Auto insurance property damage limits

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I was looking at my policy and it looks like I only have $50,000 dollars in property damage coverage. With many cars well over $50,000 these days isn't that a bit low? Or will they not total out a $50,000 car?
 
Also that is per incident not per car. Once your limit is reached, the other insurance company (or companies) will "subrogate" you personally for the difference. This means they send a bill collector after you immediately, without going to court or anything.

So yes you should have more. It is not expensive if your record is good.
 
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It is low, given that a lot of cars go for well north of $50k.

My property damage coverage is $250k. There isn't that much difference in cost for the higher limits and I sleep better.

The more likely coverage to be needed is liability, i.e., injury or death caused by an at-fault accident. GA's minimum limit is about $50k which isn't beans for a fatality or permanent injury.

I worked in insurance for decades, and there are certainly those who will disagree with me on this, and that's fine.

What has stayed with me for 60+ years was my dad's view: if he accidentally killed the family breadwinner, he wanted the widow to have something to help with raising kids. Most people today don't take that view. I respect him tremendously that he did...he and my mother had seven children, and he knew what it would have been like for her and us were he suddenly out of the picture.

HTH
 
I asked the insurance agent and she was like well that's up to you, you're well over the state minimum requirements. How dumb can you get? She must have been new.
 
Originally Posted by mk378
Also that is per incident not per car. Once your limit is reached, the other insurance company (or companies) will "subrogate" you personally for the difference. This means they send a bill collector after you immediately, without going to court or anything.

So yes you should have more. It is not expensive if your record is good.


Well technically you can just ignore them then I suppose.
 
Originally Posted by motor_oil_madman
I asked the insurance agent and she was like well that's up to you, you're well over the state minimum requirements. How dumb can you get? She must have been new.

Not too dumb. It is up to you, she can't make a personal decision called risk for you.
 
Ask for quotes on different amounts. This seriously is not complicated. If you have one of those trash insurance companies that only writes the state minimum, you may need to switch.

Also when the company has a lot to lose, they may send better lawyers on your behalf rather than just settling.
 
Originally Posted by motor_oil_madman

Well technically you can just ignore them then I suppose.

It gives you bad credit, and you can be sued in court if you don't pay. It's like you paid a bunch of premiums that didn't do anything.
 
I have to wait until tomorrow since my policy is locked at the moment since I just made the payment.
 
Originally Posted by motor_oil_madman
I asked the insurance agent and she was like well that's up to you, you're well over the state minimum requirements. How dumb can you get? She must have been new.


I wouldn't be so quick to call the agent the dumb one in that conversation.
 
Insurance agents can't outright suggest or recommend a limit to have, because that would be providing financial / legal advice (and also a conflict of interest, since they get more commission if you buy more). They are only licensed to answer particular questions about insurance, such as what is covered and what is not.
 
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We also have $250K + an umbrella policy. The amount suggested by state minimums would have been appropriate in 1960.
 
Originally Posted by motor_oil_madman
I asked the insurance agent and she was like well that's up to you, you're well over the state minimum requirements. How dumb can you get? She must have been new.


um.. might want to walk that comment back abit.. its showing your ignorance.
 
Originally Posted by Rand
Originally Posted by motor_oil_madman
I asked the insurance agent and she was like well that's up to you, you're well over the state minimum requirements. How dumb can you get? She must have been new.


um.. might want to walk that comment back abit.. its showing your ignorance.



I guess the answer depends on how many cars you plan on running into. Lol
 
Call your insurance agent and ask how much an umbrella policy would cost for say, 1 million or 5 million of coverage. That would help protect you from taking a personal hit.

Also, the cost of an umbrella policy is based on what your liability exposure is - e.g., number of vehicles, boats, RVs, real estate owned, etc. Less exposure equals less premium.
 
Originally Posted by motor_oil_madman
I asked the insurance agent and she was like well that's up to you, you're well over the state minimum requirements. How dumb can you get? She must have been new.


Some don't care. Personally I carry a 100,000 auto policy plus an umbrella.
 
Current declarations on my AAA liability coverage limits

$1,000,000,00 bodily injury each person

$1,000.000.00 bodily injury each occurrence

$1,000.000.00 property damage each occurrence

+ $3,000,000.00 general umbrella

Between the lawyers and the doctors it's all too easy to get screwed if the fit hits the shan.
 
Originally Posted by Donald
Property damage would also cover if you drove into someone's house and damaged it.





Yep and $50,000 is nothing in that regard. A neighbor of our had a porch replaced that collapsed this past winter in a storm. The cost for that was just over $20k and it's a simple straight porch.
 
Not a lot of vehicles that have been driven off the lot "Total" above 50 grand although there are more now than a decade ago. Buy a brand new pickup for $70k and total it. Insurance companies will squeeze you to the last penny and pay only what a comparable value vehicle would be. If this happens to you get a lawyer and start complaining of lower back pain. They usually will step up a little but never near what you paid on the lot.
 
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