Insurance (Car and Umbrella) (Denver: health insurance, lawyers, home)

[Canuck Gal]

We've recently relocated to Denver from Canada due to a work transfer and are looking at our insurance options once we purchase a vehicle.

Does anyone have any recommendations for a good insurance company?

Also, what sort of excess liability/umbrella insurance coverage is generally recommended? In Canada, it was common for car insurance policies to cover $1 million to $2 million, but the car insurance policies I've looked at here tend to max out at $300,000/$500,000. Given the astronomical damages awards that are possible in the US (and not in Canada), I was curious to hear what sort of excess coverage would be prudent.

Thanks in advance!

[Willy702]

You hear about the big damages, but realize they are extremely rare. I am an insurance agent and this is the general rule agents with 20 years in the business have seen:

25/50 (state minimum) - will cover about 60% of all injury claims from an accident
50/100 - will cover about 90%
100/300 - will cover about 99%
250/500 - will cover everything except extremely rare cases

So umbrellas are good if you have a lot of assets to protect because that is when silly season with lawyers begins. They do an asset search and see you live in a $1M+ home and they will take nothing more than the moon and the stars. If they don't see anything significant they usually just take the settlement amount which they convenient target as your limit. Even though the number of uninsured is unfortunately high, far more people have health insurance than do not and it will cover most of the personal injury amounts so a settlement usually means excess money beyond what it will really cost.

[davebarnes]

One of the best rated companies is AMICA. I have been happy with them for 42 years.

Ratings
2012 Property Claims Satisfaction Study | J.D. Power

[dude_reino]

Allstate gives you discounts if you also insure your home or renter's coverage through them. I've had a few claims through them and overall had an excellent experience all around.

Stay away from Progressive and Geico.

[strawberrykiki]

I have Progressive and I want to switch. They're charging me 105 dollars a month...I'm 29, no accidents and not even a speeding ticket on my record. Hopefully someone has a better suggestion than Progressive!

[KatInTheHat]

Try AAA. I've been a AAA member for a long time, but this is the first time I've ever been insured by them (car and home). They quoted me the best rates in CO, and I called a lot of companies.

[Willy702]

Originally Posted by KatInTheHat

Try AAA. I've been a AAA member for a long time, but this is the first time I've ever been insured by them (car and home). They quoted me the best rates in CO, and I called a lot of companies.

AAA and USAA both offer great rates, but be very careful about how you drive with them. They both might cancel you with 30 day notice if you get into one accident or have one ticket which is not reduced by the court. This can include something as simple as having the police write you a ticket when they are called out to an accident scene.

[80skeys]

i've been using Geico for years and am satisfied. I use them for my umbrella, renter's insurance, and car. The only big claim I ever had was years ago on a truck that was mauled by serious weather damage and they covered the whole $10k bill without any hassle.

[Canuck Gal]

Thanks for all the replies -- they are very helpful!

[Wardendresden]

I spent 30 years in the insurance field as an underwriter, ratemaker, and compliance officer. You can check on any company's rating with the state insurance department. Also,most have a Best's rating that gives you an estimated financial picture of the company.

Although I no longer live in Colorado, we had Geico while there. It is a good company for those who move from state to state (although it was way too expensive here in Texas). I also favor Amica because it is a mutual company owned by the shareholders as opposed to public ownership. I'm becoming more cynical in my old age about publicly held institutions and their attempts to buy Congressmen!

Not sure if it operates in Colorado, but I think Nationwide is another mutual company. And USAA has generally held the highest level of respect among insurance companies. Used to be you had to be in the U.S. military, retired U.S. military, or related to same in order to get in. I think they may have changed that now.

With regard to an "umbrella" policy, that would be my recommendation over an "excess liability" policy. The difference being that an excess liability policy would give you more auto liability coverage, but an umbrella policy would provide you additional homeowners liability coverage and it frequently covers some liability situations not covered by either auto or homeowners--and yes, some of those freaky circumstances exist!

Good luck.