How Do you know if you need a Personal Insurance Policy?

A personal insurance policy can be important, depending on your job, financial status, and other factors. While you commonly insure your home and your cars, you might not realize that you have other options – such as insuring yourself against lawsuits and various types of claims. Some people opt for an umbrella policy, which is personal insurance plus homeowner’s plus auto. Sometimes, these umbrella policies also include other types of insurance such as life, health, and business. Your agent can explain the different options to you, so you’ll be able to focus on getting the kind of coverage you want and need for your protection.

If you just want personal insurance, many companies offer policy choices. You’ll need to take a look at them and decide what you want covered. What’s most important to you when it comes to protecting yourself personally? Ask yourself that question, and then discuss your concerns with your agent. That way you can be sure to get the policy you need for your peace of mind. Most people don’t really need personal insurance policies, because they aren’t at risk for the kinds of problems faced by those who are in the spotlight. If you’re a public figure, or even just very well-known in your town, it can be good to carry some extra insurance. That’s especially important if you have money that others might be interested in taking from you.

There are always going to be nefarious people in the world. It’s not necessary to be paranoid, but it’s a good idea to protect yourself to a reasonable extent so you can live with a feeling of safety and comfort. Insurance may not be able to protect you from something bad happening, but it can protect you financially when something bad does happen. Your good name can also be protected to some extent, which can help ensure that you’re able to continue to live your life and conduct your business without any type of stigma. Only you can decide if personal insurance is right for you, but your agent can help you make the right choice.

Will My Auto Insurance Cover My Friend if I Let Them Borrow My Car?

Will My Auto Insurance Cover My Friend if I Let Them Borrow My Car?Many people lend their vehicles to friends and family members they trust without giving it a second thought, but this decision can lead to major consequences without the right auto insurance coverage. Determining whether or not your auto insurance will cover a friend driving your car will vary from policy to policy. At the very minimum, the law requires you to purchase liability auto insurance coverage. Liability insurance would cover you from the expenses that you would be liable for in the event that you are involved in an auto accident that causes property damage or bodily injury to another party involved. Considering the high costs of medical care and legal fees if a lawsuit were to come of the accident, liability insurance can protect you from having to drain your savings for one accident.

Unlike collision coverage, liability insurance covers the driver and not the car. This means that if a person were to borrow your car, their own insurance policy would be responsible for covering the damages that occur as a result of an accident. Therefore, it wouldn’t be a significant risk for you to let someone borrow your car, as long as that person had some form of insurance on their own. Alternatively, a friend without a personal insurance policy would be solely responsible for any incurring damages while driving your car. Although this wouldn’t necessarily affect you, it is usually best to avoid this scenario.

Letting a friend borrow your car occasionally is one thing, but if you live with someone who frequently drives your vehicle, you should consider adding him or her to your policy to ensure full coverage in case of an accident. If this situation applies to you, it’s best to talk to your insurance agent about authorizing this person to drive your car by officially designating it on your insurance plan. Having this authorization would guarantee that you both would be fully covered in case an accident were to occur.