Your Money: Cover Your Assests

The Morning Show

Kathy Sweedler from the U of I Extension Office stops by the Morning Show for this week’s Your Money and is discussing a free insurance webinar.

Join our webinar, Cover Your Assets, on Friday, March 3 at noon.
 
You can join for FREE from any computer with internet access. You’ll need working speakers or headphones to listen in. Register at http://go.illinois.edu/GetSavvy.
 
Cover Your Assets is part of the Grow Your Green Stuff webinar series from University of Illinois Extension, University of Illinois USFSCO Student Money Management Center, and Southern Illinois University, Carbondale.
 
Insurance protects our savings to cover large expense – for example, medical expenses.  It also protects our future earnings – for example, being sued for a hurting someone else in a car accident.
 
Health insurance: may be covered by your job, or someone’s in your family’s job. Or, you may need to purchase this.
 
Automobile insurance: if you drive, then you are required by law to have insurance.
 
You need vehicle liability insurance in the following minimum amounts:
 
$25,000 – injury or death of one person in an accident
 
$50,000 – injury or death of more than one person in an accident
 
$20,000 – damage to property of another person
 
This doesn’t cover any damage to your car or your body – just the other driver’s.  You may choose to have more insurance to cover yourself.

To save money, think about what you can afford to pay before insurance pays for costs. This is called your deductible. Increasing your deductible typically decreases your insurance premium. Your premium is the amount you pay for your insurance policy.

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