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Message
re: Auto Insurance questions
Posted on 7/29/19 at 8:09 pm to Sheepdog1833
Posted on 7/29/19 at 8:09 pm to Sheepdog1833
My 10 cents is that you should add him and get liability limits for you family high enough to satisfy umbrella insurance requirements. You should also get umbrella insurance if you don’t have it already.
Then make him pay for some (or all) or the additional premium on your auto. If it’s between that or him paying double on his own, I’m sure he’ll pay his portion.
Then make him pay for some (or all) or the additional premium on your auto. If it’s between that or him paying double on his own, I’m sure he’ll pay his portion.
0
Posted on 7/29/19 at 8:41 pm to Tiger Prawn
quote:
Whether the car is paid off or financed has no bearing on the BI or UM limits you should be carrying.
Some lien holders will make you carry certain limits. So they can have an influence on the limits you carry.
Posted on 7/29/19 at 8:42 pm to Sheepdog1833
Talk to your agent and spend a little money to talk to a lawyer to get the facts. There is MUCH misinformation posted here.
Posted on 7/29/19 at 8:48 pm to Sheepdog1833
Your BI/PD limits have nothing to do with the car you drive. Those limits protect your assets when you are liable to a third party for damages.
Buy as much BI/PD limits that you can afford, then buy more. When that kid of yours causes an accident, you’ll be glad you did.
Buy as much BI/PD limits that you can afford, then buy more. When that kid of yours causes an accident, you’ll be glad you did.
This post was edited on 7/29/19 at 8:49 pm
Posted on 7/29/19 at 8:50 pm to Sheepdog1833
I can’t even begin to explain
Posted on 7/29/19 at 8:52 pm to zippyputt
There really is some bad info in this thread.
Posted on 7/29/19 at 11:07 pm to CaptainsWafer
True but I’ve only heard of that for leases, not for financed purchases
Posted on 7/29/19 at 11:29 pm to Sheepdog1833
quote:
He’s headed to LSU next month living on campus. I can “not” claim him if that makes sense. I
A kid at college is still “living at home” and a dependent for tax purposes. I hope you have a CPA if you don’t know that. Seriously, don’t give up that deduction until he is graduated, living on his own and claiming himself on his taxes.
Posted on 7/29/19 at 11:34 pm to Tiger Prawn
95% of the "info" on here is total bullshite. I hate it when non-lawyers claim to know the law.
Once the kid turns 18, dad is no longer liable for his torts. Period.
So, the question is whether it saves more money to put the kid on the family policy or to donate him the car and help him buy his own minimum limits policy. I suspect the former is the case.
If the kid creams someone bad, he goes bankrupt Chapter 7.
Once the kid turns 18, dad is no longer liable for his torts. Period.
So, the question is whether it saves more money to put the kid on the family policy or to donate him the car and help him buy his own minimum limits policy. I suspect the former is the case.
If the kid creams someone bad, he goes bankrupt Chapter 7.
This post was edited on 7/29/19 at 11:38 pm
Posted on 7/29/19 at 11:36 pm to Sheepdog1833
Not really answering the question but just here to provide some anecdotes.
When I was in college, I was in an at fault accident. They attempted to sue my dad to gain a settlement beyond the limits of our insurance policy. I was under my dad's policy, I was considered a dependent(tax wise) and it's was my dad's vehicle(college gift but under his name).
Despite all that, the suit failed. Something to do(not a lawyer) that while I was all of the above, I wasn't living with the parents, engaged in work for my dad or running an errand for my dad this his liability was limited/none.
In any case, if this is your worry, seems like you're approaching the territory of either upping insurance limits or adding an umbrella.pokicy for protection.
When I was in college, I was in an at fault accident. They attempted to sue my dad to gain a settlement beyond the limits of our insurance policy. I was under my dad's policy, I was considered a dependent(tax wise) and it's was my dad's vehicle(college gift but under his name).
Despite all that, the suit failed. Something to do(not a lawyer) that while I was all of the above, I wasn't living with the parents, engaged in work for my dad or running an errand for my dad this his liability was limited/none.
In any case, if this is your worry, seems like you're approaching the territory of either upping insurance limits or adding an umbrella.pokicy for protection.
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