Oct 03 2024 54 mins
Barry Sokoloff, a seasoned expert in risk management and insurance, brings a wealth of knowledge and experience to the conversation, having started his career in 1994 and now leading Southeast Regional Personal Risk Practice for USI Insurance Services.
Barry highlights the importance of proactive measures, such as securing valuables, establishing parent-teen driving agreements, and understanding state-specific driving laws and insurance policies.
We'll also discuss the role of telematics in monitoring young drivers, the impact of advanced vehicle safety features on insurance rates, and strategies to manage rising auto insurance premiums. Barry will provide practical advice on ensuring comprehensive coverage while balancing costs, understanding parental liability, and preparing young drivers for independence.
Takeaways
1. Prioritize liability coverage to protect the family
2. Mitigate dorm risk
3. Manage insurance costs
Timestamps
00:00 Barry has been a risk manager since 1994.
04:14 Texas permits at 14; check your state's age.
06:35 Insurance requires listing household drivers 15+.
12:43 Parents worry about minor's driving; plan ahead.
15:58 Telematics app monitors driving, useful for parents.
17:49 Telematics could affect insurance premiums based on behavior.
22:17 Rising litigation, costly repairs, parts shortages, totaled cars.
23:55 Auto insurance for young adults is costly.
29:08 Clients mainly in suburbs; rural ZIP codes cheaper.
31:48 Vehicles titled to parents increase liability exposure.
34:55 HIPAA laws require advance permissions for medical decisions.
36:20 Having medical power of attorney is crucial.
40:05 University relocated students, remodeled dorm, avoided lawsuits.
44:47 Adult responsibility indicated by handling basic tasks.
47:53 Defensive driving requires early, serious training.
51:04 Claims in millions; operational knowledge challenges children.
52:42 Contact Barry or us for more information.
🔗 Connect with Barry Sokoloff:
Email: [email protected]
🔗 Connect with Jessica Anger and Carrie Wiesenfeld:
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