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Old 12-10-2020, 02:46 AM   #21
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Originally Posted by Ready View Post
Most insurance companies will not write policies in excess of $5M. If they do it becomes very expensive. So get a few quotes for different coverage levels to see how much it cost.

We pay around $450/year for $5M in coverage. Could we get by with less? Sure. But for $450/year why bother?
I pay roughly double that for the same coverage. Though it's worth noting that we have an under 21 driver in the house (and are soon to be adding a second).

I use the rule of thumb that the value of your umbrella should be roughly equal to your net worth.
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Old 12-10-2020, 07:07 AM   #22
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Originally Posted by Ready View Post
Most insurance companies will not write policies in excess of $5M. If they do it becomes very expensive. So get a few quotes for different coverage levels to see how much it cost.

We pay around $450/year for $5M in coverage. Could we get by with less? Sure. But for $450/year why bother?
That is low. We pay $633 for 4 MM. Ours does include UI and UUI, does yours?
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Old 12-10-2020, 07:48 AM   #23
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Hmm. My experience on both the defense and Plaintiff side was different. I did not focus on PI cases with just a few parties, but helped out a partner who is in that area on several complex cases and appeals involving individual defendants and/or their families. Any case I got involved with was not going to be settled for 1 million (and most of his cases were on referral from other lawyers; very few of them were in that low value category.)

We've had three million umbrella for years. Less that our net worth, but almost all of our net worth is in IRAs that, if we file bankruptcy, aren't going to be grabbable. In Tennessee at least, the difference between 1 and 3 was and is inconsequential.
DUI or non-DUI?

These type of questions come up over on Bogleheads all the time & AFAIK nobody yet has been able to identify a judgment (collectible, not default) in excess of $1 million against an individual (not company) defendant where the latter was not DUI.

Charles Givens ("Wealth without Risk", etc.) concluded the same after having his staff review civil cases in south Florida...so my takeaway was "never drive after even a single drink."
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