Do the ultra wealthy still carry things like car insurance or does there come a point where you can just be self insured?
A- Insurance is a state-by-state run industry and only 2 states do NOT REQUIRE auto insurance - I believe Tenn. and NH. All other states this is MANDATORY to have car insurance to protect the public from reckless, negligent drivers. So most High-Net-Worth people would carry very high liability limits and very high deductible but self-insure…NO!
Q - Why would an automotive insurance company keep contacting me about an accident instead of going through my insurance company when they know my agent? I'm sick of telling them I don't wish to talk to them and to contact my insurance company instead.
A- They want to know your version of what happened to see if it agree’s with the other parties version. They want to make sure who’s fault it was and which company is going to pay what % of the claim. Since your agent wasn’t at the scene, they cannot know what happened, you must tell them either on the phone or in a written description of what happened.
Whose insurance covers a car if it gets stolen while someone else is driving and they have insurance?
Insurance follows the car, not the driver. So whomever owned the car it is their claim. But, as previously stated, they must have had comprehensive coverage on the car to have a claim. Liability only coverage will do no good in the event of a theft.
No-fault insurance is a type of auto insurance coverage that pays for your and your passengers' medical bills if you're hurt in a car accident - regardless of who’s at-fault. No-fault has nothing to do with who pays for car damages, only for medical insurance.
No. The homeowner insurance companies get a credit range you’ve been placed in, they do NOT get your credit score at all. No hit is placed on your credit report and is just 1 factor insurance companies use to determine homeowner insurance rates.
Collision insurance covers damage to your vehicle when it collides with anything other than an animal, which is covered via comprehensive. If you run off the road and strike a tree, another vehicle, building, etc it is covered, less your deductible. Even a collision with the road (like a pothole) would be a covered claim.
No/Yes. The No - Only if the homeowner insurance company has a rate increase across the board for all policy holders, cannot single out just your homeowner policy. The Yes - if you have an inflation guard on your home at like 4%. For example, this year your home is insured for $100,000 and then 4% inflation, next year would be insured for $104,000. So the price increase would be the extra $4,000 to insure your home.
First, if you can avoid it, you should not deal with the other driver's insurance. If you have your own collision insurance then report it to your own insurer. This will no doubt work out better for you, as it will be easier (since your insurance company is looking out for your interests whereas the other drivers is looking out for their insured), it will be faster, and likely you will recover more. Of course you will need to pay your deductible; however, that will be reimbursed to you when your insurer recovers from the at fault party.