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Liability limits
#3024561
03/16/22 01:30 PM
03/16/22 01:30 PM
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Joined: Nov 2003
Posts: 10,228
Colleyville
3hundred
OP
I Live Here
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OP
I Live Here
Joined: Nov 2003
Posts: 10,228
Colleyville
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Andrew's thread reminded me of an insurance issue I've been pondering for some time now, liability limits. In Texas, you must have at least $30,000 in liability coverage for each injured person, up to a total of $60,000 per accident, and $25,000 for property damage per accident. This basic coverage is called 30/60/25. I've carried 100/300/50 for decades, seems like that's not enough these days. I asked my Farmers agent about it, he said you're fine where you're at. With cars and trucks commonly exceeding $100,000 these days it seems like more would be better? Any thoughts on limits?
'68 Fury Convertible
'69 300 Convertible
'15 Durango 5.7 Hemi
'16 300 S Hemi
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Re: Liability limits
[Re: 3hundred]
#3024562
03/16/22 01:31 PM
03/16/22 01:31 PM
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Joined: Nov 2003
Posts: 10,228
Colleyville
3hundred
OP
I Live Here
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OP
I Live Here
Joined: Nov 2003
Posts: 10,228
Colleyville
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I could've sworn I was in general when I posted this.  Could somebody move it please?
'68 Fury Convertible
'69 300 Convertible
'15 Durango 5.7 Hemi
'16 300 S Hemi
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Re: Liability limits
[Re: 3hundred]
#3024570
03/16/22 01:47 PM
03/16/22 01:47 PM
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Joined: Dec 2007
Posts: 19,897
Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,897
Puttin' on the foil in Charles...
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If you are collectible, $50k for property damage is not enough. Very easy to cause more damage than that in a multi-vehicle accident, or even a single vehicle accident, depending upon what you hit. I carry $250/$500/$250 for bodily injury/property damage, and I am comfortable with that. An umbrella policy that serves as additional liability coverage is always worth considering if you are collectible. It's not necessarily necessary (lol), but it's worth looking into.
Anyone who has a job and assets who carries less than 100/300/50 is asking for trouble, and really, 50k for PD is just not enough to make me comfortable anymore. My group gets subrogation demands every day that exceed $50k for property.
Earning every penny of that moderator paycheck.
DBAP
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Re: Liability limits
[Re: 3hundred]
#3024571
03/16/22 01:55 PM
03/16/22 01:55 PM
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Joined: Jan 2005
Posts: 8,341
Crook County, ILL
Mastershake340
master
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master
Joined: Jan 2005
Posts: 8,341
Crook County, ILL
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A lot of it depends on what your net worth is. The higher it is the more you have to worry about. If it's not all that much, then you really don't have a care in the world when it comes to liability. It's all about the Benjamin's when it comes to lawyers. If you are at fault in an accident and have insurance that comes up short covering the damages, they will just settle for whatever they can get out of your insurance unless you have a net worth that is high enough to make their lawyer start salivating at the thought of getting their hands on it. Umbrella insurance is good to have to cover claims beyond what your car and homeowners insurance cover if you have a high net worth, and generally isn't too expensive. I'm thinking about getting it myself, however it doesn't cover what concerns me most in my situation which is aviation. Also, my recollection from when I looked into Umbrella coverage some time ago, is that I would have to increase my automotive coverage limits. From 100/300 to 250/500 or something like that. Therefore even though the unbrella policy wasn't expensive the costs started adding up with upping my limits on my cars. https://www.forbes.com/advisor/car-insurance/umbrella-insurance/
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Re: Liability limits
[Re: Mastershake340]
#3024577
03/16/22 02:07 PM
03/16/22 02:07 PM
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Joined: Nov 2003
Posts: 10,228
Colleyville
3hundred
OP
I Live Here
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OP
I Live Here
Joined: Nov 2003
Posts: 10,228
Colleyville
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Thanks guys, I appreciate it. We're in the high risk group vis-à-vis assets. We're talking about daily drivers here, the convertibles rarely get out anymore. Mebbe after retirement they'll get out more? Traffic is unsane these days.
Renewal is mid May, I'll be upping it then. I drive very little, it's been a month since I filled up last, tank still shows full. She primarily just commutes, about 25 miles a day, runs her errands on the way home usually, not too much exposure. But we're senior citizens now so...
'68 Fury Convertible
'69 300 Convertible
'15 Durango 5.7 Hemi
'16 300 S Hemi
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Re: Liability limits
[Re: 3hundred]
#3024613
03/16/22 04:00 PM
03/16/22 04:00 PM
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Joined: Jan 2011
Posts: 15,855
Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,855
Central Florida
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Not a charger, generally speaking, what do you think of Umbrella policies? I think they are a good idea for anyone like myself who rents property (I'm the owner) and possibly for others as well. Of course I have homeowners for property that I rent but Umbrella Policies do not seem to be extremely expensive, ranging from $200-300 yearly.
Facts are stubborn things.
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Re: Liability limits
[Re: 3hundred]
#3024618
03/16/22 04:29 PM
03/16/22 04:29 PM
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Joined: Feb 2015
Posts: 2,074
CA
crackedback
top fuel
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top fuel
Joined: Feb 2015
Posts: 2,074
CA
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Thanks guys, I appreciate it. We're in the high risk group vis-à-vis assets. We're talking about daily drivers here, the convertibles rarely get out anymore. Mebbe after retirement they'll get out more? Traffic is unsane these days.
Renewal is mid May, I'll be upping it then. I drive very little, it's been a month since I filled up last, tank still shows full. She primarily just commutes, about 25 miles a day, runs her errands on the way home usually, not too much exposure. But we're senior citizens now so... Look into asset protection holding vehicles, (trust, llc, etc) to keep those separate from your daily driver vehicles.
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Re: Liability limits
[Re: larrymopar360]
#3024753
03/17/22 05:54 AM
03/17/22 05:54 AM
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Joined: Dec 2007
Posts: 19,897
Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,897
Puttin' on the foil in Charles...
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Not a charger, generally speaking, what do you think of Umbrella policies? I think they are a good idea for anyone like myself who rents property (I'm the owner) and possibly for others as well. Of course I have homeowners for property that I rent but Umbrella Policies do not seem to be extremely expensive, ranging from $200-300 yearly. Ramrod sums it up perfectly. For most people, an umbrella policy is probably more coverage than you need, but they usually are not expensive...certainly not as expensive as having less coverage than you need.
Earning every penny of that moderator paycheck.
DBAP
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Re: Liability limits
[Re: not_a_charger]
#3024758
03/17/22 06:30 AM
03/17/22 06:30 AM
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Joined: Jan 2003
Posts: 8,022
Tulsa OK
Bad340fish
master
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master
Joined: Jan 2003
Posts: 8,022
Tulsa OK
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I assume the payment on 250/500//250 isn't a whole lot more than 100/300/50. I need to look into that.
We just lost a truck at work in November last year. 20 year old girl pulled out in front of the driver, just an accident at a bad intersection. The driver swerved but still hit her, lost a tire, hit the median, and spun out and rolled over chucking batteries all over the road. Her insurance could cover medical for the driver which thankfully was minimal but it couldn't touch the property. I think she had 50K and the truck alone was valued at 98K, the inventory was just under 40K. Our insurance had to take over due to State Farm's lack of communication and no sense of urgency, and then finding out they couldn't foot the bill anyways. I am sure our insurance is going after this girl and assumingly her parents to settle this deal.
Good thread, I need to call my agent!
68 Barracuda Formula S 340
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Re: Liability limits
[Re: TJP]
#3024853
03/17/22 12:35 PM
03/17/22 12:35 PM
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Joined: Sep 2003
Posts: 19,388
north of coder
moparx
"Butt Crack Bob"
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"Butt Crack Bob"
Joined: Sep 2003
Posts: 19,388
north of coder
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Not A charger:, i wanted to thank you for your time and answers you provide to us on the board. It is very helpful to have someone in the KNOW that shoots straight from the hip  times two !  ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
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Re: Liability limits
[Re: BDW]
#3024857
03/17/22 12:46 PM
03/17/22 12:46 PM
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Joined: Dec 2007
Posts: 19,897
Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,897
Puttin' on the foil in Charles...
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Isn’t it true you have to have max limits on home and auto to get an umbrella?
So the “it’s only a little extra” isn’t exactly true Not quite, but sort of. Umbrella carriers typically require you to carry a certain amount of liability insurance on your auto and home policies before they will sell you an umbrella policy. For example, a requirement might be at least $300k in liability on your homeowners, and 250/500/100 on your auto policy. So while you can't have state minimum and buy an umbrella policy, you don't necessarily have to have the highest amount of liability coverage offered on your homeowners/auto polices to be eligible to buy an umbrella policy. Also, your umbrella policy can be from any insurer that offers one. It does not have to be the same insurer that you have your home or cars with. In fact, depending upon who you have home/cars with, your carrier may not even sell an umbrella policy. EDIT: I just played around with the RLI website, and they even offer an umbrella if you carry 100/300/50 on your cars. Premium is a little higher than if you carry higher limits on your cars. With the 250/500/250 limits I carry, I could get a $1mil umbrella for $469/year. Mind you, I have an 18 year old driver, which will affect any premiums at all related to auto insurance/umbrella insurance.
Earning every penny of that moderator paycheck.
DBAP
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Re: Liability limits
[Re: not_a_charger]
#3025092
03/18/22 09:37 AM
03/18/22 09:37 AM
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Joined: Jan 2003
Posts: 2,770
St. Louis, Missouri area
Cometstorm
"Beat It"
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"Beat It"
Joined: Jan 2003
Posts: 2,770
St. Louis, Missouri area
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Isn’t it true you have to have max limits on home and auto to get an umbrella?
So the “it’s only a little extra” isn’t exactly true Not quite, but sort of. Umbrella carriers typically require you to carry a certain amount of liability insurance on your auto and home policies before they will sell you an umbrella policy. For example, a requirement might be at least $300k in liability on your homeowners, and 250/500/100 on your auto policy. So while you can't have state minimum and buy an umbrella policy, you don't necessarily have to have the highest amount of liability coverage offered on your homeowners/auto polices to be eligible to buy an umbrella policy. Also, your umbrella policy can be from any insurer that offers one. It does not have to be the same insurer that you have your home or cars with. In fact, depending upon who you have home/cars with, your carrier may not even sell an umbrella policy. EDIT: I just played around with the RLI website, and they even offer an umbrella if you carry 100/300/50 on your cars. Premium is a little higher than if you carry higher limits on your cars. With the 250/500/250 limits I carry, I could get a $1mil umbrella for $469/year. Mind you, I have an 18 year old driver, which will affect any premiums at all related to auto insurance/umbrella insurance. Well said! Every word is spot on! 
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Re: Liability limits
[Re: TJP]
#3025192
03/18/22 03:18 PM
03/18/22 03:18 PM
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Joined: Jan 2011
Posts: 15,855
Central Florida
larrymopar360
Stud Muffin
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Stud Muffin
Joined: Jan 2011
Posts: 15,855
Central Florida
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Not A charger:, i wanted to thank you for your time and answers you provide to us on the board. It is very helpful to have someone in the KNOW that shoots straight from the hip Yes, definitely a big thanks!
Facts are stubborn things.
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