Son will be getting his license soon

[psemmer]

So you're not happy with your premium but you're unwilling to even shop for new rates?

What other answer are you looking for?

Is anybody really 'happy' having to pay any kind of insurance, be it car, home, health, etc.?

Honestly, given what I could be paying if I still lived in New York, I have been quite happy with the premiums that I pay, given the number of cars that I currently have. I have been quite happy with Progressive as my insurance company, based on having to make a claim back in 2015 and its outcome. My original post was not whether I was happy or not, it was to ask the question as to whether I could exclude certain vehicles on my policy that my son would not be driving, but I believe that was answered.

I believe true happiness with an insurance company is only determined AFTER you have to make a claim, and seeing how well that insurance company follows through and if they're willing to pay AT ALL. If I shop around and settle for the best rates with some insurance company that I've never heard of, how do I know I can trust them if I need their services?

 

[psemmer]

If you have 6 cars and your auto premium is less than $2,000, that suggests to me that you might have low liability, uninsured motorist, and medical payments limits, even with only two drivers. When my son got his license, I increased my personal umbrella coverage to $3M.

Wouldn't your statement of my insurance premium being less than $2000 be a little broad? There are many factors that determine insurance premiums, like location, driving history, credit score, deductibles, just to name a few.

Also, why do you have umbrella coverage of $3M? Do you live in a million dollar plus home or have assets worth 3 million? What made you decide to increase to $3M?

Not trying to be snarky here, just trying to get some reasons as to why you have the coverage that you do.

 

[VolAgent]

$1,937,500.00 - Automobile/Family Purpose Negligence - Very rare seven-figure jury verdict in Cobb County, Georgia against 16-year-old driver and her parents (family purpose doctrine) due to negligence of driver pulling in front of a motorcycle. Insurance company's last offer before trial was $725,000.00. Case settled with no appeal.

Significant Cases | Law & Moran Attorneys at Law | Atlanta Georgia

Seems quite appropriate and this is just one law firm in Atlanta. There are a number of auto and homeowner cases on this page. Yes, most people will never use an umbrella policy, but then that is also why they are quite cheap. Most cases don't involved substantial injuries or large awards, but then that is also why raising your liability limits usually isn't that much more.

What is most likely to happen is a small accident that does some physical damage, which is why collision and the first bit of liability are so expensive. But I could afford to repair someone's car, I can't afford to pay out a $2,000,000 verdict, much less AFTER paying legal bills that were almost certainly substantial as well.

 

[InsCommentary]

Do you mean annual premium or semi-annual? My 6-month premium is about $2000. Around $4000 annually.

I was responding to what you posted: "...adding my son would increase my premiums to over $2000 annually."

 

[InsCommentary]

Wouldn't your statement of my insurance premium being less than $2000 be a little broad? There are many factors that determine insurance premiums, like location, driving history, credit score, deductibles, just to name a few.

Also, why do you have umbrella coverage of $3M? Do you live in a million dollar plus home or have assets worth 3 million? What made you decide to increase to $3M?

Not trying to be snarky here, just trying to get some reasons as to why you have the coverage that you do.

$2,000 for SIX vehicles is low just about anywhere and it appears that you're in PA.

$3M was $230 more than $2M which was $325 more than $1M with a teenage driver (going from memory). Your liability limit should be more than your assets. In seminars I've done, I give real-life examples of people who have had to give up inheritances or who became doctors whose education loans became the least of their financial worries. One example in particular was a case in which wages were garnished for 20 years.

That being said, for me, liability insurance is more than assets and income...it's morality. From that perspective, the more you have in assets and income, the LESS you need in liability limits if their purpose is to protect people from your negligence. Like a real-life example I use where a teenager ran a stop sign and t-boned a vehicle, killing the pregnant driver and transforming her young daughter into a quadriplegic. The teen had been insured on his own policy at minimum limits because, according to the family's financial planner, he had minimal assets to attach. The plaintiff's were able to successfully sue the father of the teenager and the father's policy did not cover the claim, so the only insurance proceeds were $60K. The family lost most of what they owned.

 

[psemmer]

I was responding to what you posted: "...adding my son would increase my premiums to over $2000 annually."

Please forgive me, I worded it incorrectly. I meant that it would add $2000 to my annual premium. My premium for 6 cars, 2 adults and a teen would jump to about $6000 annually.