Comments on: Get An Umbrella Insurance Policy – Your Teenager Is Going To Bankrupt You

By: Linda

Linda — Mon, 27 Jun 2011 14:56:59 +0000

When I was a teenager, the agent suggested the policy be in MY name…I had a seperate policy from my parents….He said, this way if I were to do something ill advised, my parents couldn’t be sued or held liable.

By: admin

admin — Fri, 23 Oct 2009 02:48:50 +0000

Hey Kosmo – Sounds good. More people need to get umbrellas. I just don’t think enough people understand what it is, so they don’t bother. Umbrella and long term liability are two must haves for everybody! Thnx for your thoughts. FS

By: kosmo @ The Casual Observer

kosmo @ The Casual Observer — Fri, 23 Oct 2009 02:25:05 +0000

We got our million dollar umbrella a month or so ago. The peace of mind is great.

It really doesn’t take much to rack up a half million or so in liability. You’ve seen the semis loaded with new cars heading down the highway? Imagine running one of them off the road … A momentary distraction, a patch of ice, or even just a blind spot.

By: Larry L

Larry L — Wed, 21 Oct 2009 11:36:55 +0000

@admin The book also states that while this option is available, it's not the only way but it's the simplest to do but obviously would have massive repercussions.

By: admin

admin — Wed, 21 Oct 2009 02:50:08 +0000

Hey Larry – Thanks a lot for providing this info. VERY useful! Hence, the lesson is, file for bankruptcy protection if you want to protect your retirement plans from getting pilfered from some sue happy person who might or might not have a right.

Very useful. BTW, I’ll be highlighting your post manana! Best, FS

By: admin

admin — Wed, 21 Oct 2009 02:48:01 +0000

Nice Greg! Ok, I will kick his A&&! :) Seriously, for $100-300/yr, you can get a $1-2 million umbrella policy. Seems like a no brainer to me!

By: Charlie

Charlie — Wed, 21 Oct 2009 02:44:53 +0000

very good to know!! Thanks for explaining this. I don’t have any kids now but my sympathies go out to those with teens. I can’t imagine how stressful that must be. It’s nice people don’t sue as much in England as the US. It’s too easy for people to sue in the US and protection is key.

By: Greg

Greg — Wed, 21 Oct 2009 02:44:33 +0000

Great reminder…. I have my oldest turning 13 this month. We’ve talked about an umbrella in the past. Now I think we need to do something about it!

btw… if it is my kid that flips you off, you have my permission to kick his…