Is this enough auto insurance coverage?

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Our annual auto insurance is due in 2 weeks. So far I thought that it is enough coverage but would like another set of eyes to take a look at. What do you folks think, is this enough coverage for someone living close to NYC?

I am also planning an umbrella policy for a million or two depending on the cost, just to cover the base if anything happens. I don't have any assets like a house or hefty savings. Everything is in IRA.

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Many thanks in advance.
 
It is a decent amount of coverage. If something bad were to happen and you exceeded those limits wages could be garnished. I'm not sure if they can take IRA money, that might vary by state, it would be something worth looking into.
 
This is exactly what I have through Erie, I feel like it's enough. You are paying about $700 a year more for it than I do here in Ohio (I have been with Erie for 30 years though)
 
Don't most agents set up your policy to be like most other people in your area? They know enough about this stuff to give you a decent package.
 
Personally I'd run the bodily injury up to the max. That's often $300,000/$500,000. A single day in the hospital can easily rack up $100,000. Some insurance companies won't issue an umbrella without the maximum liability coverage on the automobile policy. Personally I'd drop the collision on the 2006 Sentra. It's not worth paying that much to insure and it has very little value.

On a side note, you pay almost 3 times what we pay for our two-5 year old primary vehicles (maximum coverage) down here. Ouch.
 
We are in the highest cost state in the country, and we pay a similar amount for unlimited medical liability and a $2 million umbrella for 2 cars with similar coverage. Shop around.

The amount of liability coverage you need depends on your assets too. If they are significant, I'd have an umbrella. The umbrella also covers your homeowners policy.
 
you need to sit down and calculate how much assets you have and decide from there. Attorneys can look up what you have and if its a big case they will ask for it all and more sometimes. buy enough to cover what you can't afford to lose
 
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Originally Posted by Donald
If you have the minimums required by an umbrella policy then you have enough.


Yeah, usually the umbrella will want you to up collision or some other component to a higher level. At $100 for roadside assistance, I'd rather just get AAA. I think roadside from the insurance company is limited and some people claim that it's considered a claim when you use it. For AAA, I have the plus coverage which gives you 100 miles of free towing. I just use that to tow the car to my indy. Otherwise you might be limited to the closest garage which might be expensive. Mercedes offers free towing to the dealer if you get it fixed there, but I don't want to go the dealer.
 
Recently I have increased my:
Bodily Injury Liability to 250,000 / 500,000
Property Liability to 100,000
---------------------------------------------------------------
Uninsured / Underinsured to 100,000 / 300,000

OP, I like your Liability Coverages, but if I had your Policy, I'd take an Axe to it
Collision - GONE
Comprehensive - GONE

Myself, I'd rather self-insure / but that's just me.
Good luck.

Edit: I also have a 1 mil Umbrella Policy.
 
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My dad is a retired attorney. If you run over a kid on a bicycle, you'd wish you lived in a house instead of renting, trust me.
 
Originally Posted by John_K
This is exactly what I have through Erie, I feel like it's enough. You are paying about $700 a year more for it than I do here in Ohio (I have been with Erie for 30 years though)

You noticed the total premium cost too, huh ? We have (3) cars plus a teenage driver and we pay $1000 less than the OP (with Erie).
 
Your rates are outrageous.

Those limits are usually required in conjunction with an umbrella.

In most states, umbrellas are not generally discoverable. Meaning you don't have to disclose it and your insurance carrier doesn't have to tell.
 
Originally Posted by skyactiv
My dad is a retired attorney. If you run over a kid on a bicycle, you'd wish you lived in a house instead of renting, trust me.


Shouldn't this be the other way around?
 
Originally Posted by oilpsi2high
Originally Posted by skyactiv
My dad is a retired attorney. If you run over a kid on a bicycle, you'd wish you lived in a house instead of renting, trust me.


Shouldn't this be the other way around?


Not really. Some states like Florida shield the entire home through the homestead act. That's how OJ was able to keep his multi million dollar home. Of course once you sell it, they can get the money.

In MA, it's just 500k. But basically they can't force you to sell your home to satisfy a judgement. That means that if you're renting and have the money to buy a home, lose a judgement and maybe they seize that money, whereas if it were in a home, they can't get it until you sell and you just don't sell.
 
Originally Posted by demarpaint
It is a decent amount of coverage. If something bad were to happen and you exceeded those limits wages could be garnished. I'm not sure if they can take IRA money, that might vary by state, it would be something worth looking into.



^Agreed.

Also, am I reading you can only drive well under 20K miles per year, combined between vehicles? What happens when you go over?
 
Originally Posted by oilpsi2high
Originally Posted by skyactiv
My dad is a retired attorney. If you run over a kid on a bicycle, you'd wish you lived in a house instead of renting, trust me.


Shouldn't this be the other way around?

No, because they cannot garnish a primary residence, but they can garnish 20% of your wages, after the judge reviews your living expenses, which means that you ain't NEVER gone get anything but a mud hut.
 
OP.. you say you have no assets (aside from your IRA) but you're looking into an umbrella policy, why? Just up your liability limits. Your policy premium seems high from my perspective, but maybe that's the going rate for NY??.. i pay abt $700/yr for full coverage+towing+ 15k annually on a 10yr old vehicle. It would be even less if I dropped the comprehensive coverage but my premium for that coverage isn't all that much. Do you pay in full? Most insurers offer a discount if you pay in full.

It wouldn't hurt for you to take your policy into a State Farm, Farmers, Allstate or any one of the biggies to see if you're getting a good deal. Most states prohibit over insuring, so I personally wouldn't be worried about showing your policy to another agent and them jacking you on the rates. Chances are they're going to do what they can to get your business.

Plus, according to Investopedia your IRA is exempt from all non-federal garnishments in NY state. In other words, your IRA can not be used to satisfy a public debt like a judgement. Double check this with an investment advisor with whomever your IRA is or you could go to AVVO.COM and ask an attorney in your state for only like $60 - I've used AVVO before and it's great!

Investopedia
 
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Originally Posted by Ws6
Originally Posted by oilpsi2high
Originally Posted by skyactiv
My dad is a retired attorney. If you run over a kid on a bicycle, you'd wish you lived in a house instead of renting, trust me.


Shouldn't this be the other way around?

No, because they cannot garnish a primary residence, but they can garnish 20% of your wages, after the judge reviews your living expenses, which means that you ain't NEVER gone get anything but a mud hut.

If you're that screwed because of a judgement stemming from an accident, just file bankruptcy. Unless you were under the influence or found willfully negligent, like intentionally running someone over, you can discharge BOTH personal injury and property damage awards.. unless the harmed party is the federal govt., debts owed to the federal govt are not dischargeable via Ch. 7.
 
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