How I Ended Up In A Ferrari
Last year I attended a charity basketball game between current Titans and former Titans hosted by my friend. It raised money for one of our favorite charities – Compassion.
My children convinced me to purchase a ticket at this event for this particular raffle. The prize: a 3 hour Ferrari ride! Boy, am I glad I listened to children for once. Fast forward to this past weekend and I can now check off driving a Ferrari off of my bucket list.
It’s Driving Time
As the car attendant was showing me the nuances of driving this Ferrari, which is VERY different from my little Honda Civic, my mind kept wandering back to the fact that I would soon be operating a vehicle that cost way more than the home that I owned… No pressure to wreck this thing, right?
I admit that it took me a while to warm up to this car. And the irony was that while I was driving a super speedy sports car, I was going so slow on the interstate that a U-Haul passed me along with several other cars. I was so fearful that something would happen to this extremely expensive car while on my watch that I was too paralyzed to keep up with the standard pace!
Eventually, I did manage to at least make it up to the speed limit! My son was my passenger during the ride. And his first request was that we go through the drive through at McDonalds in a Ferrari. So I was happy to oblige him. Especially since this required that I creep through a slow lane, even though it was a drive through lane!
But What If You Hit A Ferrari?!
As an insurance agent, I always find myself thinking of the worst case scenarios. Of course driving a $250,000 Ferrari would bring out the best of those worst case situations. The “property damage” limit of your auto policy covers the property damage in a dollar amount of what you may hit. Whether it be a building, a car, several cars, etc.
What if you hit a Ferrari? The state minimum in TN is only $15,000 for the property damage limit. So I can guarantee you that most drivers do not even touch the surface of having enough coverage to hit a Ferrari or any type of high dollar, or even average dollar vehicle.
A good way to protect one’s self from these catastrophic property damage claims is to invest in an umbrella policy. It will cover you in the event one’s property damage limits are exhausted. So let’s say you only have $100,000 in property damage coverage. A million dollar umbrella policy will protect you beyond that $100,000, should you do more damage.
Not only are you safe to run over Ferrari, but now you could probably take out 4 more-should you feel so lucky that day. The other beneficial aspect about an umbrella policy is that it will extend to your homeowner’s insurance liability limits as well.
I’m attaching a video about why umbrella policies are considered to be very important components to one’s insurance portfolio. They can also give one peace of mind about hitting any Ferraris. In the meantime, if an umbrella policy is not in your near feature, drive safely, and please stay away from any and all Ferraris!