[carbonfiber1]

Car delivery is right around the corner, I just got quoted for a 6-month policy full coverage and was wondering how this compares to other people in and out of the US.

Bodily Injury & Property Damage Liability Help
$50,000 each person, $100,000 each accident, $50,000 each accident
$192.00
Uninsured Motorist Bodily Injury & Property Damage Help
$50,000 each person,$100,000 each accident,$50,000 each accident with $250 UMPD deductible Enhanced
$203.00
Personal Injury Protection Help
$2,500 Guest PIP
$6.00
Comprehensive Help
$500 deductible
$462.00
Collision Help
$500 deductible
$692.00
Rental Reimbursement Help
No Coverage
$0.00
Roadside Assistance Help
Selected
$6.00
Progressive Vehicle Protection Help
No Coverage
$0.00
Custom Parts and/or Equipment value Help
No Coverage
$0.00
Loan/Lease Payoff Help
No Coverage
$0.00
Total vehicle Premium
$1,561.00

[cmyx6go]

Are you very young, or do you have a bad driving record? I pay a little less than that for insurance on my X6M but have much higher coverages and I live in NYC. I am old though so that would bring down my cost.

[Vindicator3]

I don't have any premium comparisons but I personally would never carry such low limits. I carry a million with another million or two as an umbrella. I also carry underinsured motorist coverage in addition to uninsured motorist coverage.

If you have any kind of assets, they are potentially exposed if you are at fault in an accident and cause more than 100K in injuries (which is not hard in a serious accident).

More importantly, your uninsured/underinsured coverage is usually limited to the same limits as your liability coverage.

Here's what happened to a close friend of mine as an example. Rainy day, on the interstate, teenager going too fast lost control of his pickup, crossed the grass median between the eastbound and westbound lanes (rural enough area that there was no barrier in the median) and caused an impact with two vehicles going the opposite direction in the opposite set of lanes. One had an older couple and the impact killed her, with minor injuries to him. The other was my friend's family car (he wasn't in it), with minor injuries to his wife and daughter but life-threatening injuries to his son who barely survived the night and whose life trajectory was permanently altered by a TBI that continues to impair his cognitive abilities.

Kid was carrying the minimum $25k or whatever in liability, and that had to be split between the death claim for the woman in the other car and the injury claim for his son. Thankfully, he had underinsured motorist coverage and he didn't have to split those limits with the victim in the other car, but in hindsight he wishes he had purchased more coverage on that front, as he/his son could use the money for his ongoing care.

You buy insurance for unlikely but very expensive events like this, don't skimp on limit. There's a very low likelihood you will ever need it, which is why it is (relatively) affordable, but if you happen to be the unlucky one, you will be very glad you have it.

[ASAP]

i would just call out 50/100 is a rather low limit

[ppointer]

I agree with other posters - that liability max is way too low. Typically is 100k/300k, and I think that is too low these days. What if you hit a new Lamborghini?

I have cars in 2 states. My FL rates are insane right now, and I have one of my cars insured for liability only. My G30 is in Ohio and costs about $200 per month. If I had that car in FL, would be 50% more. I’m a senior with excellent history.

[tturedraider]

Rates can really only be compared locally. I have a suggestion though. In today’s world 50/100/50 is too low. You could cause damage that would exceed those limits very easily. You should have 100/200/100 at a minimum and 100/300/100 is a better minimum.

[KevinC]

Originally Posted by Vindicator3

I don't have any premium comparisons but I personally would never carry such low limits.

That was my first reaction too. Having such an expensive car would tip off anyone involved in an accident where the OP was at fault that he (theoretically) has money beyond this light coverage, thus inviting a brutal lawsuit from one of those guys on Vegas billboards in $800 alligator shoes. No thanks. Adding a much higher dollar limit generally isn't very expensive and well worth the peace of mind IMHO.

[Jaizero]

That bodily injury and uninsured motorist coverage is shit.

You need $500,000/$500,000 coverage minimum.

If you crash into someone and injure them or kill them, it's gonna cost a shit load more than 50k/100k. What isn't covered by insurance will be covered by YOU.

[RockCrusher]

Originally Posted by Jaizero

That bodily injury and uninsured motorist coverage is shit.

You need $500,000/$500,000 coverage minimum.

If you crash into someone and injure them or kill them, it's gonna cost a shit load more than 50k/100k. What isn't covered by insurance will be covered by YOU.

What I was told by someone in the know in the insurance business was with a low liability coverage is in event of an accident the insurance company would just pay its portion and throw you under the bus.

With more coverage there's an incentive for the insurance company to fight the claim.

I was on the receiving end of a collision by someone with insufficient insurance, liability insurance. She hit a new (4 week old!) $62.6K car -- and hit it hard enough to total the car -- with only $50K of liability coverage. I refused to turn the claim into my insurance company. I managed to be made whole but it took some time and work.

[carbonfiber1]

thanks for all the comments, I increased to the max which is 500 combined limit, and uninsured motorist to match. Policy quote only went up 200.

[Jaizero]

Originally Posted by RockCrusher

What I was told by someone in the know in the insurance business was with a low liability coverage is in event of an accident the insurance company would just pay its portion and throw you under the bus.

With more coverage there's an incentive for the insurance company to fight the claim.

I was on the receiving end of a collision by someone with insufficient insurance, liability insurance. She hit a new (4 week old!) $62.6K car -- and hit it hard enough to total the car -- with only $50K of liability coverage. I refused to turn the claim into my insurance company. I managed to be made whole but it took some time and work.

My step-father (I'm in my 40's) ran his own insurance agency forever. I have insurance for my car and motorcycle through his agency that is now owned by his son. He suggested the high limits and found me really great rates.

My 2016 F82 has 500k/500k and my premium is about $700 every 6 months through a smaller insurance company here in Wisconsin.

My motorcycle has 500k/500k through Progressive and is about $175 every year.

It's worth the few extra bucks for the peace of mind for whatever that's worth lol.

[tturedraider]

A little note about uninsured/underinsured coverage. It is basically redundant coverage and a coverage the insurance industry invented to make more money. I have very mixed feelings about it. A lot of states require it to a certain degree, so carrying it may not be a choice. The insurance industry wants us to pay for someone else’s liability. As far as your own liability and also collision coverage on your own car, if an uninsured/underinsured driver damages your car you can file a claim for repair on your own collision coverage and they will pay that claim. The insurance industry wants you to believe that will make your premium increase as if you had an “at fault” claim and that is not true. It would be a “not at fault” claim. Your premium might increase because of the claim, but it is unlikely it would increase enough to be more than the cost you pay every year for uninsured/underinsured coverage.

Over thirty years ago I read about it in a financial planning book and I dropped it. It turns out not long after that I had the opportunity to test it. A drunk, hit and run driver hit my car and almost totaled it. I filed my claim on my own collision coverage (which is normally for when I cause a wreck) and my insurance company paid to repair my car, no questions asked. It was a “not at fault” claim and as best as I recall my premium didn’t increase at all. If it did it was so minimal that it didn’t make a big enough impression in my memory to remember it.

I went without uninsured/underinsured for years until I moved to Chicago and Illinois requires it. Insurance companies make you specifically decline uninsured/underinsured, because they want to create the impression you are choosing to take a big risk on yourself.

One other recommendation. Don’t carry PIP, personal injury protection. PIP limits are so low as to be virtually useless. Instead carry the maximum Medical Payments coverage available. They sell PIP by saying it will help pay for out of hospital care, but your big expense will probably be your medical expenses. I carry $100,000 in medical payments coverage.

[Vindicator3]

Fire insurance on your house is also coverage invented by the insurance industry to make money. That's what they do, they make money by selling coverage that provides value (assuming they've priced it correctly).

UM/UIM is only redundant if the other driver has liability insurance (which of course is mandated by law but not always complied with) and has enough limits (which is rare as so many drivers carry just the state minimum).

You don't buy UM/UIM to cover you for damage to your car. You buy UM/UIM to cover you and your family if one of you suffer severe or catastrophic personal injuries caused by a driver without insurance or with insufficient limits. Not everyone unfortunate enough to suffer such injuries is fortunate enough to get hit by a Walmart delivery truck.

[smrtypants44]

Originally Posted by tturedraider

A little note about uninsured/underinsured coverage. It is basically redundant coverage and a coverage the insurance industry invented to make more money. I have very mixed feelings about it. A lot of states require it to a certain degree, so carrying it may not be a choice. The insurance industry wants us to pay for someone else’s liability. As far as your own liability and also collision coverage on your own car, if an uninsured/underinsured driver damages your car you can file a claim for repair on your own collision coverage and they will pay that claim. The insurance industry wants you to believe that will make your premium increase as if you had an “at fault” claim and that is not true. It would be a “not at fault” claim. Your premium might increase because of the claim, but it is unlikely it would increase enough to be more than the cost you pay every year for uninsured/underinsured coverage.

Over thirty years ago I read about it in a financial planning book and I dropped it. It turns out not long after that I had the opportunity to test it. A drunk, hit and run driver hit my car and almost totaled it. I filed my claim on my own collision coverage (which is normally for when I cause a wreck) and my insurance company paid to repair my car, no questions asked. It was a “not at fault” claim and as best as I recall my premium didn’t increase at all. If it did it was so minimal that it didn’t make a big enough impression in my memory to remember it.

I went without uninsured/underinsured for years until I moved to Chicago and Illinois requires it. Insurance companies make you specifically decline uninsured/underinsured, because they want to create the impression you are choosing to take a big risk on yourself.

One other recommendation. Don’t carry PIP, personal injury protection. PIP limits are so low as to be virtually useless. Instead carry the maximum Medical Payments coverage available. They sell PIP by saying it will help pay for out of hospital care, but your big expense will probably be your medical expenses. I carry $100,000 in medical payments coverage.

Interestingly enough UM here in Oklahoma is medical only- there is no property UM coverage- since that's really covered by collision unless you have a liability only policy.

[tturedraider]

Originally Posted by Vindicator3

Fire insurance on your house is also coverage invented by the insurance industry to make money. That's what they do, they make money by selling coverage that provides value (assuming they've priced it correctly).

UM/UIM is only redundant if the other driver has liability insurance (which of course is mandated by law but not always complied with) and has enough limits (which is rare as so many drivers carry just the state minimum).

You don't buy UM/UIM to cover you for damage to your car. You buy UM/UIM to cover you and your family if one of you suffer severe or catastrophic personal injuries caused by a driver without insurance or with insufficient limits. Not everyone unfortunate enough to suffer such injuries is fortunate enough to get hit by a Walmart delivery truck.

Apologies for not being clear enough for you. Uninsured/underinsured property damage and uninsured/underinsured bodily injury are two different coverages and I was referring to property damage. I have had this set for so many years I don’t think about it a lot. I went back and checked my policy documents. When I first moved to Chicago I’m pretty sure Illinois made me carry uninsured/underinsured property damage, because I remember being annoyed by it. I might be wrong about that though. Anyway, a couple of years ago I changed companies and I didn’t have to choose UM/UIM property damage and I didn’t. But, I do carry UM/UIM bodily injury and I always have.

So, to clarify, UM/UIM property damage and UM/UIM bodily injury are two separate coverages and in most states while they require bodily injury coverage they do not require UM/UIM property damage coverage and it is, in fact, duplicate coverage to your collision insurance if you have full coverage. As I stated, when you choose your coverages your insurance company will default you to UM/UIM property damage coverage and they will make you specifically decline the coverage if you don’t want it.

[tturedraider]

Originally Posted by smrtypants44

Interestingly enough UM here in Oklahoma is medical only- there is no property UM coverage- since that's really covered by collision unless you have a liability only policy.

Interesting. That’s a very good thing. I guess there may be other states where this is the case, but this is the first I’ve heard of it. Of course, even though I lived in multiple states while I was in the Army, I’ve only had auto insurance in Texas and Illinois.

[Vindicator3]

Originally Posted by tturedraider

Uninsured/underinsured property damage and uninsured/underinsured bodily injury are two different coverages and I was referring to property damage.

Interesting, thanks. I didn't even know that UM/UIM property damage was a thing. I just looked up my policy and the UM/UIM coverages are only for bodily injury liability, so either it's not a thing here in MO for property damage or my agent was sensible enough not to push it (since I don't remember having to reject it). I agree it seems redundant for damage to the vehicle.

[tturedraider]

Originally Posted by Vindicator3

Interesting, thanks. I didn't even know that UM/UIM property damage was a thing. I just looked up my policy and the UM/UIM coverages are only for bodily injury liability, so either it's not a thing here in MO for property damage or my agent was sensible enough not to push it (since I don't remember having to reject it). I agree it seems redundant for damage to the vehicle.

I found the same thing when I looked at my policy. But, then I acted like I was going to make changes to my coverage and sure enough UM/UIM property damage was an option I could choose. I’ll bet if you acted like you were going to buy an entirely new policy on your company’s website it would default to giving you UM/UIM property damage.

[MaxVO2]

Originally Posted by carbonfiber1

Car delivery is right around the corner, I just got quoted for a 6-month policy full coverage and was wondering how this compares to other people in and out of the US.

Bodily Injury & Property Damage Liability Help
$50,000 each person, $100,000 each accident, $50,000 each accident
$192.00
Uninsured Motorist Bodily Injury & Property Damage Help
$50,000 each person,$100,000 each accident,$50,000 each accident with $250 UMPD deductible Enhanced
$203.00

Total vehicle Premium
$1,561.00

****Snipped some of the coverage above for brevity.

Those are *really* low limits..Especially in our are as there are a LOT of uninsured motorists. I am also in Maryland, and my $500k/$500k, Uninsured Motorist $500k + Full window glass coverage, towing, roadside assistance, etc.. with a $1000 deductible is $1147 per *year* total on my M8 Competition.

I have Erie as a carrier, live in a nicer area, car is garaged, etc... Erie also handles my Umbrella policy, and I probably get a discount of some sort overall as my rental homes and primary home are also covered by them.

Overall, I pay Erie a significant chunk of change every year for everything but feel I am well covered should I have the misfortune of a serious claim.

I had a claim back in 2016 ish which greatly damaged my then almost brand new JCW Mini Cooper due to an uninsured motorist rear ending my car on the highway (they were grossly at fault.. Thankfully I had dash cams, front and rear..). To their credit, Erie made me whole, and did not increase my premiums and gave me a check for 5% of the value of the car due to diminished value (new car) that was damaged quite badly, but was fixed well.

Anyway, just another data point.

$1147 total for my M8 Competition here in Maryland.

[LogicalApex]

I agree with others that your coverage is very low.

I'd bump those up to the max and add an umbrella to give you better coverage as others have stated.

Don't skimp as you'll feel it if you ever need the full weight of the policy.

Originally Posted by RockCrusher

What I was told by someone in the know in the insurance business was with a low liability coverage is in event of an accident the insurance company would just pay its portion and throw you under the bus.

With more coverage there's an incentive for the insurance company to fight the claim.

I was on the receiving end of a collision by someone with insufficient insurance, liability insurance. She hit a new (4 week old!) $62.6K car -- and hit it hard enough to total the car -- with only $50K of liability coverage. I refused to turn the claim into my insurance company. I managed to be made whole but it took some time and work.

Why did you put in the time and work instead of letting your insurance company put in that time and work on your behalf? That's the reason you're paying them... I'm always very confused by people choosing to go this route.

Your insurance will get the other insurance to pay via subrogation and give you back your deductible... The other insurance company also has no incentive to move quickly for you since you're not their customer...

[ctcarbonari]

Ouch @ those rates for the coverage quoted!

You could increase your deductibles to $1000 and that should help lower the policy cost some.

[RockCrusher]

Originally Posted by LogicalApex

I agree with others that your coverage is very low.

I'd bump those up to the max and add an umbrella to give you better coverage as others have stated.

Don't skimp as you'll feel it if you ever need the full weight of the policy.



Why did you put in the time and work instead of letting your insurance company put in that time and work on your behalf? That's the reason you're paying them... I'm always very confused by people choosing to go this route.

Your insurance will get the other insurance to pay via subrogation and give you back your deductible... The other insurance company also has no incentive to move quickly for you since you're not their customer...

I was afraid my insurance company would not declare the car a total loss and instead seek to have the car repaired.

Which I did *not* want done.

And seeking a quick settlement can work against one. He might accept a lower settlement amount than he might get by being patient.

The settlement didn't take too long. Accident happened May 4 and by June 19 I was driving the Cayman's replacement, a 2003 996 Turbo with <10K miles in pristine condition with a 2 year/100K mile warranty.