In the state of Alaska roughly 20% of all accident fatalities and injuries involve teen drivers. Much like other states across the country, driving at night, driving with too many passengers in the car, and drunk driving are major causes for most teen accidents. What’s even more alarming is 24.4% of Alaska’s teen drivers with consuming arrests will go on to commit another DUI offense before their 31st birthday.
Although auto insurance premiums will increase if you add a teen to your policy or purchasing teen auto insurance will always be pricier than other policies, there are ways to qualify for discounts on teen auto insurance. Auto insurance companies offer discounts ranging from 10-15% or more for:
• Maintaining at least a B average
• Successful completion of the teenSMART Program
You can also lower your premiums on teen auto insurance if you avoid purchasing sports and luxury cars for your teen, if you opt for a higher deductible, or if you combine insurance policies into one (i.e. life, home, health, renter’s, etc.).
Hulk Hogan had to use his own money to settle out-of-court a lawsuit filed by the estate of his son’s injured passenger, John Graziano, because Hogan’s insurance was inadequate, the lawsuit says.
Terry Bollea’s (aka “Hulk Hogan”) recent lawsuit against his former lawyers at Zuckerman Spaeder, has several lessons to teach consumers.
Here’s the short version of the story. Bollea’s son, Nick, was involved in a very serious car crash when he was 17 years old. In fact, his passenger was permanently injured. The Bollea family had car insurance with Progressive Insurance Company. Progressive carried $250,000 of coverage, which is way too low a figure without PUP. This is yet another example of how direct companies like Geico and Progressive can cost you a whole lot with their “15 minute Auto Quotes.” or “Name your Price” For these companies, $250,000 in coverage means that your insurance will only cover you for up to a total of $250,000 in damage. But, if your assets exceed $250,000 in value, you will be personally liable for the difference. Far too often, I have seen Geico and Progressive customers, who have large, costly holes in their coverage, actually think they are saving money on their insurance.
After Nick’s accident, Bollea did not notify Progressive of the incident. Instead, the Bollea family hired the Zuckerman Spaeder law firm to represent young Nick in any civil claim and any criminal claim that might arise from the accident. The family agreed to pay an astonishing $550 per hour for legal services. Ultimately, the Bollea family paid the law firm a grand total of $1,500,000 in fees.
Now, Bollea is suing his son’s former law firm, alleging that the firm failed to notify him that Progressive would have provided a legal defense at no financial cost. If the allegations are true, these lawyers could be in a heap of trouble.
Three Simple Lessons:
#1: Make sure you have enough coverage from your Insurance company to protect all of your assets.
#2: If you cause an auto accident, your insurance company will pay for your defense.
#3: If you cause an auto accident, call your Agent first ( assuming you have one ) to help you with the claim process.
As a parent, it’s scary when your kids start driving. You’re worried about their safety. You pray they behave responsibly.
Or, get a quote from our agency and let us shop our “teen friendly” insurance companies to find better rates.
