Slipstream - June 2014
The monthly newsletter of the Maverick Region of the Porsche Club of America
The monthly newsletter of the Maverick Region of the Porsche Club of America
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Insurance Tips: Insurance Coverage Fundamentals<br />
By Justin Husman, The Phoenix Insurance<br />
Editor’s<br />
Note: Justin<br />
Husman is<br />
one of the<br />
principals<br />
of The<br />
Phoenix Insurance, an independent<br />
insurance agency specializing in<br />
classic, custom, and exotic car insurance.<br />
He has been in the business for<br />
a decade, and was awarded “Best<br />
of Dallas 2013” by D magazine.<br />
Also a member of Maverick Region,<br />
Justin is on his second 944, and can<br />
generally be found in and around<br />
car shows with his daughter in tow.<br />
So at this point, I have kind<br />
of gone over how to cover<br />
your “Special” Porsche – the<br />
one that you aren’t driving every<br />
day. However, let’s say you aren’t<br />
calling my office because your<br />
Porsche is your commuter car.<br />
That’s fine, but here are the first<br />
three things you should be looking<br />
at on your regular auto policy to<br />
make sure you are getting what<br />
you pay for, insurance wise.<br />
1. Liability. This is the first coverage<br />
on your declarations page, and<br />
I would argue, the most important.<br />
There are two different ways liability<br />
is sold in Texas: “Split limits”<br />
or “combined single limits.” If you<br />
have split limits, you have three<br />
numbers there: 100/300/100.<br />
These numbers mean the Bodily<br />
Injury per person/BI per accident/<br />
Property damage. If you have<br />
CSL coverage, you just have one<br />
number for everything. So there<br />
are the facts – but here is the good<br />
advice. You need to max out those<br />
limits. 100/300/100 is a little low,<br />
but that is the minimum coverage<br />
you should have when driving a<br />
Porsche. You are a millionaire,<br />
right? Anyone who gets into an<br />
accident sure thinks so, and so will<br />
their lawyer. Too often I see people<br />
driving nice cars with the state<br />
minimum limits of liability. That’s<br />
silly, and asking for trouble in an<br />
accident. We live in a sue-happy<br />
society (hell, I’ll bet half of you<br />
reading this paid for your Porsches<br />
by billing hourly) and perception<br />
says nice car = money. Liability<br />
coverage is cheap, so load up.<br />
2. Deductibles. This is generally<br />
the one that everyone focuses on,<br />
because this is the one that they<br />
will have to come up with out-of-<br />
24 <strong>June</strong>
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