How Much Insurance Coverage Do You Need?

[HOE-N-IT]

I have a 2013 Tahoe of which I still owe about 28k. I am 35 years old and have never had an accident. I have the following coverage listed below. I am just wondering if I am paying for more than I really need.

Bodily Injury - 100k/300k
Property Damage - 100k
Personal Injury - 10k
Uninsured Motorist Bodily Injury - 100k/300k

Uninsured Motorist Property Damage - 100k/250 ded
Comprehensive - 250 ded
Collision - 500 ded

I pay about $527 every 6 months through Geico.

I don't think you are paying for more than you need. Some states have the 100k/300K liability as the minimum. As has been mentioned, you could be sued for millions and lose everything. I have an umbrella policy (State Farm) for a million in liability that I'm thinking of increasing to 2 or 3 million. The umbrella policy adds the additional liability to my autos (3), homeowners, boat and my wife's professional liability insurance and only costs $300 a year.

 

[Gzes]

Over the years I had only liability on a few cars but if I buy a car for a pretty penny it will have full coverage! It comes down to basic mathematics and luck! lol

But if your truck was totaled, stolen or happedned to catch on fire tomorrow do you have the cash to replace it? I dont! Thats why I have the coverage I have.....

I've got a lot of cars so is just have to suck it up if stolen. If crashed I can get a donor here cheap and rebuild it or part it. I part cars and buy and sell so its not really a problem for me if something Happens to it. Sure t would suck but hey life sucks

 

[allanjhon]

Insurance

A Personal Injury Insurance Claim can be successfully be settle without an attorney if you understand the insurance process and you are a good negotiator. Learning the claim process can help you settle and understand what the insurance company is trying to do. Here is a general overview of the process.

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[allanwiller]

To obtain critical illness insurance, it is necessary to have knowledge or understanding of policy and different types of plans offered. A good insurance coverage can give you peace of mind and the adequate level of protection. It is necessary to obtain the necessary advice and help when choosing a critical illness insurance package.


exhaust fitter insurance

 

[Madonna]

You need to be especially careful and you have to understand how insurance tricks work in your state, according to me there is no cheap insurance, it depends on ur situation: life, age, car etc, I saw a lot of weird situation like a guy I found in this forum a guy complaining about high rates while he has a concert in his car not audio equipment, here car insurance

 

[Wake]

You need to carry as much insurance coverage as you can afford!

A quick story, back in the late 90's I wanted a Lexus but didnt have the credit for a $50K car only being out of high school a few years. So my father leased me a GS400, I was listed as the co-signer. (I needed to insure it under him in order to afford the insurance (and lease payment) the insured has to be the primary in NY).
One day I lent the car to my little brother and he was involved in a major accident when an effen off duty NYPD detective broad sided him and nearly lost his life. They fudged the report and said he made a left turn from right hand lane. Long story short we got sued for 4+ million dollars, all we had was 100/300K, insurance paid out 100K and we were left with one major problem. 250K in lawyers and wound up settling for 400K+!!! Our lives will never be the same........

You may think this is a unique circumstance but there are thousands of multimillion dollar payouts each year!! Get as much insurance as you can, you will not be sorry!

That's exactly why you need to carry as much insurance as possible. I carry a $1M umbrella just for this reason.

If you have nothing to lose then you can get away with minimal insurance as you can declare bankruptcy if you get hit with a big judgement that you have no means to pay. If you're successful, have assets, and make a good living you'll be paying out for a LONG time.

 

[Gurrzt]

I have a 2013 Tahoe of which I still owe about 28k. I am 35 years old and have never had an accident. I have the following coverage listed below. I am just wondering if I am paying for more than I really need.

Bodily Injury - 100k/300k
Property Damage - 100k
Personal Injury - 10k
Uninsured Motorist Bodily Injury - 100k/300k

Uninsured Motorist Property Damage - 100k/250 ded
Comprehensive - 250 ded
Collision - 500 ded

I pay about $527 every 6 months through Geico.

You are paying this rate due to your age, also if you are single (opposed to married) your rate will be higher.

Its always better to have higher coverage limits incase anything happens dont want to get sued if you dont have enough coverage, I have more then I need too but its better to have more then not enough imo

Sent from my HTC One X using Tapatalk 2

Generally speaking (unless there is a death), the limit of your insurance is all that is paid out. If a death occurs due to the accident, you will be sued anyway, and no amount of insurance will cover that.

Wow! I pay $2.000/year for 8 vehicles. Which includes a Tahoe and a Suburban. But I do carry a $1,000 deductible.

That is because of your age sir, @ 62 you are getting the "half dead anyway" discount


I pay $700 a year for full coverage, low deductible for my 2013 Yukon Denali, I am 68 years young, and I have been covered for 40 years by State Farm (no tickets or accidents).