[Justgothere]

Hi all. Regarding car insurance, what do you think of these levels? Only general answers needed. Just looking to get a sense. Thank you!

Limited Tort
Bodily Injury - $250,000 per person, $500,000 per accident
Property Damage - $500,000
Uninsured/Underinsured - $250,000 per person, $500,000 per accident (Unstacked)
Income loss - $2,500 per month, $50,000 maximum
Medical expenses - $10,000
Rental reimbursement - $50 per day ($1,500 maximum)
Comprehensive and Collision - $1,000 deductible

[TurtleBoy]

Very similar to my coverage. Make sure you are get an umbrella policy for some extra protection.

[DonKeedic]

Originally Posted by Justgothere

Hi all. Regarding car insurance, what do you think of these levels? Only general answers needed. Just looking to get a sense. Thank you!

Limited Tort
Bodily Injury - $250,000 per person, $500,000 per accident
Property Damage - $500,000
Uninsured/Underinsured - $250,000 per person, $500,000 per accident (Unstacked)
Income loss - $2,500 per month, $50,000 maximum
Medical expenses - $10,000
Rental reimbursement - $50 per day ($1,500 maximum)
Comprehensive and Collision - $1,000 deductible

Depends on the assets you need to protect and what coverage you want if you get smoked by an uninsured/underinsured driver. The PD seems high in relation to the bodily injury and UM/UIM coverages. I'd also consider an umbrella depending on your net worth. Ultimately, an insurance agent will be in the best position to address your coverage needs.

[LDT]

+1 on Umberlla coverage

[Guy Fleegman]

I have a $100 deductible for comprehensive. Replace a few windshields and you'll see why.

Yes, anyone who can afford one of these cars needs an umbrella liability policy.

[TurtleBoy]

Originally Posted by Guy Fleegman

I have a $100 deductible for comprehensive. Replace a few windshields and you'll see why.

Depends on the state, company and policy. I have a $1k deductible on comprehensive but full glass coverage so repair/replacement is done at $0 deductible.

[Line Drive]

Originally Posted by TurtleBoy

Depends on the state, company and policy. I have a $1k deductible on comprehensive but full glass coverage so repair/replacement is done at $0 deductible.

+1 on $0 deductible with full glass coverage.

Also compare your premiums for full auto insurance coverage with a $100 deductible versus with a $1,000 or $2,000 deductible. It's a substantial change to the premium. Everyone's financial situation is different, and not everyone has $2k easily assessible if needed. But if you can, higher deductibles can make a material difference (savings) on your premiums.

[Mixitt]

Originally Posted by Guy Fleegman

I have a $100 deductible for comprehensive. Replace a few windshields and you'll see why.

Yes, anyone who can afford one of these cars needs an umbrella liability policy.

Had a windshield replaced yesterday in fact. Same glass, but not with the BMW label (cause BMW doubles the price) but it's the same manufacturer. With calibration cost was $595 done at my house. They had to drive about 38 miles to service the car. Job is excellent, so far.

You folks sure carry a lot of coverage. I'm at limits like Bodily Injury $100K each person, 300K per occurrence..... $1,000 deductible.

[arRod1981]

Originally Posted by Mixitt

Had a windshield replaced yesterday in fact. Same glass, but not with the BMW label (cause BMW doubles the price) but it's the same manufacturer. With calibration cost was $595 done at my house. They had to drive about 38 miles to service the car. Job is excellent, so far.

You folks sure carry a lot of coverage. I'm at limits like Bodily Injury $100K each person, 300K per occurrence..... $1,000 deductible.

We're one those with a lot of coverage through USAA. It's what I had when I was stationed in Germany for 6.5 years and just never changed it when I came back to San Antonio.

• Deductible $250
• Uninsured Property Damage $500,000
• Uninsured Bodily Injury $1,000,000/$1,000,000
• Liability Bodily Injury $1,000,000/$1,000,000
• Liability Property Damage $500,000
• Personal Injury Protection $100,000
• Medical Payments $100,000
• Car Replacement Assistance 20% of actual cash value
• Accident Forgiveness
• Rental Large SUV Class
• Towing and Labor

[puckybadger]

Rental at $50 day is light these days unless you're happy with small 4 door

[MissVito]

Originally Posted by puckybadger

Rental at $50 day is light these days unless you're happy with small 4 door

With USAA, if you have an SUV they pay for an SUV rental at $50 a day. That's what I have right now after my X5 was just totaled. First they gave me an Armada, which was way too huge so I exchanged it for a Chevy Traverse. Our rental coverage expired but Enterprise is still giving us the $50/day rental rate. They also gave us an additional 20% of the actual value of my totaled car to apply to buying a new one.

[F15_SGM]

Originally Posted by puckybadger

Rental at $50 day is light these days unless you're happy with small 4 door

$50 is usually the top vehicles at enterprise. Insurance rates are discounted. Same $50 rate is the $200-300 per day vehicle if it was out of pocket no insurance discount.

[tscharf]

This is actually pretty complicated and most people don't understand it very well. It also changes state by state. I only know enough to know its complicated.

The simple answer is if you lose a judgment for $350K in an auto lawsuit and you only have $250K coverage you will need to pay $100K from your own assets (if your unprotected assets exceed $250K) and the insurance will pay the first $250K.

How much assets do you have? In Florida they cannot come after your house or retirement assets or wages if head of household. If you only have $100K in other assets then it doesn't make a lot of sense to have a $1M policy.

Usually what happens is the other lawyer sues for up to the policy limits because it is easy to recover from insurance companies, but that isn't a legal requirement. They can go after other unprotected assets. It's best to think of $250K insurance as protecting your first $250K of personal assets, everything beyond that is exposed.

There are other complications such as an ability to garnish future wages in some cases, but I believe these are exceptional.

An actual real lawyer can correct any of this stuff if they like.

[MissVito]

Originally Posted by tscharf

This is actually pretty complicated and most people don't understand it very well. It also changes state by state. I only know enough to know its complicated.

The simple answer is if you lose a judgment for $350K in an auto lawsuit and you only have $250K coverage you will need to pay $100K from your own assets (if your unprotected assets exceed $250K) and the insurance will pay the first $250K.

How much assets do you have? In Florida they cannot come after your house or retirement assets or wages if head of household. If you only have $100K in other assets then it doesn't make a lot of sense to have a $1M policy.

Usually what happens is the other lawyer sues for up to the policy limits because it is easy to recover from insurance companies, but that isn't a legal requirement. They can go after other unprotected assets. It's best to think of $250K insurance as protecting your first $250K of personal assets, everything beyond that is exposed.

There are other complications such as an ability to garnish future wages in some cases, but I believe these are exceptional.

An actual real lawyer can correct any of this stuff if they like.

Wow, I guess I better look at more coverage. Our USAA policy will be back to being over $4500 for 6 months with my new car added. Maybe I should also look into Umbrella coverage. It's getting expensive to live in Florida! I hate to leave USAA but I will have to shop around. I don't know who else is good. They all have complaints.

[arRod1981]

Originally Posted by MissVito

Wow, I guess I better look at more coverage. Our USAA policy will be back to being over $4500 for 6 months with my new car added. Maybe I should also look into Umbrella coverage. It's getting expensive to live in Florida! I hate to leave USAA but I will have to shop around. I don't know who else is good. They all have complaints.

Wow ...we're at $1,504 for 6 months just for the X5 45e. Insurance is expensive in Florida, for the amount of coverage we have I guess we are getting a bargain here in TX.

[puckybadger]

Originally Posted by MissVito

With USAA, if you have an SUV they pay for an SUV rental at $50 a day. That's what I have right now after my X5 was just totaled. First they gave me an Armada, which was way too huge so I exchanged it for a Chevy Traverse. Our rental coverage expired but Enterprise is still giving us the $50/day rental rate. They also gave us an additional 20% of the actual value of my totaled car to apply to buying a new one.

USAA did not give you an extra 20% of the ACV because they are nice and like you. You paid extra for USAA's version of Loan/Lease payoff which is usually not an expensive option.
Please contact an independent insurance agency in your area and let them do the shopping for you.

[Line Drive]

Originally Posted by puckybadger

USAA did not give you an extra 20% of the ACV because they are nice and like you. You paid extra for USAA's version of Loan/Lease payoff which is usually not an expensive option.
Please contact an independent insurance agency in your area and let them do the shopping for you.

Totally recommend this, as opposed to calling one of the insurers that advertises on TV. It saved me a lot of money, and I feel like I have better coverages now.

[MissVito]

Originally Posted by puckybadger

USAA did not give you an extra 20% of the ACV because they are nice and like you. You paid extra for USAA's version of Loan/Lease payoff which is usually not an expensive option.
Please contact an independent insurance agency in your area and let them do the shopping for you.

Yes, we are paying for that option. I'm glad to have it. I'll keep that coverage.