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Old 08-02-2008, 06:00 PM
 
Location: Monroe,Ga.
183 posts, read 921,418 times
Reputation: 98

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By the way, it does matter if you have the uninsured motorist, etc. BUT if worse case happens, the car nsurance is NOT enough! Even if the teens are great drivers and obey all traffic laws, there are people on the road that don't. This protects them as well. My son likes his room and I don't think he likes camping so much that he would be willing to sleep in a tent on a daily basis!
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Old 08-02-2008, 06:18 PM
 
171 posts, read 599,969 times
Reputation: 98
Well if person is paranoid with loosing everything, than umbrella policy would be for them, but avg American doesn't have $1 million buckaroos sitting in assets, if person dies in the accident, they're dead they can't collect anything, if the family sues you in claims court it would be up too the courts to determine if your liable for paying wrongful death claim, as in the case with Brandy Norwood, and once more those that are convicted of DUI manslaughter are sitting in jail, so they can't pay the claim that a family would bring against them if the family won their lawsuit in court. I just don't think it's worth to pay for a separate policy. But to each his own. Lastly, my assets and home (as well as having homeowners exemption) are protect by my LLC.
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Old 08-02-2008, 06:37 PM
 
Location: Monroe,Ga.
183 posts, read 921,418 times
Reputation: 98
This has NOTHING to do with paranoia. Your llc covers your business, not your personal assets. If you think this is paranoia at work, I suggest you speak with your agent and an attorney. LLC regards a business....we are talking about a minor driving on a parent's policy. If you think you are covered under a llc or the max with uninsured motorist, etc., I only hope for the best for you. We are not paranoid, we only think the best with our "child" almost adult. But life has taught us, things do happen. You may be one of the lucky few, more power to you. The comments here are...worse case scenario and I do not want to jeopardize my home and assets on a whim and thinking I am covered on all parts. Because he is a minor WE are responsible as if We were driving! Check it out!
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Old 08-02-2008, 06:45 PM
 
Location: Monroe,Ga.
183 posts, read 921,418 times
Reputation: 98
Quote:
Originally Posted by Pcola110 View Post
Well if person is paranoid with loosing everything, than umbrella policy would be for them, but avg American doesn't have $1 million buckaroos sitting in assets, if person dies in the accident, they're dead they can't collect anything, if the family sues you in claims court it would be up too the courts to determine if your liable for paying wrongful death claim, as in the case with Brandy Norwood, and once more those that are convicted of DUI manslaughter are sitting in jail, so they can't pay the claim that a family would bring against them if the family won their lawsuit in court. I just don't think it's worth to pay for a separate policy. But to each his own. Lastly, my assets and home (as well as having homeowners exemption) are protect by my LLC.
The persons family can collect if you or yours are found negligible. Noone said anything about DUI.... people die in accidents that don't involve drugs and/or alcohol. It does not cost alot of $ to get an umbrella policy. By the way, if your neighbor fell on your property and broke an ankle, this would protect you, also! If you don't own anything, you have nothing to lose! This is assuming you own something of worth! Your Homeowners exemption gives you nothing more than a tax break! Your llc will not protect anything unless the minor is on a job related incident!
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Old 08-02-2008, 08:16 PM
 
Location: East Cobb
2,206 posts, read 6,063,657 times
Reputation: 912
I agree with rasmom. We have an umbrella policy too. When we moved from Canada we were shocked that the liability coverage on standard home and auto insurance policies here in the US seemed far lower than in Canada, although the US is a hugely more litigious society and judgments are higher. We reasoned that perhaps Americans are just resigned to being bankrupted if they're ever sued over an accident. Nonetheless, when we expressed dismay, our agent recommended an umbrella policy.

We're not worried because we have poor driving records or reason to be concerned about liability issues at our home. We're just cautious.
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Old 08-02-2008, 09:20 PM
 
200 posts, read 898,386 times
Reputation: 115
I just told my 15 year old that insurance for 16 year old drivers runs about $4,000 a year.

He replied, "I guess I won't be driving for a few more years!"

If that's really the case, then we won't even bother with the learner's permit or driving school or getting a regular license until he turns 18.
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Old 08-02-2008, 09:29 PM
 
13,135 posts, read 20,699,235 times
Reputation: 35314
Global, that is not the case. As I said, it only cost us about $900.00 to add a 16 yr old to our policy. It will be higher if he has his own car, or if he doesn't qualify for the available discounts, but you can shop around for much lower rates than $4000. If it cost that much each time I added a son, all of mine would be on bicycles! Check out Allstate.
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Old 08-02-2008, 09:35 PM
 
13,135 posts, read 20,699,235 times
Reputation: 35314
Pcola, The first thing our financial planner told us to do was to get an umbrella policy. It isn't paranoia that drove us to get one, it was common sense and peace of mind. One mistake by a teenage driver could cost us everything we have worked for.
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Old 08-03-2008, 05:45 AM
 
Location: Monroe,Ga.
183 posts, read 921,418 times
Reputation: 98
Thanks for the support and wisdom of Rainy and Mattie. Better to be safe than sorry. Peace of mind is worth a few extra dollars. Most people insure themselves with the minimum to get on the road. If my family were ever unfortunately involved in an accident, it's good to know we have covered ourselves. Call it paranoia, I call it Smart.
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Old 08-04-2008, 07:45 AM
 
97 posts, read 394,788 times
Reputation: 35
Here's what you do:

1. Buy the kid a cheap car in which liability is all you need.
2. Acquire a SEPARATE policy for you and your spouse ONLY for this car OUTSIDE of the policy you use for your other cars with a DIFFERENT insurance company.
3. Make your child a named driver on the policy. The only named driver.
4. Acquire a $1M umbrella policy from the same insurer naming all of you.

The policy should be cheap. This works - I do it all day/every day.
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