Auto Insurance Limits

James

James

Staff member
My auto insurance renewal is coming up and I'm curious as to what some of you guys have for your limits. I used to have pretty much the minimum (100,000 person, 200,000 accident), but had a reality check about how low that actually is. :bonk: Medical bills aren't cheap, an accident that requires a hospital stay and surgery (or 2) can easily run into the 6 figures. :eek: Hell the ambulance ride alone is $800-1,000, a more serious medi-vac can run between $10-20k.
 
Rack

Rack

Screw insurance it's a rip off! :devil:


I am not sure about he laws in Indiana. But there are lots of factors that need to be considered. Your assets and future earning potential should be in your decision making process.
 
cleonard

cleonard

First I'm not an insurance guy or a lawyer so noting I'm about to say should in any way be construed as advice. It's just some incoherent ramblings.

To decode what Rack is implying you need to think like a shark, um I mean a lawyer. I apologize to sharks for that. Say you have an incident in a vehicle and you are potentially on the hook for big bucks. Before a lawyer will take a contingency case they do some digging. Do you have any assets like a home? What kind of job do you have and how much do you make. You see then can take what you have and they can attach part of your income. If you basically have neither you are pretty much "judgment proof." If you have assets and/or an attachable income stream you start to become a juicy target.

I've got a home and a steady job so I'm a worthy to sue target. Therefore I go high on the liability. One thing that I have noticed is that the first minimum part of the liability insurance costs the most and adding more isn't really all that much.

Do some shopping around because the rates can vary by a large factor from one insurer to the next.

In my 30+ years of driving Rack is 100% correct. Insurance is a ripoff. I've never had a liability claim filed against me that was paid, but I've sure paid a lot for having it.
 
James

James

Staff member
cleonard:
In my 30+ years of driving Rack is 100% correct. Insurance is a ripoff. I've never had a liability claim filed against me that was paid, but I've sure paid a lot for having it.
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I've been involved in one, which also opened my eyes to the costs.

You're right about it not costing that much more, I bumped it up to 250k 500k. :thumb: My rates have been more then cut in half these past two years, however my medical is picking up the slack. :cry:
 
Buckrun

Buckrun

This works for me: Everything is negotiable. If you think that the price you get from an agent is the cost you have to pay, then you are wrong. It pays to put everything you have to insure under one company because it gives you more clout and discount. I insure my home, car, cycles, cabin, and property liability under one company. I get my best price from company A and take it to company B and C and tell them to beat it without cutting coverages. Then I take B and C's price back to A and and tell them if they want to keep my business, make me a deal. They do! This doesn't take much time or effort. Just put what you want on paper (email), and send it. They will respond pronto with your number and coverage details. You can specify that they quote you on different coverage levels as well so you can see how it affects your costs.
 
James

James

Staff member
@ Buck

I do have everything at one company (Allstate), which gives me great multi-policy discounts.


The local agents are very nice and will work with you, helps if you've been with them all your life though. :smirk:
 
Buckrun

Buckrun

James:
@ Buck

I do have everything at one company (Allstate), which gives me great multi-policy discounts.


The local agents are very nice and will work with you, helps if you've been with them all your life though. :smirk:
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I have Allstate too. My agent is nice, as well. But that doesn't mean I won't hammer him with competing quotes from Nationwide, State Farm, and Progressive, etc, periodically. This is business James. It doesn't matter how long you have known them or how nice they are to you. Rest assured, they only care about the color of your cash. I don't want to have beers and a BBQ with my agent, I just want what I need from him for the least cost. Insurance has become so competitive in recent years that you can almost dictate terms and still find good companies that will jump for your business.
 
James

James

Staff member
After a few phones calls with my agent I was able to get it reduced from $170 per month to under $100 (without losing any coverage). :shocked: :banana::hyper::banana::hyper::banana::hyper::banana:

I should have done this sooner. :picard: :foul:
 
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