And just don’t know it!
How a $478 Savings Became a $789,000 Problem
The one insurance conversation every physician should have before it’s too late
You get to Roswell at 6:00 a.m., say hello to Kim and Michelle as they arrive for their shift in Radiology. You smile, grab a coffee, and head down to your research department as VP of Oncology Development.
You and David grab a bite at 10:30 because neither of you has eaten yet. You talk about the Sabres’ playoff run and what the kids got into over the weekend.
Now it’s 8:00 p.m. and you’re pulling into the driveway after a 14-hour day, exhausted. Your stomach’s empty — you think you should’ve stopped for that Chinese food, but you were just too tired. What’s in the fridge? Maybe you’ll pop a Lean Cuisine in the microwave and see what’s on TV.
First thing that comes on is one of those awful insurance commercials. You’ve seen it a hundred times — “save 15%,” “only pay for what you need.” And you think about the $16,147 tax bill that just landed. I need to cut expenses somewhere. So you pull out your phone to see what you’d save on car insurance. Might as well start there.
Next commercial? The attorney with the easy-to-remember phone number: “Don’t let those insurance companies lowball you on your claim!”
You finish dinner, make the call, and they’re happy to sell you exactly what you ask for — New York’s minimum: $25,000 per person, $50,000 per accident, $10,000 property damage. Saved $478 a year. Smart move. (Or so it seemed.)
Two months later you’re driving home, dead tired at 7:49 p.m., you miss a stop sign, and you T-bone another car. Bad one. The other driver breaks several bones and spends nine days in the hospital. You already know they’re calling the lawyer with the catchy number.
Seventeen days later the lawsuit papers land in the mailbox of that nice suburban home on the cul-de-sac..your dream home, You tear open the envelope: you’re being sued for $3,000,000. Didn’t see that coming. No problem — I’ll just turn it over to my insurance company.
That’s when you learn your policy stops at $25,000 for the person you injured and $10,000 toward their $44,000 Ford Explorer. One injured driver, one per-person limit. Twenty-five thousand dollars against a three-million-dollar claim. How did I leave myself this exposed?
When it’s all settled, the judgment comes back at $789,000. And while you’re wondering where on earth that money comes from, the judgment attaches to the home you love — because in New York, a money judgment becomes a lien on your real estate. Then a 10% wage garnishment shows up at Roswell Park payroll, and they start pulling it right out of your check.
“Why did I ever listen to that TV commercial?”
Here’s the part nobody put in the commercial: almost none of this had to happen.
The fix is two things, and neither one is expensive. First, real liability limits instead of the state floor. Second — and this is the one practically built for people in your position — a personal umbrella policy. An umbrella sits on top of your auto and home coverage and adds $1 million, $2 million, or more in protection for pennies on the dollar. For most households it runs a couple hundred dollars a year. Less than the $478 that started this whole mess.
Doctors are exactly who umbrellas are built for: a good income, a home with real equity, wages that can be garnished, and a name that makes you an attractive target the moment a plaintiff’s attorney sees where you work. The minimum-coverage trap isn’t about being careless — it’s that no one ever sat down and showed you the gap.
And that’s a conversation worth having before the papers show up in the mailbox — not after.
Do we need to have a conversation at least?
You see, we don’t sell insurance, we help you buy it correctly!
Tom Larsen
Owner • “The Insurance Educator”
Larsen Insurance Agency – Williamsville, NY
716-684-3203 • tom@larseninsurance.com • www.larseninsurance.com
What our clients say:
“Checking our policies each year to see if we can reduce the cost of the premiums.” Michael Ameroso
“Real people locally who care when I had questions or concerns about my policy!”
Debra Arnold
“I always felt welcomed whenever I called with questions. Very helpful.” Thomas Clouse
“I am completely illiterate when it comes to insurance terminology. But Larsen Insurance finds me the lowest rates with no headache. They accommodate my crazy life and help ease my mind as I know I’m always covered.”
Glenae Cuthbert., customer since 2016
“I love using Larsen as my Insurance agency! Everyone is ALWAYS friendly, helpful, and very responsive when I call the office. Not only WOULD I recommend them to others I DO whenever someone I know is looking to shop out their homeowners or car insurance.”
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