Is 500k/500k Enough? or Should I Spend an Extra $80 to Raise It to 1-mil/1mil?

[badkitty]

While reviewing my insurance policy online, I noticed that I currently carry
only 500k/500k. I clicked on the button to see what the rates would be if
I changed it to 1-mil/1-mil. To my surprise, it would only raise my premium
by about $80 for the entire year. For another $40/year, I can also raise
the uninsured coverage from the current 500k/500k to 1-mil/1-mil as well.
$120 a year is only $10 extra per month. Consider that's for all three cars
on my policy, it seems pretty cheap to me. (just $3.33 extra per month per
car)

Before I finalize this change, I'm wondering what the pros and cons are for
raising it to 1-mil/1-mil. I know it depends on each person' assets, incomes,
and other factors... I'm just wondering if doubling the coverage like that will
raise some red flags with the insurance company or something like that?
I have a spotless record. (except for a deer collision 8 years ago, which I was
to was considered to be a no-fault claim?)

Thanks in advance for any advice!

 

[FullAuto]

That's cheap. I'd do it, especially for the UM.

I carry 250/500/100 with a 1M PLUP on everything except my truck. I have 500/500/100 on my truck with 500/500 UM (that applies to all my cars). I've love to have 1M/1M UM but the premium is a bigger jump.

 

[USF3983]

No that's common. Preferred companies with higher liability options who recognize good risks don't expect to have to pay out that high ever.

It might make lawyers salivate though, lol.

 

[badkitty]

That's cheap. I'd do it, especially for the UM.

I carry 250/500/100 with a 1M PLUP on everything except my truck. I have 500/500/100 on my truck with 500/500 UM (that applies to all my cars). I've love to have 1M/1M UM but the premium is a bigger jump.

I guess I was wrong when I assumed the premium increase from 500k/500k
to 1-mil/1-mil was the same percentage increase for everybody?

Would you mind giving me a ball park figure of how much extra premium
your insurance charges you if you want to got to 1-mil/1-mil on both
liability and UM?

THanks!

 

[rudy323]

is 500k enough? completely depends on your assets and income potential and you're risk tolerance

is an extra $80 a year a bet you would like to lay if you lose the "accidently kill someone with your car" lottery?

It's up to you to hedge your bets

 

[Sales71]

While reviewing my insurance policy online, I noticed that I currently carry
only 500k/500k. I clicked on the button to see what the rates would be if
I changed it to 1-mil/1-mil. To my surprise, it would only raise my premium
by about $80 for the entire year. For another $40/year, I can also raise
the uninsured coverage from the current 500k/500k to 1-mil/1-mil as well.
$120 a year is only $10 extra per month. Consider that's for all three cars
on my policy, it seems pretty cheap to me. (just $3.33 extra per month per
car)

Before I finalize this change, I'm wondering what the pros and cons are for
raising it to 1-mil/1-mil. I know it depends on each person' assets, incomes,
and other factors... I'm just wondering if doubling the coverage like that will
raise some red flags with the insurance company or something like that?
I have a spotless record. (except for a deer collision 8 years ago, which I was
to was considered to be a no-fault claim?)

Thanks in advance for any advice!

My Advise for my clients is to do 250/500 limits and add a personal PUP for 1,2,3,4,5 mil depends on what they can afford. I have 500/500 on my auto insurance and 2 mil pup policy. I wanted to do 250/500 but the limits of the pup needed to be 500/500
So take the $120 a year and buy a pup policy so your autos and home would be covered for a million.

 

[Justin Bilyj]

The other day, I wasn't watchinging coming out of tye drive, almost hit a runner, scared the **** outa me...later that day I saw a kid get hit by a bike, the bike was MANGLED.
Always get higher coverage if you
A.

1. Are risk prone on tge road (u know who u are)
2. Have a family who's future needs to protected against lawsuit.
3. You have assets worth suing over

 

[DawnPatrol]

My Advise for my clients is to do 250/500 limits and add a personal PUP for 1,2,3,4,5 mil depends on what they can afford. I have 500/500 on my auto insurance and 2 mil pup policy. I wanted to do 250/500 but the limits of the pup needed to be 500/500
So take the $120 a year and buy a pup policy so your autos and home would be covered for a million.

Yep, the PLUP is a better way to go, and it will include Personal Injury, where the HO policy won't (unless it had an endorsement)