Ken got a call from the claims adjuster dealing with his little mishap with the Ferrari (see below). First he said, you don't need to worry, then the bone chilling "but." It seems that the damage to the little red Ferrari is more than $100,000 which is our property damage maximum on our auto insurance. Here's the good news... When Jake started driving our insurance agent told Ken a story about a family whose son was in a terrible accident that ended up killing someone. The whole family was devastated because the limit on the insurance didn't cover the liability, so they were sued, and lost everything they had. She told Ken, the answer to this dilemma is the "umbrella policy." It basically covers for major problems that exceed regular insurance coverage so that people, like us, don't get sued and lose their savings or their home. Ken always the diligent protector of our family decided this might be a good investment. I thought it was a waste of money. Don't tell him I was wrong.
Moral of the story, if you have kids driving, or live in So. Cal and might hit a Ferrari, look into getting that Umbrella Policy.
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