Wednesday, March 30, 2005
Insurance coverage
Some free advice.
Call you insurance agent and ask about your liability coverage and an umbrella policy. Do it now! I was under-insured and unaware simply because at the time I took the policy I had nothing. Want to sue me? Go ahead, take my 10 year old car and student loans and be on your way. What I didn't know was that future earnings could be at risk. Kinda like liable alimony.
After a five year legal battle the issue has been resolved and thankfully there won't be significant financial impact to me. The better news is that I am now in a much better position regarding my insurance coverage and it actually cost me less than $100 a year to restructure and increase my liability coverage more than 10x (on my vehicles and home). I hope I never need it, but this could save me and you from serious financial distress should the unthinkable happen.
Call you insurance agent and ask about your liability coverage and an umbrella policy. Do it now! I was under-insured and unaware simply because at the time I took the policy I had nothing. Want to sue me? Go ahead, take my 10 year old car and student loans and be on your way. What I didn't know was that future earnings could be at risk. Kinda like liable alimony.
After a five year legal battle the issue has been resolved and thankfully there won't be significant financial impact to me. The better news is that I am now in a much better position regarding my insurance coverage and it actually cost me less than $100 a year to restructure and increase my liability coverage more than 10x (on my vehicles and home). I hope I never need it, but this could save me and you from serious financial distress should the unthinkable happen.
