Comments on: Auto Insurance Coverage — How Much Liability And Medical?

By: ltlrthqu

ltlrthqu — Fri, 06 Nov 2009 09:18:40 +0000

1 – liability coverage is very cheap. The difference between the 300 and the 500 is probably only dollars a year.
When you start an umbrella policy, the insurance company has certain limits that you have to have. Usually it is the highest that they have – (ie 25, 50, 100, 300, 500). They wont cover you until the first part has been attained – ie if they want you to have a limit of 500K and yours is only 300K they wont cover you until you hit the 500. (you would be responsible for the difference). I’m sure you have a respectable agent that would ensure that you are adequately covered to prevent this from happening.
As for the medical coverage – this would cover passengers in your car etc… There would also be a threshold that you would have to meet prior to the umbrella policy picking up the tab. I would recommend getting this coverage because it, like liability, is also very cheap.

By: john s

john s — Fri, 06 Nov 2009 09:18:40 +0000

1)Each company will have a minimum limit of liability for each type of policy that the umbrella covers. In my company for instance, the umbrella requires 250,000/500,000 in liability coverage for autos. It would be redundant to add more b/c the umbrella will kick in on any claims higher than 250,000/500,000. Find out what the minimum amount of liability is for your company and set it there.
2)Edit* Sorry to change my answer, but I realized that really this really varies state to state and didn’t want to give you bad advice. An insurance agent in your state will be able to give you a much more accurate answer than you will find here.
Personal Umbrella Policies or PUPs are fantastic for anyone with assets over $500,000. By nature they are fairly comprehensive and extremely affordable for the coverage they offer.
Hope this helps!

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