Archive for the ‘RV Insurance’ Category

What’s the difference between an on-line insurance provider and an insurance agency?

Just as one might use a CPA to prepare their income taxes or an attorney to help them with their estate planning, many choose to use an insurance agency to write their insurance policies. This choice is mainly made because a person feels they need professional advice during the process. Of course, everyone will have different needs and circumstances surrounding their purchase, and this is why an insurance professional’s advice can be an invaluable asset. If you’re debating buying insurance online versus through insurance agency, then you should ask yourself a couple of questions: More

A bit about Statutory Limits – State minimum insurance limit requirements

State minimum insurance requirements are minimal. Most states demand less than $100,000 for bodily injuries and $50,000 for property damage. Some states require only $10,000 for property damage coverage.

How many cars valued at greater than $10,000 travel the highways? How many trucks carrying cargo are worth more than $10,000? $50,000? $100,000?

According to the 2010 census, the median family net worth exceeded $200,000. That amount includes houses, cars, savings, retirement funds, cash in the bank, college savings, and furniture and personal effects. Half the families are worth more, half have assets less than $200,000; all of it is hard earned.

If the family is underinsured for liability, their net worth is vulnerable to be seized in a lawsuit based on injuries or property damage caused by any family member driving a vehicle. The car owner and the car driver become parties to the suit.

Bodily injuries sustained in car wrecks devastate lives. People unable to work, the high cost of medical treatment, rehabilitation expenses, and the pain and suffering can only be compensated with money. The money comes from the insurance company or the liable party’s personal wealth.

Not convinced you need higher limits? Not all liabilities are released in bankruptcy. Many states have specific legislation disallowing debt reduction for certain accidents, most notably driving while intoxicated. Wage plans reduce take home pay by as much as 33%. Many employers do not tolerate either bankruptcy or wage garnishments.

Still not convinced? How about a selfish motivation?

Other drivers are either uninsured or underinsured. Most insurance companies will not provide uninsured motorist coverage in limits greater than the liability limits of the policy. Uninsured and underinsured motorist coverage from your policy pays on behalf of the driver who hits you if they are poorly insured. In a classic exercise of the golden rule, insurance companies only sell limits commensurate with the protection you offer others.

Proper limits of liability allow you to protect yourself from the improper coverage other people maintain.

So how much coverage is enough? What are reasonable limits of liability?

Ask our insurance professionals. And consider this:

Your assets are your excess insurance coverage. This means that when the limits of your policy are reached, your assets are at risk. Excess insurance Umbrella policies, for example is available in $1 million layers over your Automobile and Homeowners liability limits if those limits qualify are high enough. Protect yourself against underinsured drivers by increasing your uninsured motorist coverage.

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Homeowners Insurance and Social Gatherings

Many homeowners enjoy throwing parties for holidays or special events. If a party is in the near future, be sure that individual Homeowners coverage is adequate. Guests who are injured might need to file an injury claim if their vehicle is damaged, if they fall down or if a pet bites them. Research shows that about 75% of adult homeowners who plan social gatherings in their homes do not have a personal umbrella policy. This makes them more vulnerable to lawsuits stemming from guests who suffer injuries. The same research study showed that the remainder of the homeowners surveyed did not know what type of coverage they had. This means it is likely that the percentage of homeowners who do not have adequate coverage is more than 75%. However, they should have this extra coverage to protect themselves from lawsuits. Although dog bites and falls are common, alcohol is one liability issue that is often overlooked but is very risky. More