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|Dude, Where’s My Car’s Legal Protection?|
|News Releases - General Info|
|Written by Ginny Grimsley|
|Tuesday, 05 June 2012 12:41|
New Automobile Sharing/Renting Programs a Gamble,
Says Asset Protection Specialist
If parents loan the family car to their child, they can be sued if an accident occurs. The same goes for anyone who loans a car to a friend in need. So, what happens when a third party like RelayRides is involved?
RelayRides is a peer-to-peer car rental or car-sharing service that went nationwide in March this year after launching in Boston in 2010. Many participants loan their cars as a good deed to open up parking along busy urban streets, promote environmentally sound habits or simply to help those in need of a ride. Most, however, opt to rent their vehicles for a variable rate – usually about $10 per hour.
“Every car loaned or rented through the program gets $1 million in liability insurance coverage from RelayRides, but even that may not be enough,” says Hillel L. Presser, a lawyer specializing in asset protection planning and author of Financial Self-Defense (www.assetprotectionattorneys.
“When there’s an accident involving serious injuries, the victims simply have no choice but to sue for at least $1 million, and often more. If you rented the car and you have assets, you could become a target.”
Earlier this year, a man who rented a car through the program was killed in an accident while driving the wrong way on a highway, Presser says, citing a New York Times report. Four people in the car he hit were seriously injured.
“Medical expenses are expected to exceed RelayRides’ insurance coverage,” Presser says. “The owner of the car is a part-time Google systems administrator – which means she probably makes good money. Who will pay the overage, and who might be sued, is still yet to be determined.”
In today’s world, lawyers have gotten very creative in what they’ll go after, which is why comprehensive protection of assets is absolutely crucial, he says.
Presser offers the following tips:
“While everyone can take well-informed steps to further protect their wealth, there is no substitute for having an experienced legal professional review an estate – all of it,” Presser says.
About Hillel L. Presser
Hillel L. Presser’s firm, The Presser Law Firm, P.A., represents individuals and businesses in establishing comprehensive asset protection plans. He is a graduate of Syracuse University’s School of Management and Nova Southeastern University’s law school, and serves on Nova’s President’s Advisory Council. He also serves on the boards of several non-profit organizations for his professional athlete clients. He is a former adjunct faculty member for law at Lynn University. Free copies of Financial Self-Defense are available through AssetProtectionAttorneys.com.
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