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Just wondering- we have just realised that our car insurance is really low as our coverage is pretty minimal and wondering what would be a sensible amount to put it up to?
So if we were in an accident at the moment our insurance would pay a max of 10K to the other driver of their car was totalled- that seems pretty low to me- would 30 K be a more reasonable amount......most cars cost less than this right?
ALso medical coverage- what is a ball park figure it might be sensible to go with?
Thanks folks
So different here as of course you could have to pay someone's medical fees which is just not a relevant concern in the UK where there are no medical fees.
I carry 300/500, then 100k for prop and 10k for med pay. A lot of people only carry the state minimum, which can be as low as 10/15 is some states, very scary if you think about it. 30k is still very low. What if you are in an accident with more then one car? What if you lose control and hit some ones house? Carry as much insurance as you can afford
Now that I checked, its only $50 more a year(at least for me), to carry 1mil/1Mil
so only 10k for med pay at the moment on yours and yet you have a lot for property-we have only 10K!!I would have thought that having a high amount for medical is the most important here in the US maybe- if someone sues you-that bill will be more than any car ever could be??
so only 10k for med pay at the moment on yours and yet you have a lot for property-we have only 10K!!I would have thought that having a high amount for medical is the most important here in the US maybe- if someone sues you-that bill will be more than any car ever could be??
No wonder it has been so cheap.
10k is the max they offer for med pay(med pay covers you). If i get into an accident I have health insurance, I am not worried about that. The way the coverage works its up to 300k per person, 500k max per accident, then up to 100k in property damage.
A standard underlying policy is $100,000/$300,000. With that policy you can get a $1 million umbrella that also tacks onto your homeowners insurance and all other cars for a reaosnable cost. IN Michigan, the least insurance you cna carry is $15,000/$30,000 but that is a joke. Sufficient for people with no assets who do not mind finacially decimating anyone they hit.
Thanks coldjens.
Yes same in California........will look at what it will cost for the 100 k 300 k more usual coverage.
We do not own a home here but I mean the average car is not worth more than 25 k so why is such A high property insurance required? Again is it likely someone may need as much as 300 for medical if they have health insurance?
Just trying to work out a sensible amount to be insured at......we are too low at the moment for sure......both driven or 20 years and never an accident yet......but I would hate to be in an accident and someone be decimated by me! Financially or otherwise.....otherwise the worst of course.
Thanks coldjens.
Yes same in California........will look at what it will cost for the 100 k 300 k more usual coverage.
We do not own a home here but I mean the average car is not worth more than 25 k so why is such A high property insurance required? Again is it likely someone may need as much as 300 for medical if they have health insurance?
Just trying to work out a sensible amount to be insured at......we are too low at the moment for sure......both driven or 20 years and never an accident yet......but I would hate to be in an accident and someone be decimated by me! Financially or otherwise.....otherwise the worst of course.
Sure the average car might not be worth more than 25K but there are plenty out that are. The average price of new cars sold last year was about $30K. Involve two or more cars in your accident and it adds up quick.
As far as bodily injury coverage goes, not everybody has insurance or it may have limited coverage (not sure how Obamacare will affect that). The liability coverage will also cover things economic loss or pain and suffering claims that are not covered by medical insurance.
London, in cases where more than one insurance policy is in play things get more complicated. If the accidents your fault, the injured parties medical insurance isn't going to want to pay out. They are under certainl obligations to, but generally only after you (and your insurance) are exhausted. In most cases where the policy limits get reached my understanding is that the automobile insurer will try and get a waiver that frees you up from any forther liability. However, if you've got a lot of assets or a high income and low policy limits getting the other side to sign off on that waiver can be difficult.
There's also limits on what medical insurance pays. For example, if you hit me and I break my arm, I am going to be coming after you and your insurance for lost wages. Nature of my job means I can't work with one arm. That's going to be at least two months of lost income, which isn't that long. A broken hand would generally be worse as someone working with their hands might need to go through months of occupational therapy to regain the fine motor control. My medical insurance would cover the occupational therapy, assuming they didn't think they could sue you for the costs, but they wouldn't cover the lost wages. Personally, I think pain and suffering damages are rediculous and they're much more unpredictable but they're another good reason to carry higher liability limits.
A massive insurance policy is, in reality, little more than an invitation for a greedy-a$$ed ambulance-chasing lawyer to come after you. If you doubt the truth of this statement, it is only because you've not seen it happen.
Beats the hell out of an ambulance chaser going after you to have them go after your insurance. Blah blah, legally required to represent your best interests and all that jazz, but who here honestly thinks your insurance company's lawyer is really going to work as hard to represent you if your policy limit is $30,000 and not $300,000? The one time I've been sued they just picked a nice round number. My limits weren't even known to them until my deposition was taken after which they quickly filed an amended complaint asking damages equal to my policy limit.
It's a dumb idea to ever disclose policy limits off the bat. Since no one knows you have a massive insurance policy, the reality is the greedy ambulance-chasers will chase anything and everything hoping it happens to have one.
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