Everyone should carry “uninsured driver” coverage on his policy. I was rear ended by an uninsured driver who had not even changed the ownership papers on his car and the previous owner got nabbed temporarily. I was driving a company car so my firm was out the amount.
And Underinsured Motorist Coverage. And Maximum Liability Coverage Plus!
CSA
I’ll just make another pitch for an umbrella policy. They are very cheap. about $100 a year per million of coverage. They take over when the $300,000 or so on your car or home liability is exhausted. Plus the lawyer comes free.
I’ve had an umbrella policy for years
Yup! I also have an umbrella policy.
I took it out many years ago, after seeing a co-worker age about 10 years over the space of one year as a result of a law suit that stemmed from a car accident in which his daughter was at fault. He was so fearful that he would lose the roof over his family’s head that his health was affected.
After seeing what that man went through, I added umbrella coverage to my insurance protection.
I too have an umbrella policy. Check on you liability limits with your state. If you need to use your uninsured portion of your policy the umbrella policy does NOT cover that. I upped our liability policy to $500k/$500k from $300k/$500k. The cost difference was about $50/yr.
“I’ll just make another pitch for an umbrella policy. They are very cheap. about $100 a year per million of coverage. They take over when the $300,000 or so on your car or home liability is exhausted. Plus the lawyer comes free.”
I wish. My Umbrella Policy is much more than $100/million. I’m not sure what all the factors are that go into the rates. I don’t know if amount of assets is considered, how would they know that?
I’ve had teenage drivers for many years and live on the water (surrounded on 3 sides).
Anyhow, the insurance company has a list of common “exposures” and I had several, the young inexperienced drivers, the water, I play golf, have boats and recreational vehicles, have valuable assets to protect, etcetera.
When I first considered the umbrella policy I flat out asked my agent if any of her insured had ever lost a settlement of $1,000,000 plus and she said, “Not yet, but we’ve had some come close.” That sold me right there!
To me, a thinking man can’t look at potential risks and not get covered.
It is a requirement of my insurer to have a high level of liability on car policies and home owner’s in order to be eligible for the umbrella and then it kicks in after that level.
I do like that with the insurer having some “skin in the game” and lots of lawyers with experience to help out when push comes to shove.
CSA
I wish. My Umbrella Policy is much more than $100/million.
Probably has a lot to do with the state you live in. My million dollar umbrella policy is less then $200.
I’ve driven well over 1 million miles and I’ve NEVER been in an accident that was my fault. There is no way I’d drive a car without liability insurance. And here in NH I can. Insurance is not required.
I’ve sat on several juries and one trial ran for a whole week!
I’ve heard that we have one of the best, fairest trial system in the world. However…
My take-away from my various stints in the court room is that between overzealous prosecutors (scary really), lawyers, and random folks on the jury, is that you can be as careful as you can be and never cause an injury or collision, but that’s no guarantee you won’t be found responsible or guilty after being involved in an incident.
Also, even friends and relatives sue friends relatives, it’s nothing hateful, but if somebody falls on your property for example and runs up huge hospital and extended care expenses, they will need to get money from somewhere and figure that insurance (or your savings account, take your pick) is one such source.
CSA
I used to be of the majority opinion, why have collision on a paid off car that is older? Then I found out just how little it actually cost. The nice side benefit is the insurance company now is in your corner no matter what. I don’t have to chase down some yokel and their insurance company for restitution myself. And my vehicle gets repaired/replaced without much hassle at all. I had an '04 TB that got wrecked. They not only paid for a replacement but also all of the taxes and registration fees etc. Smart shopping and I had a slightly newer one with a couple grand in my pocket to boot. The cost for collision coverage? ~$100 year. If circumstances dictate, I can choose not to submit for restitution and save the hit on my record with them…
Is it to be assumed that no one here has EVER operated a motor vehicle while under the influence (of even one 3.2 beer), prescription drugs or illegal ones, in an unsafe manner such as 10 over through a school zone or 10 over on a lonely highway/busy expressway, zipping through that intersection when there was enough time to stop on a light change; or the all too common use of a cell phone in traffic?
If that were a safe assumption, then no one would be mentioning the need for everyone to have good liability insurance coverage.
Well, I have never never had a drink before driving since 1968. I only had two and was quite sober but I always wondered whether or not I could have reacted faster to avoid the Tbone. It wasn’t my fault, and I was in the right, and took the appropriate evasive action, but still someone got hurt besides me. I’ve always wondered so I just don’t ever take a drink and drive anymore since I was 19. The end of my Bug and I can still see the guy coming right at me on the side and the door window shattering and the head lights. I had to exit through the sun roof.
OK4450, 10 over on a deserted road or driving after a 3.2 isn’t on the same level as being so drunk that one totals a car on a bridge abutment.
I have three cars, all which are paid off, the newest of which is 13 years old. I have comprehensive coverage on all of them.
Sure!
You can purchase comprehensive insurance on any vehicle you want.
Comprehensive insurance covers damages other than those caused in an accident.
Acts of God, vandalism, glass breakage/cracked windsheild, etc…
I don’t have comp insurance on my vehicle because it’s over twenty years old and showing its age with rust.
But I do carry the minimum liability insurance on my vehicle required by my state.
This way, if i cause damage to someones property with my vehicle and it’s my fault, my insurance company pays for those damages.
But I get nothing but a wrecked vehicle.
Tester
Comprehensive insurance covers damages other than those caused in an accident.Acts of God, vandalism, glass breakage/cracked windsheild, etc…
Depends on the state. Here in NH Glass is NOT covered under comprehensive. You have to get separate glass coverage.
But I do carry the minimum liability insurance on my vehicle required by my state.
And if you cause an accident where someone got seriously injured you can get sued for everything you’ve got…home/savings/cars/boats…and the list goes on.
Not having proper car insurance is very foolish. The probability of getting involved in an accident is high if you live in a densely populated area.
When I was young and foolish I bought car and started driving it before I had insurance. Sure enough I ran through a stop sign and caused an accident…
I collided with a 1953 Dodge driven by a public servant, who, luckily he had good medical and time off insurance. He was off work for 6 weeks with full pay.
I offered to fix his car and found a wrecked 1954 Plymouth with the front end intact to replace the Dodge’s wrecked front end. A local mechanic put the 2 together and made sure the victim found the car satisfactory. It cost me all of $397 in 1958, and I’ve never stopped telling people to carry insurance.
Mike in NH, that sounds about right. In NY , your own policy pays you medical bill up to the limit of your no fault or additional PIP.
After those are exhausted, all damages are assigned depending on the per cent of liability under NY comparative negligence law.
I carry the maximum liability or nsurance offered. If I had to choose between either carrying maximum liability and foregoing comprehensive and collison or carrying minimum liability but having collision and comprehensive, I’ll take the maximum liability and skip comprehensive and collision. When I was a graduate srltudent limited funds, I did exactly that. If my car was totaled in an accident or was destroyed by a fire, it would have been inconvenient not to have a car, but I could make do. However, to have any future earnings garnished was not an option.