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Happy Valentine’s Day: Let’s Review our Car Insurance Coverage

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I read an article in the Dallas Morning News that said, “Gift givers planned to spend an average of $134 on Valentine’s Day last year, with men saying that they would spend nearly twice as much as women. Greeting cards and candy were the most popular gifts, and roughly one-third of lovebirds (skewing heavily male) said they would buy flowers.”

Here’s the personal finance angle on Valentine’s Day

That same article said that, “73 percent of women and 60 percent of men said they found their spouse more attractive when he or she was willing to talk about personal finances and credit.” Now, in the spirit of full disclosure I’ll add that the survey sponsor was a credit bureau (Experian), which might color the findings, but I believe the sentiment is true.

I have a quirky, somewhat related Valentine suggestion

Go beyond the tried and true flowers (or a tie) and a mushy card; contact your car insurance agent together and get up to speed on the types of coverage you have. You will likely need to increase the amount of UM/UIM coverage you carry. This is the coverage that applies when we are injured in a crash caused by someone else who has little or no liability coverage.

You might be doing the Scooby-Doo head shake on this one, so let me explain.

Uninsured/Underinsured (UM/UIM) is the only auto insurance we can buy to protect ourselves and our loved ones against our own losses when someone else is at fault. In North Carolina we have the option to purchase one million dollars of uninsured and underinsured (UM/UIM) motorist coverage for a relatively low premium.

The romance is in there; look closely

Girl kisses boy on the cheek on the background of money.Really romantic, right? Well, maybe the romance is hard to see at first blush. But trust me, taking the time to get adequate UM / UIM coverage NOW is a very romantic act. It says “I want to protect you in the event something bad happens to us and I love you enough to be sure that we have what we need.”

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Since the average budget for Valentine’s Day is $134, chances are someone with that budget can afford to buy BOTH a traditional gift and the increased coverage. The protection your UM/UIM coverage provides will far outlast the dinner, flowers, candy or silk boxer shorts.