"66P1800inpieces" (66p1800inpieces)
04/03/2019 at 08:40 • Filed to: None
1
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"66P1800inpieces" (66p1800inpieces)
04/03/2019 at 08:40 • Filed to: None | 1
| 21 |
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.
camarov6rs
> 66P1800inpieces
04/03/2019 at 08:50 |
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Umbrella is definitely something to think about as your assets reach or exceed the maximum coverage of standard policies
facw
> 66P1800inpieces
04/03/2019 at 08:56 |
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I have a $1M plan from Geico, that costs $167/year. Honestly I probably should look into going higher, but $1M was the only option I could get online, and I hate talking to people on the phone.
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66P1800inpieces
> facw
04/03/2019 at 09:06 |
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Wow. That sounds really reasonable.
E90M3
> facw
04/03/2019 at 09:08 |
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I read this and then did the same thing, since I also insure with Geico. Mine was 203 a year, but that’s not terrible either.
HoustonRunner
> 66P1800inpieces
04/03/2019 at 09:14 |
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Yes. Both my financial advise r and my dad suggested it last year, so we went with a simple one through USAA (which is where I do all my insurance). I think the basic math was get enough to cover the value of all of your assets (but I could be wrong).
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facw
> camarov6rs
04/03/2019 at 09:15 |
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It doesn’t really matter how your assets compare to the maximum coverage on your normal plan. A standard plan covers liability, it doesn’t protect assets. That is to say if you have $300,000 plan an $100,000 in assets, you can still lose those assets if you do $400,000 in damage (not especially hard given hospital costs ). Your assets should really only matter in the case where you have no assets (nothing to protect), or your assets are so large that even a multi-million dollar judgement can be easily absorbed.
CarsofFortLangley - Oppo Forever
> 66P1800inpieces
04/03/2019 at 09:17 |
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You should have at least a mil.
You can tell a Finn but you can't tell him much
> 66P1800inpieces
04/03/2019 at 09:20 |
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Yeah, I’ve got an umbrella plan. It shows $172/year for $1M in coverage, but due to multiline discounts and such it didn’t actually raise my insurance bills by that much. If you have more assets than your other liability insurance will cover it is a good idea to have an umbrella policy.
LOREM IPSUM
> CarsofFortLangley - Oppo Forever
04/03/2019 at 09:22 |
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I have 3 mil on our policy. If that doesn't cover it, I'll call OJ for advice.
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CarsofFortLangley - Oppo Forever
> LOREM IPSUM
04/03/2019 at 09:25 |
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I have 3 mil on all 3 cars. 200K when I drive the truck because I will be dead anyways
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LOREM IPSUM
> CarsofFortLangley - Oppo Forever
04/03/2019 at 09:27 |
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What are your thoughts on only obtaining the legal minimum from icbc and going elsewhere for the supplemental? Cost effective? Something I've pondered but never really explored.
Ash78, voting early and often
> 66P1800inpieces
04/03/2019 at 09:41 |
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My agent keeps asking about this, talking about how personal injury attorneys are bankrupting people for things at a higher rate.
My question to her was “Why don’t the auto and homeowner policies just increase their limits in line with the norms?”
Quite frankly: They make more on umbrella sales.
I love my agent’s honesty, but haven’t taken the step yet. I need to.
Verdog ~ manual Bro, Bro - HellHawk Equipped
> 66P1800inpieces
04/03/2019 at 09:59 |
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I have a 1M with State Farm. I don’t recall the yearly premium, but when I did sign up for it my overall rates for homeowner and auto went down.
I have heard all those tales (true or not, dunno) about kid’s friends breaking an arm or drowning in the pool.... and how someone you think is a friend snap and sue to the end of the world.
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CarsofFortLangley - Oppo Forever
> LOREM IPSUM
04/03/2019 at 10:00 |
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Its fine, especially when it comes to liability which should be shopped for strictly by price. I tried that a while ago, but I’m still not old enough (was 26) to get decent private pricing.
Collision wise, there are some differences in service or replacement/LKQ parts or if you have something rare/expensive.
Otherwise it's all the same shit
VincentMalamute-Kim
> 66P1800inpieces
04/03/2019 at 10:18 |
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$
3M with State Farm $381
GoodIdeaAtTheTime
> facw
04/03/2019 at 11:35 |
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I find lots of people hate talking on the phone. Myself included :(
haveacarortwoorthree2
> 66P1800inpieces
04/03/2019 at 11:49 |
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They cost like $5. Just get a new one when the old one breaks.
:)
gmporschenut also a fan of hondas
> 66P1800inpieces
04/03/2019 at 12:10 |
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Yes. Polic y limits are in woefully inadequate in 2019.
Eric @ opposite-lock.com
> 66P1800inpieces
04/03/2019 at 16:40 |
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I have a million in umbrella on top of my auto & homeowners that meet the minimum requirement for the umbrella policy. We just have too much in assets to not have it...
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Eric @ opposite-lock.com
> Ash78, voting early and often
04/03/2019 at 16:42 |
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But umbrella is pretty cheap compared to higher limits on other policies.
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Ash78, voting early and often
> Eric @ opposite-lock.com
04/03/2019 at 16:51 |
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True...I was just pointing out that other policies might consider having mini-umbrellas built into them. Actuarially it would accomplish the same thing but allow the individual to choose which policies they want it to apply to. Like if you don’t have people visit your home, you might not want an umbrella that covers your home, maybe just your car.