Level of Wealth Impacts Auto Insurance Coverages

February 3, 2016

 

Wealthy people often drive more expensive cars than most people. They also need a different type of car insurance coverage than the standard policy most people have.

 

These policies focus more on liability than property coverage. Regardless of the economic class of the other driver, if you are involved in a wreck, consult with a New Orleans auto accident attorney.

 

Here are a few other ways policies of the wealthy differ from standard policies:

 

High deductibles: Most drivers have deductibles of $500 or less. Deductibles for wealthier drivers start at about $1,000.

 

High reimbursement for rentals: You would not expect a person accustomed to rolling around in a Porsche to be satisfied with a Ford Focus for a rental, would you?

 

International coverage: Whether they ship their own car abroad or rent while on a weekend trip to Paris, wealthy clients are covered.

 

Higher limits on general liability: Wealthy people go to the same restaurants, join the same clubs, and live in the same neighborhoods. This increases the likelihood that their auto accident will be with someone driving a very expensive car. They need adequate property damage coverage.

Higher costs: For all these additional features, wealthy drivers pay much higher premiums for their auto insurance needs.

 

Regardless of your income, you have the same rights as anyone. When you need a New Orleans auto accident attorney, call Venegas Law for a free consultation. We'll make sure that you are covered before you accept any insurance settlements.

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