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MetLife
and MetLife Auto & Home have the answers you need to help
build financial freedom for your future.
Follow
the links below to find answers to the questions of interest
to you -- or ask a question of your own!
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[Q] I've
hired a neighbor to paint my two-story house this summer. He'll
work during his off-hours at a discount. There's nothing to be worried
about, right?
[A] Not necessarily. If your painter injures himself and doesn't
have workers' comp insurance, you could be held liable for his medical
bills. The general liability portion of your homeowners policy would
provide some protection if you were at fault, but those limits can
quickly be exhausted. Personal Excess Liability (also known as an
"umbrella" policy) provides additional protection. It's a smart
choice, particularly for those with significant assets to protect.
Your best bet is to hire an established contractor with up-to-date
certificates of insurance.
[Q]
I bought a new car that sported the government's 5-Star Safety Rating.
When I went to insure it, I was told it did not qualify as a safe
vehicle in the eyes of the insurance company. What should I have
done differently?
[A] There's a lot of safety information available on cars, but
a single rating -- such as the National Highway Traffic Safety Administration's
crash ratings (available at www.nhtsa.gov/NCAP)
-- doesn't necessarily offer a complete picture. Insurance companies
also look at a vehicle's propensity to tip over, the effectiveness
of its brakes and air bags, whether it has daytime running lights
and more. A good place to start your research is with the Insurance
Institute for Highway Safety (www.iihs.org).
Of course, before signing on a dotted line, call your MetLife Auto
& Home representative to ask how the company views a particular
make and model.
[Q]
I drive a 1993 Saab with 125,000 miles on it. It's not worth much.
Can I save some money by dropping my insurance?
[A] Although auto liability is a mandatory coverage in most
states, comprehensive and collision -- which cover physical damage
to your car -- are optional and may not be cost effective on an
old car. Research the current book value of your car using the N.A.D.A.
Official Used Car Guide (www.nada.com).
If your car is worth less than 10 times the amount you're paying
for comprehensive and collision coverage, consider dropping them.
One note: Some lien holders may require you to carry physical damage
coverage.
Got
a Question?
E-mail it to us at editor@MetLifeYourLife.com.
Or, write to us at: MetLife, Your Life, Dept. LN304, 1716 Locust
St., Des Moines, IA 50309.
We regret that due to volume we are unable to respond individually
to questions.
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