...if your insurance coverage limit is $50k. Are you responsible for the other $50k?

What if instead of ruining the $100k, you cause $300k worth of medical expenses?

they can sue you

Is this your blue car/green car scenario?
I hope not.

That is why they should carry uninsursed/UNDERINSURNED motorist coverage. It is your responsiblity to have insurance for a normal car on the road. You shouldnt have to insured somebodys 100k car, if you did then nowbody would be able to afford insurance.

Somebody correct me if I am wrong please, but I do not think you are liable above and beyond your insurance. If this happened to me I would look at them and say, I don't have it.

Medical Insurance I am not sure about, becuase that is a whole different story than a car.

[This message has been edited by BcoBq2004 (edited 8/11/2006 3:56p).]

What can they sue you for?

Stoney, nope. We were talking about what if someone runs into my boss's car.

The BQ is right.

I am glad.
Hope nobody was hurt.

anything a dumbass lawyer allows them to unfortunately

What I did see was a corvette that rear ended another SUV on the way back from lunch. Then that started the boss's car question.

It'll never happen.
You couldn't catch a $100K
car and crash into it.
Even if you got close, it'd
just grow wings and fly away.

you are screwed.

Thay can sue you for the other 50k, have fun.

They could sue you I guess. But that doesn't mean everybody has to go around carrying 300,000 liability or anything.

BcoBq2004, do you live on the South Side of San Antonio?

you break it, you bought it.

if you can't afford it, don't run into it.

Its your insurance company's job to protect you, even if you hit a car and cause damage over your liability limits. I worked claims before where we caused more damage than the limits on the policy, due to the number of uninsured motorists on the road anyway the companys will sign a property damage release and get the person off the hook so they can be paid, asap. The insurance company can put themselves in jeopardy for not getting a release, regardless of the damages caused for failing to look after their insured's best interests. If a person with no insurance and no assets hits a $100k vehicle then what do you think happens? Basically nothing, you can't get money if there isn't any, its a cost of doing business here in Texas. You can attempt to subrogate but unless they have something you get nothing.
-If you have $50k limits the other company will likely just sign off for them with minimal fuss, you just cut their loss in half.

Your insurance company will cover you up to the limit of your policy, which is $50,000.

So if you total someone's $75,000 BMW, you will be personally liable for the amount above your policy limit...or $25,000.

[This message has been edited by Jim Halpert (edited 8/11/2006 6:50p).]

Get a high deductible plan with higer coverage limits. You'll pay the same as low deductible, low coverage limits.

I agree. You should always get a $1000 deductible. It will save you a bundle, and you shouldn't be making an insurance claim for an amount less than $1000 anyways.

Go buy a 10 cent bullet.

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...if your insurance coverage limit is $50k. Are you responsible for the other $50k?

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yes, you are very much responsible for anything above that limit

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What if instead of ruining the $100k, you cause $300k worth of medical expenses?

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Property damage and bodily injury have different limits for autos. Let's say you had 100/300 coverage for bodily injury liability. If you cause $300,000 in medical bills for one person, then you would be responsible for the remaining $200,000 because that limit only covers up to $100,000 in coverage per person. However if three people where injured, all with $100,000 in medical bills, all would be covered but no more than $300,000 per accident. That is a very basic explanation.

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That is why they should carry uninsursed/UNDERINSURNED motorist coverage. It is your responsiblity to have insurance for a normal car on the road. You shouldnt have to insured somebodys 100k car, if you did then nowbody would be able to afford insurance.

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Your right, everyone should have uninsured/underinsured motorist. Just because their policy pays out, that does not mean their insurance company won’t come after you to reimburse them for their loss. It happens.

As to be honest, the difference between a 20/40/15 policy (the state minimum requirement) and 100/300/100 can be about $15 a month or less. Where the premiums really change is when you are changing the deductibles up and down.

Since it was brought up, a high deductible to me only makes sense. I offer a $500 and a $750 deductible (among others too) and the difference in premium for the typical drive is about $200 a year. So in about 15 months, you have already saved that additional $250 for the deductible and everything after that is pure savings. If you have the $1250 deductible verses the $500, it may take about 18 to 21 months to save the difference but to me, it a no brainer. This is all summing you do not get in an accident during that period however. Even so, it is hard to convince a person used to a $250 deductible to go to anything high regardless of how much it makes sense on paper. Oh well

And to let you know that I practice what I preach, my coverage is 500/500/100 for both liability and uninsured motorist, 10,000 PIP, $120 Road Side, $35 a day Rental Reimb. and $1,250 deductibles for comp and coll. My premium for six month for two vehicles is just under $600.

When I was stateside, I carried a $1,000,000 umbrella liability policy for $13/mo through State Farm. But I had to have my limits of liability raised from 25K/50K/25K to 100K/300K/100K. That way, if I rear-ended a $100K Mercedes, he hit a $80K Beamer, he hit a $50K Jag, and they all had hospital visits, I wasn't sunk financially with a lawsuit. Hopefully, the umbrella policy covered it all.

Lotsa people don't think about that kinda thing.

Whyn would you even choose PIP? Your medical insiurance covers those costs.

And if you buy an umbrella policy ($1MM or $2MM), all you have done is entice someone to sue you for a lot of money. Without the umbrella policy, you can essentially be judgment proof with very little planning. No need to take on a $1 million umbrella policy and invite every plaintiff's lawyer in the county to sue you.

You are kdding right? About the umbrella policy?

I had one when I lived in my parents house and today I do as well. My thoughts are it protects an amount which exceeds my assets (which are not as large as my umbrella, but they are material to me). I think I am just as susceptible if the person finds out I have X amount of $$$ in a liquid broker account.

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Whyn would you even choose PIP? Your medical insiurance covers those costs

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Because PIP covers more that just medical bills and I don't have to worry about the deductible on my medical insurance. It will cover a portion of missed wages because I'm injured, and it becomes a death benefit should I die. Also, your medical insurance doesn't cover each person in the vehicle, but Med Pay or PIP does.

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all you have done is entice someone to sue you for a lot of money

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Using this logic, you say that you would rather not have the coverage should you need it due to the chance that someone will go after the limit regardless of where that limit is at? Why have insurance at all then? I've heard the argument before and for them most part, it is right, you have a $1mill you will be sued for $1mill. If you have $500k, you will be sued for that. That said, there are instances where a $1mill judgment is given even though the limit of liability coverage was far less. What if you cause a horrible auto accident were 2 people die because you messed up. What would your liability be? You think those families of the dead would come after you? You bet they would. If all you had was $100,000 in coverage, I can a guarantee that there would not be a settlement and the lawsuit would take place. You have that extra $1mill, they very well may settle without further litigation.

To not take the coverage that could benefit you just because there are people that will take advantage is a very risk proposition. But then again, that’s all insurance is; paying someone to accept the financial risk for your errors or circumstances.

As a midget who worked at an insurance agency for 2 yeas in college I can tell you that you should only listen to reload. He is right.

Plus( if noone mentioned it above), if you end up with a judgement against you, try and get a credit card OR a mortgage to buy a house!

Dude, you are FRACED!!!!!! You FRACED UP!!!!