You should insure to the limit of your personal assets you want to

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Jun 19, 2024
4:05:58pm

JimmyZ Truly Addicted User

You should insure to the limit of your personal assets you want to

Protect. And that includes future income stream.

This message has been modified

Originally posted on Jun 19, 2024 at 4:05:58pm

Message modified by JimmyZ on Jun 19, 2024 at 4:07:01pm

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JimmyZ

Previous username: Cretin
Bio page: JimmyZ
Joined: Jun 6, 2008
Last login: Jun 29, 2024
Total posts: 76,598 (39,622 FO)

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Messages

Author

Time

What should my liability limits be on my car insurance?

jrob30

Jun 19, 3:28pm

If you have assets to protect they should be high. If you don't you could risk

johnnybyu

Jun 19, 3:33pm

Large enough that you can also buy an umbrella policy.

Madam Pattirini

Jun 19, 3:37pm

Usually that's $500K, right?

Ragnar Danneskjold

Jun 19, 3:39pm

That's what Allstate required

Skeptical Optimist

Jun 19, 3:41pm

Most carriers require 250/500. If you can’t get one from your carrier, there are

blueaussie

Jun 19, 3:43pm

Thanks. I might do that. My son leaves on his mission in a month, so I will re-visit auto / umbrella then.

Ragnar Danneskjold

Jun 19, 3:54pm

We have a standalone umbrella carrier that shouldn’t have a problem with teens.

blueaussie

Jun 19, 3:55pm

The provider Geico uses requires 300/300. It cost me $270/year for $1M umbrella.

OnEMoReTrY

Jun 19, 4:12pm

They told me $500K. Maybe because I live in one of the stupid states.

Ragnar Danneskjold

Jun 19, 4:46pm

This woman knows what she’s talking about.

Big Daddy D

Jun 19, 3:55pm

100/300 minimum but preferably 250/500 or higher.

blueaussie

Jun 19, 3:41pm

There's enough ambulance chaser lawyer ads on TV now to make anybody think

Skeptical Optimist

Jun 19, 3:41pm

We do minimum on autos and house with an umbrella policy to cover excess liability

roseyscenario

Jun 19, 3:46pm

Where do you get an umbrella with state minimum limits on your home and auto?

blueaussie

Jun 19, 3:47pm

Prob meant minimum needed to get the umbrella.

rainorsnow

Jun 19, 3:47pm

That would make sense.

blueaussie

Jun 19, 3:49pm

Yes, that's right. Use State Farm. Whatever we had to do to qualify for umbrella, which we should probably increase.

roseyscenario

Jun 19, 3:56pm

Yes, if you have any assets, you definitely should. Umbrellas are cheap coverage

blueaussie

Jun 19, 4:00pm

Increasing liability limits won’t cost much, in most cases, so it’s not much of

rainorsnow

Jun 19, 3:47pm

You should insure to the limit of your personal assets you want to

JimmyZ

Jun 19, 4:05pm

Higher limits increases ambulance chaser interest. Most cases will settle at

88Coug

Jun 19, 4:11pm

While true the insurance company is going to fight a lot harder to not give up

johnnybyu

Jun 19, 5:15pm

Look, the average PI guy is much more motivated the higher the limit. They

88Coug

Jun 19, 6:53pm

If you have assets, their lawyer isn’t going to stop at your liability limits

Skeptical Optimist

Jun 19, 9:05pm

If you think that, you don't know PI attorneys.... they stop at policy limits

88Coug

Jun 19, 9:56pm

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