1M Car Insurance in the US

[ny911]

Is there anyone opting for 3rd party coverage only?

I was paying like USD180 per year for 3rd party coverage only.

[Adam135]

Originally Posted by eeghie

"way!", the corresponding minimal coverage listed below. Iirc credit score was mid 700s.

Attachment 992461

Minimal, or state minimum, coverage is not a good idea.

Originally Posted by IEDEI

You should re-evalute your coverage as it's not very good! you have VERY LOW coverage for everything and a very high deductible $2500? that's very high). I have $500 as my deductible and A LOT more coverage for bodily injury and liability ($100k and $300k instead of $25k and $50k you have) and wouldn't keep it any less. If something does happen....your insurance will struggle to meet the demands of the other parties and you will have to pay out of pocket or get sued on top of the insurance claim.

Not saying anything will happen....BUT your coverage is very low which is why your rates are so low!

BINGO!

[smq42]

Originally Posted by IEDEI

You should re-evalute your coverage as it's not very good! you have VERY LOW coverage for everything and a very high deductible $2500? that's very high). I have $500 as my deductible and A LOT more coverage for bodily injury and liability ($100k and $300k instead of $25k and $50k you have) and wouldn't keep it any less. If something does happen....your insurance will struggle to meet the demands of the other parties and you will have to pay out of pocket or get sued on top of the insurance claim.

Not saying anything will happen....BUT your coverage is very low which is why your rates are so low!

Agree w the comment about deductible being very high.

However, the low amounts for bodily injury, etc. can be offset by getting a good umbrella policy, which maybe cheaper than having a bigger car policy. This was explained to me by an ins broker. However, I'd love to hear others' opinions on this strategy.

[M3 Adjuster]

Originally Posted by IEDEI

You should re-evalute your coverage as it's not very good! you have VERY LOW coverage for everything and a very high deductible $2500? that's very high). I have $500 as my deductible and A LOT more coverage for bodily injury and liability ($100k and $300k instead of $25k and $50k you have) and wouldn't keep it any less. If something does happen....your insurance will struggle to meet the demands of the other parties and you will have to pay out of pocket or get sued on top of the insurance claim.

Not saying anything will happen....BUT your coverage is very low which is why your rates are so low!

I agree... !

I handle claims all day long and never have seen more than $1000 deductible. Wow. I cringe when i have to explain to customers that they will need to fork over 1K to fix their car because of an accident.

$2500 is just insane. a decent hail claim of 2-3k would barely even be worth filing!

[M3 Adjuster]

Originally Posted by smq42

Agree w the comment about deductible being very high.

However, the low amounts for bodily injury, etc. can be offset by getting a good umbrella policy, which maybe cheaper than having a bigger car policy. This was explained to me by an ins broker. However, I'd love to hear others' opinions on this strategy.

most insurers have a certain minimum limit before they apply the umbrella policy.

For example... in order to get a 1,000,000 umbrella policy... the policyholder might be ( read: is often) required to carry 100K or perhaps even 250K liab limits on the underlying auto policy.

[M3 Adjuster]

Originally Posted by eeghie

"way!", the corresponding minimal coverage listed below. Iirc credit score was mid 700s.

Attachment 992461

10K Liab Property Damage limits... ouch..


hit and total out a 5 year old Honda Accord and you are at more than 10K damage..... that's a huge exposure for you personally.

the $2500 deductibles for physical damage also leave you with a big check to write should you make a claim.. I have never seen such a high deductible for personal auto insurance in over 15 years of handling claims.