Auto insurance property damage limits

[Mad_Hatter]

Originally Posted by ARCOgraphite

Total annual premium--------------------------------------$ 135.00
Monthly premium (service charge not included)------------- $ 11.2[/color]


I don't have an umbrella policy but that seems totally reasonable for the peace of mind it provides. I have SF too but I haven't seen my agent in years; he's always calling to get me to come in for a review.. gonna have to look into that. An additional $11'ish added to my policy isn't going to change my way of life but provides some good peace of mind.

 

[ARCOgraphite]

Remember it's liability coverage just for YOUR silly mistakes and poor acting, Not someone elses. I think it may cover slander too, Im not sure.
Good for Politicians

 

[Hall]

Who is your insurance carrier ? I'll take a guess just for fun..... Progressive (??). They like to quote very low rates and they are inexpensive because of their low coverage limits. Years ago, Ohio had a minimum liability amount of only $12,500 and a customer of theirs hit my wife and kids in our van. Thankfully they didn't have the minimum coverage amount, they had $15,000 !! Whooo-hoo ! Needless to say, it didn't cover our totaled vehicle or my wife and son's ER visits and my wife's follow-ups.

 

[Hall]

Originally Posted by mk378
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.
Insurance agents and/or companies are pretty regulated by the states they operate in so maybe Ohio is different. By that I mean, our current agent has a "policy" that all new clients have a minimum of $100k/$300k coverage and existing clients they "recommend" they increase their limits in cases that they are below that. If you disagree, he can't force you but he doesn't have to cover you either. After the situation we were involved in previously and the amount of increase in premium was minimal, I had no hesitation in changing it.

Now, as I said, that "policy" isn't written in stone. Our son recently bought a car and was able to finance it himself (the back-up plan was I would co-sign) and since it was titled to him only, we wouldn't put his car on our policy. Our agent worked with him/us to make his premiums a little more affordable by customizing his coverages including going below their normal, minimum liability amounts. They did say, and we all agreed, that if record stays clean, we'll re-evaluate it every year to see the impact and no matter what, when he reaches 25 years old, the agent will really push him to $100k/$300k coverage.

 

[Schmoe]

Going through this right now....guy T-bones front of wifes car, his fault and gets a ticket....totaled. Neck and shoulder pains. Got xray and went to rehab. No change. Got MRI that the other insurance agreed to, didn't pay. We get a lien on us for the rehab, 12K dollars. MRI was 3K dollars that went on my BCBS insurance, which wasn't suppose to. Radiologist said torn ligaments, surgery required. Other insurance said we will only pay after settlement. How in tarnation are we suppose to settle when she is still trying to get well??? OK state minimum is 50K. He had Farmers Ins, we got SF. So, off to a lawyer we went. I will say, Farmers was pretty good about settlement on the 14 CRV...got close to 15K for that car and she drove an Infinity QX 60 for two weeks...that sucker was NICE. So now, I don't know what to do. She needs surgery, and can get it done through BCBS, but I got federal. I was told that with federal BCBS, that the one at fault must pay. I got to look into that. I don't think BCBS will deny coverage, but they may, and then we're stuck with this crazy bill. Funny, right after the accident, I talk to the adjuster/agent, they asked me if she was alright, I told them I don't know. They offered us 500 dollars right then and there to settle.....boy, I glad I didn't.

 

[Schmoe]

Just talked with my agent after reading this...I got 100/300/100 now....she said go to 250/300/100 and a 1M umbrella....especially since I will have a teen driver next month with a learners permit. Think I'll GYSOT.

 

[Hall]

Does your state require uninsured motorist coverage and/or underinsured motorist coverage ? If you have that, this is when it kicks in.

 

[Schmoe]

Don't know, but I know that was asked of me when I got my policies, I go full coverage anyway so I didn't think much of it.

 

[Hall]

Originally Posted by Schmoe
I go full coverage anyway so I didn't think much of it.

"Full coverage" means nothing when it comes to limits/maximums on the individual lines of coverage.

 

[ABursell]

Originally Posted by hallstevenson
Originally Posted by Schmoe
I go full coverage anyway so I didn't think much of it.

"Full coverage" means nothing when it comes to limits/maximums on the individual lines of coverage.


Just to expand on this unfortunate misinformation- when people refer to "full coverage" they generally refer to having comprehensive and collision coverage, both that protect your vehicle, not anyone else or their property. The liability limits that cover other people property (or body) are what are being discussed here. You can have state minimum liability limits and have full coverage. Some states may still be terribly low - should really do some research or find a competent agent to guide you. IMO, it's not much more expensive to carry max limits and an umbrella policy (if you are a decent risk), and it will pay for itself many times over if you have to use it just once.