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insurance coverage limits

  1. #1

    insurance coverage limits


    how do you guys pick your insurance coverage limits?

    F the ins companies, pick the lowest limits, and pay less premiums?

    or trust no one, assume that my luck is bad, and get coverage up he wazoo?

    Geico offers these ranges:
    Liability: $15k - 1 million
    Property Damage: $5k - $100k
    Uninsured/Underinsured - $0 - $500k

    Comprehensive - $0 deductible to $1,000 deductible
    Collision - $0 deductible to $1,000 deductible

    google taught me - add up your net worth (all I have are 2 cars, a bike, trading account, 401k, and bank account), add coverage for increase in earnings and worth, and medical bills are really f'n expensive.

    I'm not worth that much, but I do anticipate future earnings, and I work in healthcare and can see how damn expensive all that shit costs.

    So I guessed $100k/300k for liability, and $50k for property. I'm carrying $500 deductibles for each vehicle, which I always have on hand.

    any other input?

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  2. #2
    BMW track whore e30addict's Avatar
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    Re: insurance coverage limits

    I like $1,000 deductibles. The premium is usually significantly lower. I figure the odds are I'll save more in premiums than it would cost me in the rare case I actually had to pay the deductible. The only time you're really on the hook for it out of pocket is when you wreck the vehicle and would repair it. Otherwise it's just a smaller payout from the insurance company.

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  3. #3
    I pick things up.... mzdagrl's Avatar
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    Re: insurance coverage limits

    We try to keep our deductible around what we know we can afford with short notice without completely wiping out a bank account. $500-$1000 for autos, $1000 medical typically.

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  4. #4
    Lifer G21forme's Avatar
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    500$ deductible for 1,000,000$ worth of coverage costs me 400$ a year, why not get a bunch of coverage for that price.

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  5. #5
    Angry Gumball RandyO's Avatar
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    Re: insurance coverage limits

    I have an umbrella policy on my homeowners for 2m/5m liability that required my primary insurance limits of 250k/500k

    I only have 100k on PD

    I have $100 deductable on both comp & coll, cause my rates are so cheap, less than $200/year for everything

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    RandyO
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  6. #6
    Just Registered BMFR6's Avatar
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    Re: insurance coverage limits

    in your case, $50/100 on parts 3, 5 and 12 is good.... $100/300 is better.
    Part 4 should be at least $100k and it's probably only a couple bucks more a year over just having $50k.
    Going with a $1k collision deductible will save a bunch of money...... but make sure you're comfortable having to shell that out on short notice
    $300 comprehensive deductible is good, increasing this doesn't net the same savings as increasing collision.
    Make sure that on your bike you have medical payments coverage. Search my threads I've started for an explanation.

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  7. #7
    Burns retinas nhbubba's Avatar
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    Re: insurance coverage limits

    Quote Originally Posted by BMFR6 View Post
    in your case...
    So what's the formula, or rule of thumb here? Straight up net worth? For a homeowner, do you deduct the liabilities like outstanding mortgage balance?

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  8. #8
    Just Registered BMFR6's Avatar
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    Re: insurance coverage limits

    Current net worth and future net worth is a pretty good starting point. Liabilities don't really matter when it comes to auto/home insurance (good thing to consider when looking at life insurance though)....... nobody is going to sue you for your debt. You have to look at the asshole mentality of people. Two people get injured in separate accidents, for intents and purposes say all the details of the accident are exactly the same..... the exception is that the person that injured the first driver is a recent college grad with nothing but student loans to his name. The person that injured the second driver is Tom Brady. Even though the accidents were identical, do you think the law suits would be identical?

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