Liability Insurance Question

[DogGone]

So is it just burning a few hundred dollars to ensure over $2M... like $4M or more... ?

 

[SecondCor521]

So is it just burning a few hundred dollars to ensure over $2M... like $4M or more... ?

Usually. IMO this reflects the actually very low likelihood of large awards. One thing that isn't mentioned is that large awards are often reduced on appeal.

When I looked into it years ago, I was told that awards of up to $1M occurred, but awards over that amount were reserved for especially egregious behavior (drunk *and* reckless driving, maybe?). Since I don't do especially egregious as a matter of habit, I don't personally feel the need for anything beyond $1M.

Also, I suspect it varies quite a bit by state.

 

[JPatrick]

Nope.
My agent actually reduced my auto policy coverage, as the umbrella would cover it and it was cheaper per million.

Would love to know your required minimums and your company name.
USAA bumped me up before they would sell the umbrella.
If they don't, people will game the system by buying the bare minimum and filling the gap with a "cheaper" umbrella. Years ago I tried that, but never got to first base.

 

[COcheesehead]

Would love to know your required minimums and your company name.
USAA bumped me up before they would sell the umbrella.
If they don't, people will game the system by buying the bare minimum and filling the gap with a "cheaper" umbrella. Years ago I tried that, but never got to first base.

I had to max out my liability before getting the umbrella as well. That has always been my experience.

 

[kgtest]

But I mean really? How much damage could an umbrella do? Maybe put an eye out if one of the wire things pokes through the fabric....

Not if the wind picks up and tosses Marry Poppins through a second floor window, happens to knock the candle over, and lights the entire condo complex ablaze.

Farmers...1993, seen it, and we covered it.