Something to think about; being sued. An insurance company has a fiduciary responsibility for their client to settle any law suit brought against them that is covered by insurance. Here's my story how that plays out;
A woman once had a damaged car that was throwing off sparks. The sparks set off a wildland fire that burned down my home. Her policy covered up to $50,000 for the damage. She was arrested and a judge awarded me criminal restitution for over $650,000. The insurance company would not pay me the $50,000 it agreed it did owe me based on their client's policy unless I signed off that ALL their client's debt was satisfied by doing so. I researched and sure enough; an insurance company has the obligation to their client to settle the matter and until they do, they have an open case and can't pay off until they do. I've briefly described the situation, but that's it in a nut shell. It turned out that the insurance company only needed me to sign off that I was satisfied civilly, not criminally. They were only obliged to ensure I would not pursue a civil case against their client for any outstanding losses above $50,000. I had no need to sue in civil court as I already had a criminal restitution order as part of her sentencing. In my state, the Franchise Tax Board keeps track of resident's income on their taxes and restitution orders from judges and will confiscate any monies that they harbor or gain that is above a living income and send it to me. I get checks every once in a while from the state's Victim Advocate's office. Small sums that don't add up to squat, but still, if she were ever to come into an inheritance, win the lottery, etc., the state would know and would collect.
The point is; no one knows what may happen to you or by you. That's why we have insurance. The bonus is the legal protection that policy also provides to settle any claims that would be covered, even in part, by the insurance company. That has value!
