"66P1800inpieces" (66p1800inpieces)
04/03/2019 at 20:44 • Filed to: None
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"66P1800inpieces" (66p1800inpieces)
04/03/2019 at 20:44 • Filed to: None | 2
| 6 |
Does anyone have umbrella insurance in addition to their standard auto liability insurance? My carrier’s highest liability coverage is $500,000 ( I think my current policy is only 300k), and as I get older I want to protect my retirement savings and the equity I am trying to build in my house. With accident settlements seeming to be millions of dollars I don’t think $500k is sufficient.
I am just learning about this and feel that I should have added this coverage a couple of years ago when I bought the house.
Update: Thank you for the tips, I see that the insurance needed isn’t really tied to your assets but how much coverage you want to have. And the more assets, the more you want protected in case something uneventful happens.
I went with a $2 million dollar policy that was $409. I also added more uninsured/under insured motorist up to $1 million for an extra $150. I previously had around $200k or so uninsured motorist, but figured the extra $150 was worth it because that insurance protects me in case someone else isn’t properly insured or are too broke to care. To get the extra $2m umbrella I first had to increase my auto insurance liability from $300k to $500k. I didn’t catch the cost for that but overall I am happy with an extra $559 a year for a little piece of mind. Plus, I probably should have had it years ago so I wanted to get it done with.
My quote seems a bit higher compared to what I saw in the Oppo comments so I may look at other carriers over the next couple of months. I have a rental condo, so that may be why it is a little more than expected. My carrier is also a little pricey but they get high ratings for the way they handle things if something does happen.
arl
> 66P1800inpieces
04/03/2019 at 20:56 |
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Interesting and I might have to look into this. Thx.
E92M3
> 66P1800inpieces
04/03/2019 at 20:59 |
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Just wanted to share something that happened to my sister. Her auto policy coverage provided coverage up to $100k. Which is fine for most cars, but she got in an accident with a semi truck. The truck driver swerved after the collision, went off the road and rolled over on it’s side. Because the cab, trailer, it’s contents and her car were damaged, the total damages were over $100k, so she has to pay the excess out of pocket. Good idea for everyone to check their policy and see what the coverage limits are.
ITA97, now with more Jag @ opposite-lock.com
> 66P1800inpieces
04/03/2019 at 21:25 |
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Good call. Pobably t he only blanket scenario where I wouldn’t bother is being a homeowner in Texas (with it's strangely generous and liberal homestead exemption), but anywhere else it is probably a good call.
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66P1800inpieces
> E92M3
04/03/2019 at 22:22 |
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Damn. I didn’t even think about that scenario. I bet a tractor trailer is as much, or more than a good number of the exotics on the road.
I love that McLaren and Porsche make nice cars, but if you don’t have enough insurance there is a chance you could have to pay for one, even if you never get to drive one.
facw
> 66P1800inpieces
04/03/2019 at 22:32 |
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Honestly I think there should be a cap on vehicle property damage (maybe 3x the median new car price?) I think at some point, if you want to drive million dollar car on public roads, knowing that crashes are a part of driving, you should bear the cost of that, via more expensive under-insured motorist coverage or something.
That said, I also think most (all?) states mandatory minimum coverage is absurdly low, and we probably should be requiring much more.
TheRealBicycleBuck
> facw
04/03/2019 at 22:57 |
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Some states are no-fault and your insurance covers your own car and the people in it.
Agreed on mandatory minimums. These days, hit one relatively new truck and if you only have state minimums, you’re screwed.
Under/uninsured motorist coverage is a must if you value your property at all.