SC3coupe

iTrader: (4)

Hi all, I was wondering how much insurance coverage is reasonable, I looked over my policy carefully and the liability for bodily injury is $25k per person and max. $50k per incident. Property damage is $50k per incident.

I have been having this coverage on all of my cars for years, this is what my agent put in for me.

I bought a house a while back and now I am thinking this is actually risky, suppose I run a hit a expensive SUV and put the driver in hospital for a week, wouldn't the bodily injury be over $50k already??? Then they can sue me and I have to sell my house..??

I look at my gf's policy for a Scion XB and she pay almost same premium than my 4 cars including a Lexus!! I look at her policy and the coverage is like $300-500K! She said the reason is her dad got it that way and they own a house with lots of equity.

I know mine is probably legal requirement, that was OK back then I had nothing to lose. I have a perfect driving record. However now I own a home and I believe I need to rethink this, please advise.

BottomsUp

Absolutely get more coverage. If you own your own home and F someone up they can sue you if your ins doesn't cover it. I carry 100/300 for piece of mind.

hihi410

I have to agree with BottomsUp. I also have 100/300 coverage on insurance.

Its probably wise to pay extra just in case the "might happens"

Bichon

I agree totally with the previous two posters. I carry 500,000 liability coverage on my auto policy. If you have a lot of assets, you might even consider purchasing an additional umbrella policy, that picks up where your auto and homeowners insurance stops, and covers you for a much higher liability judgment, e.g., 1 million to 5 million. Liability umbrellas are surprisingly inexpensive.

nabbun

I don't know what any of that stuff is but I do know this

SC3coupe

iTrader: (4)

Thanks I am going to change to 100/300, I think the difference is about $10-$20 a month.

The minimal legal requirement is 15/30, I have 25/50 so this is slightly better.

BottomsUp

Good move. Let us know if you sleep better at night :-)

SC3coupe

iTrader: (4)

somehow I slept the best when I rented, and have a $800 toyota tercel and $300 in the chequing account, hmm. :P

kickin8

iTrader: (1)

http://www.dmv.ca.gov/pubs/brochures....htm#minliareq

this is the minimum....I would go for more and it should not cost a whole lot more....

if you have a house, you should at least get 100/300/100....if you want more piece of mind, go for the "umbrella" insurance......

kickin8

iTrader: (1)

yes, for $1Mil coverage, it should be around $1000/yr.......

tC_demon

Are you serious with this? How are you going to put someone for a week in the hospital from an SUV...I think the person that is going to be in for a week isn't the SUV people but the people in the smaller car (i.e. Lexus).

My aunt works for Farmers she says appropriate coverage for home owners are:

Bodily Injury Liability: $100K per person, $300K per accident (the more the better)

Property Damage: $100K per accident (covers way more than an expensive SUV)

Medical (Now this is where people get rip off) NONE (decline) if YOU have medical benefits from work or other sources, anybody else in the car with you will be cover under the Bodily Injury Liability coverage

Uninsured Motorist Bodily Injury: $30K per person $60K per accident

Comp and Collision $500 each

Bichon

In my experience, a $1Mil liability umbrella should cost around $200/year. (The umbrella is secondary to your auto and homeowners policies, and requires you carry $300,000k of each)

BottomsUp

What companies carry that type of insurance. I have amica for my home and car and would like to look into this.