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We are also looking into an umbrella policy as we now also own a house and don't want to lose it.
I only gave a very quick synopsis, but they had a big mess and lost everything.
I would have been out of luck had MOH not been on my policy, as even though we are married, coverage on one vehicle doesn't necessarily transfer to the other.
We Carry 500/1m on our policy now, and 500 to 1m on the house.
Insurance is fairly cheap compared to losing everything you ever worked for.
There's a reason why Umbrella policy is so cheap at $200-$300 per million per year, because the chance of you using it is 0.000001%
Friend A should have never let his insurance slide to liability only. That was his choice not to cover his own car appropriately. His problem.
I agree with this. Plus, Friend A even asked for someone else to drive his car. Friend B took the wheel only because Friend A asked.
However, in the spirit of friendship and the fact that Friend A was kind enough to use his car for the trip, I would hope that Friends A and B would split the cost.
Friend C, who also enjoyed the trip in Friend A's car, might want to chip in a little too although he should not feel obligated to do so.
Cars are easier to mend than friendships, so the more willing all are to work together to pay for repairs, the better.
I think this is friend A's problem. It was his car and he was responsible for having the appropriate coverage. If you can't afford to have your car totaled, you need full coverage. Friend B may be nice and cover some of the damage, but I don't think they are required to.
Insurance 'follows the vehicle' in most states so person A's insurance is primary. So is liability only on person A's vehicle so nothing done by this insurance company. It is POSSIBLE person B's insurance might pay for this, just have to turn it into the claims dept and see especially if injuries were involved....If another party was at fault for accident or even questionable, need to turn it into person C's insurance....
These are the relationships stressors, aren't they? Can person B afford to pay for damages? Probably not....Can consider it just risk we take letting someone else drive our car...Or, this is relationship breaker or the constant argument for years to come...Forgiveness will keep friends and peace but is hard to afford probably for person A.
In my opinion, is almost always best to keep full coverage on a vehicle unless you can pay cash to replace the vehicle...This savings goal is goal to shoot for on the way to frugal living to have enough emergency fund to replace your vehicle before you drop the full coverage on aging car.
I'm sorry for the conflict. Isn't a right or wrong answer here...Try the other insurance companies at least though.
Insurance 'follows the vehicle' in most states so person A's insurance is primary. So is liability only on person A's vehicle so nothing done by this insurance company. It is POSSIBLE person B's insurance might pay for this, just have to turn it into the claims dept and see especially if injuries were involved....If another party was at fault for accident or even questionable, need to turn it into person C's insurance....
These are the relationships stressors, aren't they? Can person B afford to pay for damages? Probably not....Can consider it just risk we take letting someone else drive our car...Or, this is relationship breaker or the constant argument for years to come...Forgiveness will keep friends and peace but is hard to afford probably for person A.
In my opinion, is almost always best to keep full coverage on a vehicle unless you can pay cash to replace the vehicle...This savings goal is goal to shoot for on the way to frugal living to have enough emergency fund to replace your vehicle before you drop the full coverage on aging car.
I'm sorry for the conflict. Isn't a right or wrong answer here...Try the other insurance companies at least though.
Friend B will pony up the cash, he is just little bitter about paying few thousands of dollars just trying to do a favor for Friend A.
I also have liability only on one of my two vehicles, it's worth $5k and it will cost $300/year extra for with $1k deductible.
I also have liability only on one of my two vehicles, it's worth $5k and it will cost $300/year extra for with $1k deductible.
If it's not your daily driver and you have another vehicle for backup, there's nothing wrong with that.
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