Your safety net for getting sued: All about umbrella insurance

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When you get sued and lose a lawsuit, you are liable to compensate the plaintiff with an enormous sum of money, which may sometimes exceed what your insurance covers. Having umbrella insurance assures you that, when sued for damages, you have enough cash at hand to cover it. This insurance form is relatively inexpensive and is offered by many insurance providers, from larger providers, like GEICO, to smaller ones, such as Don Bullard Insurance.

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CNNMoney notes that most people keep only the minimum of home or auto liability insurance required by the law. In the event that the costs of liability far outweigh your insurance coverage, then an umbrella insurance policy can come quite in handy. These policies are relatively inexpensive, with a $1 million coverage being available for about $500 monthly. However, it is important to know whether you really need an umbrella insurance policy and if the policy you are looking at is really affordable before actually getting it. This article provides more details for you to determine if you are in need of umbrella insurance.

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Few people would actually need umbrella insurance. Those that do are usually at risk due to a number of factors, which include owning a dog, having a pool, hosting a lot of guests, owning a small business, and having a teenage driver living at home. Those who have assets that are at risk, such as a house or vehicle, can also benefit from umbrella insurance.

This webpage provides more information on umbrella insurance.

Buying a car means buying a policy

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Buying a car means buying a policy, since you can’t actually own one without adhering to the fact that every automobile comes with a certain insurance package. It’s a law, at least in most states. Even if that is not the case, all owners have to insure their units, because refusing to do so is like driving with a malfunctioning brake pedal: treacherous.

Now, if buying a car is like purchasing a policy, then driving is about life, your life. Thus, you have to be serious about it. In so doing, you have to learn the rudiments of getting one.

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Looking up through the law in your state should be the first step, since rules differ widely from one state to another. This will make you determine the specific insurance to acquire. There’s an array of it, lots of options to choose from, and the only thing you should know is the exact one that fits your personality and capability as a car owner; for example, there are companies that offer gap insurance, which pays the difference between what your guarantors pay and what you owe if the car is completely calculated, and there are some that just don’t allow this stuff.

Finally, look at your own financial capacity. Here, honesty is important, as it determines what kind of liability would grant you an overall coverage in the event of you injuring someone.

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The bottom line: before closing a deal with any insurer, be sure to know and understand your real needs as a car owner and future policy holder. You don’t want a security plan that has nothing to do with your taste, your preferences.

For Don Bullard, car buying is a serious matter. For more information about car insurance, visit www.donbullard.com.