In today’s economy where many people are looking to cut any costs they can, the number of drivers driving around without insurance has increased. Also, drivers are driving around with lower liability limits than maybe they had during good economic times. This makes the coverage of uninsured and underinsured motorist even more import. So I thought with this blog post, I would take the opportunity to explain a little bit more about what exactly that coverage does.
Uninsured motorist coverage protects you if you are hit by someone who has no insurance (up to your uninsured motorist limit) where as underinsured motorist protects you if you are hit by someone who has very low limits, limits lower than your own liability limits. Both of these coverages should be included in your typical auto insurance policy.
The best way to explain what these coverages do is to give you an example of situations where this coverage comes into play.
Say that you were to be driving down the road and an individual ran a red light and slammed into you causing you bodily injury. Say that they also didn’t have any insurance to help pay for your $40,000 of medical bills from the resulting injuries. This is where your uninsured motorists coverage on your personal auto policy steps up. Under that coverage they would pay the bills of $40,000 along with other expenses such as lost wages.
Using the same example as above but lets say this time the person who ran the red light does have insurance but they have state minimum limits. The most that will pay out under a state minimum limit policy in Ohio is $25,000 per person. That means you would be left with $15,000 in medical bills plus your lost wages. However, this is where underinsured motorist coverage helps. As long as your auto policy has higher limits than the individuals who hit you, it will pay the extra costs (up to your policy limits).
One last thing to note, on this type of coverage you can purchase even more coverage on an umbrella policy in increments of $1million dollars.
- Fey Bruder Insurance
Arctic temperatures can have a dramatic effect on your building — and your livelihood. Regular maintenance and a winter weather plan can help you avoid any negative impact.
Every corporation relies on the guidance of its board of directors for success. Although lawsuits against larger, publicly traded companies receive the lion’s share of media attention, privately held corporations are also vulnerable to lawsuits by competitors, government agencies, creditors and employees. You can protect your hard-earned success by purchasing directors and officers insurance (D&O) coverage for your company. Having directors and officers insurance coverage in place can help you attract the talent you need for your board. Directors or officers of privately held companies who do not insist that the company purchase D&O insurance are putting themselves, their spouses and their estates at financial risk. D&O insurance minimizes risk to their personal assets.
Every time you step off the Tube in London's Underground you hear a women's voice in her perfect British accent reminding you to "Mind the gap". It is a good thing too. At some stops on the Underground there is a pretty big gap waiting for you as you exit and if you got caught in one of those monsters you could be in some trouble. The same is true for the gap that occurs in leases and loans on cars. Normally over time a vehicle's value depreciates faster than the loan or lease can be paid off. This is commonly referred to as being "upside down" on your loan or lease. If during this "upside down" period you total a vehicle in an accident there is going to be a gap between what the insurance company will pay you (actual cash value of the car) and what you still owe on your loan or lease. The good news though is there is insurance that covers this gap and it is appropriately named GAP insurance.
Over the last few years many homeowners have turned into landlords. With the real estate market drop, those that decided to purchase a new house also decided to not sell their prior home for fear of a financial loss on the property. Instead, they have turned their prior house into a rental. The trend still continues today even after the real estate market has rebounded some because landlords are seeing great cash flows from renting.