What liability limits do you all typically select? As I was shopping rates today I noticed my wife had bumped our limits up to 500k/500k at the last renewal, which likely explains why we’re paying $420/mo for two cars. I got a quote from Progressive at $220/mo for 250k/500k for both cars, but curious what you all typically choose.
Quote the same insurer for 500/500 to see what their delta is.
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Oddly Progressive doesn’t seem to offer a 500/500 option, but I’ll check with our current carrier (Chubb) if they can quote it at 250/500.
Can’t remember if I bumped it up since but I used to do 100/300
I do whatever is required as min to get an umbrella. IMO its a better use of liability limits which would then go over my home policy as well. I believe i have 300k underlying auto and then 1M umbrella for 200 bucks more a year.
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Was gonna say the same. I have to have high limits for my umbrella as well. Anyone with considerable assets should have an umbrella imo
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300/300 plus umbrella
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250/500k for me
I’ve got bodily at 250/500 and property at 250
100% correct. 500/500/500 and $3 million umbrella.
It does not take much of an accident to get to your policy limits and beyond. You get in a wreck and are found to be at fault for injuring a family of 4, two wage earners in their 30s and two kids? Heaven forbid the wage earners are injured and cannot work as they once could and a $5 million judgment is not out of the question when medicals and other damages are factored in beyond the economic damages alone.
Maxing your limits and/or having the minimum to then get an umbrella (as was said by @sgmaugie) is a no brainer and generally it is not that much more premium-wise depending on many factors.
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I assume you already know this but Chubb is geared towards high net worth folks when it comes to personal insurance, that difference is normal and worth it. They’re not going to nickel and dime on claims/service/etc. If you value this, then some competitors to check out would be PURE, Berkeley One, and others. If not, Progressive and mainstream companies will be much cheaper. If you’re using a broker, have them run the quotes.
I carry 100/300 but will be upping that now with kids and getting umbrella.
Yes, which is why we went with them for both auto and home but they were surprisingly a complete pain in the ass when it came to a home claim. Not sure if it was just our adjuster, but they were horrible to deal with and kept fighting every step of the way. An auto claim with them was much easier but it left a bad taste in our mouth.
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$500k CSL, $2M umbrella. It seems many peeps forget to look at their property damage liability, $50/100k is common which is not nearly enough these days.
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That’s surprising; I know they’ve had issues in other areas since they got bought out but not on the personal front.
Is it generally cheaper to go with the minimums and then supplement with an umbrella? I have 500/500 at about 180/month for 2 vehicles. Asset-wise we have our house - but that’s about it. Umbrella seems smart but our agent sort of talked us out of it due to lack of assets.
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I’ve filed a claim with Chubb before. They will absolutely draw a line on what they will and won’t cover. Nothing that great about the service either.
Can’t comment on if it’s generally cheaper, but these were the numbers when I ran quotes.
500/500 auto coverage was about $215/yr more than 250/500. My umbrella insurance was $70/yr more to have a 250/500 minimum vs 500/500 minus. Opted for $250k/$500k.
Depending on how much equity is in your home and value of retirement, checking/savings, and brokerage accounts, could be not as beneficial, but if it makes you sleep better at night, probably wouldn’t be too expensive to add a policy.
Most states you can’t sue for someone’s qualified retirement accounts if I’m not mistaken. I believe that’s the same with your primary residence.
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This is one of the big issues with car insurance. Average vehicles have gotten so much more expensive over the past decade but the various state minimum insurance levels have not gone up nearly as much. I have few friends from law school doing general litigation in Virginia. People are constantly surprised when they are at fault for totaling someone’s $70k car, there insurance pays out the $20k property damage limit (which is the Virginia minimum) and then they get a demand letter for $50k.
And worse, if you are short insurance coverage, in most states your insurance company is likely to just give the other party/court the full coverage amount and walk away. You are then on your own hiring/paying for a lawyer.
Retirement and pension are protected. Primary residence is a state by state issue - which makes no sense since bankruptcy is a federal law. Florida has among the most generous protection (that’s why OJ moved there and bought an expensive house before his civil trial). Places like Virginia would not protect the average primary residence in bankruptcy .
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I believe individual IRA’s are state by state, but employer sponsored retirement (e.g., 401k) are federally protected. Primary residence is state by state too, in CT it was $250k in equity couldn’t be touched.
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