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Car insurance philosophies
Posted on 9/3/26 at 11:14 am
Posted on 9/3/26 at 11:14 am
An OT topic got me thinking about this and I would like to hear y'all's approach to car insurance and the logic to it.
Option 1 - high coverage amounts to protect your personal assets
Upside is peace of mind. Downside is high premiums, and arguably makes you more likely to suffer through inflated bullshite claims when the ambulance chaser sees your high limits
Option 2 - lower coverage amounts to lower premiums, protect assets through other measures
Upside is low premiums. Downside is the extra effort involved in knowing how to structure your assets in a way that you protect yourself personally from the ambulance chaser, and the stress involved in having it play out if you're ever sued for a substantial at-fault incident.
I would really like to hear some thoughts and experiences on the subject, please and thank you.
Option 1 - high coverage amounts to protect your personal assets
Upside is peace of mind. Downside is high premiums, and arguably makes you more likely to suffer through inflated bullshite claims when the ambulance chaser sees your high limits
Option 2 - lower coverage amounts to lower premiums, protect assets through other measures
Upside is low premiums. Downside is the extra effort involved in knowing how to structure your assets in a way that you protect yourself personally from the ambulance chaser, and the stress involved in having it play out if you're ever sued for a substantial at-fault incident.
I would really like to hear some thoughts and experiences on the subject, please and thank you.
Posted on 9/3/26 at 11:18 am to Huey Lewis
I can't envision not having significant protection over my family's assets over a few hundred extra dollars a year.
Posted on 9/3/26 at 12:23 pm to Huey Lewis
quote:
Downside is the extra effort involved in knowing how to structure your assets in a way that you protect yourself personally from the ambulance chaser
Even if you have assets shielded, that doesn't stop them from getting a judgment against you that exceeds your insurance coverage limits. They can always try to go for wage garnishments if you don't pay it.
Posted on 9/3/26 at 12:25 pm to Huey Lewis
Getting sucked into some bs litigation is mentally and physically taxing on people. Even if you are insured the stress of having a civil case hanging over you wrecks some people.
So in theory high limits might help get the claim settled, but not always.
Cuts both ways really but something to think about.
So in theory high limits might help get the claim settled, but not always.
Cuts both ways really but something to think about.
This post was edited on 9/3/26 at 12:49 pm
Posted on 9/3/26 at 2:09 pm to Huey Lewis
quote:
you more likely to suffer through inflated bullshite claims when the ambulance chaser sees your high limits
they don't see your higher limits. that isn't something they have access to. you are getting sued regardless of your limits initially. there is no suffering, its handled through the insurance company either way.
Posted on 9/3/26 at 7:56 pm to Huey Lewis
I knew a highschool girl who got hit by an underinsured driver . She had multiple passengers who were injured. The guy who hit her had something like $40K liability (1980's). The driver herself had more injury than that just on one hand. Her parents insurance covered the passengers.
Also keep in mind that insurance companies sue to recover losses all the time.
Also keep in mind that insurance companies sue to recover losses all the time.
Posted on 9/3/26 at 11:01 pm to Huey Lewis
Take option one.
What other measures are you talking about to protect your assets?
What other measures are you talking about to protect your assets?
Posted on 9/4/26 at 2:41 am to Huey Lewis
The cost associated with more liability coverage is minor. Option 1 all day long...plus umbrella.
Posted on 9/4/26 at 8:33 am to Huey Lewis
quote:
Option 2 - lower coverage amounts to lower premiums, protect assets through other measures
Posted on 9/4/26 at 8:45 am to Huey Lewis
What’s good coverage? I’m not even sure what I have so I’m probably under insured.
Looks like I have 500k for auto and 1 mil on umbrella policy.
Looks like I have 500k for auto and 1 mil on umbrella policy.
This post was edited on 9/4/26 at 8:52 am
Posted on 9/5/26 at 11:49 am to Huey Lewis
If you own a home you need and should have an umbrella policy. You can only get that with full (higher) coverage on your autos.
The umbrella is what really protects you and your ASSets from lawsuits, e.g., trampoline, pools, dog bites etc.
The umbrella is what really protects you and your ASSets from lawsuits, e.g., trampoline, pools, dog bites etc.
Posted on 9/5/26 at 12:30 pm to geauxpurple
quote:
What other measures are you talking about to protect your assets?
Hopefully I'll have some time later to find a more detailed breakdown when I'm not typing on a phone, but in a nutshell it seemed to involve using trusts and/or LLCs to make it where you don't personally own anything that can be gone after.
Posted on 9/5/26 at 2:42 pm to TX_Tiger23
Might need to look into umbrella
Posted on 9/5/26 at 3:12 pm to Chad504boy
quote:
they don't see your higher limits. that isn't something they have access to. you are getting sued regardless of your limits initially.
Baw, during a lawsuit a common discovery question (which is allowed) is how much liability insurance coverage you have.
Posted on 9/5/26 at 3:38 pm to Upperdecker
Umbrella requires a minimum, therefore …
Posted on 9/5/26 at 4:27 pm to Upperdecker
Not sure if you’re saying I need to look into what an umbrella is or what but I’m very familiar with how it works.
Posted on 9/5/26 at 4:28 pm to Penn
Yep, not sure what they’re thinking an umbrella is.
Posted on 9/5/26 at 5:39 pm to Huey Lewis
If you have assets to protect, buy enough coverage to protect your assets. And that includes UMBILICAL coverage. Any other “strategy “ carries a significant risk.
Posted on 9/5/26 at 7:06 pm to TX_Tiger23
I’m saying I need to look into it bruh
Posted on 9/5/26 at 7:10 pm to Upperdecker
Definitely, it’s cheap too.
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