Quote:
Originally Posted by BroadHopper
Got a quote from Progressive. They are trying to match or better what I currently have. Currently pay $147, they came up with $145.
Key difference is the liability coverage, old was 100/300/100.
Progressive is 50/100/50. Progressive claims it is more than sufficient.
Progressive comp/collision is $12,000 compared to $10,510
Progressive deductible is $1000 compared to $250. Progressive reduced the deductible by $250 a yr till $0 in 4 years if I make no claims.
Progressive tow coverage is $30 compared to $200. Really not needed as I have Boat US coverage.
No mention of the sign and glide
The question I have is how much liability coverage should I have?
My neighbor has 250/500/250 and pay the same premium but with another company.
I did have a discussion with a financial planner. This makes sense why pay liability coverage for each automobile, boat etc. When one liability coverage should be sufficient for all, sort of like a blanket policy?
Comments?
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HI Broadhopper. I am not trying to solicit your business here but just trying to help out a fellow forum member.
That is the age old question how much insurance do I need? the answer is tell me how much you are going to get sued for and I will tell you how much you need. It is all case by case basis between your comfort, your assets, pricing comfort, and your exposures.
So no one for sure can really tell you how much you should insured for unless you have an actuary and risk analysis of your life, much like the idea of the job Ben Stiller had in the movie Along Came Poly lol.
that being said we like to say the average sufficient policy for an average person now a days is in the ballpark of $250,000/$500,000/$100,000
with the 250,000 being the per person bodily injury per incident/ $500,000 Max bodily injury per incident/ $100,000 Property damage, or get a $500,000 CSL (combined single limit policy) which means for every incident(accident) you will have up to $500,000 to cover bodily injury and property damage you cause combined no caps
in regards to a boat accident: more likely to end up in Death of someone or major injury vs a car and usually more people on the boat, and then in the case of property damage to another persons boat, dock, wetlands etc these limits do not look like they will do much just think of the cost of a water rescue, ambulance ride, an airlift, and the $120,000 formula you just hit sinking to the bottom of the lake.
then you have to take into consideration on the policy you are purchasing, does defense costs apart of the limit or outside, if the are inside no way there is enough, if they are outside are the unlimited (what you want)
my basic advice to anyone that owns a boat or any type of water craft is to purchase an umbrella over their policies, this would be on top of your personal liability which is included in you homeowners policy, the auto liability of your vehicles and also your boat (depending on the carrier of course) This allows you the (when adding to the average policy i mentioned above) up to $1,600,000 (or $1,500,000 for the CSL policy underlying) for property damage and bodily injury combined
in MA it is a state where if you are found even just 1% at fault your policy could max out its limits for payments, in NH it is a percentage state and can be ruled that if you are 1% at fault of a $1,000,000 claim you could only pay out from the policy $10,000.
As an agent it is my job to make you aware of the risks, but not my job to tell you how much insurance to take. Its about what lets you sleep at night with your kids out having fun, yourself or anyone else with your toys and what not. I have people sign a document saying we explained what potential risks are out there and what we think they should get just to cover us from getting sued for not offering higher limits.
with all of this said, an umbrella can be obtained on a yearly basis for a few hundred dollars on average or so depending on your exposures (kids, what toys, what type of cars, etc...)
I can tell you my side:
homeowers: $500,000 CSL Liability limit, Auto $500,000 CSL (no driving kids yet) boat $500,000 CSL and then a $1,000,000 Umbrella on top of it all. that is where I am comfortable and I shop my own by the coverages, many make the mistake of shopping on price first, should be coverage.
you would be very surprised with good insurance carriers how little it is to increase your policies from one level to another