Collisions - The upper limit to your insurance paying the other person
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If you've got some decent assets it often makes more sense to take the minimum limit that your insurer requires for an umbrella policy. Then get your million+ coverage through umbrella.
Anecdotal experience: Insurance companies often require $500,000 Combined Single Limit on the primary auto and homeowners policies. These days it would be rare for a company to allow only $300,000 on the primaries.
If you've got some decent assets it often makes more sense to take the minimum limit that your insurer requires for an umbrella policy. Then get your million+ coverage through umbrella.
Quote:
Originally Posted by adjusterjack
Anecdotal experience: Insurance companies often require $500,000 Combined Single Limit on the primary auto and homeowners policies. These days it would be rare for a company to allow only $300,000 on the primaries.
I got my auto insurance agent years ago to write a $1 million umbrella policy when I only had a $100,000/$300,000 underlying policy. However, that's rare. Most will require you purchase the maximum of the limits they offer before they will do it. I later decided I wanted more coverage anyway, so I raised my underlying policy to $250,000/$500,000.
Seriously, I look at umbrella coverage differently than most people do. I don't particularly worry about someone suing me and I would probably never have umbrella coverage if that is all that was at stake. I do worry a lot though about these idiots on the road around here who don't pay attention to what they are doing and have their silly $25,000/$65,000 minimum limits policy that they think makes them "fully insured". I buy the umbrella coverage really for no other reason than to extend my own underinsured motorist and uninsured motorist limits. If there was a way I could have less liability coverage and more UIM/UM coverage I'd do it.
I do worry a lot though about these idiots on the road around here who don't pay attention to what they are doing and have their silly $25,000/$65,000 minimum limits policy that they think makes them "fully insured".
It's going to get a lot worse when they stop buying car insurance because of the massive rate increases that the insurance industry is having.
I'm in shock over the figures I've been getting from over a dozen of the top companies.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
