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Started By
Message
How much car insurance is enough?
Posted on 6/2/16 at 1:20 pm
Posted on 6/2/16 at 1:20 pm
I pay for the extra fifty grand or so in case I smash a suburban or something pricey. Do I need to?
Has anyone ever hit a nice car and your insurance coverage was not enough to pay for the car you hit?
Has anyone ever hit a nice car and your insurance coverage was not enough to pay for the car you hit?
7
Posted on 6/2/16 at 1:28 pm to Churchill
usually higher liability limits do not add nearly as much cost as what people assume it does. Its not only property damage, its medical liability and bodily injury you should be more worried about.
Posted on 6/2/16 at 1:51 pm to Churchill
I carry max limits plus umbrella, it comes down to if you cause more damage than your policy allows, do you have and want to risk your assets ?
if you have no assets, dont worry about it
if you have no assets, dont worry about it
Posted on 6/2/16 at 2:00 pm to Churchill
I carry an umbrella, which itself requires higher than normal limits. As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent in taking care of things so that I won't be personally liable unless I did something criminally negligent.
Posted on 6/2/16 at 2:15 pm to foshizzle
quote:
As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent in taking care of things so that I won't be personally liable
wow, bravo agent bravo. he must sell coastal property in nebraska during the weekends.
Posted on 6/2/16 at 2:16 pm to Churchill
it depends on your stage in life, the assets you need to protect, and other factors. once I obtained a fair amount of cash and assets, I purchased an umbrella policy(liability and UM). it's not expensive.
Posted on 6/2/16 at 2:24 pm to foshizzle
quote:
As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent in taking care of things so that I won't be personally liable unless I did something criminally negligent.
Posted on 6/2/16 at 2:35 pm to foshizzle
quote:
I carry an umbrella, which itself requires higher than normal limits. As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent in taking care of things so that I won't be personally liable unless I did something criminally negligent.
I can understand the though process of an agent telling you that you'll have better representation because of the potential payout, but I've never heard of this one.
Posted on 6/2/16 at 3:09 pm to Churchill
100/300/100 is plenty if you don't have a ton of assets.
Posted on 6/2/16 at 4:19 pm to Paul Allen
100/300/100 is the minimum I write.
Posted on 6/2/16 at 8:02 pm to foshizzle
quote:
As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent
Ho Lee shite
Posted on 6/2/16 at 8:03 pm to BamaCoaster
quote:
100/300/100 is the minimum I write.
Yep... and it's truly the minimum
Posted on 6/2/16 at 8:04 pm to Churchill
quote:
How much car insurance is enough?
How much is the claim????
Posted on 6/2/16 at 8:41 pm to BamaCoaster
quote:
100/300/100 is the minimum I write.
What about the typical deductible on comprehensive and collision?
Posted on 6/2/16 at 9:04 pm to TheChosenOne
I cary 1,000 on 300/500 limit
Eta: I carry a higher deductible on my homeowners and dwelling policies. The reason being that houses don't tend to run into each other....end edit
300/500 attaches to an umbrella.
My agent sucks and told me to carry what I need to cover current and reasonable future assets. Or, a number we can tender in the event of a catastrophic claim, without leaving such a gap that I might have to pay future wages.
I wish I had a smart agent that said a judge will completely release me from liability as long as I buy an umbrella........
Eta: I carry a higher deductible on my homeowners and dwelling policies. The reason being that houses don't tend to run into each other....end edit
300/500 attaches to an umbrella.
My agent sucks and told me to carry what I need to cover current and reasonable future assets. Or, a number we can tender in the event of a catastrophic claim, without leaving such a gap that I might have to pay future wages.
I wish I had a smart agent that said a judge will completely release me from liability as long as I buy an umbrella........
This post was edited on 6/2/16 at 9:06 pm
Posted on 6/2/16 at 9:55 pm to Churchill
The first $25k is the most expensive part of the policy because that is the amount that carries the greatest risk to the insurer. Basically, every time a claim is made, the insurer expects to pay out $25k or slightly less. Once you move above $25k, the risk to the insurer is lower so the additional premium is cheaper. I carry 100/300/100 and have a $1mm umbrella that costs me less than $400/yr. As was stated above, if you don't have assets to protect, you don't need to pay for excess protection. If you have assets, protection is cheap above $25k.
Posted on 6/2/16 at 10:05 pm to foshizzle
quote:
As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent in taking care of things so that I won't be personally liable unless I did something criminally negligent.
Holy shite!
Posted on 6/3/16 at 6:29 am to foshizzle
quote:
I carry an umbrella, which itself requires higher than normal limits. As my insurance agent explained to me, if I ever have to appear before a judge the mere fact that I have umbrella coverage is usually enough to convince the judge that I wasn't negligent in taking care of things so that I won't be personally liable unless I did something criminally negligent.
What insurance company are you with? What agent?
Serious questions.
Posted on 6/3/16 at 10:07 am to TheChosenOne
quote:
What about the typical deductible on comprehensive and collision?
I try not to write above $500 on collision and $250 on comp.
Honestly, though, it is up to the insured. I educate them as best I can, and have found that situations vary depending on the person.
Posted on 6/3/16 at 11:22 am to jeepfreak
quote:
As was stated above, if you don't have assets to protect, you don't need to pay for excess protection. If you have assets, protection is cheap above $25k.
True, but the tricky question is at what point you have "assets" sufficient to make the average plaintiffs' attorney think it's worth his time to come after you personally.
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