Even if no other cars were involved in your accident and no one was injured, you could face
huge increases to your insurance premiums.
Not exact matches
That's a
huge benefit as you get older and not having
to face the possibility of your term
insurance premium increasing beyond your ability
to pay (quite possibly at a time when you'll need your
insurance the most).
Just because a police officer pulls you over and tells you that you were speeding doesn't necessarily mean that you should be forced
to pay a very hefty fine (in some cases up
to $ 650) AND get points on your
insurance (which will surely lead
to a
huge increase in your
premium).
For vehicles, the high risk of fender benders in the Five Boroughs means
insurance companies are very likely
to have
to shell out money for repairs or medical bills; for homes, the
increase you see in crime and vandalism as well as the greater risk of fire spreading from one property
to another play a
huge role in determining
premiums.
It will be
increasing them most right in the sweet spot of the new law, the $ 5 million dollar exemption ($ 10 million per married couple) that allows
huge single
premium policies
to be purchased and held out of the estate through Irrevocable Life
Insurance Trusts.