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Auto Insurance question
Posted on 11/15/20 at 8:23 pm
Posted on 11/15/20 at 8:23 pm
We are thinking of upping our auto insurance coverage. We don’t have state minimum (Louisiana) but we have a mid tier coverage and we have a teenager that will be behind the wheel in the next year. What kind of coverage is everyone rolling around with and how much do you really need?
13
Posted on 11/15/20 at 8:25 pm to cassopher
All I know from friends that have teens is the insurance is going to skyrocket in price. That may be something to consider before upping your coverage.
Posted on 11/15/20 at 8:27 pm to Legion of Doom
Try a teen with two at fault accidents. Like a second mortgage.
Posted on 11/15/20 at 8:28 pm to cassopher
100/300/100
Posted on 11/15/20 at 8:30 pm to cassopher
I use my personal car for work as I am a commissioned sales rep covering multiple states.
I carry $250K/$500K/$250K on my auto policy (GA's minimum coverage is $25K/$50K/$25K). Just upped it from $100K/$300K/$100K which I carried for years. Also have a $1 million umbrella policy as well.
I carry $250K/$500K/$250K on my auto policy (GA's minimum coverage is $25K/$50K/$25K). Just upped it from $100K/$300K/$100K which I carried for years. Also have a $1 million umbrella policy as well.
Posted on 11/15/20 at 8:36 pm to Legion of Doom
quote:
All I know from friends that have teens is the insurance is going to skyrocket in price. That may be something to consider before upping your coverage.
Figured that would happen!
Posted on 11/15/20 at 8:38 pm to Demshoes
quote:In my house that would be a teen with a part time job to pay for a large part of their insurance or a teen who was an excluded driver and no longer had a set of car keys
Try a teen with two at fault accidents. Like a second mortgage.
This post was edited on 11/15/20 at 8:40 pm
Posted on 11/15/20 at 8:40 pm to cassopher
What kind of assets do you have? If you have you g teenagers, I recommend an umbrella policy in top of your auto liability.
Everyone says it won’t happen, etc. it happened to my neighbor as his father was killed by some 16 year old on his phone. They got over $500k from the accident. 100/300/100 won’t cover that but 1.25M will.
Everyone says it won’t happen, etc. it happened to my neighbor as his father was killed by some 16 year old on his phone. They got over $500k from the accident. 100/300/100 won’t cover that but 1.25M will.
Posted on 11/15/20 at 8:52 pm to cassopher
Buy the car, insure it, and transfer the title to your child then insure it for minimum coverage to cut down on cost.
You may need to go with Greg the Go Auto Guy to do this, though. Many insurers won’t insure someone without prior insurance or driving history so the lower tier carriers may be your only option in this scenario. Still, it would be by far the cheapest and least risk to YOU and YOUR assets.
You may need to go with Greg the Go Auto Guy to do this, though. Many insurers won’t insure someone without prior insurance or driving history so the lower tier carriers may be your only option in this scenario. Still, it would be by far the cheapest and least risk to YOU and YOUR assets.
Posted on 11/15/20 at 8:55 pm to Tiger Prawn
Good kid. Works, goes to college. Not gonna jam him up for a couple frick ups.
Posted on 11/15/20 at 8:56 pm to cassopher
quote:
we have a teenager that will be behind the wheel in the next year
You insurance is about to double at a minimum.
Posted on 11/16/20 at 4:06 pm to TDsngumbo
quote:
Still, it would be by far the cheapest and least risk to YOU and YOUR asset
How would it reduce risk to OP's assets? Are parents in Louisiana not liable for damage caused by minor children?
Posted on 11/16/20 at 4:30 pm to tigercross
You have to emancipate him. Also will allow qualifying for Pell grants.
Posted on 11/16/20 at 4:32 pm to cassopher
i have 100/300/100
if you have something they can come after that if you get in a wreck and exceed your coverage protection, time to up coverage....
if you have something they can come after that if you get in a wreck and exceed your coverage protection, time to up coverage....
Posted on 11/16/20 at 4:38 pm to Paul Allen
quote:
100/300/100
This, plus a 1 million liability for anything.
Posted on 11/16/20 at 10:04 pm to fishfighter
Make sure you have enough Property damage coverage due to the crazy price of autos these days.
Posted on 11/17/20 at 5:50 am to TDsngumbo
I believe that if they live in your house you can still be sued.
Posted on 11/17/20 at 6:02 am to cassopher
Insurance companies have to recoup the "break" they gave us earlier this year.
Posted on 11/17/20 at 6:04 am to cassopher
I would get at least 100/300 or 250/500. As soon as he turns 18, donate the car to him, put everything in his name, and get him his own policy.
Posted on 11/17/20 at 6:08 am to cassopher
Too much is never enough in this state with the fricking billboard lawyers
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