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300,000 plus a 2,000,000 umbrella. Get an umbrella if you don't have one. Very inexpensive coverage. You never have enough liability coverage. Of course I am an insurance agent.
What is your general rule of thumb on umbrella coverage. My agent said to cover your asset base and then to double that figure when your kids start driving. I have taken the first step and will probably up it again in 8 years. It is cheap and I don't see a down side to being over insured.
Zero with an insurance company and my entire net worth as a self insured.
You pays your money and you takes your chances.
Interesting. so if you hit a family of five out in their runabout and kill the mother and father, would your net worth cover those kids for their immediate physical recovery, mental recovery and for their needs as they would have been accustomed to for the rest of their lives?
If so, good luck to you.
Or would you expect society and their extended family to pick up the slack?
jethro1 - 1/25/2008 8:24 PM Zero with an insurance company and my entire net worth as a self insured. You pays your money and you takes your chances.
Interesting. so if you hit a family of five out in their runabout and kill the mother and father, would your net worth cover those kids for their immediate physical recovery, mental recovery and for their needs as they would have been accustomed to for the rest of their lives? If so, good luck to you. Or would you expect society and their extended family to pick up the slack?
No offense but your $1.5m won't come close tocovering that either...
jethro1 - 1/25/2008 8:24 PM Zero with an insurance company and my entire net worth as a self insured. You pays your money and you takes your chances.
Interesting. so if you hit a family of five out in their runabout and kill the mother and father, would your net worth cover those kids for their immediate physical recovery, mental recovery and for their needs as they would have been accustomed to for the rest of their lives? If so, good luck to you. Or would you expect society and their extended family to pick up the slack?
No offense but your $1.5m won't come close to*covering that either...
That 1.5 (or 2.5 in some cases above) is before other my net worth kicks in.
Menzies, I work in liability claims and the scenario you talk about is horrific enough that no amount of insurance will compensate for it. However Jethro's post makes a strong argument for mandatory liability coverage as in automobiles and the fact that most states have financial responsibility laws.
You should carry enough liability coverage to protect your assets + a little more. That way, in the unfortunate event that you become legally liable for a tragic accident, it makes sense for the claimant to take the coverage limits in exchange for a release rather than toss the dice in litigation and play the waiting game. Money NOW is whole lot more attractive than the possibility of more (or maybe the same or less) 3 years down the line. The goal to being properly protected is to make it unattractive for a claimant to pursue the litigation route. However, if grossly under insured, and liable in a serious loss. It makes litigation an attractive option where the wait, risk, etc is worth the potential return. On the same token, be sure to carry uninsured/underinsured protection just in case the at fault party is without adequate coverage. As a rule of thumb, you should carry the same UM/UIM that you carry in liabilty. Ask yourself the question, don't you deserve the same coverage/protection if you are the victim that you take out if you are the at fault party?
Slightly OT - In South Florida, you would have to have your head examined if you failed to keep UM coverage on your car and boat. I have handled serious bodily injury claims in just about every state in the country and I have never seen any other location with even half the uninsured risks as down here.
jethro1 - 1/25/2008 8:24 PM Zero with an insurance company and my entire net worth as a self insured. You pays your money and you takes your chances.
Interesting. so if you hit a family of five out in their runabout and kill the mother and father, would your net worth cover those kids for their immediate physical recovery, mental recovery and for their needs as they would have been accustomed to for the rest of their lives? If so, good luck to you. Or would you expect society and their extended family to pick up the slack?
No offense but your $1.5m won't come close tocovering that either...
That 1.5 (or 2.5 in some cases above) is before other my net worth kicks in.
So you're assuming that Jethro1 doesn't have the net worth to cover it.
Liability Insurance 
