Lefty

I was looking at what I pay for car insurance and was wondering what everyone pays? Below is what I have an issue on. Should I lower or raise anything on my insurance?

For bodily injury liability-I have $25,000 each person/$50,000 each accident.
Property damage liability-I have $25,000 each accident.

Uninsured motorist-I have $25,000 each person/$50,000 each accident.
Underinsured motorist-I have $25,000 each person/$50,000 each accident.

Comprehensive-$250
Collision-$500

__________________

Divide Et Impera

I think Cardinal.Ken is an insurance agent, so I'd talk to him. As a matter of fact, I need to talk to him. Ken, PM me with your phone #....

__________________
Quintus: People should know when they are conquered.

Maximus: Would you, Quintus? Would I?

KingofCards

Do you own a house?

If so I would consider increasing your bodily injury limits.

__________________
"Let the rabbits wear glasses."

kps0001

I have been an insurance agent for almost 10 years now. I would recommend raising your limits to 100/300/100 even if you don't own your home. I would also raise your comprehensive deductible to $500 although depending on several factors it might not save you much money.

Raising your limits to 100/300 is going to put you in more of a preferred class of risk, if you will. If you are one who switches insurance companies frequently or just like to shop rates you will be seen as less of a risk and given preferred rates obviously other factors are involved(i.e credit history, driving record, etc). Also, cars are pretty expensive these days as well as medical bills. Say you were the cause of a bad accident involving multiple cars and passengers your limits of 25/50/25 would be exhausted pretty quickly.

I also like umbrella policies. They are pretty inexpensive and provide coverage typically at a minimum of $1 mil and will come kick in if your liablility limits on your auto and/or home policy are exhausted. Most companies require you to carry at least 100/300/50 on your auto liability to qualify for an umbrella policy.

I will just keep it short for now but if you have any other questions I would be happy to help as I am sure any other insurance agents on the board would be.

Kevin

Ryanwb

I seriously wish the would re-evaluate the minimum coverages required. I think I read an article that those figures haven't been updated since the '70s. You hit somebody in a BMW and have minimum coverage.... your screwed

Cardinals.Ken

I would agree with this, all things considered. The only issue I would have for that advise is, that depending upon risk factors, it could be too high for most budgets.

Insurance is about risk mitigation, not risk elimination.

Whenever I am asked about coverage limits I always start the conversation from a standpoint of assurance instead of insurance. It really depends upon your comfort level with your limits. I spend a great deal of time with my policyholders, whenever they bring concerns like this up, finding out where their "comfort zone" is in relation to limits. For most people, 25/50/25 is ok, not great in case of a worst-case scenario, but ok.

High limits can sometimes paint a bullseye on your back if you're not already exposing yourself to a high liability potential.

Doctors, lawyers, dentists, real estate agents, or just driving an expensive car can "encourage" someone in an accident with to go after your "perceived" higher limits. If you don't fall into that group, and someone of less than high scruples is involved in an accident with you, and they discover your high limits (100/300/100 or higher) then they may go after your insurance just like one of the afore mentioned cases.

__________________
Moses parted the Red Sea, Oppenheimer split the atom, but dotKen cut the crap. - Steve Antczak

Cardinals.Ken

You want to pay more for insurance?

__________________
Moses parted the Red Sea, Oppenheimer split the atom, but dotKen cut the crap. - Steve Antczak

Ryanwb

I want everyone to, so my underinsured insurance won't have to kick in