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Old 08-03-2012, 09:40 PM
 
4,020 posts, read 5,026,685 times
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Default Bodily Injury Liability 50000/100000. Too high, low or about right?

My car insurance is coming up for renewal and my bodily injury liability is 50000/100000 person/per accident.
I don't really know if this is a good amount or not or whether I should change it. I could go as low 25000/50000 but would only save about $19 on my six month premium.
What do you think is a good coverage?
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Old 08-03-2012, 09:43 PM
 
Location: San Antonio, TX USA
2,825 posts, read 2,678,328 times
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Too low, what your property coverage at?. I carry 100/300/100 and i worry thats to low
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Old 08-03-2012, 09:46 PM
 
Location: NW San Antonio
2,519 posts, read 5,437,698 times
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First, make sure you meet State required limitations. After that, you have to decide what you are going to run over or in to, and how much it will cost to replace.
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Old 08-03-2012, 09:48 PM
 
Location: San Antonio, TX USA
2,825 posts, read 2,678,328 times
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Quote:
Originally Posted by sinsativ View Post
First, make sure you meet State required limitations. After that, you have to decide what you are going to run over or in to, and how much it will cost to replace.
Its scary how low some states limits are. The best advice I can give you is, carry the most amount that you can afford.
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Old 08-03-2012, 10:04 PM
 
4,406 posts, read 3,463,063 times
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This is a good occasion for me to try and explain what I think are adequate car insurance coverages. I have practiced law for twenty-seven years and and a large percentage of my work are injuries resulting from car accidents.

Let me describe my own car insurance first.

1. $1,100,000 liability per person and per accident.

2. $1,100,000 uninsured motorist per person and per accident

3. $1,100,000 underinsured motorist per person and per accident.

4. $3,000 medical payments coverage because I have good health insurance that kicks in when this is exhausted.

5. $100,000 property damage liability coverage.

6. I have a $500 deductible on my cars for collision and comprehensive coverages. I have raised one car to a $1000 deductible. When the cars are more than about seven years old, I gradually eliminate collision and comprehensive coverages completely.

I live in a state with low insurance rates. However, I currently insure 4 cars (including one 20 year old driver) for about $2,200 a year.

Why do I maintain such high bodily injury liability coverage? Its not why you think it is. I'm not particularly concerned after 37 years of safe driving that I'll cause a catastrophic accident. My reason for these high liability limits is that I cannot buy equivalent amounts of underinsured and uninsured motorist coverages without them.

The coverages that are most important to a driver are the ones, he almost never thinks about. Underinsured motorist and uninsured motorist coverages in high dollar amounts are the only way you'll ever remotely get what you have coming to you if you are involved in a catastrophic accident. Medical bills alone can easily be $100,000 to $300,000 when someone has life threatening injuries. A limit of $50,000 will be exhausted before its even needed. Sadly, I've seen many cases where people had permanent injuries and had little recourse to do much about them because the responsible driver had too little insurance and they had neglected to purchase underinsured motorist coverage. These are tough cases and no is ever happy with how they get resolved.

Your greatest concern, if you are a safe driver, is that some clown without insurance or with very little insurance will run a stop sign, go through a red light, or plow into the back of your car. This is what you really ought to worry about rather than about someone suing you for causing an accident and "taking your house". That very seldom happens in the real world.

Insurance company advertising is usually directed at trying to scare you into thinking someone is going to sue you. In reality the biggest reason for having lots of car insurance is to protect yourself and your family.

Let me address the cost of the insurance: Most people never ask their insurance agent to compare how much a really good insurance package would cost versus the cheapest package the agent sells. The reality is that having $1,000,000 worth of insurance is not much more expensive than having $25,000 is. The difference may be $100 a month or less. Yes, you can choose to save money. However, you will pay and pay dearly if you ever are involved in a bad accident.

Many people make another key mistake when they buy insurance. Its focusing too much on property damage issues. Never buy a $250 deductible on collision or comprehensive coverages. Its a rip off. If you make a claim for under $500, your rates will go up far beyond the difference between a $250 and $500 deductible. Buy the $500 deductible and use the difference in the cost to increase your limits of liability, uninsured motorist, and underinsured motorist coverages. Its a far better bargain for you.
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Old 08-03-2012, 10:09 PM
 
4,020 posts, read 5,026,685 times
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Quote:
Originally Posted by Me007gold View Post
Too low, what your property coverage at?. I carry 100/300/100 and i worry thats to low
My property liability coverage is at 50000 which I could easily increase to 100000 for only about $3 dollars per 6 month premium.
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Old 08-03-2012, 10:09 PM
Status: "Vote NO on Issue 11 - 8.21 more mills we can't afford!" (set 3 days ago)
 
Location: Dayton, OH
1,558 posts, read 1,060,798 times
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Quote:
Originally Posted by kanhawk View Post
My car insurance is coming up for renewal and my bodily injury liability is 50000/100000 person/per accident.
I don't really know if this is a good amount or not or whether I should change it. I could go as low 25000/50000 but would only save about $19 on my six month premium.
What do you think is a good coverage?
Hi kanhawk--

It really depends on how every other situation is, currently. If you have little assets but good health insurance, then there is absolutely no reason from an economic standpoint to have any more than bare minimum coverage. Since the health insurance would take care of any injury you receive from an accident and the other party will have a hard time recovering if you... don't have any money.

If on the other hand you don't have health insurance, then I'm with the other posters - have enough to cover for the other motorists doing something cute. And of course, the one in a billion shot you hit a church bus full of children and it explodes.

Edit: I should explain - I have good health insurance, and I only carry comprehensive and collision to the tune of 25/50/25 - enough to cover a new vehicle if I need one. If I hit a church bus, they can sue me all they want - they aren't getting anything. (I don't have any money.) At 23 I can ill-afford paying even one more dime than I currently do on car insurance, despite a completely clean driving record - I'm still paying almost $100 a month.
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Old 08-03-2012, 10:25 PM
 
4,020 posts, read 5,026,685 times
Reputation: 5961
Quote:
Originally Posted by markg91359 View Post
The coverages that are most important to a driver are the ones, he almost never thinks about. Underinsured motorist and uninsured motorist coverages in high dollar amounts are the only way you'll ever remotely get what you have coming to you if you are involved in a catastrophic accident. Medical bills alone can easily be $100,000 to $300,000 when someone has life threatening injuries. A limit of $50,000 will be exhausted before its even needed. Sadly, I've seen many cases where people had permanent injuries and had little recourse to do much about them because the responsible driver had too little insurance and they had neglected to purchase underinsured motorist coverage. These are tough cases and no is ever happy with how they get resolved.

Your greatest concern, if you are a safe driver, is that some clown without insurance or with very little insurance will run a stop sign, go through a red light, or plow into the back of your car. This is what you really ought to worry about rather than about someone suing you for causing an accident and "taking your house". That very seldom happens in the real world.
Thanks for the in depth response. What I don't get about my own medical expenses I might have from an accident is that I have good health insurance. Doesn't that cover most my medical bills from an accident? BTW, I do have uninsured motorist coverage which is also 50000/100000
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Old 08-03-2012, 10:29 PM
 
Location: Mississippi
343 posts, read 291,842 times
Reputation: 223
Quote:
Originally Posted by markg91359 View Post
The coverages that are most important to a driver are the ones, he almost never thinks about. Underinsured motorist and uninsured motorist coverages in high dollar amounts are the only way you'll ever remotely get what you have coming to you if you are involved in a catastrophic accident. Medical bills alone can easily be $100,000 to $300,000 when someone has life threatening injuries. A limit of $50,000 will be exhausted before its even needed. Sadly, I've seen many cases where people had permanent injuries and had little recourse to do much about them because the responsible driver had too little insurance and they had neglected to purchase underinsured motorist coverage. These are tough cases and no is ever happy with how they get resolved.

Your greatest concern, if you are a safe driver, is that some clown without insurance or with very little insurance will run a stop sign, go through a red light, or plow into the back of your car. This is what you really ought to worry about rather than about someone suing you for causing an accident and "taking your house". That very seldom happens in the real world.
Bingo. Way too many people out there driving with inadequate or no insurance at all.

I have 500/500/500.
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Old 08-03-2012, 10:53 PM
Status: "Don't worry, be happy..." (set 5 days ago)
 
Location: Out there somewhere...
27,913 posts, read 20,426,780 times
Reputation: 75284
This is a sue sue sue world. As the lawyer said above get the best insurance possible. When people find out how much you're worth and future possibilities they will sue you for all you're worth.
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