Don't just look at your total liability -- also look at your coverage per person.
Many insurance policies specify that the company will pay up to $300,000 in total liability coverage if you are found liable for an accident, but only $100,000 for each person injured. That means if you are at fault in an accident that leaves someone with a $200,000 lawsuit, you will be on the hook for half -- even though you thought you had $300,000worth of coverage. [...]
Showing posts with label liability. Show all posts
Showing posts with label liability. Show all posts
"Nobody should carry less than $500,000 per person" says Jack Hungelmann
Spend your insurance dollars wisely.
"Shift the money around to the things that could wipe you out," says Jack Hungelmann, an agent/consultant with Corporate 4 Insurance Agency of Edina, Minn., and author of Insurance for Dummies
.While most people could cover a $500 deductible, a $500,000 lawsuit would be a different matter. So why do so many consumers pay extra for low deductibles and carry close to the minimum on liability coverage?[...]
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