I note that most of the posts here suggest 100/300 policies. I don't mean to tell anyone their business, but I'll give you a piece of advice on this subject:

1. A 100/300 BI policy is modernly inadequate. 250/750 with a 1m umbrella is the minimum you should have if you have any substantial assets or are employed in a capacity whereby you earn a substantial sum.

2. You should do the same with your UI/UIM policy. A UIM policy only covers the DIFFERENCE between the other party's policy and yours.

With the cost of healthcare these days, you would be shocked how fast $100,000 goes.

Also, your insurance salesman may tell you that 100/300 is fine. He's wrong, and he's not the guy who stands to lose everything he owns.

Just my very experienced 2 cents on the subject.

 

Just an FYI guys....look into Agreed Value coverage on your Porsches...ESP if you have mods on the car. Just looking at the premium is a TINY part of the big picture. In the event of a total loss, you might want to know what your getting....

TRUST ME, i have seen it before where a guy had insurance on his 993TT with MANY mods...totaled it....got KBB Value for his "old" car....not even close to what is was really worth had he sold it himself.

Just something to think about when dealing with 'higher-end' cars.....

 

GREAT advice!!
Lets just say your networth is over $300k but less than $500k, how about:
250/500 BI
100 property damage
100/300 uninsured motorist
Medical paymets declined
Underinsured motorist declined
Raise Comp and Col deduct to $1000

 

most split limit policies will set 250/500/100 as their max...when you purchase an umbrella policy that carrier will generally require that your underlying limits be maxed out so they are not on the hook for the first dollar. i would recommend an umbrella policy to everyone who posts on this forum, it is such a small price to pay for the potential exposure of not having one....where else can you buy a million of anything for 150 dollars. as i mentioned before i have full coverage on my 3 cars but with 1000 deductibles on comp and collision, i know i will not file a small claim so the premium savings even though it is not huge is worth it to me. as for maxing out your limits it is definately worth the 100-200 in premium to have coverage of 2.5 times IMO.

 

AAA tried to charge me $1K/year comprehensive for my daily driver... which to my best guess is only worth like $3K.

I just kept collision on it.

 

You're probably in good shape with the liability limit, but check on an umbrella. If you have a 250/500 policy you probably qualify and you will be amazed how cheap they are. This is money well spent, as even if you were to be at fault in a REALLY bad collision with huge damages, the plaintiff's attorney is going to advise his client to take the money and run.

As to the uninsured and underinsured, I think you are well advised to (1) up your uninsured to 250/500 and (2) GET UNDERINSURED MOTORIST COVERAGE!!!

Here's why:

You are going down the road in your freshly detailed 996TT, driving the speed limit and minding your own business. You’re a great driver--you’ve attended multiple driving schools and your car control is leagues better than anyone on the road. You’re conscientious and maintain excellent situational awareness too. As a result, you have never had a ticket or accident. None of it matters; Joe Bagadonuts in his 1989 Ford Escort misses the fact that his light is red and T-Bones you at 50 mph as you drive through an intersection. It happened so fast that you never had a chance to react—your first recollection of the accident is paramedics cutting your car apart to get you out. Joe didn’t mean to do it, he wasn’t drunk or on drugs, he just wasn’t paying attention—it’s the story of his life.

You sustain injuries that keep you out of work for 6 months. Your employer holds your job for as long as it can, but ultimately they have to hire someone to fill your position, and now you’re unemployed. Your injuries will permanently end your ability to enjoy golf/tennis/some other hobby you hold dear, and will cause you chronic pain issues for the rest of your life. You can't drive a stick anymore because the injury to your left hip causes you pain when you use the clutch. That doesn’t so much matter anymore though because you have developed post traumatic stress disorder and are now deathly afraid of driving. People tell you to look on the bright side: you’re lucky to be alive. Somehow, that doesn’t help much.

Your life is permanently and drastically altered. Nothing will ever be the same. It sucks. It sucks beyond imagination.

You hire a plaintiff’s personal-injury lawyer—the best in town. He gets to work right away. A week later he calls you with this news: Joe has a 15/30 policy. He works at Wal-Mart for $9.00/hr and has a negative net-worth. He lives with his mom in her apartment. She subsists on Social-Security. Joe has never, does not now, and will not in the future have a pot to **** in or a window to throw it out of.

Your attorney asks: do you have underinsured motorist on your auto policy? Umm, no you say. The attorney then informs you that Joe’s insurer has tendered the $15,000 single limit of the policy. Other than that there is nothing more he can do for you. Because he’s a nice guy, he tells you that he won’t even take a fee on the case—he sends you the full $15,000 check a few weeks later. It doesn't help. You file Chapter 7 the following year.


The above is obviously fictionalized, but I see this scenario from across my conference table on a regular basis. It is horrible, and there’s not a damn thing you can do for these people. The amount of time I put into the post should speak to how passionate I am about ensuring that this does not happen to people. The money will not change the injuries, and it will not take away the pain, but it will make your situation far more manageable, and remove an enormous weight from your shoulders.

To all who have low UI/UIM limits, please reconsider. Most of the bad collisions I see are caused by people who are uninsured or underinsured—bad decision-making is typically a lifestyle. If you end up the victim of one of these fools, you need to have coverage in place that will allow you to meet your needs.

 

could not have said it better myself, absolutely perfect!!!!! and unfortunately all too common an occurence.

 

By raising my deductibles, I seem to have mitigated the costs, then some. I am saving around $30 every 6 months.

I suppose I will have to call Geico to find out about the umbrella policy.

Ok, here is the final changes to my insurance. Thanks for the great advice and let me know if you think there is anything else I need to do.

 

Great advice in this thread. mtesh73 & kglesq, i take it you guys are in the insurance biz? Or just a lot about everything?

 

Hey kqlesq & mtesh73. I'm with AAA insurance and I'm pretty happy about it, but you raised several really good points. If you are in the insurance biz, can you PM me your info. I would love to hear your thoughts on what I can do to both increase my needed coverage and lower my overall rates.

The Basics:
- collision only on my 1996 Volvo
- full coverage on my 2000 911

- homeowners
- supplemental

I also have 1 point on my license...

 

my guess is he's a lawyer...the verdict is????

 

I'm in full agreement with kglesq and would like to add that when I modified my 997tt I disclosed every single modification made on the car and was willing to fax them a copy of the itemized bill .

I was charged more and told to keep the reciepts if ever a part needed to be replaced. I exceeded THEIR maximum of 30K woth of customizations which means that they may not replace an entire loss .

In terms of liability I felt it was imperative to disclose it as the last thing I ever wanted was an insurance company denying coverage by saying "hey you didn't tell us X or Y was adding HP" .

Uninsured motorist is also a must have .

No one likes paying insurance but IMO it's pennies for dollars in the face of adversity .

 

My pleasure.

 

You guessed it .

 

This thread triggered me to re-evaluate my insurances, discovered a local broker who is a car buff - he's offering a great deal on auto, see below, plus good rates on home owners and a $1M umbrella policy.


http://www.anpac.com/products/p_c/chrome/default.aspx