Help! Car Insurance Question?

Margarita D

If you are in a very serious accident they can sue for a for higher limit and subsequently attach your assets and garnish future wages--even though in most instances it is unlikely. The biggest risk is if the accident is your fault and serious and the other party has Underinsured Motorist Coverage under his or her policy, his or her insurance company will pay him or her for the excess damages. Once the insurance company pays their insured they take over their insured's right to recovery. At that point the insurance company will go after you for recovery of the excess damages they have paid--this is called subrogation. I can assure you that if the other party has Underinsured Motorist Coverage, the accident is serious & the insurance company is called upon to make a payment they will go after you and in this instance the chances of them doing this is 100%.

Therefore, my advice to you is do not skimp on liability coverage--whether it is bodily injury liability or property damage liability. For example if you are found to be the proximate cause of a 3 car accident and one of the car is an expensive model worth $35,000 and as a result of the accident becomes a total loss and the other car suffers $5,000 in damage, you will be responsible for the difference owed if you have a minimum limit on property damage of $15,000. Since most people with newer cars have Collision Coverage this is actually where you face even more risk, i.e. the damaged party has their car fixed under their Collision Coverage and then their company goes after you for the balance.

One other note if you have been covered under your parents policy, their insurance agent should be able to offer you a policy with the same company they have their insurance with and thereby transfer any discounts or credits that you have earned for being a safe driver. This agent should also be able to give you advice on balancing a reasonable premium with the need for the higher liability limits.

I hope this helps. Good Luck!

Fred C

If you only carry crap insurance, and state minimums are crap, you risk your whole financial future. If you seriously injure a young surgeon with a family, you could easily be sued for many times your coverage. I won't get behind the wheel of a vehicle with less than $1,000,000 liability coverage, which I have been carrying for many years. We have $5,000,000 on my wife's vehicle, because the driving on her job exposes her to more risk.

mbrcatz

Generally, you need enough for what you are worth, plus the next three years wages.

AT LEAST.

They will most likely sue you for all damages, they're not going to say, oh, I have $100,000 of medical bills, but I"m only going to sue him for $15,000. Nope, they don't do that.

If you have a college degree, you need, AT LEAST, 50/100/50 limits. And it would probably cost less than $10 to increase to 50/100/100.

BUT. You're clearly trying to do "do it yourself" insurance. This is a perfect example of how sitting down with a real, live, local agent, would be a good thing - you can discuss the particulars of your situation with them, and let THEM make a recommendation.

Dara J

You need to put out quotes for insurance. Also how much do you owe on your car, because if you owe 20,000 and you are only covered for 15,000- you will owe the rest. I go to allstate, and my insurance lady sat down with me and explained why I should get what I have. DO that, make sure you feel comfortable with the policy and ask questions.

e.leon81@yahoo.com

yes and no you have only what your coverd for and you owe the rset

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