Insurance is used as a tool to secure peace of mind by providing a service to specific groups of people who are looking to protect the “what ifs” in life.
A great example is auto liability, which, for all intents and purposes, is a contractual agreement that covers the financial responsibilities of an owned vehicle that is found at-fault after an accident. It covers the medical bills, the attorney fees, the property damage, and all the bills that come after an auto accident you caused, based on its specific contract.
Auto liability is mandatory in the State of Minnesota and currently the minimum limits required are 30/60/10. This means the policy’s maximum payouts are $30,000 per person, $60,000 per accident for bodily injury liability (medical bills, attorney fees, etc.) and $10,000 for property damage liability (other cars, light pole, mailbox, etc.).
In fact, many accidents can reach hundreds of thousands of dollars, and with million-dollar-lawsuits out there, many people don’t have enough coverage. This is why the umbrella was introduced. An umbrella is a policy that kicks in when all of your other insurance is used up, based on its specific contract. A typical umbrella starts at around $180 per year.
Insurance plans protect homes, businesses, automobiles, antique collections, employers, and more. The insurance company is essentially saying, “If you pay me a certain sum of money per year then I’ll pay for anything that may happen to you during that year, to a limit based on a specific contract.”
Except we all know it isn’t that simple.
Lakeville Insurance Agency is a family owned and operated business located 30 minutes south of the Twin Cities and has been serving Minnesota and Wisconsin since 1985. Our position as an independent insurance agency has allowed us to provide excellent customer service and competitive pricing for over 25 years.
Since the doors opened, we have only added financially strong insurance companies rated “A” or above (A.M. Best). All of our companies offer exceptional products and display timeless longevity, proving their financial strength.
Independent vs. Captive Agencies
Independent agencies represent multiple insurance companies, which allows them the unique ability to work on behalf of the client and quote with all of their appointed companies. They are able to shop around within their agency.
Captive agencies (also known as direct writers) work exclusively for one insurance company. Their priority is to write business only to that company, leaving it in the client’s hands to find the best quote. For example: Allstate may only write for Allstate, GEICO may only write for GEICO, State Farm may only write for State Farm, etc.
Here at Lakeville Insurance we represent over 15 financially strong companies. Let us shop for you. View all of our insurance companies by clicking here.