49,560 --> 00:32:51,960
Speaker 2: in just over three years of not having a claim,

791
00:32:52,120 --> 00:32:54,000
Speaker 2: you're gonna have made all of that money back, and

792
00:32:54,040 --> 00:32:56,920
Speaker 2: then beyond that is just icing on top. And the

793
00:32:56,960 --> 00:32:59,680
Speaker 2: other perk is that you're less likely to actually file

794
00:32:59,720 --> 00:33:02,400
Speaker 2: a AIM. And so you've kind of got the psychological

795
00:33:02,440 --> 00:33:05,440
Speaker 2: element behind it as well, where you're trying to disincentivize

796
00:33:05,480 --> 00:33:08,000
Speaker 2: yourself from actually making a claim because in the long

797
00:33:08,040 --> 00:33:10,560
Speaker 2: run that's going to end up costing you more. Having

798
00:33:10,600 --> 00:33:13,160
Speaker 2: that cash on hand to be able to address some

799
00:33:13,240 --> 00:33:15,720
Speaker 2: of those minor emergencies is what you want to be

800
00:33:15,760 --> 00:33:17,560
Speaker 2: able to do. Yeah, no, I agree, And I'll say

801
00:33:17,600 --> 00:33:20,600
Speaker 2: in your case, we're not talking about a minor emergency. Yeah,

802
00:33:20,600 --> 00:33:23,040
Speaker 2: this is me, Like, I don't know if you've if

803
00:33:23,040 --> 00:33:25,280
Speaker 2: you're cresting one hundred k yet, but like you're definitely

804
00:33:25,280 --> 00:33:26,400
Speaker 2: in the tens of thousands.

805
00:33:26,760 --> 00:33:29,960
Speaker 1: Tens of thousands, yeah for sure, But I don't know

806
00:33:30,040 --> 00:33:32,440
Speaker 1: that's a good question. Like we're still in the initial

807
00:33:32,440 --> 00:33:34,479
Speaker 1: stages of kind of figuring out's all happen and how

808
00:33:34,520 --> 00:33:36,960
Speaker 1: extensive the damages. Don't't have that engineer out, And it

809
00:33:37,000 --> 00:33:39,440
Speaker 1: depends on whoa if it's if the whole roof needs

810
00:33:39,480 --> 00:33:43,320
Speaker 1: to be replaced down to like I don't know the things.

811
00:33:43,080 --> 00:33:46,520
Speaker 2: That hold up the roof down to the roof, yeah, yeah,

812
00:33:46,680 --> 00:33:47,239
Speaker 2: like all that.

813
00:33:47,680 --> 00:33:49,920
Speaker 1: Who knows who knows right now, But I mean it

814
00:33:50,000 --> 00:33:52,960
Speaker 1: is going to be an expensive endeavor, and so I

815
00:33:53,200 --> 00:33:55,400
Speaker 1: do think it's important to That's a really important part

816
00:33:55,400 --> 00:33:57,160
Speaker 1: of it, though, Matt, is that if people have a

817
00:33:57,240 --> 00:34:01,560
Speaker 1: higher deductible on their policy, less likely to tap the policy.

818
00:34:01,880 --> 00:34:03,720
Speaker 1: And I think that's a good thing because I've seen

819
00:34:03,760 --> 00:34:08,320
Speaker 1: some people who have a they've got a thousand dollars deductible,

820
00:34:08,480 --> 00:34:11,320
Speaker 1: there's a six hundred dollars repair. They go to insurance

821
00:34:11,320 --> 00:34:13,480
Speaker 1: and they tap into that insurance and they make a claim.

822
00:34:13,760 --> 00:34:15,719
Speaker 1: And that is the worst possible thing you could do.

823
00:34:16,120 --> 00:34:18,480
Speaker 1: Even though you're gonna come out four hundred dollars ahead,

824
00:34:18,719 --> 00:34:20,839
Speaker 1: let's say in the short term, over the long term,

825
00:34:20,880 --> 00:34:22,719
Speaker 1: you're gonna lose. And that's a bad idea. And so

826
00:34:22,719 --> 00:34:25,279
Speaker 1: setting your deductible higher means you're less likely to tap

827
00:34:25,320 --> 00:34:28,279
Speaker 1: it for a small thing and research shows that rates

828
00:34:28,280 --> 00:34:30,759
Speaker 1: can climb something like forty to fifty percent, and that

829
00:34:30,840 --> 00:34:34,279
Speaker 1: that rate, that premium that goes that goes sky high.

830
00:34:34,320 --> 00:34:36,480
Speaker 1: When you make that claim, it can stay elevated for

831
00:34:36,480 --> 00:34:39,040
Speaker 1: somewhere between three and five years. So I would say

832
00:34:39,280 --> 00:34:41,520
Speaker 1: run the numbers and don't file a claim unless it

833
00:34:41,520 --> 00:34:43,640
Speaker 1: makes sense. I think some people think just because you've

834
00:34:43,760 --> 00:34:45,879
Speaker 1: been involved in an accident, boom, it's time to turn

835
00:34:45,920 --> 00:34:49,319
Speaker 1: to insurance. But if it's something relatively minor, if that

836
00:34:49,360 --> 00:34:52,880
Speaker 1: tree had crashed and it had just damaged for some reason,

837
00:34:53,320 --> 00:34:56,520
Speaker 1: like my son's little electric cheap that he rides around

838
00:34:56,520 --> 00:34:58,160
Speaker 1: the yard, like, I wouldn't make a claim on that.

839
00:34:58,239 --> 00:35:00,480
Speaker 2: Or if it just if it only knocked off your gutters,

840
00:35:00,600 --> 00:35:02,719
Speaker 2: for instance, the gutter, that's not something you're going to

841
00:35:02,719 --> 00:35:03,279
Speaker 2: file a claim of.

842
00:35:03,440 --> 00:35:05,880
Speaker 1: Yes, I am going to replace those gutters myself. Some

843
00:35:05,920 --> 00:35:07,440
Speaker 1: people think, well, it hit the home, I've got to

844
00:35:07,440 --> 00:35:10,799
Speaker 1: involve insurance. That's not necessarily the case. And so yeah,

845
00:35:10,840 --> 00:35:13,640
Speaker 1: if you're deductible is set higher, it's going to cause

846
00:35:13,680 --> 00:35:16,319
Speaker 1: you to lean on your own finances more in the

847
00:35:16,320 --> 00:35:19,440
Speaker 1: case of like minor incidences and not going directly to

848
00:35:19,640 --> 00:35:22,560
Speaker 1: the insurance company which which you want to avoid really

849
00:35:22,640 --> 00:35:23,080
Speaker 1: when you can.

850
00:35:23,239 --> 00:35:24,640
Speaker 2: Well, the same is true when it comes to car

851
00:35:24,640 --> 00:35:27,840
Speaker 2: insurance as well, especially when it comes to comprehensive coverage.

852
00:35:27,960 --> 00:35:30,560
Speaker 2: And I'll speak to this from personal experience as well.

853
00:35:31,080 --> 00:35:32,440
Speaker 2: You don't want to make a claim. You don't want

854
00:35:32,440 --> 00:35:35,799
Speaker 2: to file a claim when your winchell cracks because.

855
00:35:36,080 --> 00:35:37,839
Speaker 1: Oh my gosh, that's orb and one that I see

856
00:35:37,880 --> 00:35:39,560
Speaker 1: people do and yeah, and I did that.

857
00:35:39,880 --> 00:35:43,359
Speaker 2: So in college, I filed two claims because I had

858
00:35:43,400 --> 00:35:46,040
Speaker 2: to cracklin shield and another claim when I hit had

859
00:35:46,080 --> 00:35:49,560
Speaker 2: hit a deer. And I didn't know that these you know,

860
00:35:49,600 --> 00:35:52,600
Speaker 2: all these claims were counting against me until it knocked

861
00:35:52,640 --> 00:35:56,120
Speaker 2: our entire families car insurance into like this high risk profile.

862
00:35:56,160 --> 00:35:58,160
Speaker 2: And not just I mean literally our entire family. So

863
00:35:58,200 --> 00:35:59,520
Speaker 2: it wasn't just me, it was my parents as well.

864
00:35:59,600 --> 00:36:02,840
Speaker 2: So they were paying like a factor of two x

865
00:36:02,920 --> 00:36:05,640
Speaker 2: and I got the boot. And that was just like, hey,

866
00:36:05,960 --> 00:36:07,920
Speaker 2: I'm sorry, You're gonna have to find your own insurance.

867
00:36:08,200 --> 00:36:10,640
Speaker 2: And I wish I would have been taught that, like, hey,

868
00:36:10,880 --> 00:36:13,560
Speaker 2: maybe every time your winshield cracks, you don't call up

869
00:36:13,560 --> 00:36:16,200
Speaker 2: the insurance company and have them send safe light or

870
00:36:16,200 --> 00:36:19,239
Speaker 2: whoever out, you know, actually to make a repair or

871
00:36:19,280 --> 00:36:19,960
Speaker 2: to replace.

872
00:36:19,920 --> 00:36:22,640
Speaker 1: Especially something as basic as a windshild replacement, you're barely

873
00:36:22,640 --> 00:36:25,360
Speaker 1: gonna get paid out more than the deductible in most cases.

874
00:36:25,719 --> 00:36:28,279
Speaker 2: Yeah, in that case, I think the deductible was crazy low.

875
00:36:28,520 --> 00:36:30,520
Speaker 2: And I was just like, well, that's what insurance is for. Yeah,

876
00:36:30,520 --> 00:36:32,239
Speaker 2: I want to keep my ride looking good.

877
00:36:32,239 --> 00:36:33,880
Speaker 1: But I think you're right, and it's so important for

878
00:36:33,920 --> 00:36:36,000
Speaker 1: us just to just to say that. Again, a lot

879
00:36:36,040 --> 00:36:37,920
Speaker 1: of people think that's what insurance is for, but that

880
00:36:38,000 --> 00:36:40,200
Speaker 1: is not what insurance is for. That's what self insurance

881
00:36:40,239 --> 00:36:43,359
Speaker 1: is for. And insurance is really what your emergency funds. Yeah,

882
00:36:43,480 --> 00:36:45,319
Speaker 1: it's for only when the numbers make sense. And I

883
00:36:45,360 --> 00:36:49,200
Speaker 1: will say my deductible, you can raise your deductible really high.

884
00:36:49,239 --> 00:36:51,960
Speaker 1: And so I'm a proponent of people self insuring and

885
00:36:52,040 --> 00:36:55,920
Speaker 1: raising their deductible higher then they maybe even feel comfortable with,

886
00:36:55,960 --> 00:36:58,359
Speaker 1: which I did. In my case. Some insurance companies will

887
00:36:58,360 --> 00:37:01,520
Speaker 1: allow you to actually raise your deduction to a percentage

888
00:37:01,719 --> 00:37:04,560
Speaker 1: of the overall insured amount as opposed to just a

889
00:37:04,600 --> 00:37:07,120
Speaker 1: flat number, And so I did that. I up the

890
00:37:07,120 --> 00:37:09,200
Speaker 1: stakes even more in order to lower my premiums. And

891
00:37:09,239 --> 00:37:12,240
Speaker 1: so right now I'm feeling the financial pain, but because

892
00:37:12,440 --> 00:37:14,759
Speaker 1: it's going to be quite a bit of money having

893
00:37:14,800 --> 00:37:16,640
Speaker 1: to fork over out of my pocket. I am co

894
00:37:16,719 --> 00:37:19,120
Speaker 1: insured basically with the insurance comp who were basically co

895
00:37:19,200 --> 00:37:21,440
Speaker 1: insuring this home, and so it's going to be expensive.

896
00:37:21,480 --> 00:37:23,720
Speaker 1: But I was prepared for that, and I was willing

897
00:37:23,719 --> 00:37:26,160
Speaker 1: to take the savings over the years that I got them,

898
00:37:26,400 --> 00:37:28,080
Speaker 1: and I think I will continue to go this route,

899
00:37:28,080 --> 00:37:29,360
Speaker 1: like I'm not changing my tune.

900
00:37:29,480 --> 00:37:32,680
Speaker 2: Because the lightning strikes the tree once and it skewers

901
00:37:32,680 --> 00:37:35,600
Speaker 2: your house, doesn't It doesn't change the fact that this

902
00:37:35,680 --> 00:37:37,919
Speaker 2: is a rare occurrence. And even though it happened once,

903
00:37:38,239 --> 00:37:39,480
Speaker 2: you know, I think there's a lot of folks who

904
00:37:39,560 --> 00:37:42,360
Speaker 2: might react to that negatively and they'll be like, oh, shoot,

905
00:37:42,560 --> 00:37:44,560
Speaker 2: like I'm never going to do that again. Well, that

906
00:37:44,719 --> 00:37:47,320
Speaker 2: is true if you weren't financially prepared to have handled

907
00:37:47,320 --> 00:37:48,000
Speaker 2: that deductive body.

908
00:37:48,120 --> 00:37:49,759
Speaker 1: You were. Just because I go to Vegas and I

909
00:37:49,760 --> 00:37:51,880
Speaker 1: win five hundred buck at blackjack doesn't mean blackjack is

910
00:37:51,880 --> 00:37:53,799
Speaker 1: a smart way to make money exactly, And the same

911
00:37:53,840 --> 00:37:56,040
Speaker 1: is true in the opposite way in this Just because

912
00:37:56,360 --> 00:37:58,479
Speaker 1: I did get some sort of active god lightning struck

913
00:37:58,520 --> 00:38:01,160
Speaker 1: a tree occurrence doesn't mean that higher deductible. Is it

914
00:38:01,280 --> 00:38:02,960
Speaker 1: still the best way to save money for people who

915
00:38:03,000 --> 00:38:04,520
Speaker 1: can self insurre and have saved money?

916
00:38:04,520 --> 00:38:06,040
Speaker 2: It was an act of God? What did you? What

917
00:38:06,080 --> 00:38:06,560
Speaker 2: did you do?

918
00:38:06,719 --> 00:38:08,319
Speaker 1: I know, right, I'm sorry.

919
00:38:09,200 --> 00:38:10,960
Speaker 2: So it's you know, it's a short sided move to

920
00:38:11,360 --> 00:38:13,720
Speaker 2: file a claim when it's something that you can afford,

921
00:38:14,000 --> 00:38:15,880
Speaker 2: like it you know, saves you money for a minute,

922
00:38:15,920 --> 00:38:18,680
Speaker 2: but not over the long haul. But I also just

923
00:38:18,719 --> 00:38:22,040
Speaker 2: wanted to mention that it is possible to over insure

924
00:38:22,200 --> 00:38:25,399
Speaker 2: as well. There is basically an insurance product out there

925
00:38:25,400 --> 00:38:28,680
Speaker 2: for like everything anything that you can buy everything under

926
00:38:28,680 --> 00:38:31,279
Speaker 2: the sun, and they're not all necessary, like and so

927
00:38:31,360 --> 00:38:33,880
Speaker 2: I'm talking about like pet insurance, right, Like you can

928
00:38:33,920 --> 00:38:36,560
Speaker 2: get like cancer insurance for your pet, quote unquote insurance

929
00:38:36,600 --> 00:38:39,400
Speaker 2: for your new laptop. Maybe you're gonna get a policy

930
00:38:39,440 --> 00:38:41,839
Speaker 2: on your your your main water line that goes out

931
00:38:41,840 --> 00:38:44,360
Speaker 2: to the street, flight insurance, all of these things. And

932
00:38:44,400 --> 00:38:46,320
Speaker 2: so we want to make sure that you are well covered.

933
00:38:46,680 --> 00:38:49,319
Speaker 2: You know, again, log in to the back end of

934
00:38:49,320 --> 00:38:51,120
Speaker 2: your policy, take a look at your coverage and make

935
00:38:51,160 --> 00:38:54,040
Speaker 2: sure that it will cover the full replacement value to

936
00:38:54,120 --> 00:38:57,160
Speaker 2: rebuild your home, for instance. But you can't ensure against

937
00:38:57,320 --> 00:39:00,680
Speaker 2: everything that's out there and you shouldn't. That's where's are

938
00:39:00,719 --> 00:39:05,080
Speaker 2: such an essential part of the preparedness equation. And as

939
00:39:05,080 --> 00:39:07,440
Speaker 2: we're talking about insurance here, we don't want the opposite

940
00:39:07,480 --> 00:39:09,239
Speaker 2: thing that we want to do is scare everybody out

941
00:39:09,280 --> 00:39:12,359
Speaker 2: there into over insuring and all of their monthly cash

942
00:39:12,440 --> 00:39:14,799
Speaker 2: low is flowing into these insurance products that they're not

943
00:39:15,120 --> 00:39:16,160
Speaker 2: likely to actually need.

944
00:39:16,360 --> 00:39:18,520
Speaker 1: Yeah, I think you can be so scared that you

945
00:39:18,600 --> 00:39:21,640
Speaker 1: sign up for the extended warranty policy at best Buy

946
00:39:21,640 --> 00:39:23,360
Speaker 1: every time you buy an electronic sign which would be

947
00:39:23,360 --> 00:39:25,320
Speaker 1: a complete waste of your money, and you should self ensure.

948
00:39:25,440 --> 00:39:28,640
Speaker 1: You shouldn't spend eighty dollars to ensure three hundred dollars laptop.

949
00:39:28,800 --> 00:39:31,640
Speaker 1: That is really that's not smart. Same thing with you

950
00:39:31,680 --> 00:39:33,600
Speaker 1: when you're insuring like a TV or whatever, and there's

951
00:39:33,640 --> 00:39:35,520
Speaker 1: all sorts of products like that. You can ensure anything

952
00:39:35,560 --> 00:39:37,560
Speaker 1: in everything these days that you want to, and you

953
00:39:37,560 --> 00:39:39,640
Speaker 1: really shouldn't, but you should make sure on those most

954
00:39:39,680 --> 00:39:42,440
Speaker 1: important things that you have enough insurance and that you

955
00:39:42,520 --> 00:39:45,360
Speaker 1: also have enough money in the bank to cover the

956
00:39:45,440 --> 00:39:47,360
Speaker 1: general wear and tear or the things that are going

957
00:39:47,440 --> 00:39:50,080
Speaker 1: to break in everyday life as well, including those electronics right,

958
00:39:50,280 --> 00:39:52,600
Speaker 1: or including some sort of yeah flight chains that you

959
00:39:52,680 --> 00:39:54,920
Speaker 1: have to make just no need to buy the insurance

960
00:39:54,920 --> 00:39:55,520
Speaker 1: every single time.

961
00:39:55,880 --> 00:39:57,520
Speaker 2: You can build some of that margin into your own

962
00:39:57,560 --> 00:40:00,520
Speaker 2: life by keeping that cash in the bank. Yes, alright,

963
00:40:00,560 --> 00:40:01,720
Speaker 2: so savings account.

964
00:40:01,760 --> 00:40:03,879
Speaker 1: But there are ways, Matt, even as you're making sure

965
00:40:03,880 --> 00:40:07,240
Speaker 1: you're properly adequately insured, that you can reduce the costs

966
00:40:07,280 --> 00:40:10,319
Speaker 1: of insurance in your life. You can have your cake

967
00:40:10,360 --> 00:40:12,400
Speaker 1: and eat it too. We'll talk about that right after this.

968
00:40:21,800 --> 00:40:24,839
Speaker 2: All right, now, let's talk about how to spend less

969
00:40:24,880 --> 00:40:26,880
Speaker 2: money on insurance. Let's talk about some of the different

970
00:40:26,880 --> 00:40:30,160
Speaker 2: ways you can reduce insurance costs in your life. And

971
00:40:30,600 --> 00:40:32,480
Speaker 2: you know, the main thrust of this episode is that

972
00:40:32,520 --> 00:40:35,640
Speaker 2: we want you to be prepared in case of an accident,

973
00:40:35,719 --> 00:40:39,200
Speaker 2: whether it is with your home or auto, and we

974
00:40:39,239 --> 00:40:41,239
Speaker 2: want you to be frugal, not cheap, and so that

975
00:40:41,280 --> 00:40:44,160
Speaker 2: means having the proper coverage in the necessary amounts. But

976
00:40:44,200 --> 00:40:47,680
Speaker 2: we also want you to save money wherever possible. And

977
00:40:47,960 --> 00:40:50,080
Speaker 2: the truth is a lot of how money listeners out

978
00:40:50,080 --> 00:40:53,080
Speaker 2: there could save a lot of money pretty easily on

979
00:40:53,160 --> 00:40:54,520
Speaker 2: what they pay for insurance.

980
00:40:54,520 --> 00:40:56,440
Speaker 1: In five minutes, could they save fifteen percent or more?

981
00:40:56,480 --> 00:41:00,319
Speaker 2: Matt easily. We already talked about raising your deductible. That

982
00:41:00,360 --> 00:41:02,560
Speaker 2: can be a great way to reduce your premiums, assuming

983
00:41:02,719 --> 00:41:05,760
Speaker 2: you have that money set aside in your emergency fund.

984
00:41:06,360 --> 00:41:08,200
Speaker 2: The more you're able to self ensure, the more you're

985
00:41:08,200 --> 00:41:10,200
Speaker 2: going to be able to save. But there are other

986
00:41:10,239 --> 00:41:12,759
Speaker 2: ways that you can also reduce the cost of what

987
00:41:12,800 --> 00:41:16,040
Speaker 2: you're gonna pay for insurance without cutting corners, yes, without

988
00:41:16,080 --> 00:41:16,839
Speaker 2: without going cheap.

989
00:41:16,880 --> 00:41:19,000
Speaker 1: It's important to mention a lot of things that people

990
00:41:19,000 --> 00:41:22,280
Speaker 1: can do to save because I think people might assume, oh, Okay,

991
00:41:22,280 --> 00:41:24,120
Speaker 1: I need to beef up my insurance. It's just going

992
00:41:24,200 --> 00:41:26,480
Speaker 1: to cost me a ton of money. And like we said,

993
00:41:26,600 --> 00:41:28,840
Speaker 1: like if you are to raise the limits on your

994
00:41:28,880 --> 00:41:31,480
Speaker 1: current homeowner's policy, it is going to cost you more money,

995
00:41:31,520 --> 00:41:33,080
Speaker 1: but it's going to be well worth it. But that

996
00:41:33,160 --> 00:41:35,439
Speaker 1: being said, there are still other ways that you can

997
00:41:35,560 --> 00:41:37,919
Speaker 1: kind of tame the price of insurance in your life,

998
00:41:37,960 --> 00:41:40,840
Speaker 1: and one of those things is to increase your credit score.

999
00:41:41,000 --> 00:41:43,480
Speaker 1: Because in most states, not all states, I think California

1000
00:41:43,520 --> 00:41:45,400
Speaker 1: is one of those states where they don't allow insurance

1001
00:41:45,400 --> 00:41:48,359
Speaker 1: companies to take credit score into consideration, but in most

1002
00:41:48,400 --> 00:41:51,920
Speaker 1: states it's legal for those insurance companies to base your

1003
00:41:51,960 --> 00:41:55,759
Speaker 1: rates at least partially based on your credit score, and

1004
00:41:55,800 --> 00:41:58,520
Speaker 1: so making sure that your score is solid not only

1005
00:41:58,560 --> 00:42:00,759
Speaker 1: saves you by getting a lower interest rate when you're

1006
00:42:00,760 --> 00:42:04,040
Speaker 1: buying that home, but also it impacts what you're gonna

1007
00:42:04,080 --> 00:42:07,600
Speaker 1: pay every single year to ensure it. And it's amazing, man.

1008
00:42:07,640 --> 00:42:10,040
Speaker 1: I think on a recent Friday flight we mentioned that

1009
00:42:10,440 --> 00:42:13,720
Speaker 1: I think for folks who have poor credit versus great credit,

1010
00:42:14,680 --> 00:42:17,840
Speaker 1: the average difference in annual premiums on homeowners insurance is

1011
00:42:17,840 --> 00:42:19,080
Speaker 1: something like seventy two.

1012
00:42:19,000 --> 00:42:21,160
Speaker 2: Percent, so a significant amount.

1013
00:42:21,280 --> 00:42:23,759
Speaker 1: It's not minor from having crapp your credit, Yeah, it's

1014
00:42:23,800 --> 00:42:26,040
Speaker 1: not minor. And so your credit score has a massive

1015
00:42:26,080 --> 00:42:28,520
Speaker 1: impact on what you're going to be able to save

1016
00:42:28,560 --> 00:42:30,680
Speaker 1: and how much you're going to pay overall fourk over

1017
00:42:31,040 --> 00:42:34,040
Speaker 1: for the same exact insurance policy. It's not like you're

1018
00:42:34,040 --> 00:42:36,520
Speaker 1: being cheap here. You're literally changing one factor in your

1019
00:42:36,560 --> 00:42:38,160
Speaker 1: life and you're able to like pull a bunch of

1020
00:42:38,160 --> 00:42:39,840
Speaker 1: money back into it. It's a factor that's going to

1021
00:42:39,880 --> 00:42:42,320
Speaker 1: affect you positively when it comes to your finances in

1022
00:42:42,400 --> 00:42:45,120
Speaker 1: multiple areas. Yes, and so that's seventy two percent, that's

1023
00:42:45,160 --> 00:42:47,920
Speaker 1: just the average. You know, the average increase some states

1024
00:42:48,000 --> 00:42:49,600
Speaker 1: is even more than that, right, And so that means

1025
00:42:49,960 --> 00:42:51,480
Speaker 1: in some states I think I saw in like New

1026
00:42:51,560 --> 00:42:55,040
Speaker 1: York and Arizona, it's like Arizona's one hundred and seventy

1027
00:42:55,120 --> 00:42:57,400
Speaker 1: something around hundred and seventy percent more. And so it

1028
00:42:57,560 --> 00:43:00,759
Speaker 1: makes a massive difference if you're listening to this and

1029
00:43:00,800 --> 00:43:02,320
Speaker 1: you happen to live in Phoenix, if you live in

1030
00:43:02,360 --> 00:43:04,000
Speaker 1: Tempe or Twosign, it's like you want to pay even

1031
00:43:04,040 --> 00:43:05,560
Speaker 1: more attention to the credit score. We actually have an

1032
00:43:05,640 --> 00:43:07,200
Speaker 1: article that will link to in the show notes about

1033
00:43:07,200 --> 00:43:09,040
Speaker 1: how to improve your credit score. But there's so there's

1034
00:43:09,040 --> 00:43:10,359
Speaker 1: so much you need to know. There's some low hanging

1035
00:43:10,400 --> 00:43:12,239
Speaker 1: fruit there where if you're like, yeah, my credit score

1036
00:43:12,360 --> 00:43:14,760
Speaker 1: is pretty bad, We've got prior episodes, we've got articles

1037
00:43:14,840 --> 00:43:16,719
Speaker 1: up on the site where you can kind of improve that.

1038
00:43:16,800 --> 00:43:19,640
Speaker 1: But just know that improving that one thing could have

1039
00:43:19,719 --> 00:43:22,120
Speaker 1: a massive impact on what you're paying for insurance every

1040
00:43:22,120 --> 00:43:24,760
Speaker 1: month and every year. When it comes to homeowners insurance.

1041
00:43:24,800 --> 00:43:26,360
Speaker 2: Yeah, and you know, I feel that most folks know

1042
00:43:26,400 --> 00:43:28,120
Speaker 2: that bundling is going to be one of the easiest

1043
00:43:28,120 --> 00:43:31,360
Speaker 2: ways to save on insurance costs. If for some reason,

1044
00:43:31,520 --> 00:43:33,560
Speaker 2: you've got your car, and you've got your home owners

1045
00:43:33,560 --> 00:43:36,480
Speaker 2: insurance with two different companies. It's likely costing you too

1046
00:43:36,520 --> 00:43:38,719
Speaker 2: much money. So this is some additional some more of

1047
00:43:38,719 --> 00:43:41,080
Speaker 2: that low hanging fruit that's right for the picking. But

1048
00:43:41,080 --> 00:43:44,280
Speaker 2: bundling is going to knock typically around fifteen to twenty

1049
00:43:44,320 --> 00:43:47,719
Speaker 2: percent off of the price of each policy, right, So

1050
00:43:47,840 --> 00:43:50,720
Speaker 2: not you know, we're talking about over your car insurance

1051
00:43:50,760 --> 00:43:53,040
Speaker 2: and your home owners and so finding the policies that

1052
00:43:53,080 --> 00:43:57,560
Speaker 2: you need with the lowest overall combined price. That is

1053
00:43:57,560 --> 00:43:59,520
Speaker 2: a smart way to think about how it is that

1054
00:43:59,560 --> 00:44:02,200
Speaker 2: you can save the most on insurance costs in your life.

1055
00:44:02,239 --> 00:44:05,200
Speaker 2: Don't worry if your auto insurance goes up five percent.

1056
00:44:05,560 --> 00:44:07,960
Speaker 2: If that means your home owners is able to drop

1057
00:44:08,000 --> 00:44:10,759
Speaker 2: by twenty percent, well obviously that's a net win of

1058
00:44:10,760 --> 00:44:13,480
Speaker 2: fifteen percent. So make sure you are looking at the

1059
00:44:13,520 --> 00:44:16,839
Speaker 2: premiums for both policies and not just getting distracted by

1060
00:44:17,120 --> 00:44:18,080
Speaker 2: a singular increase.

1061
00:44:18,160 --> 00:44:20,600
Speaker 1: Yeah, and if you're shopping around with other providers, if

1062
00:44:20,640 --> 00:44:22,720
Speaker 1: you're trying to figure out where you go for insurance,

1063
00:44:22,800 --> 00:44:25,239
Speaker 1: don't think about just the price of one policy. And

1064
00:44:25,320 --> 00:44:29,200
Speaker 1: speaking of which, that is another massive way to reduce

1065
00:44:29,200 --> 00:44:31,560
Speaker 1: insurance costs in your life. Is to shop around in

1066
00:44:31,640 --> 00:44:34,320
Speaker 1: order to lower the overall amount that you pay loyalty.

1067
00:44:34,360 --> 00:44:36,480
Speaker 1: We've always said this, it does not pay in the

1068
00:44:36,520 --> 00:44:39,239
Speaker 1: realm of insurance. The longer you stay put, the more

1069
00:44:39,320 --> 00:44:41,520
Speaker 1: likely you are to be paying too much. And so

1070
00:44:42,160 --> 00:44:44,759
Speaker 1: here's the thing. Don't just consider the price and go

1071
00:44:44,800 --> 00:44:47,640
Speaker 1: with the absolute lowest quote or provider you come across.

1072
00:44:47,760 --> 00:44:50,200
Speaker 1: I think about some of those companies that advertise during

1073
00:44:50,360 --> 00:44:52,480
Speaker 1: daytime television, Like I don't know if Judge Judy is

1074
00:44:52,520 --> 00:44:55,160
Speaker 1: still on in daytime, but like they're often these kind

1075
00:44:55,160 --> 00:44:56,240
Speaker 1: of fly by night companies.

1076
00:44:56,320 --> 00:44:57,880
Speaker 2: Barely know who Judge Judy is.

1077
00:44:57,960 --> 00:45:01,400
Speaker 1: Oh dude, she's a star. But there's all sorts of

1078
00:45:01,680 --> 00:45:05,600
Speaker 1: companies that advertise during that time of day that maybe

1079
00:45:05,719 --> 00:45:09,080
Speaker 1: not the most upstaining insurance companies, I'll put it that way.

1080
00:45:09,320 --> 00:45:11,600
Speaker 1: But you're gonna want to make sure that you're doing

1081
00:45:11,640 --> 00:45:13,719
Speaker 1: business with a company who isn't going to leave you

1082
00:45:13,760 --> 00:45:16,640
Speaker 1: in the lurch when an accident occurs. Right, Just because

1083
00:45:16,680 --> 00:45:18,359
Speaker 1: you got the lowest rate doesn't mean that you came

1084
00:45:18,400 --> 00:45:21,879
Speaker 1: out ahead. So Consumer Reports their rankings are helpful here.

1085
00:45:21,920 --> 00:45:25,680
Speaker 1: They consistently rank USAA and AMIKA at the top of

1086
00:45:25,719 --> 00:45:28,040
Speaker 1: the heat in terms of insurance companies to do that

1087
00:45:28,080 --> 00:45:30,480
Speaker 1: are worth doing business with. And so if you're eligible

1088
00:45:30,480 --> 00:45:33,439
Speaker 1: for coverage with USAA, if you're in the military or

1089
00:45:33,600 --> 00:45:37,680
Speaker 1: the family member of someone who served in the military,

1090
00:45:37,719 --> 00:45:39,400
Speaker 1: I believe you have to be a direct descendant. Is

1091
00:45:39,400 --> 00:45:40,560
Speaker 1: that correct, Matt, Yeah.

1092
00:45:40,400 --> 00:45:43,520
Speaker 2: Basically you have to have a parent who was in

1093
00:45:43,560 --> 00:45:46,279
Speaker 2: the military. And well, not necessarily I guess, because like

1094
00:45:46,320 --> 00:45:49,279
Speaker 2: if your grandfather was in the military, and then that

1095
00:45:49,280 --> 00:45:51,880
Speaker 2: would have made your dad eligible. So your dad wouldn't

1096
00:45:51,880 --> 00:45:54,040
Speaker 2: have necessarily needed to have been in the military for

1097
00:45:54,080 --> 00:45:55,799
Speaker 2: you to then be eligible. So as long as you have,

1098
00:45:56,040 --> 00:45:57,960
Speaker 2: for instance, like a parent who is eligible, whether or

1099
00:45:58,000 --> 00:46:00,759
Speaker 2: not they serve themselves, that specific is what makes you

1100
00:46:01,000 --> 00:46:02,120
Speaker 2: eligible or Yeah.

1101
00:46:01,920 --> 00:46:05,040
Speaker 1: So USA, they're they're consistently ranked one of the best

1102
00:46:05,400 --> 00:46:08,759
Speaker 1: insurance companies out there. And if you are eligible and

1103
00:46:08,760 --> 00:46:10,520
Speaker 1: if you like when of your parents or something like

1104
00:46:10,560 --> 00:46:12,920
Speaker 1: that has USA, you should find a way to get

1105
00:46:12,960 --> 00:46:14,719
Speaker 1: your foot in the door because they're one of the

1106
00:46:14,719 --> 00:46:16,439
Speaker 1: best companies to do business with, and if they offer

1107
00:46:16,440 --> 00:46:19,040
Speaker 1: you a great rate, then it's worth going in that direction.

1108
00:46:19,360 --> 00:46:20,280
Speaker 1: IKA is even.

1109
00:46:20,200 --> 00:46:23,240
Speaker 2: More but yeah, again not necessarily because they're the cheapest,

1110
00:46:23,239 --> 00:46:25,400
Speaker 2: but because they rank so highly when it comes to

1111
00:46:25,520 --> 00:46:29,040
Speaker 2: customer satisfaction, yep, and so like let's say rates though

1112
00:46:29,040 --> 00:46:32,120
Speaker 2: through one of the insurance companies that is ranked the

1113
00:46:32,160 --> 00:46:33,480
Speaker 2: most highly by consumer reports.

1114
00:46:33,520 --> 00:46:37,279
Speaker 1: Let's say they offer you something that sky high. You're saying, well,

1115
00:46:37,280 --> 00:46:40,319
Speaker 1: I can way better rates other places. Well, at least

1116
00:46:40,360 --> 00:46:42,719
Speaker 1: look at solid, solidly rated companies, right, because you just

1117
00:46:42,719 --> 00:46:44,560
Speaker 1: don't want to be subject to working with an insurance

1118
00:46:44,600 --> 00:46:48,719
Speaker 1: company who rates really low, extremely poor on claims and

1119
00:46:48,840 --> 00:46:50,920
Speaker 1: service in the event that you need to use your insurance.

1120
00:46:51,200 --> 00:46:53,320
Speaker 1: Because the goal, like we said, is kind of hopefully

1121
00:46:53,400 --> 00:46:55,239
Speaker 1: you never have to use your insurance. Hopefully a lot

1122
00:46:55,320 --> 00:46:57,520
Speaker 1: of the things we're talking about in this episode you

1123
00:46:57,560 --> 00:47:00,879
Speaker 1: never have to deal with because lightning doesn't your treaty right,

1124
00:47:01,360 --> 00:47:03,279
Speaker 1: or somebody doesn't rear end you or whatever, and you

1125
00:47:03,719 --> 00:47:06,520
Speaker 1: remain action free for the rest of your life life congratulations.

1126
00:47:06,880 --> 00:47:08,839
Speaker 1: But if you do, you want to make sure you're

1127
00:47:08,840 --> 00:47:11,359
Speaker 1: doing business with a company that is gonna treat you right,

1128
00:47:11,400 --> 00:47:14,440
Speaker 1: that they're gonna be responsive, and they're gonna pay out accordingly.

1129
00:47:14,600 --> 00:47:16,560
Speaker 2: That's right. Yeah, So, as you're shopping around like this

1130
00:47:16,640 --> 00:47:19,120
Speaker 2: is obviously something you can do yourself in order to

1131
00:47:19,200 --> 00:47:21,640
Speaker 2: save money. That's totally a fine way to do it. It

1132
00:47:21,600 --> 00:47:23,640
Speaker 2: just might take a little more time than you would

1133
00:47:23,640 --> 00:47:25,640
Speaker 2: actually like it to And so some other options out

1134
00:47:25,680 --> 00:47:29,120
Speaker 2: there are just to turn to some brokers who specialize

1135
00:47:29,120 --> 00:47:32,600
Speaker 2: in shopping with multiple companies all at once on your behalf.

1136
00:47:33,160 --> 00:47:36,560
Speaker 2: And so some companies online do this, like Policy Genius,

1137
00:47:36,560 --> 00:47:38,520
Speaker 2: We're huge fans of what it is that they offer.

1138
00:47:39,000 --> 00:47:42,560
Speaker 2: That's like a more automated digital online version of doing that.

1139
00:47:42,600 --> 00:47:45,800
Speaker 2: But then heading over to Trusted Choice, that's a great

1140
00:47:45,840 --> 00:47:48,280
Speaker 2: site to turn to. That will help you to find

1141
00:47:48,360 --> 00:47:51,759
Speaker 2: an individual, typically a local independent agent, who is going

1142
00:47:51,800 --> 00:47:53,239
Speaker 2: to be able to do the same thing. They're gonna

1143
00:47:53,239 --> 00:47:55,000
Speaker 2: be able to talk you through some of the different

1144
00:47:55,040 --> 00:47:56,560
Speaker 2: coverage limits, they're gonna help you to find the best

1145
00:47:56,560 --> 00:47:59,320
Speaker 2: insurance products for your specific situation.

1146
00:47:59,040 --> 00:48:02,160
Speaker 1: And they're gonna shop with multiple insurance companies at once,

1147
00:48:02,200 --> 00:48:03,799
Speaker 1: and they're going to be able to kind of say, yeah,

1148
00:48:03,880 --> 00:48:06,239
Speaker 1: give you the rundown. Hey, here's here's I read a

1149
00:48:06,239 --> 00:48:08,240
Speaker 1: lot of policies with this company. Here's how they respond.

1150
00:48:08,280 --> 00:48:09,759
Speaker 1: I think you're gonna get a lot of insight if

1151
00:48:09,800 --> 00:48:11,880
Speaker 1: you go an independent broker, at least talk to one and.

1152
00:48:11,880 --> 00:48:14,239
Speaker 2: They're going to give you state specific information as well,

1153
00:48:14,280 --> 00:48:16,279
Speaker 2: because that also has an impact on some of the

1154
00:48:16,320 --> 00:48:18,680
Speaker 2: different products that are available to you, the types of

1155
00:48:18,680 --> 00:48:21,200
Speaker 2: coverage that are required. And then plus it's it can

1156
00:48:21,239 --> 00:48:24,000
Speaker 2: be really nice to have somebody, like an actual contact,

1157
00:48:24,080 --> 00:48:26,000
Speaker 2: somebody who you know that you can call, Like I

1158
00:48:26,040 --> 00:48:29,480
Speaker 2: have an independent broker and when it comes sign for

1159
00:48:29,480 --> 00:48:31,200
Speaker 2: a renewal and my rates have gone up, well, I

1160
00:48:31,200 --> 00:48:33,160
Speaker 2: know exactly who it is I'm going to call. I

1161
00:48:33,200 --> 00:48:35,360
Speaker 2: have our numbers saved in my phone. I know exactly

1162
00:48:35,400 --> 00:48:37,359
Speaker 2: who it is I'm going to email and where I'm

1163
00:48:37,360 --> 00:48:39,120
Speaker 2: asking the questions, Hey, why do you know what happened?

1164
00:48:39,160 --> 00:48:41,200
Speaker 2: What happened with auto insurance rates last year?

1165
00:48:41,239 --> 00:48:41,600
Speaker 1: Yeah?

1166
00:48:41,640 --> 00:48:43,920
Speaker 2: What can I do to get those premiums down? But

1167
00:48:44,000 --> 00:48:46,600
Speaker 2: having a real life independent agent who you can count

1168
00:48:46,600 --> 00:48:49,040
Speaker 2: on can be can certainly be a great move. But

1169
00:48:49,040 --> 00:48:51,880
Speaker 2: we're talking about shopping your insurance coverage, you know, with

1170
00:48:51,880 --> 00:48:54,240
Speaker 2: a bunch of different providers. While we're talking about shopping,

1171
00:48:54,239 --> 00:48:56,880
Speaker 2: I wanted to mention too specific to car insurance, the

1172
00:48:56,880 --> 00:48:59,520
Speaker 2: type of car that you drive will have a big

1173
00:48:59,560 --> 00:49:01,759
Speaker 2: impact on the rates that you pay as well. So

1174
00:49:01,840 --> 00:49:05,240
Speaker 2: as you are shopping for a new ride, whether Ferrari

1175
00:49:05,320 --> 00:49:07,960
Speaker 2: I just bought the insurance is so expensive. It's going

1176
00:49:08,000 --> 00:49:10,000
Speaker 2: to be so expensive. And so, I mean, you and

1177
00:49:10,000 --> 00:49:13,319
Speaker 2: I were two frugal dads and we drive our old minivans.

1178
00:49:13,320 --> 00:49:15,600
Speaker 2: It's kind of like a badge of honor. It's in

1179
00:49:15,680 --> 00:49:18,279
Speaker 2: large part to save money. It's not because we love

1180
00:49:18,360 --> 00:49:20,799
Speaker 2: old minivans. It's because we don't necessarily want to pay

1181
00:49:20,840 --> 00:49:22,799
Speaker 2: more than we need to in order to get from

1182
00:49:22,800 --> 00:49:23,759
Speaker 2: point A to point B.

1183
00:49:24,080 --> 00:49:25,600
Speaker 1: And it's not just on the price of the vehicle.

1184
00:49:25,600 --> 00:49:27,000
Speaker 1: It's on the recurring cost of the intro.

1185
00:49:26,960 --> 00:49:28,799
Speaker 2: Every single month or every six months, depending on how

1186
00:49:28,840 --> 00:49:30,840
Speaker 2: it is that you pay. And so if your craft

1187
00:49:30,880 --> 00:49:34,520
Speaker 2: beer is having a nice ride, that's totally fine. But

1188
00:49:34,800 --> 00:49:36,640
Speaker 2: like you said, no that it's more than just the

1189
00:49:36,640 --> 00:49:39,160
Speaker 2: sticker price. It's also the cost of ensuring that vehicle.

1190
00:49:39,200 --> 00:49:43,920
Speaker 2: There's a reason that Chevy Camaros and Ford Mustangs they

1191
00:49:43,960 --> 00:49:47,520
Speaker 2: cost more than a five year old Toyota Camri to

1192
00:49:47,680 --> 00:49:51,279
Speaker 2: ensure because those cars are designed to go fast, and

1193
00:49:51,320 --> 00:49:53,840
Speaker 2: when cars go faster, they are at higher risk of

1194
00:49:53,840 --> 00:49:56,279
Speaker 2: getting an auto accidents, in which case insurers are going

1195
00:49:56,320 --> 00:49:58,600
Speaker 2: to have to pay out on claims made by individuals

1196
00:49:58,600 --> 00:50:01,319
Speaker 2: who are negatively impacted by those vehicles. And so these

1197
00:50:01,320 --> 00:50:03,239
Speaker 2: are all things that you want to keep in mind.

1198
00:50:03,280 --> 00:50:04,759
Speaker 1: If I was in the market for a new car,

1199
00:50:05,000 --> 00:50:07,080
Speaker 1: I would be calling my insurance company and I would say,

1200
00:50:07,160 --> 00:50:09,640
Speaker 1: how much does this car cost to ensure? Because that

1201
00:50:09,760 --> 00:50:11,680
Speaker 1: is going to factor into my decision as to whether

1202
00:50:11,719 --> 00:50:13,759
Speaker 1: that is a good decision to buy that car or not.

1203
00:50:13,840 --> 00:50:17,399
Speaker 1: I think oftentimes we avoid that question, and especially yeah, Matt,

1204
00:50:17,440 --> 00:50:19,520
Speaker 1: if you're looking to some of those models that are

1205
00:50:19,520 --> 00:50:22,160
Speaker 1: more accident prone that are going to cost more in insurance,

1206
00:50:22,160 --> 00:50:24,760
Speaker 1: it's just worth getting a quote on what that insurance

1207
00:50:24,800 --> 00:50:26,759
Speaker 1: is going to cost every single year before you make

1208
00:50:26,760 --> 00:50:27,480
Speaker 1: the purchase.

1209
00:50:27,239 --> 00:50:29,640
Speaker 2: Right, They look at those actuary tables. Yeah, and oftentimes

1210
00:50:29,680 --> 00:50:33,120
Speaker 2: we think about, for instance, something as somewhat basic as

1211
00:50:33,120 --> 00:50:36,120
Speaker 2: gas mileage. We're like, oh, you know, it's a gas guzzler.

1212
00:50:36,160 --> 00:50:37,479
Speaker 2: I'm not sure if I want to go that route.

1213
00:50:37,520 --> 00:50:40,319
Speaker 2: But then we don't consider something as significant as car

1214
00:50:40,360 --> 00:50:41,840
Speaker 2: insurance and the impact that I can have on the

1215
00:50:41,840 --> 00:50:43,520
Speaker 2: total cost of ownership as well.

1216
00:50:43,640 --> 00:50:45,160
Speaker 1: Yeah, and I just want to say too, like most

1217
00:50:45,200 --> 00:50:47,839
Speaker 1: things in life, like we talked about early, frugal versus cheap,

1218
00:50:48,280 --> 00:50:51,120
Speaker 1: value is more important than getting the absolute lowest price.

1219
00:50:51,120 --> 00:50:53,239
Speaker 1: And so when you're talking about insurance coverage, you want

1220
00:50:53,239 --> 00:50:56,040
Speaker 1: to make sure that you're fully covered by a reputable

1221
00:50:56,040 --> 00:50:59,279
Speaker 1: insurance company. But it's also possible to overdo it, right.

1222
00:50:59,320 --> 00:51:01,840
Speaker 1: You can over and sure, or you can over index.

1223
00:51:01,920 --> 00:51:04,319
Speaker 1: Maybe for I got to be with the company that's

1224
00:51:04,400 --> 00:51:08,160
Speaker 1: number one rated by consumer reports, when maybe the number

1225
00:51:08,320 --> 00:51:11,920
Speaker 1: five or six company on the list gets stellar rating still,

1226
00:51:12,200 --> 00:51:14,480
Speaker 1: but they offer you a much better rate. That's probably

1227
00:51:14,520 --> 00:51:16,200
Speaker 1: the best place for you to turn. And this is

1228
00:51:16,239 --> 00:51:18,040
Speaker 1: the kind of thing that people should be doing, if

1229
00:51:18,040 --> 00:51:20,040
Speaker 1: not every year, at least every three years, right, shopping

1230
00:51:20,040 --> 00:51:22,600
Speaker 1: their insurance around it is it's I would say every

1231
00:51:22,600 --> 00:51:24,279
Speaker 1: three if you don't want to overdo it. If you're

1232
00:51:24,520 --> 00:51:27,600
Speaker 1: particularly frugal and can't stand the thought of wasting a dollar,

1233
00:51:27,600 --> 00:51:28,960
Speaker 1: then you want to do it every year. But every

1234
00:51:28,960 --> 00:51:31,640
Speaker 1: three years is probably a good idea. Revisit what you

1235
00:51:31,640 --> 00:51:35,120
Speaker 1: know your insurance coverage, and then also revisit and test

1236
00:51:35,160 --> 00:51:36,440
Speaker 1: the open market to see if you can get a

1237
00:51:36,440 --> 00:51:39,160
Speaker 1: better rate elsewhere. And every accident, by the way, is different. Right,

1238
00:51:39,200 --> 00:51:42,640
Speaker 1: It's impossible to be one hundred percent prepared for every

1239
00:51:42,680 --> 00:51:46,160
Speaker 1: possible accident under the sun. It's it's also impossible to

1240
00:51:46,239 --> 00:51:48,960
Speaker 1: avoid accidents completely. Sometimes they just happen to you. I've

1241
00:51:48,960 --> 00:51:51,160
Speaker 1: had two happen to me in the past month that

1242
00:51:51,560 --> 00:51:54,440
Speaker 1: I could just I couldn't really have been prepared for.

1243
00:51:54,520 --> 00:51:57,680
Speaker 1: I wasn't expecting, you know, someone Sometimes somebody just runs

1244
00:51:57,719 --> 00:52:00,080
Speaker 1: into the back of you, or sometimes a lightning strike.

1245
00:52:00,480 --> 00:52:03,000
Speaker 1: You're the tree in your front yard, say, lobby, it

1246
00:52:03,040 --> 00:52:05,640
Speaker 1: is what it is, and it's it's always an inconvenience,

1247
00:52:06,000 --> 00:52:08,440
Speaker 1: but hopefully you can at least be prepared for a

1248
00:52:08,480 --> 00:52:12,440
Speaker 1: potential mishap from a financial perspective, and so it's important

1249
00:52:12,440 --> 00:52:14,640
Speaker 1: to do your best to have proper coverage and to

1250
00:52:14,680 --> 00:52:16,600
Speaker 1: self ensure as much as possible in order to be

1251
00:52:16,640 --> 00:52:18,960
Speaker 1: as ready as you can, even though we can't predict

1252
00:52:19,000 --> 00:52:22,120
Speaker 1: or plan for these things that come along. So hopefully

1253
00:52:22,239 --> 00:52:24,520
Speaker 1: this episode helps you do just that, helps you be

1254
00:52:24,800 --> 00:52:26,560
Speaker 1: more ready than you currently are, helps you make some

1255
00:52:26,600 --> 00:52:29,360
Speaker 1: tweaks here or there, or maybe even some major changes

1256
00:52:29,680 --> 00:52:32,440
Speaker 1: to your insurance, to your deductibles to ensure that you

1257
00:52:32,520 --> 00:52:35,120
Speaker 1: are ready to take on whatever comes your way and

1258
00:52:35,120 --> 00:52:38,040
Speaker 1: that when that next accident happens, that it doesn't derail

1259
00:52:38,040 --> 00:52:39,320
Speaker 1: your financial plan completely.

1260
00:52:39,480 --> 00:52:41,080
Speaker 2: Yeah that's right, man, All right, let's go ahead and

1261
00:52:41,080 --> 00:52:44,120
Speaker 2: get back to our beer. This was an AOK mar

1262
00:52:44,320 --> 00:52:48,759
Speaker 2: Zen style lagger sent to us by Katie. I thank

1263
00:52:48,760 --> 00:52:51,319
Speaker 2: you again, Katie for this beer, and this one is

1264
00:52:51,360 --> 00:52:54,200
Speaker 2: brewed by Gruner Brothers Brewing Company. Joel, what were your

1265
00:52:54,200 --> 00:52:56,920
Speaker 2: thoughts on this beer out of Casper, Wyoming?

1266
00:52:57,000 --> 00:52:59,680
Speaker 1: Oh, Casper, Wyoming, It's a place I'd like to visit someday.

1267
00:52:59,680 --> 00:53:02,319
Speaker 1: But this beer was great, man. It was very much

1268
00:53:02,360 --> 00:53:06,040
Speaker 1: like Octoberfest vibes going on, yeah, which is typically drunk

1269
00:53:06,040 --> 00:53:06,239
Speaker 1: in the.

1270
00:53:06,160 --> 00:53:09,360
Speaker 2: Fall, almost literally the definition of a yeah yeah of

1271
00:53:09,360 --> 00:53:09,879
Speaker 2: a mar zen.

1272
00:53:10,040 --> 00:53:12,040
Speaker 1: Yeah. And so it's like a nice taste of fall

1273
00:53:12,840 --> 00:53:14,880
Speaker 1: in a cup, which I appreciate because fall now feels

1274
00:53:14,880 --> 00:53:16,719
Speaker 1: like a long time away, but really not that not

1275
00:53:16,760 --> 00:53:17,040
Speaker 1: so long.

1276
00:53:17,160 --> 00:53:19,560
Speaker 2: It's a nice taste of bread, but in a carbonated

1277
00:53:19,880 --> 00:53:23,040
Speaker 2: alcoholic version. Yea of very much tastes like brown bread,

1278
00:53:23,120 --> 00:53:25,279
Speaker 2: you know, in a cup, which is great. So yeah,

1279
00:53:25,320 --> 00:53:26,360
Speaker 2: smooth and malty.

1280
00:53:26,480 --> 00:53:26,680
Speaker 1: Yeah.

1281
00:53:26,680 --> 00:53:29,359
Speaker 2: I liked it a lot. Biscuity, all those kind of bodies. Yeah,

1282
00:53:29,520 --> 00:53:32,680
Speaker 2: dark biscuits though, Yeah, that whole week flower with flax

1283
00:53:32,719 --> 00:53:33,080
Speaker 2: seed in it.

1284
00:53:33,160 --> 00:53:34,359
Speaker 1: Yeah, I don't know.

1285
00:53:34,840 --> 00:53:37,120
Speaker 2: Yeah, this is a really good one and would definitely

1286
00:53:37,160 --> 00:53:39,360
Speaker 2: recommend for folks to check out this brewery if you

1287
00:53:39,440 --> 00:53:41,879
Speaker 2: happen to be there in the area what I can

1288
00:53:41,880 --> 00:53:46,759
Speaker 2: only assume is the beautiful country of Casper, Wyoming. But Joel,

1289
00:53:46,800 --> 00:53:48,279
Speaker 2: that's going to be it for this episode. We'll make

1290
00:53:48,280 --> 00:53:50,440
Speaker 2: sure to link to some of the different resources that

1291
00:53:50,480 --> 00:53:53,080
Speaker 2: we have mentioned during this episode, like where it is

1292
00:53:53,080 --> 00:53:56,760
Speaker 2: that you can find an independent insurance broker in your area.

1293
00:53:56,880 --> 00:53:58,560
Speaker 2: You can find those in our show notes up on

1294
00:53:58,560 --> 00:54:00,720
Speaker 2: the website at how to money dot com.

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00:54:00,760 --> 00:54:02,320
Speaker 1: It's right. You can also sign up for our newsletter,

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00:54:02,320 --> 00:54:05,040
Speaker 1: by the way, you can't have money dot com slash newsletter.

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00:54:05,360 --> 00:54:07,799
Speaker 1: It's awesome and it's free, so check that out.

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00:54:07,880 --> 00:54:10,120
Speaker 2: From time to time. We'll have insurance saving tips in

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00:54:10,160 --> 00:54:12,000
Speaker 2: there as well. Sure, but Buddy, that's gonna be it

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00:54:12,000 --> 00:54:14,759
Speaker 2: for this episode. Until next time, best Friends Out, Best

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00:54:14,840 --> 00:54:15,719
Speaker 2: Friends Out.