Re: Liability insurance question? OT

Posted by oldtanker on June 11, 2012 at 21:06:25 from (66.228.255.239):

In Reply to: Liability insurance question? OT posted by Delta Bob on June 11, 2012 at 12:12:36:

Insurance laws vary from state to state so what you get in one state may not match up with whats available in other states. That makes a forum like this a poor place to ask for insurance advice. Plus all insurance companies are not created equal. Some companies have very good reputations while others may take a lawyer to get them to settle a claim. You have to remember that having car insurance isn't so you can drive, it's to protect you should be be involved in an accident by paying for at least medical care. I think all 50 states require you to have insurance but that is state law not insurance company policy.

You need to read your policy and ask questions if you don't understand it. Your agent may not know everything about insurance. I'm with a major carrier and my agent isn't familiar with most of MN state insurance law. Depended on the state someone can become an agent with as little as 6 weeks of training.They learn the different types of policies (there are a bunch) business, life, renters, different levels of home owners, medical, farm, auto and others. Just how much are they going to know with 6 weeks training? So understanding your policy may take a lawyer who is knowledgeable in insurance law. Another sorce may be an independant adjuster. Most states require them to really know state insurnce laws.

A couple of good examples: Guy I know has homeowners insurance that is rolled into his house payment and purchased by the mortgage company. When he had a fire they cut holes in his roof to put the fire. Company refused to fix the roof because it was not directly damage by the fire. My insurance company pays any damage resulting from a fire. Big hint here: You can buy supplemental insurance is your policey is provided as part of your mortgage!

Teen here wrecked his uncles truck while test driving it. Uncle failed to tell him it wasn't insured. Kid was on his mothers policy and was covered because some states have laws requiring that the insurance follows both the car and those listed on the policy. Here again you can buy supplemental insurance to cover yourself is driving a vehicle not owned by you.

In both cases the insured had know idea what was in thier policy or any idea of state law. Both required a lawyer to get things done because both companies were in violation of MN law.

For those on here who buy insurance by price I urge you to get off this page and look up your company and see how they rate! You may be getting what you didn't pay for and that is extra headaches when you really don't need them. You don't need to wait 6 weeks for a new roof after a storm becuse you went cut rate or have a policy purchased by the cheapest bidder by a 3rd party that only cares if the payment is on time.

Rick

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