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Old 02-28-2019, 09:47 PM
 
4,613 posts, read 6,327,221 times
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Now here's a kicker. If in an accident and charged with vehicular homicide the insurance carrier won't defend..
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Old 02-28-2019, 10:16 PM
 
4,670 posts, read 5,547,189 times
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I used to carry around $1 million liability but I believe I upped it last year to $2 million just for safety. If you have assets to protect you want to make sure you do so. Otherwise itís probably no big concern honestly.
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Old 03-01-2019, 11:24 AM
 
Location: Vienna
252 posts, read 131,829 times
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Quote:
Originally Posted by Caltovegas View Post
Now here's a kicker. If in an accident and charged with vehicular homicide the insurance carrier won't defend..
Yes but does this not this include intention?
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Old 03-02-2019, 02:23 PM
 
641 posts, read 884,056 times
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Quote:
Originally Posted by WannabeCPA View Post
The minimum in my state is similar. Yes, it is ridiculously small. A million in liability is reasonable, that's what I have. Not sure what the cost difference between the minimum and what I have but I pay about $800/year for auto insurance. I have a $1,000 deductible for collision and I'm sure it helps my total bill that my car is 18 years old. Liability is the part of insurance I don't skimp on, whereas I'm comfortable having a fairly high deductible for collision.

Precisely what we do. High liability coverage but also the highest deductibles on collision coverage which with our insurer USAA is $1,000.

Also, older cars are less to insure as the cost or repair/replacement is of course lower so, if you're looking to save on insurance buy the oldest car you are comfortable owning.

Also Also, Insurance companies look for any reason to raise rates these days. I cover anything reasonable (which is pretty much anything other than substantial damage) out of pocket. My wife was driving in the middle lane of the 95 a few months back and there was a tire in her lane. She has nowhere to go. It cracked the bumper cover of her 2007 Porsche Cayman S pretty good. Also broke the fog light bezel. Would likely have been a couple grand repair at a body shop through insurance. A good friend of mine is the finance director at a large dealer here in town and their body shop repaired the cover for $350, I bought a used fog bezel off Ebay for $60. Can't tell it was repaired and paid out of pocket so our rates won't go up. If it's a small incident anyone can go to a body shop, ask how much the repair would be if you pay out of pocket and then ask how much for a cash price. Body shops get chiseled hard by insurance companies and are likely to give a good price for a cash customer. Don't run to the insurance company for every little thing investigate your options first it might well save you in the long run.
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Old 03-04-2019, 12:09 AM
 
244 posts, read 231,848 times
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Geico rates seems to be very reasonable compared to others, AAA are quite expensive, what do you think guys?
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Old 03-07-2019, 12:53 AM
 
28 posts, read 25,623 times
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Quote:
Originally Posted by Michael2016 View Post
I understand that the min. Insurance here is 25/50/20k.
This looks ridiculously small for me. What are average costs of a crash at fault that includes bodily injuries here? Together with civil court cost this might go in the 100ks if I am not wrong.

So, having min 1 million cover seems reasonable. Any thoughts?
Several years ago, my new at the time Porsche 911, less than 2000 miles on it was rear ended at a stop sign by a 17 year old kid driving on a suspended license and no insurance. This was three days before his 18th birthday. My insurance company and a lawyer saw to it that things would work out.

About a year later, I received a check from my insurance carrier for the deductible. Thankfully, replacing the car was only as complicated as going back down to Gaudin to place a factory order for a replacement.

Apparently the kids father is some "Las Vegas" attorney.............

My opinion, buy the highest liability insurance you can afford.
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Old Yesterday, 03:09 PM
 
Location: Las Vegas, NV
1,152 posts, read 1,193,949 times
Reputation: 1046
Quote:
Originally Posted by WannabeCPA View Post
The minimum in my state is similar. Yes, it is ridiculously small. A million in liability is reasonable, that's what I have. Not sure what the cost difference between the minimum and what I have but I pay about $800/year for auto insurance. I have a $1,000 deductible for collision and I'm sure it helps my total bill that my car is 18 years old. Liability is the part of insurance I don't skimp on, whereas I'm comfortable having a fairly high deductible for collision.

I'm wondering why you are paying for collision coverage with a $1K deductible on an 18-year-old car. If anything happens to it, the insurance company will just total it and you will get nothing because of your deductible. I wouldn't carry collision on a car that old.
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Old Today, 01:21 AM
 
4,670 posts, read 5,547,189 times
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Quote:
Originally Posted by usafwso View Post
Several years ago, my new at the time Porsche 911, less than 2000 miles on it was rear ended at a stop sign by a 17 year old kid driving on a suspended license and no insurance. This was three days before his 18th birthday. My insurance company and a lawyer saw to it that things would work out.

About a year later, I received a check from my insurance carrier for the deductible. Thankfully, replacing the car was only as complicated as going back down to Gaudin to place a factory order for a replacement.

Apparently the kids father is some "Las Vegas" attorney.............

My opinion, buy the highest liability insurance you can afford.
Yeah, for sure a good idea.

I understand that a lot of people either don't have the means or don't want to pay more money per month, but I don't "price shop" for insurance, I try to get the best insurance I can and as long as it sounds fair, I'm not going to comparison shop for cheaper insurance. I've needed it enough times that it's worth having the best, not the cheapest.

With Chubb, I have all of my various insurance policies, and I have "agreed upon value" insurance for my vehicles. So when a drunk, uninsured driver who "borrowed" his brother's car hit me on a freeway and totaled my car, there was zero hassle for me after the day of the accident. The agreed upon value of my car was $40,000 and they wrote me a check for $40,000 and that was that. No looking at current value, no messing around with what it might have been worth, no bartering back and forth, they put me in a comparable rental car, which was a nice muscle car, all expenses paid, I drove it for about 10 days, then the check arrived for $40,000 and I went and bought a new version of the car that just got totaled. That's, to me, the kind of service I'm looking for when I deal with an insurance company. They are always friendly, always on my side, and never hassle me about claims. I'm not saying they'd be a great fit for everyone, but for me it's exactly what I want.

I can't imagine if my car with only 12,000 miles had been totaled (it was about 2 years old) and they had said, gee, well I know that's a special edition car, but it was two years old, so we figure it was only worth $22,000, here's your money, go have fun. I'd have ended up with a much worse car than what I already owned, for no reason at all. With my insurance, it could be 10 years from now, it doesn't matter, my car is still always worth the same $40,000 according to insurance, so if its totaled in the future I don't have to worry about replacing it with a brand new car. In the last case, it worked out perfectly because it was just enough to go buy a newer special edition of the same car (which is still the newest version of that special edition 7 years later) and not be out any money, but having a car with 300 miles that had never been owned by anyone but the dealership. I'm sure I could save some money every month with a bare bones insurance plan, but I really wonder how much I would have "saved" considering I don't think such a company would have given me the $40K, so I'd rather pay more per month and rest easy at night. That's just me.
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