Have you ever heard of this? Michigan law?

[jkust]

Re: Have you ever heard of this? Michigan law?

I'm surpised how few people understand risk transfer and what insurance does and doesn't do. One of the big differences between the developing world and first world nations is the existance of insurance and insurable interest yet people pay their premiums and never sit down and talk to an insurance agent or financial planner and discuss how to protect their wealth and assets. Commercial insurance is actually semi complex but personal lines isn't that difficult to understand. Just out of curiosity, did the police respond to the accident?

 

[Fishing Dude too]

Re: Have you ever heard of this? Michigan law?

Thinking Michigan is No fault state. Hate when they come down here and hit someone always a lawsuit

 

[jasoutside]

Re: Have you ever heard of this? Michigan law?

I guess I have always understood it this way here in MI...

My insurance covers my stuff and your insurance covers your stuff.

My auto insurance covers my truck and my boat insurance covers my boat.

 

[arboldt]

Re: Have you ever heard of this? Michigan law?

It bears repeating -- Read your policy!

As a fellow Michigander, my insurance covers my vehicle, his insurance covers his vehicle. Even if I'm not around my car (like I'm riding my bicycle), my car insurance pays if a car hit me (this actually happened to me in 2008). You can sue the other guy in small claims court for up to $400 or $500 (can't remember) -- basically what most people have in deductible.

Now, usually insurance on your vehicle covers attached (towed) property. But insurance companies can be pretty tricky and picky, so read your policy, and be prepared to fight for what it says.

In my case, 3 years ago I was riding my bicycle and was hit by a pickup truck. His insurance paid for damage to his truck. My car insurance (remember I was a couple of miles away from my car) paid my medical bills. My homeowner insurance paid to replace my bike, helmet, etc. Does this make sense? No, but since when are laws supposed to make sense?

 

[KDAVID1]

Re: Have you ever heard of this? Michigan law?

It bears repeating -- Read your policy!

As a fellow Michigander, my insurance covers my vehicle, his insurance covers his vehicle. Even if I'm not around my car (like I'm riding my bicycle), my car insurance pays if a car hit me (this actually happened to me in 2008). You can sue the other guy in small claims court for up to $400 or $500 (can't remember) -- basically what most people have in deductible.

Now, usually insurance on your vehicle covers attached (towed) property. But insurance companies can be pretty tricky and picky, so read your policy, and be prepared to fight for what it says.

In my case, 3 years ago I was riding my bicycle and was hit by a pickup truck. His insurance paid for damage to his truck. My car insurance (remember I was a couple of miles away from my car) paid my medical bills. My homeowner insurance paid to replace my bike, helmet, etc. Does this make sense? No, but since when are laws supposed to make sense?

WOW!!! Here in MS whom ever caused the accident pays which is (my personnel opion) the way it ought to be. In your state say your car has been hit in the last two years (by someone other than you) 10 times--can your insurance cancel you? That would seem quite unfair if it wasn't your fault.

 

[Mark_VTfisherman]

Re: Have you ever heard of this? Michigan law?

Insurance laws DO vary by state. Talk to your agent and get the facts. Boat insurance IS inexpensive and you get coverage on the water and- for not much more- everything in it in case theft is an issue. My boat is well-covered while towing by my auto policy but as soon as it is parked or on the water, auto policy is useless.

 

[jkust]

Re: Have you ever heard of this? Michigan law?

Insurance laws DO vary by state. Talk to your agent and get the facts. Boat insurance IS inexpensive and you get coverage on the water and- for not much more- everything in it in case theft is an issue. My boat is well-covered while towing by my auto policy but as soon as it is parked or on the water, auto policy is useless.

Price varies a lot too. Boat insurance is dirt cheap here in MN. Ignoring everything else, paying 120$ per year to cover theft of a $20,000 asset is an amazing deal. $120/$20,000=.006 rate on line. Where else can you get piece of mind for that cheap. Now add in the liability protection for water accidents at several hunderd thousand dollars and how could you not justify it. I don't want to loose several hundred thousand dollars out of my bank account if I got sued. I won't even mention the fact boat insurance covers damage from submerged objects. In other words a new outdrive if you hit a submerged log. That alone is thousands of dollars.

 

[JDA1975]

Re: Have you ever heard of this? Michigan law?

Insurance only covers the vehicle Insured not what is In tow, or even optional equipment. I pay extra to cover my wheelchair and lift while it is in my truck, because Between the lift (3000 bucks) and the wheelchair (2000 bucks), Id be really screwed! Think it costs me about 35 bucks a year extra to cover those.

 

[artherm]

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[artherm]

Re: Have you ever heard of this? Michigan law?

For whatever it is worth. I have found that it is a good policy to maintain a GOOD relationship with your insurance agent. Stop in from time to time, just to say hello and to review your policies. I have our house, car, truck and boat insured by one. I have found insurance rates are negotiable to a certain degree, and your agent can save you money. Also, and this is important, in the event of a LOSS, your agent should represent you, whether it is his loss or not, and give you direction on how to proceed.

 

[109jb]

Re: Have you ever heard of this? Michigan law?

Insurance only covers the vehicle Insured not what is In tow, or even optional equipment. I pay extra to cover my wheelchair and lift while it is in my truck, because Between the lift (3000 bucks) and the wheelchair (2000 bucks), Id be really screwed! Think it costs me about 35 bucks a year extra to cover those.
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The policy covers what the policy states that it covers. Everyone should read their insurance policy to know what is covered. and what is not.

My van policy states that it covers the wheelchair lift that is installed in it at an agreed value for the lift above the basic vehicle value. It is written into the vehicle policy that way. There is no separate policy and no additional payment, although the one policy payment I do have is a little more for this additional coverage.

Generally, contents of the vehicle are not covered and towed items aren't either.

Also, just to clarify, this is talking about coverage for damage or loss to your property, not liability. Towed trailers are generally covered in the towing vehicle's policy for the purposes of liability. As always though, read YOUR policy to see what is covered.