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Date Posted: 06:47:55 11/29/01 Thu
Author: Dave
Author Host/IP: 207.238.186.226
Subject: Re: Insurance Coverage
In reply to: Nicole 's message, "Re: Insurance Coverage" on 22:02:38 11/28/01 Wed

$900 per year for your 928 isn't bad here. In Michigan, with its "no fault" insurance laws, we pay through the nose for premiums. Because of the "no fault" provision, you pay for your own damage, even if the accident was caused by the other driver.

Actually, that's an over-simplification. You can force the "at fault" driver to pay your deductible, and your insurance company with chase his for the repair costs, but the default rule is that your insurer must pay and sue to recover.

Because of this nonsense, premiums are nearly double what they are in other states. I used to live in Ohio and saw my ticket-free insurance rates double when I came to Michigan....even after I found insurance at a bargain rate!

As for umbrella policies, they are a great idea as long as you actually have assets to protect. The average 20- something-year-old doesn't. If they get hit for a huge judgment, assuming drunk driving wasn't involved, a simple bankruptcy petition protects their meager assets and discharges the judgment.

Just my $.02

Dave

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