Auto Insurance Coverage Limits in Houston (Mercedes: 2013, rental, broker)

[notkim]

Hello,

Since I am in Houston, TX I thought about posting this question here instead of the general Automobile thread. People in Houston can guide me better because you'll know the driving and traffic conditions here in Houston. Currently, we are with GEICO and I did speak with a different Insurance Broker but I am not sure if he was trying to upsell other things so I thought about verifying and asking for guidance here.

Just to give a little background (if it helps in the decision making). We are a physician family, so trying to make sure we have solid coverage IF it comes to lawsuits. Spouse is a physician and I am a stay at home parent (now permanently). I drive my car only for taking the kids to school & activities and the other car my spouse uses for driving to work which is a good 30 min drive one way. Both have a very good and clean driving record. Both cars are paid off.

Currently paying appx. $900 per 6 months for the following coverage:

Policy Coverage
Bodily Injury Liability = $300,001 / $300,001
Property Damage Liability = $50,001
Uninsured Motorist Bodily Injury = $300,001 / $300,001

2017 Merc. Benz
Uninsured Motorist Property Damage = $50,000 / $250 Deductible
Comprehensive = $501 Deductible
Collision = $501 Deductible
Emergency Road Service = Carried
Rental Reimbursement = $35 Day, $1,051 Max

2013 Honda Civic
Uninsured Motorist Property Damage = $25,000 / $250 Deductible
Comprehensive = $501 Deductible
Collision = $501 Deductible
Emergency Road Service = Carried
Rental Reimbursement = $35 Day, $1,051 Max



I feel we should increase our coverage but not sure where exactly. Any inputs? Or is our current coverage (above) sufficient?

TIA.

[resonator]

If you have more than $100,000 in cash you need an umbrella policy. The umbrella requires carrying the maximum liability limits on the underlying auto policy.

Raise your deductibles to $1,000.

If you are a home owner, Texas law protects your homestead/cars from judgements. Also your 401(k) and similar plans are protected from judgements.

Umbrella is roughly $170/year.

[WRM20]

Increase your property damage to $100k. Hitting a new high end Mercedes ot other vehicle will exceed the $50k limits pretty quickly.

I second the Umbrella policy.

[Texas Ag 93]

Originally Posted by WRM20

Increase your property damage to $100k. Hitting a new high end Mercedes ot other vehicle will exceed the $50k limits pretty quickly.

I second the Umbrella policy.

Agree with the above, especially with the umbrella policy recommendation, which has been made by both the other posters. We're in a similar situation as you, and I also prefer we be overinsured rather than underinsured.

I think our personal injury coverage is higher than yours, 250K/500K if I recall. Property damage is 100K.

[WRM20]

Originally Posted by Texas Ag 93

Agree with the above, especially with the umbrella policy recommendation, which has been made by both the other posters. We're in a similar situation as you, and I also prefer we be overinsured rather than underinsured.

I think our personal injury coverage is higher than yours, 250K/500K if I recall. Property damage is 100K.

That's what we have as well, 250/500/100

[Texamichiforniasota]

As the other poster's said, you need an umbrella policy. Our umbrella required some certain minimum for the auto policy, but I don't recall what it was. All I remember was I was pretty close to that minimum already, maybe 250/500.

[Jtxg]

I know very little about insurance, so my thought probably won't mean a whole lot. But why would you carry $25k in uninsured motorist property damage on a 2013 Honda Civic? That car (most likely) was not $25k brand new, and insurance is only going to give you actual cash value on it. Or is $25k the least amount you can get?

[resonator]

Also it is important to add the inexpensive "Medical Payments" to your auto policies.
Pays for the medical expenses of injured passengers in the car.

[WRM20]

Originally Posted by Jtxg

I know very little about insurance, so my thought probably won't mean a whole lot. But why would you carry $25k in uninsured motorist property damage on a 2013 Honda Civic? That car (most likely) was not $25k brand new, and insurance is only going to give you actual cash value on it. Or is $25k the least amount you can get?

That's the state minimum. I carry uninsured motorist at the same level as my basic coverage.

[NativeHouston]

Originally Posted by Texamichiforniasota

As the other poster's said, you need an umbrella policy. Our umbrella required some certain minimum for the auto policy, but I don't recall what it was. All I remember was I was pretty close to that minimum already, maybe 250/500.

Our old umbrella policy required that also (Amica) and we had the auto coverage through them also. New umbrella is a separate company and didn't care about increased auto but I kept the higher coverage anyways.

A $1-2M umbrella policy is a really cheap add on
You'll probably never need to use it but good to have, especially if you own any rental proeprties also

I would call a few brokers to shop loads of companies for you
Brokers - Goosehead, Texas Prime Insurance txprime.com, MayInsuranceGroup.com