For customers with substantial assets, an umbrella policy extends
liability protection when a lawsuit brought against you demands more than
what is allowed by your policy.
May 21, 2006 (Press Release) --
For customers with substantial assets, an umbrella policy extends
liability protection when a lawsuit brought against you demands more than
what is allowed by your policy. This plan kicks in when you have reached
your policy limit and coordinates with a person's auto and home owner's
coverage. In the event of a large claim, the auto or home owner's policy
would pay the maximum amount, and then the umbrella policy would take over
and pay up to its limit, if necessary.
However, not all customers will be able to purchase this added protection.
If you're the parent of a teenage driver or have a checkered driving
record, among other factors, you might not qualify for an umbrella policy.
But when available, these policies often cost just $200 to $300 a year.
Insuring In A No-Fault State
Twelve states, plus the District of Columbia, use no-fault coverage. In
theory, no-fault insurance eliminates the need to establish liability
after a crash in order to collect insurance benefits--your policy
compensates you for your injuries, while the policy of the other driver
pays for his. The issue of who is at fault never enters the picture,
though in practice, it does not always work that way. "The fact is, you
still could be sued [in a no-fault state], which would put your assets at
risk," warns Cotter.
You will also end up paying more for insurance if you live in a no-fault
state. According to Douglas Heller, executive director of the Foundation
for Taxpayer and Consumer Rights, "No-fault states have also had a 92%
faster increase [in premiums] than the other states." The data his
organization compiled in March 2005 from the National Association of
Insurance Commissioners show that premiums in no-fault states are 19%
higher than in states with liability-based coverage.
So depending on your place of residence, your rates will vary from state
to state.
Source: http://search.msn.com
Posted by James MacPherson
liability protection when a lawsuit brought against you demands more than
what is allowed by your policy. This plan kicks in when you have reached
your policy limit and coordinates with a person's auto and home owner's
coverage. In the event of a large claim, the auto or home owner's policy
would pay the maximum amount, and then the umbrella policy would take over
and pay up to its limit, if necessary.
However, not all customers will be able to purchase this added protection.
If you're the parent of a teenage driver or have a checkered driving
record, among other factors, you might not qualify for an umbrella policy.
But when available, these policies often cost just $200 to $300 a year.
Insuring In A No-Fault State
Twelve states, plus the District of Columbia, use no-fault coverage. In
theory, no-fault insurance eliminates the need to establish liability
after a crash in order to collect insurance benefits--your policy
compensates you for your injuries, while the policy of the other driver
pays for his. The issue of who is at fault never enters the picture,
though in practice, it does not always work that way. "The fact is, you
still could be sued [in a no-fault state], which would put your assets at
risk," warns Cotter.
You will also end up paying more for insurance if you live in a no-fault
state. According to Douglas Heller, executive director of the Foundation
for Taxpayer and Consumer Rights, "No-fault states have also had a 92%
faster increase [in premiums] than the other states." The data his
organization compiled in March 2005 from the National Association of
Insurance Commissioners show that premiums in no-fault states are 19%
higher than in states with liability-based coverage.
So depending on your place of residence, your rates will vary from state
to state.
Source: http://search.msn.com
Posted by James MacPherson
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