Insurance liability limits

[gfcobra04]

What liability limits do you all have for home & car insurance? I have a million dollar umbrella & the insurance company wants liability limit of 300,000. So technically I have 1.3 million in liability on both home & vehicles. The minimum limits if I recall are about 30,000 or 25,000. The minimums would barely pay for a new focus & not come close to paying for a Boss. I am trying to justify the high limits to my step daughter. Being that the car is still in her mother’s name, in a serious accident & the liability limits are exceeded theoretically they could come after her mother my wife, if I understand the liability laws correctly.
Gary.

 

[oldmodman]

I have the California max.
500K, 300K 100K
Plus a five million umbrella with my household insurance that also covers me for anything, including car or aviation accidents.
Remember that here in "Hollywood" that can be considered pocket change.
The cost?
3 cars, two motorcycles, and the rider total $1,351.00 per year with AAA of Southern California

 

[thomas91169]

15/30/15 bare minimums. Still getting raped without lube by progressive. Really hate being limited to vehicle choice by insurance, even going onto 28.

 

[Jefe]

I carry $500k/$500k on my car and have a $1mil Umbrella.

You are confusing Liability with Property Damage or Collision. Liability limits are for everyone else. All the others coverage are for you. Liability is either a per person/per accident amount or a combined single limit.

Most states only require 15/30/10. 15 is per person, 30 is per accident 10 is property damage. If you hit someone and injure 1 person, your policy will only pay out a max of $15k for all injuries related to that accident. If you hit a car and injure 3 people, no one person will get more than $15k and a total of $30k for all injured parties. If one person has a bruise and only needs $300 in bills paid for and another is put in a coma and has $50k+ in bills they will not allow you to use the excess from $300 to $30k to help the injured person. Per person means per person.

As far as Property Damage, that is for everyone else as well. It pays to fix their car or property that you damaged in an auto accident.

Obviously 15/30/10 is insanely low and anyone with assets to protect is screwing themselves over as ANYTHING can be taken from you in an injury lawsuit. I have seen someone that had the wages garnished for years due to not carrying enough Liability coverage.

Is your step daughter over 18? She is considered an adult and her own "entity" as far as many states are concerned. The title of the vehicle she drives needs to be put in her name or else anything she does in that car goes back to the registered owner.

Thomas have you checked with Farmers? They had had some pretty good rates for a while. I have a buddy who is an agent in Costa Mesa if you need a contact for a quote.

 

[Jefe]

Piece of advice on the Umbrella: Check and see if they are extending that $1mil or $5mil to UnInsured and UnderInsured Motorist Coverage. Even though your car policy probably has the same UM/UIM limits as your Liability they dont always extend the $1mil Umbrella to UM/UIMs. It usually doubles the cost of the Umbrella.

If its not covered on the Umbrella, I would make sure your UM/UIM limits match your Liability limits. UM/UIM, in many states, is portable so it follows you and your family members anywhere in the country. It will pay your Medical Bills, Lost Wages and Pain/Suffering in a hit and run or an accident where the responsible party didnt carry enough Liability to cover your bills. It covers you in or on any road vehicle, walking down the street, riding a bike or horse. The only place it doesn't extend is on water or out of the country