By Paul Morrone CFP®, CPA/PFS, MSA
Contrary to many of the advertisements on TV, the quality of your home, auto and liability insurance is not determined by paying the lowest premium. Saving X% or more doesn’t guarantee that you’re getting any better coverage. Buying insurance directly from a lizard, general or celebrity may validate that a company’s marketing campaign works, but nothing more. The bigger question is, how does it affect you as the policyholder? I can speak personally to this one as I’m sure many people reading this have done exactly what I did when I was fresh out of college and bought my first car. Looking back, I was foolish (maybe naive is a better word) and am fortunate that I didn’t have any issues during the time when I purchased auto and liability insurance with inadequate limits.