HERE ARE THREE EASY BUT IMPORTANT RESOLUTIONS FOR THE NEW YEAR

   I was going to join the Procrastinators' Club last year, but I never got around to doing it.  It is an old joke, but still applicable to many of us in this ever challenging and busy lifestyle of the new millennium!  Although there is a veritable endless list of things we could all do this year, here are three simple things we can do to protect our family and probably end up saving some money.

    RESOLUTION #1: Make sure you have the proper Auto Insurance.  According to the statistics of the National Highway Traffic Safety Administration, a family has one driver involved in an accident about every five years.  It is important you understand the coverages that you have paid for and the coverages you have rejected BEFORE you or a family member is in an accident.  Two coverages that you must have are "Full Tort" and "Uninsured/Underinsured Motorist Coverage". The benefits of "Full Tort" are many and is the most important election that you can make.  "Full Tort" allows you or your children to make a claim for injuries without limitations or satisfying thresholds created by insurance companies for insurance companies.  "Limited Tort" does not allow you or your children to make a claim for your injuries except in very limited cases, making it difficult for you to obtain an attorney to assist you after an accident.  This may not sound daunting now, but navigating the myriad of paperwork, determining what coverages you have, and dealing with the trained professional bodily injury adjusters whose job it is to pay you as little as possible, is quite daunting.  Most insurance agents do not handle claims and if they guide you towards "Limited Tort", get a second opinion!

   Underinsured/Uninsured coverage protects you against the estimated 1 in 5 drivers that do not have insurance.  Make sure that you have the limits that you are entitled to under your policy as on many occasions, this is the sole source of compensation for an accident.

   According to the Pennsylvania Insurance Department, there are over 800 insurance companies licensed to sell auto insurance in the Commonwealth.   If you shop around, you will find out if you have the right coverages, and more importantly, if you are getting the best rate for your money! 

    If you would like me to review your coverages, we do this free of charge.  Simply fax or email me your Declarations Page listing your coverages, and I will review it for free!

   RESOLUTION #2 :  Make a Last Will & Testament.  The most basic document any responsible adult should have is a Will.  The appointment of a Guardian for your minor children or a Personal Representative for your estate alone can save your family time, money and anxiety.  Please see my earlier Blog concerning one of many reasons why you should have a Will.

   RESOLUTION #3:  Obtain Life Insurance.  Whether you want to provide for your children's college education, to pay for your funeral to ease the financial burden on your family, or to create wealth, you need it.  It rarely becomes easier to get as you get older, so do it now!

   Jim McCarthy is an attorney at the law firm of McCarthy & McCarthy, P.C. (www.mccarthymccarthy.com) and can be reached at JMcCarthy@McCarthyMcCarthy.com . Nothing in this blog is legal advice.  No one should act upon the contents of this blog and should consult an attorney for advice based upon their facts and circumstances before making any decisions.