Subscribe
Share
Share
Embed
Insurance, explained clearly by a family with three generations of expertise.
Aaron (00:00)
Hello everybody and welcome to the speaking of insurance podcast. My name is Aaron Bollinger.
Brian Bollinger (00:04)
And I'm Brian Bollinger.
Aaron (00:06)
Today we're going to be talking about asset management and how insurance and financial advisors and all of these different people that you hire should really work together in an ideal world to create a asset portfolio that helps you grow and an asset protection plan that helps you sustain. So let's let's talk about our expertise, Brian, the the sustaining part of that.
Brian Bollinger (00:28)
Yeah, basically you spend a lot of time trying to make money, right? Most people have spent their entire lives, sometimes it's family money, creating wealth. Yeah, and that's great. Nothing wrong with creating wealth. We think that's wonderful.
Brian Bollinger (00:39)
The downside of creating wealth is you become a bigger target for people that want to sue you. So if they find out that you don't have like a double blind trust or some other sophisticated kind of way to shelter your personal assets, you know, and make it so it's harder to discover what you actually own. If you're out there, like a lot of people who are wealthy, essentially if you get in a car accident, the potential of an attorney coming after you for significant sums of money is a non-zero event, right? most people we say two or three million bucks of insurance plus your primary.
Brian Bollinger (01:09)
You're in decent shape. You start getting, you know, above a couple million bucks in net worth, you probably need to be, you know, in that five to ten million dollar range. And we find a lot of people that are worth 50 million or more, they really don't have a proper plan to mitigate catastrophic losses when it comes to auto claims. A lot of times there's people that try to do fancy things like don't have kids on their auto policies or have some other kind of weird structures that just don't work in the real world.
Aaron (01:37)
Yeah, especially in the US. And I mean, we we've seen it here, especially in California, where where we're, you know, domiciled and where we have our expertise and our our experience in. But I mean, honestly, countrywide, it's it's probably worldwide as well. It's it's pretty easy to to go file a suit against somebody or if you see we had talked in other podcasts about you see a company logo on the side of a vehicle. I mean
Aaron (02:00)
You know, they've got commercial auto insurance. You can tell by the branding, you know, you can tell by the quality of the vehicle. Some people see that. And again, that that puts a target on your back. It's the same thing if you're driving a nice car. And obviously there there are different nuances to this. You talked about the umbrella insurance, you had talked about the drivers, you had talked about the exposures that come with being targeted. let's let's start quickly with that umbrella insurance. We we recently had a experience and we're having experiences where people are starting to care more.
Aaron (02:29)
About their level of exposure and liability, and they're wanting to find an insurance company that's going to insure them for an umbrella. But the number one problem is that their current insurance company is not willing to write these 10, 15, 20 million dollar umbrellas. What would you say to these people like who are looking for, I want one company to take on $10 million of risk for me?
Brian Bollinger (02:55)
Yeah, I think the reality here is that insurance companies are in the business of making money. And the people that need the ten million or twenty million dollar, you know, personal umbrellas or even commercial umbrellas.
Brian Bollinger (03:06)
Are probably the people that are gonna be most likely to have the claims. And so from a just risk adverse selection perspective, the insurance companies have to defend themselves pr aggressively against ever increasing levels of risk that people take on. And a lot of times these million-dollar policies are being had for a thousand bucks a year. And you think about that. I mean, that means one in a thousand chance of them paying out a million dollars.
Brian Bollinger (03:33)
And these auto claims that people are having right now, maybe it's not one in a thousand, but it used to be a million bucks was a lot of money when it came to a liability claim. Now we're seeing claims in the in the seven figures, right? Instead of the six figures. back in the day, you know, a couple hundred grand was fine. Now we're into the the single-digit millions. You know, we've even seen claims in our office in that twelve million dollar range, you know, excess of ten. And so when you ask us like what is enough insurance,
Brian Bollinger (04:01)
Honestly, the truth is as much as you can afford. The downside is is most people can't really justify in their minds buying the level of insurance they need. And so that's where like having a aggressive, comprehensive plan that incorporates your attorneys.
Brian Bollinger (04:18)
your you know your financial advisors, your insurance advisors, and really going through and taking a look at where your exposures are, what exposures you can mitigate, what exposure you have to accept. I mean if you have a 16-year-old kid, for example, there's not much you can do about that, right? You're not going to disown the 16-year-old kid. But you certainly need to make sure that they're properly insured. You need to make sure that you have it properly structured and and that it's aggressive in terms of the amount of insurance that you're carrying.
Aaron (04:43)
Exactly. And there's there's no, like you said, there's no perfect amount of insurance. If we were to tell you, you know, go get X, Y, and Z amount of insurance and you'll be fine. That's putting the target on our backs. You know what I mean? And obviously we we want to be as good of advisors as we can be. And it it really boils down to, like you said, where are my exposures? You have a 16-year-old driver, that's an exposure. You have really nice vehicles, that's an exposure. You have a really nice house and wildfire, prone area, that's exposure. If you have Airbnbs, short-term rentals, that's another exposure.
Aaron (05:13)
Like you you can go through the list and it really boils down to you personally. And so when we have people and these financial advisors reaching out to us and telling us, hey, we need these, you know, quotes for X, Y, and Z amount of umbrella insurance, standalone is really difficult. Like you had mentioned, these companies do not want to just justify giving a $10 million umbrella to somebody when the standard is maximum of five.
Aaron (05:39)
what we call it is a monoline policy, a standalone policy. The max that they're usually offering is five, unless you bundle everything. If you really care about your asset protection, it shouldn't just be exclusively on the liability side either. We talk about the property insurance. We talk about claims handling of these companies.
Brian Bollinger (06:03)
yeah, I think the challenge that I see now is that we're we're finding more and more people are coming to us and what they're looking for is a a single silver bullet. And I think what we're trying to explain to people, it's more of a comprehensive review and plan.
Brian Bollinger (06:20)
Like we just had a recently attorney or a financial advisor reach out to us about one of their, you know, bigger commercial clients, that they're a contractor. Well, when it gets into contractors and contra instruction insurance, it's making sure that they have everything from their proper contract with their with their clients to, you know, prop proper contracts. There's some contractors, statistics of insurance,
Brian Bollinger (06:43)
that the liability insurance limits are in place for their business, that they've got the $10 million umbrella or excess liability policy for their business, making sure they have all the autos covered, their drivers are on the right, you know, policies. Because the way to think about this insurance is like a layered, it's not just a layered cake. It's like a layered cake that's on a three-legged stool. And what happens is people leave one of the legs off or kick one of the legs out and the entire thing comes crumbling down. That coverage you thought you had really isn't there.
Brian Bollinger (07:12)
So you talk about like building a home or building a house, it needs a foundation. You know, you've got to have the foundation of your risk mitigation strategies in place to allow yourself then to justify spending the money or investing the money in in insurance. And you gotta look at insurance as an investment, right? It's an investment on you not losing your personal assets, on you not being dragged into some, you know, litigation that you can't get out of.
Aaron (07:37)
Yeah. And I mean, if if you can't get out of it,
Brian Bollinger (07:37)
Yeah, I mean that's if you can.
Aaron (07:38)
I mean, that's that's where the good insurance companies and the relationships that you create come in. That's where they come in. That's where your broker comes in. Again, it's like you don't want to just be with, you know, Joe on the corners, you know, brokerage. And, you know, he he has, you know, no experience with claims handling and he has no no advocacy and no program and no people that he works with. And he might he might have a login with the company and be able to write that policy. But
Aaron (08:02)
Does he have the level of expertise that your asset and your profile needs? If you're with one of these bigger outfits as well, there are cons to that as well. If they shop you every year, I mean, then that that that's a whole nother thing that we're getting into with price sensitivity. then obviously this this might be a little bit of a wake up call because I mean, you're gonna have to pay for it either way. Whether you're a business owner, you have to pay for insurance, homeowner. I mean, I'm
Aaron (08:24)
Praying to God, you're paying for insurance and auto insurance, you're required to pay for it. So that little extra margin, that extra 50%, that extra hundred percent, would you rather it be properly set up? Would you rather it be, you know, like fully consolidated? I mean, these people who have these higher net worths, they've invested their money properly. They're good with the money. They they understand the value of it, of course. And if you aspire to be there one day or if you're there right now, I mean, you understand the risk that comes with that wealth.
Aaron (08:52)
You understand it. You you can feel it. You can feel the the tide shifting. We can feel it as insurance brokers. The tide shifting. And these people are starting to not have as much power have. It's now that there's a target on their back when it used to be they were up on the mountain and they they were almost untouchable. These these attorney signs, these litigations, these claim payouts, these these companies are are literally there, there are people who are making a living.
Aaron (09:18)
Going after you, going after your assets. And it's like these people are reaching out to us and they're saying, we we want Chubb. That's that's the the number one thing that I I've been hearing recently is we want Chub insurance. It's I don't know if it's ChatGBT telling you that, but I want Chubb too. Our asset level personally is not at that Chub level yet for my partner and I.
Brian Bollinger (09:40)
In
Brian Bollinger (09:41)
certain zip codes, right, Chubb might have a three million or more replacement cost on your your primary home. Like again, we're seeing people that are middle income that are kind of the millionaire next door type, right? That have been hardworking, you know, saved their money, did all the right things, and now they're in that that point where they probably need to be with a better carrier like Chubb, you know, but they're being with Geico or they're being with, you know, name your own price progressive. And we're we're digging into their policies and you know, they don't have sufficient coverages to
Brian Bollinger (10:09)
even get them umbrella or excess liability, you know, coverages. And so even if we were to give them a policy and get them that $10 million policy, they'd have no coverage in the event of a claim. And it even gets into that uninsured, underinsured motorist we keep harping on people about. Like so many drivers in California don't have enough insurance or perhaps no insurance at all, that you need to pay extra to give them insurance in case they harm you or your family. And it's it's a unfortunate reality, but it's true.
Brian Bollinger (10:39)
And you know, if you don't want to pay the money, you don't want to hear the message, you know, to be quite honest, you're probably not the right clients to be working with somebody like us because, you know, we're we're here to be advocates for you, we're here to be advisors, we're here to recommend things to you. You don't have to take it. That's fine. We don't not everybody takes everything we to we say and say, hey, I'm gonna buy all that insurance. Totally fine, right? But at least you need to be listening and understand the trade-offs you're making and not just say, hey, I don't want to spend an extra, you know, 500 or a thousand bucks.
Brian Bollinger (11:09)
So i if if you have more questions for us, let us know. But the reality is we're we're getting close to the point where I feel like we're seeing so many people bring up this concern. And we're at a point, honestly, that we're we're gonna have to start telling people we we can't we can't help you. You know, you have to really start at the beginning, you need a holistic plan. You know, it's just like somebody goes into a financial advisor and says, Hey, I wanna make money on the stock market.
Brian Bollinger (11:33)
That's not a very actual plan. That's a desired outcome or goal, but it's not a strategy. And so what we're looking to do is partner with advisors and, you know, whether that be attorneys or wealth managers that understand that they, that their clients need a holistic, complete plan, not just a band-aid that tries to solve their patch, a little tiny hole that they've identified.
Aaron (11:55)
Yeah, exactly. And and whether it's them identifying it or ChatGBT identifying it, in in the end, the people that we're working with on on this level of, you know, asset management and advising. We have our certificates, we have our, you know, degrees, we have whatever it takes to be considered a trusted advisor. So we have that element of social proof and truthfully, we do know what we're talking about. Honestly, the level of people who have emailed us and they've emailed in and they say that I'm gonna keep going back to it because this is just the number one thing.
Aaron (12:22)
there was this guy, they had a fixed budget, and then they found a house that they really liked, and he splurged. And they splurged, the family splurged on it, and they they spent the extra 25, 30% to get what they wanted. And so
Aaron (12:37)
If you're already having that set budget in your mind and you don't have any wiggle room at all for something that's better, then you're limiting yourself. You're limiting your assets. Of course, it'd be nice if it was a fixed percentage of your income or a fixed percentage of your asset portfolio that insurance would cost, but that's not how it's priced. That's not how the world operates anymore. The market is changing. As is.
Aaron (12:58)
Asset management, asset liability, and how much insurance you need. And so there's no fixed amount for how much insurance you need, but it's becoming more and more clear as we're starting to see these people come in that more people are starting to need more insurance. Wealth is starting to go up, and the risk of that wealth is starting to go up. I would ask yourself, honestly, if you're in this position or if you're advising people in this position, would you rather have the cheapest advising or the best advising?
Aaron (13:27)
If you put yourself in the situation where you have financial success, where you have an asset portfolio worth tens of millions of dollars, and you've got a kid who's a 16-year-old who's a poor driver.
Aaron (13:40)
Would you want that kid to have the pressure of
Aaron (13:45)
Literally no umbrella insurance and you cannot get into an accident. Otherwise, literally all of what your family has built could be destroyed. Would you want that pressure on yourself? Would you want that level of anxiety? Again, the goal with these companies, the chub of insurance, it can be different for you and from person to person. The goal is just to have a company that can pay claims, that will cover you and is worth the dollar amount that you pay for it.
Aaron (14:12)
I look at these companies, I look at these coverages, I look at their claims handling. And while we do offer them as options, of course, to people, because it's better than the alternative of nothing, you should be asking yourself, there should be like a qualifying question, just like when you're about to purchase a home or when you're about to make a big decision financially. is this the best decision? Do I?
Aaron (14:36)
Am I sure? Like it it has to be
Brian Bollinger (14:39)
Well it's
Aaron (14:40)
a level of consciousness that goes into the decision-making process, just like how it has to be a conscious decision to make any other financial decision in your life. Because again, asset protection is the number one thing that we talk about. Asset management, if you're an asset manager, I mean it's the same thing. It's it's all about prevention and proactivity.
Brian Bollinger (15:01)
It's cheap. I think right now of all the policies that are underpriced in the marketplace, I believe it's the umbrella policies.
Brian Bollinger (15:08)
You know, it used to be every, you know, million you went up, the rate went down because you were getting, you know, there was less and less probability of that claim paying out. What we're seeing now is some of these jury awards, you know, twenty million, fifty million, a hundred million, nobody has that kind of insurance. I mean, the best we can do is try to get you in that five to ten million dollar range. If you're super net w high net worth, yes, we have other options out there. Yes, we can get you twenty, fifty million dollars or whatever you need, right? I'm talking about people that are accustomed to spending under ten grand.
Brian Bollinger (15:39)
For their liability insurance program, right? People that are maybe spending 20 grand on their liability program. That's the kind of range we're talking about. That's where a lot of people are at. We see a lot of people out there, they're used to spending maybe two grand on their liability program, and suddenly they're talking about $10 million, you know, excess liability or personal umbrella policies. And in some cases, those can be several thousand dollars. And I think that that's the other challenge people have is they've got this budget in their mind and they think that they can get.
Brian Bollinger (16:07)
the the best of the best. And it's it's just not simply not possible right now. you know, 20 years ago it was. It was easier to get those higher numbers. You know, realistically you didn't probably need it as much 20 years ago. The way things are going right now, it feels to me like most people should be looking at at least a five million dollar umbrella or more. I mean, I wish it were easier for us to get the 10 to 20 million
Brian Bollinger (16:30)
And maybe there will be some products out there, you know, but a lot of them really like Lloyds of London, they're gonna be different, they're not gonna be as easily like controllable and they're gonna have different underwriting, they're gonna be different exclusions. And that's the other thing that kind of gets into all this, right? I mean, we talked about that three-legged stool. These exclusions matter. You know, the underlying policy matters. You know, your kid's not on your auto policy and you think, it's gonna be okay. All of a sudden there's a claim and he's not covered or she's not covered. On the primary policy,
Brian Bollinger (17:00)
It means the umbrella's thrown out too. Like you really have to get the mindset that you have to understand what you're buying, what you're not buying, what risks you're taking. And if if you want to take the risk, it's totally fine. I mean, I know people in our family, they don't believe in umbrella policies. I mean, we've got people that literally don't think that's necessary. And then on the other side, we've got people that are in that five million dollar range. I think that it's a it's a personal preference, personal choice.
Brian Bollinger (17:27)
But people spend their entire lives trying to build up wealth. You get that wealth, right? You get that brass ring, gold ring, whatever you want call it, you get that watch, right? You're you're happy, you got the trophy, whatever it is, right? And then all of a sudden, something bad goes in it. Just all of a sudden that that that ten million dollars, that twenty million dollars, that thirty million dollars, you know, goes out the window. And, you know, the amount of time you spent building that wealth, you know, and then to lose it on something like that, it's it's not inconsequential. I mean, it's it's real time that you've wasted.
Brian Bollinger (17:56)
So we look at it as like wealth preservation insurance. We do want to start, though, honestly, every conversation with clients about risk mitigation, mitigating the risk, reducing the probability of loss. Don't give your kid the new Ferrari. It's not a good idea. I don't care how much you trust them. You know, Lambos and Ferraris for 16 to 22-year-old kids, you know, especially males, not our best choice.
Aaron (18:18)
Whoa, whoa, whoa.
Aaron (18:20)
Why are we capping it at twenty two, man? I mean, this this feels like
Brian Bollinger (18:23)
Well, I don't know. At some
Brian Bollinger (18:24)
point they're on their own. You know what I mean? They can make their own bad choices. Yeah.
Aaron (18:26)
That that's another thing is is with like
Aaron (18:29)
the lever the level of gaps that that we see in some people's plans. It's like, okay, your kid's 27 and he's married and he's living with his wife, and he's away at school, and he has a good student discount. interesting. He must be doing a master's program somewhere.
Aaron (18:56)
if it isn't evident, that person is excluded as a driver. That person is not covered under your insurance policy. It it is literally negligent. And that's where these gaps come in, these gaps that these people don't think about. It's like, okay, you're saving 20%, but half of the auto exposure that you're paying for with that kid is literally not covered. And so it's like a pro and cons analysis. Would you rather A, have half the coverage that you currently have and have an uninsured driver?
Aaron (19:24)
Or B, pay an extra 20%, have a cover driver on their own policy properly insured and set up, and have them be their own person. And again, these level of decisions, it's it's personal, depends on where they're living and a bunch of other factors. But having an insurance broker is the absolute first step to making sure that your coverages are coordinated. And a lot of people don't have relationships with their insurance broker.
Aaron (19:47)
And I can almost guarantee that 99% of people's insurance brokers don't have a relationship with their financial advisors. And so those coverage gaps on the property side, the the pros and cons to different life insurance policies.
Brian Bollinger (19:58)
Investment gaps. Like
Brian Bollinger (19:59)
some people have LLCs they don't tell us about, corporations they don't tell us about, business entities out of state they just ignore. Like there's so many gaps that we see. Now we can't fill all the gaps, let me be clear, but we try to at least identify some, the bigger ones that are out there, and we try to help you at least be proactive about it. And one of the thought I had about that 22-year-old story or 27-year-old story, you know.
Brian Bollinger (20:21)
I think of this as we spend our entire lives building wealth, eventually to give it to our kids or our heirs, however you want to think about it. And and part of that handing off of that baton or that torch is that we need to get them able to understand the responsibilities that come with wealth, to understand how these different systems work, so that they appreciate, you know, the the the level of these things. and I think that there's a disconnect there when people try to either
Brian Bollinger (20:48)
push their kids out completely and say, buy whatever you want and you deal with it on your own, or, you know, pay for it and just manage it completely for their kids and try to keep them under the, under the wing, so to speak, for forever. There's a middle ground somewhere there, I think, where they they need to push these kids out a little bit, make them get their own insurance, make them understand what they're getting, make them understand the risks that they're taking, make them, you know, responsible financially. You might still, you know, pay the premium for the umbrella.
Brian Bollinger (21:16)
Just because you're like, look, if they get a five million dollar or ten million dollar judgment against them and God for something happens to you, and they can't claim bankruptcy on that amount, you know, your money could still be going to fund that that claim. And so I look at insurance, everybody says an insurance policy, it's what it is, right? It's an insurance policy against some bad things that can happen. Not every bad thing that can happen, but many bad things can be cheaply mitigated either by you know how you structure things, which is the easiest way.
Brian Bollinger (21:44)
The second way is that risk transfer, which is what insurance does. Insurance doesn't eliminate risk, it just pushes the financial burden from your shoulders to the insurance company's shoulders. And that's why you pay the money. And that's why they charge you premium. It's pretty simple stuff. But most people don't appreciate that. I think they think of it as, I've got insurance, I'm fine. You're not fine. There could be exclusions. There could be some other things you're not thinking about. And you don't find that out until after it's done. And that's the other problem with insurance.
Brian Bollinger (22:13)
When you need it, you can never have enough. And the rest of the time, it's a colossal waste of money. We totally agree. Most people will not have a claim today. They don't need to have their pay for their insurance policy today. But if everybody went without insurance, right, think about it this way: when that claim happens, they've got to pay 100% of that responsible burden on their shoulders. And that cost to them is a non-zero cost. And so is it worth risking five or $10 million of your portfolio?
Brian Bollinger (22:41)
to, you know, save a couple of grand on on insurance. It's a question.
Aaron (22:46)
And especially for these people who have these nicer homes, is it worth it to stay with your current insurance company that has a capped umbrella limit or to transition to a nicer insurance company that might be 50% double, triple the cost, but actually properly covers your level of risk and your level of portfolio who specializes in this? one thing that we're starting to do is is the independent advantage. It's just a little
Aaron (23:10)
clip at the end where where you talk about what's the independent advantage here? What's what's the pro of having tens, twenty, thirty, forty dozens of of these insurance companies that specialize in this level of of asset management as opposed to just one, one set of eyes.
Brian Bollinger (23:30)
I think the benefit of the independent agent model in general or broker model is that we do have relationships with multiple carriers. You know, everybody's situation is unique. The insurance companies each have different risk appetites.
Brian Bollinger (23:42)
You know, you might transition from being a perfect, you know, chubb person to or AIG or or Pure or whatever company, Travelers, Hartford, Liberty Mutual, you name it, right? You might transition during your life to being in a sweet spot with multiple of these insurance companies. Very rarely is your entire life needing to be with the same insurance company because they change their appetites, they change their underwriting guidelines, they change their rates, they change so many things.
Aaron (24:10)
your
Aaron (24:10)
your risk like level also changes. just for a decade when you were growing up your asset portfolio, you were properly insured with farmers. Farmers caps their umbrella at five million dollars. You can't go an inch above that. And they're not willing to offer, you know, insurance on your new multi million dollar house, and there's a problem. That's when the independent broker comes in, like you were saying.
Brian Bollinger (24:34)
Yeah, it's complicated, right? I mean, everything changes, you know, that's the reality. The world changes, your needs change. being proactive, maybe buy a yacht, you know, who knows what you're gonna do. Maybe you bought an airplane, a jet, you know. Good luck if you did that. Congratulations, you know, that sounds awesome. Downside being is it increases your costs, it increases your liability exposure, and you have to understand that each one of those decisions that you make influences what you're gonna be paying for your insurance. And it needs to evolve as you evolve.
Aaron (25:03)
One hundred percent. And so that's that's why Bull Insure is rolling out their program to start partnering with a lot of financial advisors. That's why, you know, a lot of people have been reaching out to us independently and their financial advisors for our advising on their insurance and their level of asset protection. Because again, it comes down to does your broker have the experience with these type of people? Is your broker being really actively sought after for these type of people for for your level of risk? And are they working with the right companies?
Aaron (25:30)
And a lot of these people who are generating these chat GPT responses they're asking all the right questions. Do you work with Chubb? Yes. Do you work with AIG? Yes. Do you work with Traveler's Private Client? Yes. We do have the access to the companies that are at this higher threshold of insurance. And we do have experience and we are actively working with new clients and new partners as a part of Bowl Insure.
Aaron (25:53)
we're also helping people with their asset management and protection. And again, there's there's nothing that would that would hurt more than waking up one day and realizing, my my house is gone. My farmer's policy didn't have the right coverages. my kid got into an accident on the freeway and our umbrella limit got burned through like that.
Aaron (26:15)
And our insurance company was not there to support us. And that's what we we really try and advocate for is for finding the right insurance company with our expertise, with our relationships and our experience and putting you with them and saying, listen, sign here and here. You pay for the nice house. You pay the extra 25, 30, whatever percent it is, if it's double, if it's triple, for the right thing, for the right fit.
Brian Bollinger (26:39)
That's why I think financial advisors do have a responsibility to talk about insurance with their with their clients. And, you know, it may not be your area of expertise. I get that. You need to partner with people that can explain it to you, explain to them, and really give them a map, a roadmap of what they have, where they're going.
Brian Bollinger (26:56)
where the gaps are, things they need to look out for and be proactive about it, right? I mean, a lot of people out there right now, you know, are been with the same company, state farm, farmers, travelers, whatever, for decades and haven't really broken out the policy, gone through the fine-tooth comb to see, hey, you know, does this work? Does this not work for me anymore? I mean, I've had conversations with clients that have a million dollar umbrella right now, and I don't know what to say to them. I mean, I'm I'm saying they need more. They own multiple
Brian Bollinger (27:24)
Houses, they're they're high net worth individuals, and they're just used to having what they have. Another thing too that gets into this, as you age, certain companies don't want you anymore. You get above 70 with some companies, they don't like you, 80 is a lot of other companies, 82. At some point, it's really hard to give you, you know, higher liability limits. and honestly, you know, my wife drives a self-driving Tesla, you know, and to be quite honest, it's an amazing technology. Personally, I think anybody, you know, should have one of those.
Brian Bollinger (27:54)
Especially 16 year old kids and and older people, because you push the address and it drives you there. I mean, you think about that. It's safer than you driving. it's it's an incredible technology. And things like that, I think, in the long term are gonna make it so that it's we're gonna live better, we're gonna live safer. And hopefully the rates don't go, you know, to the moon as much with with those kinds of technologies when it comes to auto rates and umbrella rates. But there are things like that you can do to mitigate your your loss, you know, potential.
Aaron (28:24)
Perfect. Well, obviously I think I think this has been a very good podcast in terms of, you know, a little bit of our insight and our experience with some people, these experiences are, you know, purely informative And yeah, we we do specialize in insurance and helping people with insurance and asset protection and management.
Brian Bollinger (28:40)
Thank you so much for your time.
Aaron (28:44)
Thank you for your time.