April 4, 2025 • 44 mins
I’m in My De-Risking Era—Here’s What You Need to Know! 🔥💼👩👧👦
Why Stay At Home Moms + Working Moms Need Life Insurance!
In my last business meeting, my coach and I checked all the boxes—making sure I’m protecting my family, my business, and my future. And I knew I had to share this with you!
This week on the podcast, I sit down with my personal insurance agent, Pete Bouchard, to break down:
✅ What insurance do we really need?
✅ Do we need extra coverage when renting a car? 🚗
✅ Why stay-at-home moms need life insurance 💡
✅ How to protect multiple assets with an umbrella policy ☂️
✅ The key steps to fully step into your de-risking era! If you’re a mom, business owner, stay at home mom, or just someone who wants to secure what matters most—this episode is for you.
💙 Hit play, take notes, and let’s build a bulletproof future together! 🎧✨ If you'd like to get in touch with Pete, here's his information!: Phone: 425-670-0766 Email: petebouchard@allstate.com Allstate Insurance Company, Lynnwood, WA
Why Stay At Home Moms + Working Moms Need Life Insurance!
In my last business meeting, my coach and I checked all the boxes—making sure I’m protecting my family, my business, and my future. And I knew I had to share this with you!
This week on the podcast, I sit down with my personal insurance agent, Pete Bouchard, to break down:
✅ What insurance do we really need?
✅ Do we need extra coverage when renting a car? 🚗
✅ Why stay-at-home moms need life insurance 💡
✅ How to protect multiple assets with an umbrella policy ☂️
✅ The key steps to fully step into your de-risking era! If you’re a mom, business owner, stay at home mom, or just someone who wants to secure what matters most—this episode is for you.
💙 Hit play, take notes, and let’s build a bulletproof future together! 🎧✨ If you'd like to get in touch with Pete, here's his information!: Phone: 425-670-0766 Email: petebouchard@allstate.com Allstate Insurance Company, Lynnwood, WA
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to another episode of the Edmunds Launch Room podcast.
I am doctor Allison Felt, and today I have a
friend on the podcast. I will introduce him in just
a second, but I am going to start this podcast
with a little bit about why I want you on here,
and you can tell them all how I'm your number
one customer and all that good stuff.
Speaker 2 (00:21):
No, but really, so in before twenty twenty, before.
Speaker 1 (00:25):
COVID, in January twenty twenty, actually it was March, I
went to this conference.
Speaker 2 (00:29):
It was a business conference, and it was it was
all about de risking your business.
Speaker 1 (00:35):
And I realized, like I took so much from that conference,
and it brought me back to all my insurances that
I had was I did I have everything lined up
not just in my business life, but in my personal
life to protect my family, take care of the kids
if something happened to me.
Speaker 2 (00:52):
Right, So it kind of brought me back to that whole.
Speaker 1 (00:54):
De risking, de risking part of my life, and like
really opened my eyes to what kind of risk mitigation
in the Petashard terms do I need in order to
make sure I'm safe, Like make sure I can sleep
at night and all that good stuff. But the one
thing that came up in one of the meetings I
was in in January was that I needed more insurance.
(01:16):
I wasn't fully I met with one of my financial planners,
and I didn't have everything I needed. So then we
started working closely together to really make sure, like all
my boxes were checked. And I thought this would be
such a perfect episode because pretty much everyone that listens
to this is a mom there lived very similar lives
to my life, and we all want to sleep better
at night knowing that we have direct protections.
Speaker 2 (01:38):
Knowing that we have.
Speaker 3 (01:42):
We didn't see plans for yeah, for.
Speaker 2 (01:44):
When things go wrong, That's a good way to put it.
Speaker 1 (01:47):
When I was in my early twenties when we actually
first met. But when I was in my early twenties,
I had this friend and she told me she used
to date this insurance guy and she was fully covered
if anything ever happened. Lo and behold, she starts dating
this hockey player instead. They're currently now married. He floods
her entire apartment. He floods her whole entire apartment, and
(02:09):
I was like, oh my gosh, this must be a
nightmare or living in and she's like, yeah, it's kind
of a nightmare, but like I dated this guy and
I have every single insurance possible that protected me.
Speaker 2 (02:19):
So really, I'm I'm not liable for anything, like.
Speaker 1 (02:21):
Everything is fine and gonna work out in my favorite
and I was like I want to be that, and
so like from that conversation forward, I always thought, like
I always wondered, am I do I have the insurances
I need?
Speaker 2 (02:33):
And am I fully covered? Like what is missing? Like what
did she have? You know? And I should have just asked.
Speaker 1 (02:38):
Her, but it was like one of those things that
like leaves you questioning, like what was so good about
her protection apartment or yeah, yeah, and yes to both,
I don't I think she just rented it.
Speaker 2 (02:53):
And so that brings.
Speaker 1 (02:55):
Me around to I don't know what year it was,
but the year our house gets got broken into. So
we were living in Green Lake, but right off ninety
nine our house gets broken into just complete, like honestly destroyed,
like the guy like peas on the wall, like it
was a disaster and takes a bunch of stuff.
Speaker 2 (03:13):
And we had you weren't our insurance agent at the time,
but the minute you found out that you know that.
Speaker 1 (03:20):
This happened to us, you took over and you've got
every single thing done for us. And I think from
that point moving forward, I was like, Wow, it freaking
pays to have an awesome insurance agent. And I even
like I didn't, I didn't like you very much at
that time.
Speaker 2 (03:37):
Pete was was a hockey.
Speaker 1 (03:39):
Friend of my husband's and so he played hockey with him,
and you just had your like East Coast like a
little bit of assholeness to you. But since then we've
become friends and you know, you've helped helped us so much,
and it's been it's been awesome to have you, and
so I'm super grateful that you decided to come on
(04:00):
and join this podcast.
Speaker 2 (04:01):
So this is keep a Shark.
Speaker 1 (04:02):
He is the owner of the Bashard Agency, and I
am so excited to be able to like dive in,
ask him some questions, figure out what kind of insurances
we all should have a need.
Speaker 3 (04:15):
Okay, let's get that.
Speaker 2 (04:16):
Okay, dive into life insurance first.
Speaker 4 (04:18):
It's the one claim you're gonna make at some point
in your life. Yes, we could count.
Speaker 2 (04:22):
There all right, tell us, tell us what we like.
So again, we're.
Speaker 4 (04:28):
All moms, like anything, Insurance isn't one size fits all.
But if we want to consider you as your typical
client and audience person here. Most moms work nowadays, not all,
but it doesn't matter if it's mom or dad, whoever
is the wage or and in some cases both.
Speaker 3 (04:48):
You know, the.
Speaker 4 (04:49):
Irony is everyone's gonna die. It's a matter of when, where,
and how. Not everyone has a fire, not everyone has
a car accident. But everyone has home owners insurance and
everyone has car insurance. Right, one in ten people have
a personal life insurance policy at home. Everyone has a
little bit through work except for you and I were
self employed. So that's one reason why your include in
(05:12):
on this is you know, without sharing too much, we
had to plug a lot of holes. Right, you have
loss of income. So taking that step forward if you
are the way turner in the household or one of them,
one of the biggest risks, it's almost worse than dying,
in my opinion, is getting totally disabled. Now you can't
work and your a liability to your family. You might
(05:33):
even need twenty four hour care. So disability income policy
is what plugs that hole. If we tackle that or
tackling it.
Speaker 2 (05:42):
That was your little plug to make sure I signed
the paperwork.
Speaker 4 (05:45):
Life insurance is obvious right, Actually, in my East Coast style,
as our friend.
Speaker 3 (05:53):
Mentioned, it's real simple insurance.
Speaker 4 (05:56):
You live, you pay, you die, we pay. It's kind
of a morbid thought. But unless you lie on the
application or kill yourself in the first two years, life
insurance pays out. A lot of people don't know that,
and all joking aside, suicide is a real thing. And technically,
if someone has life insurance more than two years, the
thought is, if you're planning on doing that, you're not
(06:17):
gonna wait.
Speaker 3 (06:19):
A lot of people think that's excluded, and it's not.
Speaker 4 (06:21):
And I've actually paid about ten life insurance benefits and
three of the more suicide, and one of them.
Speaker 3 (06:29):
Was during COVID, So it's real anyway.
Speaker 4 (06:34):
Going from that dark thought, so you've got your ability
to create income can be taken away. That could be
a car accident, could be a stroke, could be any
other hell thing. So that's disability income that plugs that
whole life insurance. None of us want to think about it,
but like I said, it's either it's going to happen
now or later, ideally later. So life insurance, there's a formula.
(07:00):
One's different. You might have a mortgage, you might have
three kids, you might have one kid. College expenses. You know,
everyone throws this number around it to cost a million
dollars to raise a kid. Well, that must have been
when I was born, and I'm quite a bit older
than you. I mean, I know what I'm paying for
college for my kid right now, and fortunately we saved
for it, which is actually another thing I don't sell personally.
(07:21):
But five twenty nine plans, Yeah, college plans or people
have heard of gets. If you have a child under five,
you better start doing it now, and if you have
one over five, better start now. So that's actually a
huge thing I don't personally sell, but it's that's pretty
much the life and disability.
Speaker 1 (07:38):
Okay, so let's let's tap. Let's tap live insurance. Let
me ask you some more questions about life insurance. So
I answer these simply, I guess if you want to.
But from a mom's perspective, so mom works, maybe she
has an Amazon job or some type job, and she
gets some life insurance. But a lot of times those
are like twenty five thousand dollars like these aren't like
big policies, and like even Dylan's coast Guard policy was
(07:59):
super like it wouldn't have been enough to support anything
but a funeral, and so how would So you said,
there's a formula for that.
Speaker 3 (08:08):
Yeah, I know where you're going with this. Yeah.
Speaker 4 (08:09):
So generally speaking, most even high earning you know, two, three,
four hundred grand at Amazon, whatever, Microsoft, great jobs, they're
going to pay one or two times your salary.
Speaker 3 (08:22):
Okay, keyword salary.
Speaker 4 (08:25):
There are people that make one hundred grand a year's
salary and they make three hundred grand.
Speaker 3 (08:29):
In stock options or bonuses or whatever.
Speaker 4 (08:31):
Right, Yeah, so to be clear, that's one hundred thousand
dollars times one or two, So that's two hundred thousand.
Speaker 3 (08:38):
That's better than nothing.
Speaker 4 (08:39):
Yeah, but I always tell people whatever they have at work.
Speaker 3 (08:44):
And it's free.
Speaker 4 (08:45):
Yeah, most of the time, you can play a little
bit per paycheck and max out what they call voluntary
coverage and that's pennies on the dollar. And it's not
anything you have to qualify for. So if you're overweight,
not help healthy, it's a group policy. So it's a
great way to get inexpensive coverage that's one size fits all.
Speaker 3 (09:08):
It's still not enough.
Speaker 4 (09:09):
So you consider whatever you get at work and whatever
they offer as like grievy.
Speaker 3 (09:14):
That's worst case scenario.
Speaker 4 (09:16):
Your own personal policy, you own, you control, So after
you get laid off or quit or want to start
your own business, that life insurance goes away pretty much instantly.
I don't know if there is thirty days or sixty days.
So the entrepreneurs making three four hundred grand a year
decides to go on their own, and it happens a
(09:36):
lot in tech. You go from whatever coverage you had,
it worked and nothing. So having your own policy literally
you can leave the country. You could live in this
stay and bul it's your policy. You take it with you,
and a lot of people don't know that. It's not
just in the United States. So going back to the
how much coverage, that's a personal decision, but usually we
(10:00):
want to do five to ten times your salary. The
other way I like to do it is the real
way is what's your mortgage? How many kids do you have,
how old are they, how long is it going to
take them to get to age eighteen? And do you
want to provide for college? So let's just take the
quintessential example. You got mom and dad, a four year
(10:21):
old and the juniar. I know they're going to have
two kids. Well, I don't know, that's truss. You get
too personal. But my dollars. College is eighty seven grand
a year. Yeah, that's basically four un or grand, that's
today grand.
Speaker 3 (10:35):
It's a very good school.
Speaker 4 (10:37):
So you add two kids, you're already at a million,
pretty much rounding off a funeral final expenses because a
lot of times if someone's young, it's something where they're
in a bad car accident, it could be on life support,
and you can drain a couple hundred thousand dollars after
health insurance, never mind the actual funeral. You'd be surprised
(10:58):
what a funeral costs. Flowers caskets that my parents have
both passed is not cheap. And if your paycheck to
paycheck and you have to pay for your demise of
your family member, you don't want to like say, I'll.
Speaker 3 (11:14):
Take the cardboard box. Let's get them all deep.
Speaker 4 (11:17):
But at the end of the day, you know, let's
say you make two hundred grand a year, you want
to get your kids to age eighteen. In my example,
two and four, you've got sixteen years right now.
Speaker 3 (11:28):
That can add up.
Speaker 4 (11:29):
We can get crazy, but honestly, we don't really start
less than a million. Yeah, I mean everyone's house around
here is a million, so you're gonna have a eight
hundred dozan or mortgage or whatever.
Speaker 2 (11:41):
So no, that's great. Yeah, no, I love that. And
I don't know if you can answer this.
Speaker 1 (11:46):
I don't know if you have an answer that I
want to hear. But what about the stay at home
mom who literally works twenty four to seven and if
she dies, Like, yeah, the husband might try to replace
her right away, but like the reality is like they're
going to.
Speaker 2 (12:02):
Need a house manager and a nanny.
Speaker 3 (12:05):
And yeah, you nailed.
Speaker 4 (12:07):
It because you did say you know a lot of
your customers are high earning women. But yes, let's go
the other way around. One customer told me she's a
domestic engineer. I smile because I love that term, and
it's funny how people haven't heard it because we don't
stay at home mom. It could be a stay at
home debt. Yeah, right, so you could have a male
domestic never mind same sex partner. So long story short,
(12:30):
what I tell you actually just nailed something Because a
lot of times I'll get hey, I want my husband
to buy insurance.
Speaker 3 (12:36):
He makes a lot of money at work. I'd be.
Speaker 4 (12:40):
In a bad situation if he's gone, and I'll say,
well what about you? While I don't work, so you're
already asking me that question, but I usually have to
go there, and I say, well, let's.
Speaker 3 (12:50):
Just think about this.
Speaker 4 (12:52):
If you weren't around, you think he can go on
those business trips to make those commissions.
Speaker 3 (12:58):
Or do those meetings.
Speaker 4 (13:00):
You enable him to do what he does or she
does if it's vice versa. And so there's an argument
that you're worth as much, if not more, do you
know what I mean?
Speaker 3 (13:09):
Like literally if you're not there.
Speaker 4 (13:11):
Yeah, I mean I don't want to get too personal,
but you do a lot at home, you know, I
know more than most and like there are some husbands
that just don't know how to manage their soccer schedule
and all this stuff.
Speaker 3 (13:27):
So, yeah, the.
Speaker 4 (13:29):
Part about how much you earn times ten, that's just
a mathematical equation. But if you're the person that holds
the house together, and that person will have to quit
their job go do a salary job, that's a real thing.
Speaker 2 (13:41):
Yeah, absolutely qual life.
Speaker 4 (13:44):
Yes, now they can't get as much. Necessarily, you have
to be worth more alive than dead. But a million
dollars first, stay at home mom, with a mortgage is
the slam dunk all day long. And we're talking fifty
to eighty bucks a month, maybe one hundred bucks a
month at most, just depending on the.
Speaker 3 (14:04):
Age and health.
Speaker 2 (14:05):
Yeah.
Speaker 1 (14:05):
One thing, I can't believe how much cheaper it is,
because like, so I've been trying to get dial in
this freaking life insurance policy since we've been married. But
then he's like, because I'm like, if you die, like
I have to hire so much after school help just
to like get everybody where they need to go.
Speaker 2 (14:19):
And like, I mean, you know.
Speaker 3 (14:21):
You might take a day or two off to mourn
until you could do that.
Speaker 1 (14:25):
You're oh, okay, okay, okay, But he's always like, of course,
you want me to have a life insurance policy.
Speaker 2 (14:30):
You want me that.
Speaker 1 (14:31):
So it's been like this whole game, I'm like, you
need to have this life insurance policy. So I went
online and got I've been paying this exorbitant amount of
life insurance just to have like a million dollar coverage
for him, And I think I paid two fifty a month,
Like that's that's a lot compared to the rates that
your firm just sent me for him, Like it's less.
Speaker 4 (14:53):
It's like a quarter of the price. Yeah, that's a product.
Even he made a poor purchase decision on the product.
It's not the prices of that much better, it's just
to meet the wrong purchase.
Speaker 1 (15:03):
No, no, no, no, I didn't listen because I made the
decision because he was like, I'm not going to get
blood work.
Speaker 2 (15:09):
I'm not going to do any of it. And so
I had to buy the policy that would at least get.
Speaker 4 (15:13):
Me like some like one of those guarantee issues where
you don't ask a lot of questions and pay through
the Yeah.
Speaker 2 (15:18):
And so now that he's like, oh no, I'll.
Speaker 1 (15:20):
Get the blood work, and you know, I'm like, then
we're going to pete like, I'm going to get this
all day long. So when you sent me those numbers,
I'm like, yes, like every single day, free up some cash.
But everyone listening should have life insurance at this point.
Speaker 4 (15:32):
The last thing I'll say on life insurance is you
buy it with your not just your money, by your
age and your health. And the argument is, you know
your clients aren't twenty five, but you're.
Speaker 3 (15:44):
Not getting any younger.
Speaker 4 (15:45):
Yeah, So if you're thinking about it or thinking it's
for old people, and I want to buy it before
I die, but not too early. Your mid forties is
the best time because you're still healthy. You kind of
know where your life's going to be, you know, if
you're going to have eight kids or one.
Speaker 3 (15:59):
You know, So thirties forties is the best.
Speaker 4 (16:02):
Obviously, you get into your fifties as soon as the
better because you're not going to get younger and you're
not gonna get healthy.
Speaker 2 (16:07):
So how do you answer that?
Speaker 1 (16:08):
Every single person wants to go on a diet before
they sign up for life insurance?
Speaker 4 (16:12):
So what you're kidding yourself? If you haven't done it already,
then you're not gonna do it now.
Speaker 3 (16:17):
I do get some people that are.
Speaker 4 (16:18):
Like, oh, I chew or I do edibles, which is
a whole like a due whole segment on edibles.
Speaker 3 (16:24):
The fact of the matter is we have a hundred
reasons to wait.
Speaker 4 (16:28):
Right, Oh, I'm gonna drop ten pounds and I'll save
eight dollars a month. Okay, what AM's if something happens
in meanwhile? What's never mind happens, Let's go. You're not
gonna drop dead, But what say you get diagnosed with
high blood pressure or high cholesterol? Like my thyroid went
out you know, I play hockey at a high level.
I have to take mets. That affects my price more
(16:50):
than dropping ten pounds.
Speaker 2 (16:51):
But you already had your price locked yet.
Speaker 4 (16:53):
Well, yeah, I bought my in my twenties. But you
know that's yeah, because I'm what do they call that
a hazard?
Speaker 3 (16:59):
Job? Hazard?
Speaker 4 (17:00):
So no, I mean, if you're thinking about it, it
means you've been thinking about it before this podcast, and
you need to act on it. And whether you do
it with me or somebody else, do it for your family, Yeah,
because that's what you do.
Speaker 3 (17:11):
You know, life.
Speaker 4 (17:12):
They always say you can't sell life insurance unless there's love.
And I actually had a husband who was reluctant to
do the blood work and stuff. Yeah, and he said, well,
I just don't want to do it. I said, that's
one of the most selfish things I've ever heard.
Speaker 2 (17:26):
Yeah.
Speaker 3 (17:27):
So at that point he wasn't gonna buy it. He goes,
what do you mean.
Speaker 4 (17:29):
I said, this isn't about you, this is about your
kids and your wife.
Speaker 3 (17:33):
And he said, well, just I'm not I don't give blood.
I can't do it.
Speaker 4 (17:37):
I'm like, I called the wife and I said, he's
not going to do it. She said why, I said,
because he's too scared to give blood. She goes, I'll
have a conversation with him that call. If I got
a phone call the next day. Wow, I mean people
have a hundred different even than your own husband has reluctant.
Speaker 1 (17:52):
Well, that's why I'm like, yeah, that is so selfish.
I never put a thing on it a label. Oh gosh, Pete, Okay,
here we go.
Speaker 3 (17:58):
It's not for you to be gone. Yeah.
Speaker 4 (18:01):
Some people say, literally, I don't care, I won't be around.
I mean they don't say it that way, but yeah,
no one wants to confront it.
Speaker 3 (18:07):
We're mortal.
Speaker 2 (18:10):
That's great. That's really good.
Speaker 3 (18:12):
Thank you.
Speaker 2 (18:12):
Thanks christ I think what a plug to have life
insurance and I and I. It's so real though.
Speaker 1 (18:18):
Every time I've applied for life insurance, my original policy
that I got with you that's still under my maiden name,
and then my current policy. At both times I was like,
I need to like I want to lose weight or
I want to get healthier before I do this, and I.
Speaker 4 (18:33):
Want to put your best foot forward, but sometimes it's
the foot so yeah.
Speaker 2 (18:36):
Yeah.
Speaker 4 (18:37):
Besides, all of your clients are in perfect ship because
you take great care of them.
Speaker 2 (18:40):
Yeah, exactly.
Speaker 1 (18:41):
When you have multiple assets, how do you make sure
that you're protected. So one of the things I came
back with in January is I was like, Pee, I
need this umbrella policy? Do I like, I don't even know.
I don't even know why I needed that, but one
of the financial advisors said that I needed to make
sure that I got this in place by the time
I came back and.
Speaker 3 (18:59):
Mad, because it rains a lot and sea, I need
an umbrella.
Speaker 2 (19:02):
So what's an umbrella policy?
Speaker 1 (19:04):
And a lot of people our friend looked at this
and was like, no, that's just like a essentially.
Speaker 2 (19:10):
An up sell.
Speaker 4 (19:11):
Well it's funny because as we were entering this conversation,
I got a text today because an umbrella is something
keeps you dry, right and Seattle, actually it's a beautiful
sunny day to day, but we needed umbrellas every day, right.
Speaker 3 (19:24):
I personally don't own one.
Speaker 1 (19:25):
That I was going to say, if you're from the
East coast, you might need one, but I don't have any.
Speaker 2 (19:28):
I don't known one either.
Speaker 4 (19:29):
Anyway, It's technically called excess liability. Slang is umbrella, and
the problem with the word umbrella is everyone thinks it's
all encompassing. And one of my really good friends and
actually another hockey person, just texted me and said, can
I use my umbrella for uninsured motorists? Long story short,
(19:50):
his mom and dad got really, really really injured in
a car accident. They almost got killed, and he's going
through a loss now. The irony is he was texting
me looking for another aspect or another way to collect funds.
But I even texted him quickly back and said, no,
(20:11):
it's the other way around.
Speaker 3 (20:13):
The umbrella is excess liability.
Speaker 4 (20:15):
I use that word with him, meaning if your parents
were at fault and they were getting sued, their umbrella
would cover them.
Speaker 3 (20:24):
He said, oh, yeah, that's right. I forgot because long story.
Speaker 4 (20:27):
Short, their injuries are way more than the other person's insurance.
Speaker 3 (20:33):
So that goes back to your question.
Speaker 4 (20:35):
So everybody has a certain amount of auto insurance, liability
called bodle injury liability and property damage. Everyone has a
certain amount of liability insurance for home renters, condo all
that matter of fact, a renter's policy.
Speaker 3 (20:50):
Some of your customers might be renters.
Speaker 4 (20:52):
It's optional, but it actually not only protects your stuff,
but it gives you liability coverage, and I don't want
to go too far off on that, but a perfect
example of someone who doesn't on her home doesn't mean
they don't have assets. There's plenty of people that right now.
Because the mortgage rates are high, they want to rent
everything else. So Raters insurance actually provides liability. And you know,
(21:15):
to use us as example. I golf, I play hockey.
You know, golf balls can go awaywhard clubheads can come off.
I actually had a case where someone was at a
driving range and the ball went over the fence. It
hit a car. If you've ever been hit by a
rock chip, it's loud and scary. Well you can imagine
a golf ball coming one hundred miles an hour. It
(21:37):
wasn't my customer that I know of this situation. The
guy panicked and scared the crap out of him, and
he hit a tree and got injured. They were able
to figure out whose golf ball was, which is a
whole other conversation. Right, But the good in us we
want to provide for other people's injuries.
Speaker 2 (21:56):
Right.
Speaker 4 (21:57):
The greed may not want to, you know, like you
want to duck on aer the I'm calf kidding, but
so liability insurance extends from renters, homeowners or condo So
even if you're a renter, the golf ball incident is
actually cover.
Speaker 3 (22:13):
Under your homeowners or renters insurance.
Speaker 4 (22:17):
Now, a renter's policy is gonna max out at three
hundred thousand, and let's guss most people that are renting,
that's enough. But if you're that person that's in between
homes or you're building a home or something, an umbrella
policy to get it out is increments of a million dollars.
Speaker 3 (22:32):
So you started a million, you can go two, three, four, five.
Speaker 4 (22:35):
There are products you can get, but five million is
plenty for most people. And so I was focusing on
a renter. But back to your question. You know, ideally
I always actually have a slogan having assets is a
good problem. And a lot of people go, what do
you mean problem, Well, it means you have to protect them.
Speaker 3 (22:55):
So you're busting your abud to work, you.
Speaker 4 (22:58):
Know, buy a house, have the house, appreciate, maybe buy
another house, invest for the kids.
Speaker 3 (23:04):
I'm fifty five, I'm in the hold on to my money.
I don't want to lose it.
Speaker 4 (23:09):
And so the number one way I can lose my
net worth and have to continue to work or go
back to work is if I get sued and I
lose everything. And ironically, were about three blocks from an
incident where my nanny's mom.
Speaker 3 (23:25):
I don't even know if I told her this story, but.
Speaker 4 (23:27):
My nanny's mom got killed in the crosswalk, like three
blocks down the street.
Speaker 3 (23:30):
From your office.
Speaker 4 (23:31):
Oh my god, I'm sure a lot of your Edmonds
people probably remember it. But yeah, that was life altering. Fortunately,
the husband was renting the car, which is another wildcard.
It was a rental car that she had just picked up,
had a five million dollar umbrella for his business, and
it ended up hanging.
Speaker 3 (23:48):
Out three million dollars. Wow.
Speaker 4 (23:50):
And if you think about that fast forwarding, that's a
stay at home mom who never worked a day, or
excuse me, stay at home grandmom who never worked a
day in her life in her sixties is worth three
million dollars. What does that make you're and I worth
when we provide for our families.
Speaker 1 (24:06):
Yeah, that's scary, scary, So okay, So what I'm gaining
is that everybody.
Speaker 2 (24:12):
Really does need an umbrella policy just to protect you.
Speaker 1 (24:15):
Go back to the car accident of like the guy
that was just texting you because I feel like that's like,
I want you to finish that story. So his parents
are very much needing help because they got really hurt,
they were hit by somebody has maxed out their insurance.
They're gonna they kind of like don't have any more
to get from that guy.
Speaker 2 (24:35):
But does that guy have an umbrella that.
Speaker 4 (24:37):
They So I only know some of the details, but
let's put this way. Chris wouldn't be asking if their
uninsured motorist is exhausted, which is putting that if their
umbrel would cover me and the injured person.
Speaker 3 (24:53):
So that tells me that he's run out of funds.
Speaker 4 (24:56):
So I can I can guess the other person either
doesn't have an umbrella or enough.
Speaker 3 (25:00):
Let's just put a number on it.
Speaker 4 (25:02):
Let's say it's a two million dollar lawsuit and the
other person has the regular and the state minimum is
twenty five thousand. By the way, yeah, and I will
look at the camera. Half of your customers are maybe
a quarter probably have the state minimum because they don't
know better and no one's ever told them. Even the
highest amount you get on a car insurance policy is
(25:23):
two hundred and fifty thousand dollars.
Speaker 3 (25:24):
Okay, and you know, if someone's.
Speaker 4 (25:26):
Out of work for six months and they made three
four hundred a you've got emergency bills.
Speaker 3 (25:33):
Excuse me, that money doesn't go very far.
Speaker 4 (25:35):
So the problem, the answer your question is the people
that hit his parents probably have this regular one hundred
grand two hundred grand which didn't cover a matter of fact,
they think the mom was on life support for a while.
It was pretty good and they're older, so they're you know,
more likely to get injured.
Speaker 1 (25:52):
Okay, let's talk auto policies. Then you already started talking
about it. You can even tell us about how your
daughter just got in this accident with an uninsured vehicle.
But I would love to know. I would love to
know what kind of auto policies. I have a few
questions around auto policies.
Speaker 2 (26:08):
I don't even know what I have. So this is
why it just pays. Honestly, I'm interrupting.
Speaker 1 (26:12):
You just pays to have a really good agent because
I feel like I didn't actually have to know that much.
And also not to thread this back in, but the
life insurance thing, like secretly, the reasons I needed Dylan's
life insurance to be through you guys, is because like
at least I know who to contact, Like I don't
trust this random online business that I bought this super
(26:33):
expensive life insurance policy from, Like how can I even
trust that if something happened that would even pay out?
So it is a fascinating it's fascinating.
Speaker 2 (26:43):
To bring that in.
Speaker 1 (26:44):
And I know not everyone is going to be friends
with Pete, but this just goes to show you why
it's important. Like you're seeing, like Pete just said, through
this episode, like multiple times he's like, oh, he just
texted me, that person just texted me, or I talked
with her wife, and like that's how it is when
you take care of your customers. And never before in
my life, when when we had that terrible break in,
(27:05):
like we didn't have anyone to talk to, you know,
And even when I've had like a car accident, it's
like I didn't know who to even call or like
I didn't feel like you feel all alone. And so
I do feel like it's really nice to have, Like
I feel blessed to be able to have a relationship
with with you as an insurance agent.
Speaker 2 (27:22):
For that reason, I have some.
Speaker 3 (27:23):
Thoughts on that.
Speaker 4 (27:24):
Yeah, I can actually dovetail the life, the auto, the
life and the umbrella all together and to be comical again.
I don't know about you, but I moved here a
long time ago from the East Coast, and as soon
as I got here, there was this commercial you have
a friend and a diving business. You have ever seen?
That commercial drives me nuts. It was thirty years ago,
(27:48):
showing my age. I think the same voice is on there,
But I joke when I'm talking to my customers. Now,
you have a friend in the insurance business. And you know,
I don't know about most of your listeners, but if
you don't have a good mecchamic, a good bishop guy
or person, if you don't have a good plumber, electrician,
I mean, there's a lot of bad actors out there.
(28:08):
And let's be honest, there's the eighty twenty year roll
in most businesses. Real estate agents, right, they're all over
the place, insurance agents all over the place. Mortgage broker's
only maybe ten percent know what they're doing and care
about you. And one of the things I was gonna
say is today everyone wants to commoditize insurance. Oh, I
(28:28):
can go to Progressive Online do it myself. Okay, Well,
you can order stuff from Amazon for yourself. Too, but
that's not life altering progressive, you know, back to the
one hundred we call progressive and Geico want to enter.
Speaker 3 (28:41):
Who are you?
Speaker 4 (28:42):
You're talking to someone in San Diego for Geico a
surfer dude, I'm jealous.
Speaker 3 (28:49):
Just just be honest.
Speaker 4 (28:50):
But they don't know you or care about you. It
doesn't make me a great person or a great agent.
I mean that my customers are literally in Washington only
and right here in at mendsor I live in Sureil
and where they're around here. So at the end of
the day, you don't need to know crap about insurance.
You need to know how to call one hundred pet right, Yeah,
and we need to have real hard discussions on what
(29:13):
holes do we want to plug.
Speaker 3 (29:14):
As matter of fact, you're a perfect example.
Speaker 4 (29:15):
There's two holes we haven't plugged yet that we've been
talking about, and we've got side truns right so after
this podcast will take care of that. So back to
the dovetailing everything. At the end of the day, you
don't need to know insurance. Your job is to provide
for your family, raise your kids, manage your household.
Speaker 3 (29:32):
Let me do the heavy lifting.
Speaker 4 (29:34):
You don't need to know what bodily injury means or
umbrella means, or personal energy projection or PIP or uninsured motorists.
Do you have all the holes in the boat plugged?
Speaker 3 (29:45):
And so.
Speaker 4 (29:47):
The best insurance that you can have is everyone says
full covers. There is no full covers. There's a lot
of stuff they'll never be covered. Okay, it's a term
I learned in the rental car business. I have full coverage.
Well though you don't.
Speaker 3 (29:58):
Nobody isn't.
Speaker 4 (29:59):
So a good auto policy is going to have liability.
We all have collision and comprehensive if we have a
new car, right that you have to have it if
you have a loan, but if you have enough liability,
if you have uninsured motorists, and that goes back to
everything we're talking about. One in four drivers in Washington
doesn't have any insurance.
Speaker 3 (30:18):
Drivers.
Speaker 4 (30:19):
That doesn't mean cars right, one in four have don't
have the state minimum or too little. So you have
a fifty percent chance you're going to get hit by
someone who with either no insurance or not much, which
means you're gonna have to rest on your own insurance,
which is the uninsured motorsport. So in my case, my
lovely sixteen year old who I taught everything to what
(30:44):
happens if there's an accident. Well, you probably tell your
kids what happens if there's a fire at home. If
you did a real test, you think they'd do whatever
you told them to do or calmly go down the stairs.
So my kid got sideswiped the other day, did everything rightly.
I was in a hockey game, so I wasn't available
the one time that my phone's.
Speaker 3 (31:03):
Off, and she did everything right.
Speaker 4 (31:07):
She pulled over, asked for the driver's license, asked for this,
asked for that. Well the first words out of their
mouth is they didn't, excuse me, speak English. Okay, well
we live in Seattle. That's pretty common. They had a
temporary license plate which was wet and crinkled up. So
my child, who's seventeen or almost seventeen, isn't going to
(31:30):
like push it too much with an adult. It was
a mid thirties either way, So you have language as
a barrier. Yeah, my child went through the checklist, you know, name,
phone number, registration, you know, insurance, car, driver's license.
Speaker 3 (31:44):
No, everything was no English, no English, no English.
Speaker 4 (31:47):
And she did ask for a phone number, and they
gave my daughter a phone number. Well, as soon as
I got out of hockey, they got the text from
my poor child who was traumatized a little bit by
it didn't get injured, the car messed up. First thing
I did is call the phone number. Guess what disconnected?
There's a fake number. It was a Louisiana area code.
(32:10):
Was that possible?
Speaker 3 (32:10):
Yes? What should my child maybe have done differently?
Speaker 4 (32:14):
Tried the phone number while they're there, because if it
doesn't ring, you know, but what is she gonna do?
You know? By the way, On a separate note, don't
chase people down, don't antagonize them.
Speaker 3 (32:25):
You'd be surprised how many times people get shot or stabbed.
It's not worth it.
Speaker 4 (32:30):
At the end of the day, this is gonna cost
my family three hundred dollars under an uninsured motorists which
is where the story is going is. Unfortunately, even if
they didn't lie, they probably didn't have insurance. They probably
don't have any assets. I carry uninsured motors protection. It's
fifteen bucks a month. How much does that coffee you have,
the big huge coffees to see how what you.
Speaker 2 (32:51):
Do is second one books? Yeah, I probably sent twelve bucks.
Speaker 4 (32:54):
To So one of those a month you cut out,
you can afford uninsured motors. I'm a half kidding, but
that's actually how I sell even an umbrella. It's two
of those a month. At the end of the day,
if you think about it, you pay. I pay to
have unresure motors. So when the other guy doesn't pay
the four hundred dollars a month I pay for my
two kids driving, I have to pay more to prick
(33:17):
themself against them not having it. That doesn't taste well.
But the other option is I don't have coverage, right,
So I think I got off on the track here.
So a good product or good autopolicy has a lot
of liability. It has personal injury protection, which is medical
(33:37):
insurance for car accidents, and it could pay out as
a bicyclist, as a pedestrian, jogger, and a lot of
us around here are those. And when you get hit
by a car, you're a pip in your car. Insurance
has a pace for it. It's kind of like the
obscure gulf Ball example. So there's a lot more applications
(34:02):
for pipper personal engine protection. Then I have health insurance, right, well,
I have health insurance. I have an eight thousand dollars deductible, right,
do I want to pay grand for some idiot hit
my kid?
Speaker 3 (34:14):
You know she didn't get injured anyway. I started to ramble.
Speaker 1 (34:17):
No, that's good, Okay, that's good. Okay, So I feel
like you've covered the auto. Now let me ask you.
I'm going to San Diego, got to rent a car.
Do I need I go back and forth with whether
I add the extra insurance, the full coverage, the full coverage.
And the reason I go back and forth is because
(34:38):
when I was in Michigan like a couple. I don't know,
this was when Chloe's borne, so like ten years ago,
I hit this huge rock and I just remember being like,
I wish I bought the insurance so I didn't even
have to think about it.
Speaker 2 (34:50):
So is that a gimmick?
Speaker 4 (34:52):
Well, I'm uniquely qualified to answer to that question because
I was a high level manager at Enterprise Renter Car
before I got.
Speaker 3 (34:58):
An insurance instry.
Speaker 4 (34:59):
Look at you, Well, I say that because I was
one of the best salesmen at what they call the
collision damage waiver. Nowadays they sell supplemental liability as well,
and they also sell like five other things.
Speaker 3 (35:13):
If you look at the contract.
Speaker 4 (35:14):
But what you're getting at is there are two main
issues you have renting a car. The easy answer to
your question is whatever you have on your car insurance
with me, transfer to the Renald car. So if you
have an umbrella and you have collision, which most people do,
they're the collision. Collision cover is the cost of the
(35:36):
Rentald car. That's a fixed expense.
Speaker 3 (35:38):
Right.
Speaker 4 (35:38):
The rental car might be thirty or forty grand. Your
collision is going to transfer to it, just like it's
your own car.
Speaker 3 (35:43):
So that's easy, okay. Right.
Speaker 4 (35:46):
The supplemental liability is the thing that most people don't
think about. Well, you don't need that because you have
a large umbrella policy. It also transfers, okay. So the
simplest answer is whatever you've got in your car, transfer
to the temporary replacement, which is a Ronald car.
Speaker 3 (36:01):
Okay. Now, unless you don't own a.
Speaker 4 (36:03):
Car, or you don't have a newer car that would
make you have collision on it, you don't need to
buy their stuff. Haven't said that they sell a damaged waiver.
It's not insurance. So now I'm putting the rend car
sales guy had on because it's true literally just happened yesterday.
(36:25):
I had a customer get a bill for three thousand dollars.
It was for loss of use in administrative fees. All
State paid the ten thousand dollars to fix the Alamo
rental car. But Almo reserves the right, as does any
rental car company, to charge for what they call downtime
(36:46):
or a loss of use.
Speaker 3 (36:47):
Do you know what that means? No, I mean you
pull it off when you said up, I mean I
get it. What it means is they can't rent that car.
Speaker 2 (36:54):
They can't make money off, and.
Speaker 4 (36:56):
Businesses have a right to charge for that. Now most
of the time they don't. Matter of fact, when I
was in enterprise, they had a written agreement that they
wouldn't charge All State customers that and it was a
selling point. But that was a long time ago. And
every company, even McDonald's, is charging for extra catchup, right,
I mean, it's just the.
Speaker 3 (37:16):
Way of the world.
Speaker 4 (37:16):
So there is value in having the collision damage waver.
But like any insurance, how many times do you run
a car, how many days you're gonna have it for?
Speaker 3 (37:26):
How much does it cost? What's the likely the happening?
Speaker 2 (37:32):
So what's that called what's the one.
Speaker 4 (37:34):
So the collision damage waiver literally says, if you buy it,
and let's be honest. When I sold it was eight
dollars a day, you'd have a car for a week.
It was fifty six bucks. I'd do that all day long. Yeah,
now it's I haven't bought them a long time. It's
twenty five bucks a day.
Speaker 2 (37:48):
Do you buy it now?
Speaker 3 (37:49):
I don't.
Speaker 4 (37:50):
Okay, Now I don't buy it because A I have
very good insurance. Yeah, I have accident forgiveness. Some companies
offer it. Sometimes you have to earn it. So my case,
and again everyone's different. I would have no deductible because
I have deductible awards. Well, I have to use some
of them for my uner Sure motors claim to be honest,
but at the end of the day, I'd only be
(38:10):
out like maybe a five hundred dollars deductible. But this person,
they're literally gonna get sent to collections if they don't
pay it. They kept thinking all State was gonna pay it.
I'm like, it's not an all state thing. We don't
owe for anything more than the damage. It's to the car,
I see, and it's it's the law and whether or
(38:30):
not they want it. So a lot of times a
rental car company won't charge it if the insurance company
doesn't pay it. You know how like when you go
to the doctor, they charge six grand for something the
insurance company pays three and they write it off. Well,
these guys aren't writing it off, and they have a
right to do it. I'm actually trying to intercede on
their behalf. But at the end of the day, they
don't care about so damage waiver does have value, but
(38:53):
you have to it's risk versus return. I'll give you
an example. The one time I've had an accident.
Speaker 3 (38:58):
With a rental car.
Speaker 4 (38:59):
It's kind of some to you, even though I'm from
New England and supposedly you can drive well in the snow.
Speaker 3 (39:04):
I had rented a van with my.
Speaker 4 (39:06):
Future in laws and we were in Idaho Falls and
I was going down a ramp and it wasn't you know,
my car wasn't used to it. I didn't have vans,
and sure enough, as soon as I hit the brakes
going down, I wasn't even going very fast.
Speaker 3 (39:21):
It was sheer rice.
Speaker 4 (39:22):
I don't care who you are, but I ended up
going a little bit into the intersection and someone drilled me.
Now I say they drilled me. I ran the stop sign.
Yes it was slow motion. But at the end of
the day, I was where I shouldn't be and they
hit me. The irony is I did have the rental
car coverage for that one, and that was a long
time ago and it was less expensive. And I literally
(39:45):
handed them the keys and said, you're a problem. And
actually there are times when your credit card company might
cover that too, which is another angle going up.
Speaker 3 (39:53):
So I mean, I could have a whole podcast on
rental cars.
Speaker 4 (39:56):
But so most people don't buy it. But if you're
doing that, you know, like Hawaii is easy to drive
in in California, you know, but if you're gonna go somewhere,
especially if you're not used to snow and ice, it's
every time you run a car, is a different decision.
Speaker 1 (40:12):
Yeah, But accidents happen everywhere, so it is a good
thing to consider.
Speaker 4 (40:16):
Yeah, I mean, in your example, let's say at one
thousand dollars deductible and noted doctor awards and you had
you still had accident for you this You're still are
just gonna pay your deductible. It's but it's the loss
of income and the administrative view, but minifraid of views are.
Speaker 3 (40:30):
Usually like five hundred bucks.
Speaker 4 (40:32):
It's really more of the taste in your mind, like,
damn it, my insurance isn't paying for it. In this case,
they actually hit a deer, so I kind of feel
bad for them because it wasn't their fault. Yeah, because
if another person hit them, their insurance would be paying
for all of this. It wouldn't be their problem. So
it's not all states fault, Like there's no fingers, big points, right.
But she is going to try the credit card angle
(40:54):
to be honest with she said this morning, because I
just want this over with them, Like, well, it's two.
Speaker 3 (40:57):
Thousand dollars, you'd make one phone.
Speaker 2 (40:59):
Call, so yeah, you see, Oh that's awesome.
Speaker 3 (41:02):
I mean past number two.
Speaker 2 (41:03):
We'll update, Yeah, I'll update that. Yeah, Okay.
Speaker 1 (41:06):
I love that though, And again, like I just can't
reiterate enough, like how it's so nice for you to
be like that. You're actually involved in your clients, right,
That's just not a thing anywhere else. So I just
I think that's the value of having someone on. And
I'll be so honest, like I didn't want to bring
you on because like I typically have like if I'm
going to have a guest, I have like a female guest.
(41:26):
But in the new era of the podcast, since we've
relaunched it, I've really only brought in my people.
Speaker 2 (41:31):
A lot of the episodes are just me.
Speaker 1 (41:32):
Talking, but a lot of the episodes are the people
that support my life and in my journey.
Speaker 2 (41:38):
And so as much as I like a lot of.
Speaker 1 (41:40):
Times will support you know, female owned businesses and bring
on a lot of women, I was like, I can't
bring on anyone else to talk insurance because I know,
like and trust you.
Speaker 2 (41:50):
I buy from you.
Speaker 1 (41:51):
You have my best interest, you have my family's best interest,
you have my kid's best interests. I want Dylan's life
insurance policy with you so I can make sure that,
like we are supported right now. I don't know what
happens when you retire. That's definitely crossed my mind to myself.
Speaker 3 (42:05):
I am a little bit older than you though, but ideally, Dal.
Speaker 1 (42:08):
It makes it, but like not just that right, Like
it's like it's just having that knowing, that that comfort
of just having you in the back pocket. And I
think that is that's just different than going to guy
Co and buying your insurance online or even just getting
the insurance from a different All State agent. However, we
got hooked up with that originally, you know, and so right,
(42:30):
so I just think that is that's just really important
to consider, and I hope that you'll consider reaching out
to the Pipa Shard agency.
Speaker 2 (42:37):
He's located his office is located.
Speaker 1 (42:39):
In Linwood, but you do a lot online, people don't
actually have to come in and see you. But just
a really great relationship and I'm super grateful for everything
that you've done for us.
Speaker 4 (42:49):
Thank you.
Speaker 3 (42:50):
Yeah, appreciate having me.
Speaker 1 (42:51):
Yeah, any other things I should ask you or you
want to leave the listener with.
Speaker 3 (42:58):
You know, at the end of the day, we choose
who were.
Speaker 4 (43:04):
Making life decisions with, you know, and obviously Allison's a
part of your life where you wouldn't be listening to this,
and you know, she's done a pretty good job selling
why having an agent in your corner is important.
Speaker 3 (43:16):
At the end of the day.
Speaker 4 (43:17):
You have to like who you're working with and trust them.
And I'm you know, I'm not for everyone, and I
sell all State insurance, but most people don't care what
company it is they're buying from me.
Speaker 3 (43:31):
And you know, to be honest with you.
Speaker 4 (43:32):
Most of my customers are very tech savvy and want
to do everything online, and it kind of goes against me.
You don't pay me per hour like a therapist.
Speaker 3 (43:44):
Whish. By the way, I am a lot of the day.
Speaker 4 (43:46):
I'm a lawyer, doctor, therapist, social worker, divorce counselor marriage counselor.
Speaker 3 (43:52):
I guess it was the same thing, but I don't
charge by the hour.
Speaker 4 (43:56):
So anyway, if you want to reach out to me,
Allison's gonna provide you with my phone number and stuff.
Speaker 2 (44:02):
Yeah, we'll put your details in the in the show.
Speaker 4 (44:04):
Wing'd like to help anybody that wants help and appreciates
a personal relationship, because do.
Speaker 2 (44:09):
You so say your phone number right now, and say
your website.
Speaker 4 (44:12):
Okay, so it's phone numbers four two five six seven
zero zero seven six six, It's the Bouchard Agency or
Pete Bouchard.
Speaker 3 (44:23):
It's b O U C H ar D and.
Speaker 4 (44:28):
My email address is my name, Pete Bouchard at allstate
dot com. So feel free to reach out even if
you just have some questions and you want to answer.
Speaker 3 (44:37):
I don't charge for the first hour.
Speaker 2 (44:41):
Free consults. Awesome, Well, thank you so much for being here.
Speaker 3 (44:44):
I appreciate it,
Welcome to another episode of the Edmunds Launch Room podcast.
I am doctor Allison Felt, and today I have a
friend on the podcast. I will introduce him in just
a second, but I am going to start this podcast
with a little bit about why I want you on here,
and you can tell them all how I'm your number
one customer and all that good stuff.
Speaker 2 (00:21):
No, but really, so in before twenty twenty, before.
Speaker 1 (00:25):
COVID, in January twenty twenty, actually it was March, I
went to this conference.
Speaker 2 (00:29):
It was a business conference, and it was it was
all about de risking your business.
Speaker 1 (00:35):
And I realized, like I took so much from that conference,
and it brought me back to all my insurances that
I had was I did I have everything lined up
not just in my business life, but in my personal
life to protect my family, take care of the kids
if something happened to me.
Speaker 2 (00:52):
Right, So it kind of brought me back to that whole.
Speaker 1 (00:54):
De risking, de risking part of my life, and like
really opened my eyes to what kind of risk mitigation
in the Petashard terms do I need in order to
make sure I'm safe, Like make sure I can sleep
at night and all that good stuff. But the one
thing that came up in one of the meetings I
was in in January was that I needed more insurance.
(01:16):
I wasn't fully I met with one of my financial planners,
and I didn't have everything I needed. So then we
started working closely together to really make sure, like all
my boxes were checked. And I thought this would be
such a perfect episode because pretty much everyone that listens
to this is a mom there lived very similar lives
to my life, and we all want to sleep better
at night knowing that we have direct protections.
Speaker 2 (01:38):
Knowing that we have.
Speaker 3 (01:42):
We didn't see plans for yeah, for.
Speaker 2 (01:44):
When things go wrong, That's a good way to put it.
Speaker 1 (01:47):
When I was in my early twenties when we actually
first met. But when I was in my early twenties,
I had this friend and she told me she used
to date this insurance guy and she was fully covered
if anything ever happened. Lo and behold, she starts dating
this hockey player instead. They're currently now married. He floods
her entire apartment. He floods her whole entire apartment, and
(02:09):
I was like, oh my gosh, this must be a
nightmare or living in and she's like, yeah, it's kind
of a nightmare, but like I dated this guy and
I have every single insurance possible that protected me.
Speaker 2 (02:19):
So really, I'm I'm not liable for anything, like.
Speaker 1 (02:21):
Everything is fine and gonna work out in my favorite
and I was like I want to be that, and
so like from that conversation forward, I always thought, like
I always wondered, am I do I have the insurances
I need?
Speaker 2 (02:33):
And am I fully covered? Like what is missing? Like what
did she have? You know? And I should have just asked.
Speaker 1 (02:38):
Her, but it was like one of those things that
like leaves you questioning, like what was so good about
her protection apartment or yeah, yeah, and yes to both,
I don't I think she just rented it.
Speaker 2 (02:53):
And so that brings.
Speaker 1 (02:55):
Me around to I don't know what year it was,
but the year our house gets got broken into. So
we were living in Green Lake, but right off ninety
nine our house gets broken into just complete, like honestly destroyed,
like the guy like peas on the wall, like it
was a disaster and takes a bunch of stuff.
Speaker 2 (03:13):
And we had you weren't our insurance agent at the time,
but the minute you found out that you know that.
Speaker 1 (03:20):
This happened to us, you took over and you've got
every single thing done for us. And I think from
that point moving forward, I was like, Wow, it freaking
pays to have an awesome insurance agent. And I even
like I didn't, I didn't like you very much at
that time.
Speaker 2 (03:37):
Pete was was a hockey.
Speaker 1 (03:39):
Friend of my husband's and so he played hockey with him,
and you just had your like East Coast like a
little bit of assholeness to you. But since then we've
become friends and you know, you've helped helped us so much,
and it's been it's been awesome to have you, and
so I'm super grateful that you decided to come on
(04:00):
and join this podcast.
Speaker 2 (04:01):
So this is keep a Shark.
Speaker 1 (04:02):
He is the owner of the Bashard Agency, and I
am so excited to be able to like dive in,
ask him some questions, figure out what kind of insurances
we all should have a need.
Speaker 3 (04:15):
Okay, let's get that.
Speaker 2 (04:16):
Okay, dive into life insurance first.
Speaker 4 (04:18):
It's the one claim you're gonna make at some point
in your life. Yes, we could count.
Speaker 2 (04:22):
There all right, tell us, tell us what we like.
So again, we're.
Speaker 4 (04:28):
All moms, like anything, Insurance isn't one size fits all.
But if we want to consider you as your typical
client and audience person here. Most moms work nowadays, not all,
but it doesn't matter if it's mom or dad, whoever
is the wage or and in some cases both.
Speaker 3 (04:48):
You know, the.
Speaker 4 (04:49):
Irony is everyone's gonna die. It's a matter of when, where,
and how. Not everyone has a fire, not everyone has
a car accident. But everyone has home owners insurance and
everyone has car insurance. Right, one in ten people have
a personal life insurance policy at home. Everyone has a
little bit through work except for you and I were
self employed. So that's one reason why your include in
(05:12):
on this is you know, without sharing too much, we
had to plug a lot of holes. Right, you have
loss of income. So taking that step forward if you
are the way turner in the household or one of them,
one of the biggest risks, it's almost worse than dying,
in my opinion, is getting totally disabled. Now you can't
work and your a liability to your family. You might
(05:33):
even need twenty four hour care. So disability income policy
is what plugs that hole. If we tackle that or
tackling it.
Speaker 2 (05:42):
That was your little plug to make sure I signed
the paperwork.
Speaker 4 (05:45):
Life insurance is obvious right, Actually, in my East Coast style,
as our friend.
Speaker 3 (05:53):
Mentioned, it's real simple insurance.
Speaker 4 (05:56):
You live, you pay, you die, we pay. It's kind
of a morbid thought. But unless you lie on the
application or kill yourself in the first two years, life
insurance pays out. A lot of people don't know that,
and all joking aside, suicide is a real thing. And technically,
if someone has life insurance more than two years, the
thought is, if you're planning on doing that, you're not
(06:17):
gonna wait.
Speaker 3 (06:19):
A lot of people think that's excluded, and it's not.
Speaker 4 (06:21):
And I've actually paid about ten life insurance benefits and
three of the more suicide, and one of them.
Speaker 3 (06:29):
Was during COVID, So it's real anyway.
Speaker 4 (06:34):
Going from that dark thought, so you've got your ability
to create income can be taken away. That could be
a car accident, could be a stroke, could be any
other hell thing. So that's disability income that plugs that
whole life insurance. None of us want to think about it,
but like I said, it's either it's going to happen
now or later, ideally later. So life insurance, there's a formula.
(07:00):
One's different. You might have a mortgage, you might have
three kids, you might have one kid. College expenses. You know,
everyone throws this number around it to cost a million
dollars to raise a kid. Well, that must have been
when I was born, and I'm quite a bit older
than you. I mean, I know what I'm paying for
college for my kid right now, and fortunately we saved
for it, which is actually another thing I don't sell personally.
(07:21):
But five twenty nine plans, Yeah, college plans or people
have heard of gets. If you have a child under five,
you better start doing it now, and if you have
one over five, better start now. So that's actually a
huge thing I don't personally sell, but it's that's pretty
much the life and disability.
Speaker 1 (07:38):
Okay, so let's let's tap. Let's tap live insurance. Let
me ask you some more questions about life insurance. So
I answer these simply, I guess if you want to.
But from a mom's perspective, so mom works, maybe she
has an Amazon job or some type job, and she
gets some life insurance. But a lot of times those
are like twenty five thousand dollars like these aren't like
big policies, and like even Dylan's coast Guard policy was
(07:59):
super like it wouldn't have been enough to support anything
but a funeral, and so how would So you said,
there's a formula for that.
Speaker 3 (08:08):
Yeah, I know where you're going with this. Yeah.
Speaker 4 (08:09):
So generally speaking, most even high earning you know, two, three,
four hundred grand at Amazon, whatever, Microsoft, great jobs, they're
going to pay one or two times your salary.
Speaker 3 (08:22):
Okay, keyword salary.
Speaker 4 (08:25):
There are people that make one hundred grand a year's
salary and they make three hundred grand.
Speaker 3 (08:29):
In stock options or bonuses or whatever.
Speaker 4 (08:31):
Right, Yeah, so to be clear, that's one hundred thousand
dollars times one or two, So that's two hundred thousand.
Speaker 3 (08:38):
That's better than nothing.
Speaker 4 (08:39):
Yeah, but I always tell people whatever they have at work.
Speaker 3 (08:44):
And it's free.
Speaker 4 (08:45):
Yeah, most of the time, you can play a little
bit per paycheck and max out what they call voluntary
coverage and that's pennies on the dollar. And it's not
anything you have to qualify for. So if you're overweight,
not help healthy, it's a group policy. So it's a
great way to get inexpensive coverage that's one size fits all.
Speaker 3 (09:08):
It's still not enough.
Speaker 4 (09:09):
So you consider whatever you get at work and whatever
they offer as like grievy.
Speaker 3 (09:14):
That's worst case scenario.
Speaker 4 (09:16):
Your own personal policy, you own, you control, So after
you get laid off or quit or want to start
your own business, that life insurance goes away pretty much instantly.
I don't know if there is thirty days or sixty days.
So the entrepreneurs making three four hundred grand a year
decides to go on their own, and it happens a
(09:36):
lot in tech. You go from whatever coverage you had,
it worked and nothing. So having your own policy literally
you can leave the country. You could live in this
stay and bul it's your policy. You take it with you,
and a lot of people don't know that. It's not
just in the United States. So going back to the
how much coverage, that's a personal decision, but usually we
(10:00):
want to do five to ten times your salary. The
other way I like to do it is the real
way is what's your mortgage? How many kids do you have,
how old are they, how long is it going to
take them to get to age eighteen? And do you
want to provide for college? So let's just take the
quintessential example. You got mom and dad, a four year
(10:21):
old and the juniar. I know they're going to have
two kids. Well, I don't know, that's truss. You get
too personal. But my dollars. College is eighty seven grand
a year. Yeah, that's basically four un or grand, that's
today grand.
Speaker 3 (10:35):
It's a very good school.
Speaker 4 (10:37):
So you add two kids, you're already at a million,
pretty much rounding off a funeral final expenses because a
lot of times if someone's young, it's something where they're
in a bad car accident, it could be on life support,
and you can drain a couple hundred thousand dollars after
health insurance, never mind the actual funeral. You'd be surprised
(10:58):
what a funeral costs. Flowers caskets that my parents have
both passed is not cheap. And if your paycheck to
paycheck and you have to pay for your demise of
your family member, you don't want to like say, I'll.
Speaker 3 (11:14):
Take the cardboard box. Let's get them all deep.
Speaker 4 (11:17):
But at the end of the day, you know, let's
say you make two hundred grand a year, you want
to get your kids to age eighteen. In my example,
two and four, you've got sixteen years right now.
Speaker 3 (11:28):
That can add up.
Speaker 4 (11:29):
We can get crazy, but honestly, we don't really start
less than a million. Yeah, I mean everyone's house around
here is a million, so you're gonna have a eight
hundred dozan or mortgage or whatever.
Speaker 2 (11:41):
So no, that's great. Yeah, no, I love that. And
I don't know if you can answer this.
Speaker 1 (11:46):
I don't know if you have an answer that I
want to hear. But what about the stay at home
mom who literally works twenty four to seven and if
she dies, Like, yeah, the husband might try to replace
her right away, but like the reality is like they're
going to.
Speaker 2 (12:02):
Need a house manager and a nanny.
Speaker 3 (12:05):
And yeah, you nailed.
Speaker 4 (12:07):
It because you did say you know a lot of
your customers are high earning women. But yes, let's go
the other way around. One customer told me she's a
domestic engineer. I smile because I love that term, and
it's funny how people haven't heard it because we don't
stay at home mom. It could be a stay at
home debt. Yeah, right, so you could have a male
domestic never mind same sex partner. So long story short,
(12:30):
what I tell you actually just nailed something Because a
lot of times I'll get hey, I want my husband
to buy insurance.
Speaker 3 (12:36):
He makes a lot of money at work. I'd be.
Speaker 4 (12:40):
In a bad situation if he's gone, and I'll say,
well what about you? While I don't work, so you're
already asking me that question, but I usually have to
go there, and I say, well, let's.
Speaker 3 (12:50):
Just think about this.
Speaker 4 (12:52):
If you weren't around, you think he can go on
those business trips to make those commissions.
Speaker 3 (12:58):
Or do those meetings.
Speaker 4 (13:00):
You enable him to do what he does or she
does if it's vice versa. And so there's an argument
that you're worth as much, if not more, do you
know what I mean?
Speaker 3 (13:09):
Like literally if you're not there.
Speaker 4 (13:11):
Yeah, I mean I don't want to get too personal,
but you do a lot at home, you know, I
know more than most and like there are some husbands
that just don't know how to manage their soccer schedule
and all this stuff.
Speaker 3 (13:27):
So, yeah, the.
Speaker 4 (13:29):
Part about how much you earn times ten, that's just
a mathematical equation. But if you're the person that holds
the house together, and that person will have to quit
their job go do a salary job, that's a real thing.
Speaker 2 (13:41):
Yeah, absolutely qual life.
Speaker 4 (13:44):
Yes, now they can't get as much. Necessarily, you have
to be worth more alive than dead. But a million
dollars first, stay at home mom, with a mortgage is
the slam dunk all day long. And we're talking fifty
to eighty bucks a month, maybe one hundred bucks a
month at most, just depending on the.
Speaker 3 (14:04):
Age and health.
Speaker 2 (14:05):
Yeah.
Speaker 1 (14:05):
One thing, I can't believe how much cheaper it is,
because like, so I've been trying to get dial in
this freaking life insurance policy since we've been married. But
then he's like, because I'm like, if you die, like
I have to hire so much after school help just
to like get everybody where they need to go.
Speaker 2 (14:19):
And like, I mean, you know.
Speaker 3 (14:21):
You might take a day or two off to mourn
until you could do that.
Speaker 1 (14:25):
You're oh, okay, okay, okay, But he's always like, of course,
you want me to have a life insurance policy.
Speaker 2 (14:30):
You want me that.
Speaker 1 (14:31):
So it's been like this whole game, I'm like, you
need to have this life insurance policy. So I went
online and got I've been paying this exorbitant amount of
life insurance just to have like a million dollar coverage
for him, And I think I paid two fifty a month,
Like that's that's a lot compared to the rates that
your firm just sent me for him, Like it's less.
Speaker 4 (14:53):
It's like a quarter of the price. Yeah, that's a product.
Even he made a poor purchase decision on the product.
It's not the prices of that much better, it's just
to meet the wrong purchase.
Speaker 1 (15:03):
No, no, no, no, I didn't listen because I made the
decision because he was like, I'm not going to get
blood work.
Speaker 2 (15:09):
I'm not going to do any of it. And so
I had to buy the policy that would at least get.
Speaker 4 (15:13):
Me like some like one of those guarantee issues where
you don't ask a lot of questions and pay through
the Yeah.
Speaker 2 (15:18):
And so now that he's like, oh no, I'll.
Speaker 1 (15:20):
Get the blood work, and you know, I'm like, then
we're going to pete like, I'm going to get this
all day long. So when you sent me those numbers,
I'm like, yes, like every single day, free up some cash.
But everyone listening should have life insurance at this point.
Speaker 4 (15:32):
The last thing I'll say on life insurance is you
buy it with your not just your money, by your
age and your health. And the argument is, you know
your clients aren't twenty five, but you're.
Speaker 3 (15:44):
Not getting any younger.
Speaker 4 (15:45):
Yeah, So if you're thinking about it or thinking it's
for old people, and I want to buy it before
I die, but not too early. Your mid forties is
the best time because you're still healthy. You kind of
know where your life's going to be, you know, if
you're going to have eight kids or one.
Speaker 3 (15:59):
You know, So thirties forties is the best.
Speaker 4 (16:02):
Obviously, you get into your fifties as soon as the
better because you're not going to get younger and you're
not gonna get healthy.
Speaker 2 (16:07):
So how do you answer that?
Speaker 1 (16:08):
Every single person wants to go on a diet before
they sign up for life insurance?
Speaker 4 (16:12):
So what you're kidding yourself? If you haven't done it already,
then you're not gonna do it now.
Speaker 3 (16:17):
I do get some people that are.
Speaker 4 (16:18):
Like, oh, I chew or I do edibles, which is
a whole like a due whole segment on edibles.
Speaker 3 (16:24):
The fact of the matter is we have a hundred
reasons to wait.
Speaker 4 (16:28):
Right, Oh, I'm gonna drop ten pounds and I'll save
eight dollars a month. Okay, what AM's if something happens
in meanwhile? What's never mind happens, Let's go. You're not
gonna drop dead, But what say you get diagnosed with
high blood pressure or high cholesterol? Like my thyroid went
out you know, I play hockey at a high level.
I have to take mets. That affects my price more
(16:50):
than dropping ten pounds.
Speaker 2 (16:51):
But you already had your price locked yet.
Speaker 4 (16:53):
Well, yeah, I bought my in my twenties. But you
know that's yeah, because I'm what do they call that
a hazard?
Speaker 3 (16:59):
Job? Hazard?
Speaker 4 (17:00):
So no, I mean, if you're thinking about it, it
means you've been thinking about it before this podcast, and
you need to act on it. And whether you do
it with me or somebody else, do it for your family, Yeah,
because that's what you do.
Speaker 3 (17:11):
You know, life.
Speaker 4 (17:12):
They always say you can't sell life insurance unless there's love.
And I actually had a husband who was reluctant to
do the blood work and stuff. Yeah, and he said, well,
I just don't want to do it. I said, that's
one of the most selfish things I've ever heard.
Speaker 2 (17:26):
Yeah.
Speaker 3 (17:27):
So at that point he wasn't gonna buy it. He goes,
what do you mean.
Speaker 4 (17:29):
I said, this isn't about you, this is about your
kids and your wife.
Speaker 3 (17:33):
And he said, well, just I'm not I don't give blood.
I can't do it.
Speaker 4 (17:37):
I'm like, I called the wife and I said, he's
not going to do it. She said why, I said,
because he's too scared to give blood. She goes, I'll
have a conversation with him that call. If I got
a phone call the next day. Wow, I mean people
have a hundred different even than your own husband has reluctant.
Speaker 1 (17:52):
Well, that's why I'm like, yeah, that is so selfish.
I never put a thing on it a label. Oh gosh, Pete, Okay,
here we go.
Speaker 3 (17:58):
It's not for you to be gone. Yeah.
Speaker 4 (18:01):
Some people say, literally, I don't care, I won't be around.
I mean they don't say it that way, but yeah,
no one wants to confront it.
Speaker 3 (18:07):
We're mortal.
Speaker 2 (18:10):
That's great. That's really good.
Speaker 3 (18:12):
Thank you.
Speaker 2 (18:12):
Thanks christ I think what a plug to have life
insurance and I and I. It's so real though.
Speaker 1 (18:18):
Every time I've applied for life insurance, my original policy
that I got with you that's still under my maiden name,
and then my current policy. At both times I was like,
I need to like I want to lose weight or
I want to get healthier before I do this, and I.
Speaker 4 (18:33):
Want to put your best foot forward, but sometimes it's
the foot so yeah.
Speaker 2 (18:36):
Yeah.
Speaker 4 (18:37):
Besides, all of your clients are in perfect ship because
you take great care of them.
Speaker 2 (18:40):
Yeah, exactly.
Speaker 1 (18:41):
When you have multiple assets, how do you make sure
that you're protected. So one of the things I came
back with in January is I was like, Pee, I
need this umbrella policy? Do I like, I don't even know.
I don't even know why I needed that, but one
of the financial advisors said that I needed to make
sure that I got this in place by the time
I came back and.
Speaker 3 (18:59):
Mad, because it rains a lot and sea, I need
an umbrella.
Speaker 2 (19:02):
So what's an umbrella policy?
Speaker 1 (19:04):
And a lot of people our friend looked at this
and was like, no, that's just like a essentially.
Speaker 2 (19:10):
An up sell.
Speaker 4 (19:11):
Well it's funny because as we were entering this conversation,
I got a text today because an umbrella is something
keeps you dry, right and Seattle, actually it's a beautiful
sunny day to day, but we needed umbrellas every day, right.
Speaker 3 (19:24):
I personally don't own one.
Speaker 1 (19:25):
That I was going to say, if you're from the
East coast, you might need one, but I don't have any.
Speaker 2 (19:28):
I don't known one either.
Speaker 4 (19:29):
Anyway, It's technically called excess liability. Slang is umbrella, and
the problem with the word umbrella is everyone thinks it's
all encompassing. And one of my really good friends and
actually another hockey person, just texted me and said, can
I use my umbrella for uninsured motorists? Long story short,
(19:50):
his mom and dad got really, really really injured in
a car accident. They almost got killed, and he's going
through a loss now. The irony is he was texting
me looking for another aspect or another way to collect funds.
But I even texted him quickly back and said, no,
(20:11):
it's the other way around.
Speaker 3 (20:13):
The umbrella is excess liability.
Speaker 4 (20:15):
I use that word with him, meaning if your parents
were at fault and they were getting sued, their umbrella
would cover them.
Speaker 3 (20:24):
He said, oh, yeah, that's right. I forgot because long story.
Speaker 4 (20:27):
Short, their injuries are way more than the other person's insurance.
Speaker 3 (20:33):
So that goes back to your question.
Speaker 4 (20:35):
So everybody has a certain amount of auto insurance, liability
called bodle injury liability and property damage. Everyone has a
certain amount of liability insurance for home renters, condo all
that matter of fact, a renter's policy.
Speaker 3 (20:50):
Some of your customers might be renters.
Speaker 4 (20:52):
It's optional, but it actually not only protects your stuff,
but it gives you liability coverage, and I don't want
to go too far off on that, but a perfect
example of someone who doesn't on her home doesn't mean
they don't have assets. There's plenty of people that right now.
Because the mortgage rates are high, they want to rent
everything else. So Raters insurance actually provides liability. And you know,
(21:15):
to use us as example. I golf, I play hockey.
You know, golf balls can go awaywhard clubheads can come off.
I actually had a case where someone was at a
driving range and the ball went over the fence. It
hit a car. If you've ever been hit by a
rock chip, it's loud and scary. Well you can imagine
a golf ball coming one hundred miles an hour. It
(21:37):
wasn't my customer that I know of this situation. The
guy panicked and scared the crap out of him, and
he hit a tree and got injured. They were able
to figure out whose golf ball was, which is a
whole other conversation. Right, But the good in us we
want to provide for other people's injuries.
Speaker 2 (21:56):
Right.
Speaker 4 (21:57):
The greed may not want to, you know, like you
want to duck on aer the I'm calf kidding, but
so liability insurance extends from renters, homeowners or condo So
even if you're a renter, the golf ball incident is
actually cover.
Speaker 3 (22:13):
Under your homeowners or renters insurance.
Speaker 4 (22:17):
Now, a renter's policy is gonna max out at three
hundred thousand, and let's guss most people that are renting,
that's enough. But if you're that person that's in between
homes or you're building a home or something, an umbrella
policy to get it out is increments of a million dollars.
Speaker 3 (22:32):
So you started a million, you can go two, three, four, five.
Speaker 4 (22:35):
There are products you can get, but five million is
plenty for most people. And so I was focusing on
a renter. But back to your question. You know, ideally
I always actually have a slogan having assets is a
good problem. And a lot of people go, what do
you mean problem, Well, it means you have to protect them.
Speaker 3 (22:55):
So you're busting your abud to work, you.
Speaker 4 (22:58):
Know, buy a house, have the house, appreciate, maybe buy
another house, invest for the kids.
Speaker 3 (23:04):
I'm fifty five, I'm in the hold on to my money.
I don't want to lose it.
Speaker 4 (23:09):
And so the number one way I can lose my
net worth and have to continue to work or go
back to work is if I get sued and I
lose everything. And ironically, were about three blocks from an
incident where my nanny's mom.
Speaker 3 (23:25):
I don't even know if I told her this story, but.
Speaker 4 (23:27):
My nanny's mom got killed in the crosswalk, like three
blocks down the street.
Speaker 3 (23:30):
From your office.
Speaker 4 (23:31):
Oh my god, I'm sure a lot of your Edmonds
people probably remember it. But yeah, that was life altering. Fortunately,
the husband was renting the car, which is another wildcard.
It was a rental car that she had just picked up,
had a five million dollar umbrella for his business, and
it ended up hanging.
Speaker 3 (23:48):
Out three million dollars. Wow.
Speaker 4 (23:50):
And if you think about that fast forwarding, that's a
stay at home mom who never worked a day, or
excuse me, stay at home grandmom who never worked a
day in her life in her sixties is worth three
million dollars. What does that make you're and I worth
when we provide for our families.
Speaker 1 (24:06):
Yeah, that's scary, scary, So okay, So what I'm gaining
is that everybody.
Speaker 2 (24:12):
Really does need an umbrella policy just to protect you.
Speaker 1 (24:15):
Go back to the car accident of like the guy
that was just texting you because I feel like that's like,
I want you to finish that story. So his parents
are very much needing help because they got really hurt,
they were hit by somebody has maxed out their insurance.
They're gonna they kind of like don't have any more
to get from that guy.
Speaker 2 (24:35):
But does that guy have an umbrella that.
Speaker 4 (24:37):
They So I only know some of the details, but
let's put this way. Chris wouldn't be asking if their
uninsured motorist is exhausted, which is putting that if their
umbrel would cover me and the injured person.
Speaker 3 (24:53):
So that tells me that he's run out of funds.
Speaker 4 (24:56):
So I can I can guess the other person either
doesn't have an umbrella or enough.
Speaker 3 (25:00):
Let's just put a number on it.
Speaker 4 (25:02):
Let's say it's a two million dollar lawsuit and the
other person has the regular and the state minimum is
twenty five thousand. By the way, yeah, and I will
look at the camera. Half of your customers are maybe
a quarter probably have the state minimum because they don't
know better and no one's ever told them. Even the
highest amount you get on a car insurance policy is
(25:23):
two hundred and fifty thousand dollars.
Speaker 3 (25:24):
Okay, and you know, if someone's.
Speaker 4 (25:26):
Out of work for six months and they made three
four hundred a you've got emergency bills.
Speaker 3 (25:33):
Excuse me, that money doesn't go very far.
Speaker 4 (25:35):
So the problem, the answer your question is the people
that hit his parents probably have this regular one hundred
grand two hundred grand which didn't cover a matter of fact,
they think the mom was on life support for a while.
It was pretty good and they're older, so they're you know,
more likely to get injured.
Speaker 1 (25:52):
Okay, let's talk auto policies. Then you already started talking
about it. You can even tell us about how your
daughter just got in this accident with an uninsured vehicle.
But I would love to know. I would love to
know what kind of auto policies. I have a few
questions around auto policies.
Speaker 2 (26:08):
I don't even know what I have. So this is
why it just pays. Honestly, I'm interrupting.
Speaker 1 (26:12):
You just pays to have a really good agent because
I feel like I didn't actually have to know that much.
And also not to thread this back in, but the
life insurance thing, like secretly, the reasons I needed Dylan's
life insurance to be through you guys, is because like
at least I know who to contact, Like I don't
trust this random online business that I bought this super
(26:33):
expensive life insurance policy from, Like how can I even
trust that if something happened that would even pay out?
So it is a fascinating it's fascinating.
Speaker 2 (26:43):
To bring that in.
Speaker 1 (26:44):
And I know not everyone is going to be friends
with Pete, but this just goes to show you why
it's important. Like you're seeing, like Pete just said, through
this episode, like multiple times he's like, oh, he just
texted me, that person just texted me, or I talked
with her wife, and like that's how it is when
you take care of your customers. And never before in
my life, when when we had that terrible break in,
(27:05):
like we didn't have anyone to talk to, you know,
And even when I've had like a car accident, it's
like I didn't know who to even call or like
I didn't feel like you feel all alone. And so
I do feel like it's really nice to have, Like
I feel blessed to be able to have a relationship
with with you as an insurance agent.
Speaker 2 (27:22):
For that reason, I have some.
Speaker 3 (27:23):
Thoughts on that.
Speaker 4 (27:24):
Yeah, I can actually dovetail the life, the auto, the
life and the umbrella all together and to be comical again.
I don't know about you, but I moved here a
long time ago from the East Coast, and as soon
as I got here, there was this commercial you have
a friend and a diving business. You have ever seen?
That commercial drives me nuts. It was thirty years ago,
(27:48):
showing my age. I think the same voice is on there,
But I joke when I'm talking to my customers. Now,
you have a friend in the insurance business. And you know,
I don't know about most of your listeners, but if
you don't have a good mecchamic, a good bishop guy
or person, if you don't have a good plumber, electrician,
I mean, there's a lot of bad actors out there.
(28:08):
And let's be honest, there's the eighty twenty year roll
in most businesses. Real estate agents, right, they're all over
the place, insurance agents all over the place. Mortgage broker's
only maybe ten percent know what they're doing and care
about you. And one of the things I was gonna
say is today everyone wants to commoditize insurance. Oh, I
(28:28):
can go to Progressive Online do it myself. Okay, Well,
you can order stuff from Amazon for yourself. Too, but
that's not life altering progressive, you know, back to the
one hundred we call progressive and Geico want to enter.
Speaker 3 (28:41):
Who are you?
Speaker 4 (28:42):
You're talking to someone in San Diego for Geico a
surfer dude, I'm jealous.
Speaker 3 (28:49):
Just just be honest.
Speaker 4 (28:50):
But they don't know you or care about you. It
doesn't make me a great person or a great agent.
I mean that my customers are literally in Washington only
and right here in at mendsor I live in Sureil
and where they're around here. So at the end of
the day, you don't need to know crap about insurance.
You need to know how to call one hundred pet right, Yeah,
and we need to have real hard discussions on what
(29:13):
holes do we want to plug.
Speaker 3 (29:14):
As matter of fact, you're a perfect example.
Speaker 4 (29:15):
There's two holes we haven't plugged yet that we've been
talking about, and we've got side truns right so after
this podcast will take care of that. So back to
the dovetailing everything. At the end of the day, you
don't need to know insurance. Your job is to provide
for your family, raise your kids, manage your household.
Speaker 3 (29:32):
Let me do the heavy lifting.
Speaker 4 (29:34):
You don't need to know what bodily injury means or
umbrella means, or personal energy projection or PIP or uninsured motorists.
Do you have all the holes in the boat plugged?
Speaker 3 (29:45):
And so.
Speaker 4 (29:47):
The best insurance that you can have is everyone says
full covers. There is no full covers. There's a lot
of stuff they'll never be covered. Okay, it's a term
I learned in the rental car business. I have full coverage.
Well though you don't.
Speaker 3 (29:58):
Nobody isn't.
Speaker 4 (29:59):
So a good auto policy is going to have liability.
We all have collision and comprehensive if we have a
new car, right that you have to have it if
you have a loan, but if you have enough liability,
if you have uninsured motorists, and that goes back to
everything we're talking about. One in four drivers in Washington
doesn't have any insurance.
Speaker 3 (30:18):
Drivers.
Speaker 4 (30:19):
That doesn't mean cars right, one in four have don't
have the state minimum or too little. So you have
a fifty percent chance you're going to get hit by
someone who with either no insurance or not much, which
means you're gonna have to rest on your own insurance,
which is the uninsured motorsport. So in my case, my
lovely sixteen year old who I taught everything to what
(30:44):
happens if there's an accident. Well, you probably tell your
kids what happens if there's a fire at home. If
you did a real test, you think they'd do whatever
you told them to do or calmly go down the stairs.
So my kid got sideswiped the other day, did everything rightly.
I was in a hockey game, so I wasn't available
the one time that my phone's.
Speaker 3 (31:03):
Off, and she did everything right.
Speaker 4 (31:07):
She pulled over, asked for the driver's license, asked for this,
asked for that. Well the first words out of their
mouth is they didn't, excuse me, speak English. Okay, well
we live in Seattle. That's pretty common. They had a
temporary license plate which was wet and crinkled up. So
my child, who's seventeen or almost seventeen, isn't going to
(31:30):
like push it too much with an adult. It was
a mid thirties either way, So you have language as
a barrier. Yeah, my child went through the checklist, you know, name,
phone number, registration, you know, insurance, car, driver's license.
Speaker 3 (31:44):
No, everything was no English, no English, no English.
Speaker 4 (31:47):
And she did ask for a phone number, and they
gave my daughter a phone number. Well, as soon as
I got out of hockey, they got the text from
my poor child who was traumatized a little bit by
it didn't get injured, the car messed up. First thing
I did is call the phone number. Guess what disconnected?
There's a fake number. It was a Louisiana area code.
(32:10):
Was that possible?
Speaker 3 (32:10):
Yes? What should my child maybe have done differently?
Speaker 4 (32:14):
Tried the phone number while they're there, because if it
doesn't ring, you know, but what is she gonna do?
You know? By the way, On a separate note, don't
chase people down, don't antagonize them.
Speaker 3 (32:25):
You'd be surprised how many times people get shot or stabbed.
It's not worth it.
Speaker 4 (32:30):
At the end of the day, this is gonna cost
my family three hundred dollars under an uninsured motorists which
is where the story is going is. Unfortunately, even if
they didn't lie, they probably didn't have insurance. They probably
don't have any assets. I carry uninsured motors protection. It's
fifteen bucks a month. How much does that coffee you have,
the big huge coffees to see how what you.
Speaker 2 (32:51):
Do is second one books? Yeah, I probably sent twelve bucks.
Speaker 4 (32:54):
To So one of those a month you cut out,
you can afford uninsured motors. I'm a half kidding, but
that's actually how I sell even an umbrella. It's two
of those a month. At the end of the day,
if you think about it, you pay. I pay to
have unresure motors. So when the other guy doesn't pay
the four hundred dollars a month I pay for my
two kids driving, I have to pay more to prick
(33:17):
themself against them not having it. That doesn't taste well.
But the other option is I don't have coverage, right,
So I think I got off on the track here.
So a good product or good autopolicy has a lot
of liability. It has personal injury protection, which is medical
(33:37):
insurance for car accidents, and it could pay out as
a bicyclist, as a pedestrian, jogger, and a lot of
us around here are those. And when you get hit
by a car, you're a pip in your car. Insurance
has a pace for it. It's kind of like the
obscure gulf Ball example. So there's a lot more applications
(34:02):
for pipper personal engine protection. Then I have health insurance, right, well,
I have health insurance. I have an eight thousand dollars deductible, right,
do I want to pay grand for some idiot hit
my kid?
Speaker 3 (34:14):
You know she didn't get injured anyway. I started to ramble.
Speaker 1 (34:17):
No, that's good, Okay, that's good. Okay, So I feel
like you've covered the auto. Now let me ask you.
I'm going to San Diego, got to rent a car.
Do I need I go back and forth with whether
I add the extra insurance, the full coverage, the full coverage.
And the reason I go back and forth is because
(34:38):
when I was in Michigan like a couple. I don't know,
this was when Chloe's borne, so like ten years ago,
I hit this huge rock and I just remember being like,
I wish I bought the insurance so I didn't even
have to think about it.
Speaker 2 (34:50):
So is that a gimmick?
Speaker 4 (34:52):
Well, I'm uniquely qualified to answer to that question because
I was a high level manager at Enterprise Renter Car
before I got.
Speaker 3 (34:58):
An insurance instry.
Speaker 4 (34:59):
Look at you, Well, I say that because I was
one of the best salesmen at what they call the
collision damage waiver. Nowadays they sell supplemental liability as well,
and they also sell like five other things.
Speaker 3 (35:13):
If you look at the contract.
Speaker 4 (35:14):
But what you're getting at is there are two main
issues you have renting a car. The easy answer to
your question is whatever you have on your car insurance
with me, transfer to the Renald car. So if you
have an umbrella and you have collision, which most people do,
they're the collision. Collision cover is the cost of the
(35:36):
Rentald car. That's a fixed expense.
Speaker 3 (35:38):
Right.
Speaker 4 (35:38):
The rental car might be thirty or forty grand. Your
collision is going to transfer to it, just like it's
your own car.
Speaker 3 (35:43):
So that's easy, okay. Right.
Speaker 4 (35:46):
The supplemental liability is the thing that most people don't
think about. Well, you don't need that because you have
a large umbrella policy. It also transfers, okay. So the
simplest answer is whatever you've got in your car, transfer
to the temporary replacement, which is a Ronald car.
Speaker 3 (36:01):
Okay. Now, unless you don't own a.
Speaker 4 (36:03):
Car, or you don't have a newer car that would
make you have collision on it, you don't need to
buy their stuff. Haven't said that they sell a damaged waiver.
It's not insurance. So now I'm putting the rend car
sales guy had on because it's true literally just happened yesterday.
(36:25):
I had a customer get a bill for three thousand dollars.
It was for loss of use in administrative fees. All
State paid the ten thousand dollars to fix the Alamo
rental car. But Almo reserves the right, as does any
rental car company, to charge for what they call downtime
(36:46):
or a loss of use.
Speaker 3 (36:47):
Do you know what that means? No, I mean you
pull it off when you said up, I mean I
get it. What it means is they can't rent that car.
Speaker 2 (36:54):
They can't make money off, and.
Speaker 4 (36:56):
Businesses have a right to charge for that. Now most
of the time they don't. Matter of fact, when I
was in enterprise, they had a written agreement that they
wouldn't charge All State customers that and it was a
selling point. But that was a long time ago. And
every company, even McDonald's, is charging for extra catchup, right,
I mean, it's just the.
Speaker 3 (37:16):
Way of the world.
Speaker 4 (37:16):
So there is value in having the collision damage waver.
But like any insurance, how many times do you run
a car, how many days you're gonna have it for?
Speaker 3 (37:26):
How much does it cost? What's the likely the happening?
Speaker 2 (37:32):
So what's that called what's the one.
Speaker 4 (37:34):
So the collision damage waiver literally says, if you buy it,
and let's be honest. When I sold it was eight
dollars a day, you'd have a car for a week.
It was fifty six bucks. I'd do that all day long. Yeah,
now it's I haven't bought them a long time. It's
twenty five bucks a day.
Speaker 2 (37:48):
Do you buy it now?
Speaker 3 (37:49):
I don't.
Speaker 4 (37:50):
Okay, Now I don't buy it because A I have
very good insurance. Yeah, I have accident forgiveness. Some companies
offer it. Sometimes you have to earn it. So my case,
and again everyone's different. I would have no deductible because
I have deductible awards. Well, I have to use some
of them for my uner Sure motors claim to be honest,
but at the end of the day, I'd only be
(38:10):
out like maybe a five hundred dollars deductible. But this person,
they're literally gonna get sent to collections if they don't
pay it. They kept thinking all State was gonna pay it.
I'm like, it's not an all state thing. We don't
owe for anything more than the damage. It's to the car,
I see, and it's it's the law and whether or
(38:30):
not they want it. So a lot of times a
rental car company won't charge it if the insurance company
doesn't pay it. You know how like when you go
to the doctor, they charge six grand for something the
insurance company pays three and they write it off. Well,
these guys aren't writing it off, and they have a
right to do it. I'm actually trying to intercede on
their behalf. But at the end of the day, they
don't care about so damage waiver does have value, but
(38:53):
you have to it's risk versus return. I'll give you
an example. The one time I've had an accident.
Speaker 3 (38:58):
With a rental car.
Speaker 4 (38:59):
It's kind of some to you, even though I'm from
New England and supposedly you can drive well in the snow.
Speaker 3 (39:04):
I had rented a van with my.
Speaker 4 (39:06):
Future in laws and we were in Idaho Falls and
I was going down a ramp and it wasn't you know,
my car wasn't used to it. I didn't have vans,
and sure enough, as soon as I hit the brakes
going down, I wasn't even going very fast.
Speaker 3 (39:21):
It was sheer rice.
Speaker 4 (39:22):
I don't care who you are, but I ended up
going a little bit into the intersection and someone drilled me.
Now I say they drilled me. I ran the stop sign.
Yes it was slow motion. But at the end of
the day, I was where I shouldn't be and they
hit me. The irony is I did have the rental
car coverage for that one, and that was a long
time ago and it was less expensive. And I literally
(39:45):
handed them the keys and said, you're a problem. And
actually there are times when your credit card company might
cover that too, which is another angle going up.
Speaker 3 (39:53):
So I mean, I could have a whole podcast on
rental cars.
Speaker 4 (39:56):
But so most people don't buy it. But if you're
doing that, you know, like Hawaii is easy to drive
in in California, you know, but if you're gonna go somewhere,
especially if you're not used to snow and ice, it's
every time you run a car, is a different decision.
Speaker 1 (40:12):
Yeah, But accidents happen everywhere, so it is a good
thing to consider.
Speaker 4 (40:16):
Yeah, I mean, in your example, let's say at one
thousand dollars deductible and noted doctor awards and you had
you still had accident for you this You're still are
just gonna pay your deductible. It's but it's the loss
of income and the administrative view, but minifraid of views are.
Speaker 3 (40:30):
Usually like five hundred bucks.
Speaker 4 (40:32):
It's really more of the taste in your mind, like,
damn it, my insurance isn't paying for it. In this case,
they actually hit a deer, so I kind of feel
bad for them because it wasn't their fault. Yeah, because
if another person hit them, their insurance would be paying
for all of this. It wouldn't be their problem. So
it's not all states fault, Like there's no fingers, big points, right.
But she is going to try the credit card angle
(40:54):
to be honest with she said this morning, because I
just want this over with them, Like, well, it's two.
Speaker 3 (40:57):
Thousand dollars, you'd make one phone.
Speaker 2 (40:59):
Call, so yeah, you see, Oh that's awesome.
Speaker 3 (41:02):
I mean past number two.
Speaker 2 (41:03):
We'll update, Yeah, I'll update that. Yeah, Okay.
Speaker 1 (41:06):
I love that though, And again, like I just can't
reiterate enough, like how it's so nice for you to
be like that. You're actually involved in your clients, right,
That's just not a thing anywhere else. So I just
I think that's the value of having someone on. And
I'll be so honest, like I didn't want to bring
you on because like I typically have like if I'm
going to have a guest, I have like a female guest.
(41:26):
But in the new era of the podcast, since we've
relaunched it, I've really only brought in my people.
Speaker 2 (41:31):
A lot of the episodes are just me.
Speaker 1 (41:32):
Talking, but a lot of the episodes are the people
that support my life and in my journey.
Speaker 2 (41:38):
And so as much as I like a lot of.
Speaker 1 (41:40):
Times will support you know, female owned businesses and bring
on a lot of women, I was like, I can't
bring on anyone else to talk insurance because I know,
like and trust you.
Speaker 2 (41:50):
I buy from you.
Speaker 1 (41:51):
You have my best interest, you have my family's best interest,
you have my kid's best interests. I want Dylan's life
insurance policy with you so I can make sure that,
like we are supported right now. I don't know what
happens when you retire. That's definitely crossed my mind to myself.
Speaker 3 (42:05):
I am a little bit older than you though, but ideally, Dal.
Speaker 1 (42:08):
It makes it, but like not just that right, Like
it's like it's just having that knowing, that that comfort
of just having you in the back pocket. And I
think that is that's just different than going to guy
Co and buying your insurance online or even just getting
the insurance from a different All State agent. However, we
got hooked up with that originally, you know, and so right,
(42:30):
so I just think that is that's just really important
to consider, and I hope that you'll consider reaching out
to the Pipa Shard agency.
Speaker 2 (42:37):
He's located his office is located.
Speaker 1 (42:39):
In Linwood, but you do a lot online, people don't
actually have to come in and see you. But just
a really great relationship and I'm super grateful for everything
that you've done for us.
Speaker 4 (42:49):
Thank you.
Speaker 3 (42:50):
Yeah, appreciate having me.
Speaker 1 (42:51):
Yeah, any other things I should ask you or you
want to leave the listener with.
Speaker 3 (42:58):
You know, at the end of the day, we choose
who were.
Speaker 4 (43:04):
Making life decisions with, you know, and obviously Allison's a
part of your life where you wouldn't be listening to this,
and you know, she's done a pretty good job selling
why having an agent in your corner is important.
Speaker 3 (43:16):
At the end of the day.
Speaker 4 (43:17):
You have to like who you're working with and trust them.
And I'm you know, I'm not for everyone, and I
sell all State insurance, but most people don't care what
company it is they're buying from me.
Speaker 3 (43:31):
And you know, to be honest with you.
Speaker 4 (43:32):
Most of my customers are very tech savvy and want
to do everything online, and it kind of goes against me.
You don't pay me per hour like a therapist.
Speaker 3 (43:44):
Whish. By the way, I am a lot of the day.
Speaker 4 (43:46):
I'm a lawyer, doctor, therapist, social worker, divorce counselor marriage counselor.
Speaker 3 (43:52):
I guess it was the same thing, but I don't
charge by the hour.
Speaker 4 (43:56):
So anyway, if you want to reach out to me,
Allison's gonna provide you with my phone number and stuff.
Speaker 2 (44:02):
Yeah, we'll put your details in the in the show.
Speaker 4 (44:04):
Wing'd like to help anybody that wants help and appreciates
a personal relationship, because do.
Speaker 2 (44:09):
You so say your phone number right now, and say
your website.
Speaker 4 (44:12):
Okay, so it's phone numbers four two five six seven
zero zero seven six six, It's the Bouchard Agency or
Pete Bouchard.
Speaker 3 (44:23):
It's b O U C H ar D and.
Speaker 4 (44:28):
My email address is my name, Pete Bouchard at allstate
dot com. So feel free to reach out even if
you just have some questions and you want to answer.
Speaker 3 (44:37):
I don't charge for the first hour.
Speaker 2 (44:41):
Free consults. Awesome, Well, thank you so much for being here.
Speaker 3 (44:44):
I appreciate it,
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