Why is $100k the Highest Property Damage Coverage? What if Someone Totals a $400,000 Lamborghini?

[badkitty]

There is nothing unique or hard to find about higher limits than $100K. Almost every company that I work with offers coverage up to $1M for property damage.

On my personal policy the difference between $100K and $1M in property damage is about $80/year.

My current insurance company, Geico, does not offer it. (well, they told me it's only available for commercial auto policies) I called a couple of other insurances companies(State Farm and Progressive) for quotes on combined single limit auto policies and got the same answer. Only commercial policies.... not personal ones.

Or did I ask them incorrectly? :(

 

[FullAuto]

I have State Farm for my autos and they offer $1M for property damage. I used to carry $250k in property damage, but lowered it to $100k. I only carry $100k because that's all I have to carry to have an umbrella. When you stack my $1M umbrella, I can cover up to $1.1M in property damage.

A family member of my wife caused a 25 car or so pile-up a few years back including an overturned semi with a trailer full of cargo. He had a $5M umbrella (because the old bastard is worth a ton more than that) and it paid out a big portion but never reached it's limits. I think he did around $2M in damage.

 

[Guest]

My current insurance company, Geico, does not offer it. (well, they told me it's only available for commercial auto policies) I called a couple of other insurances companies(State Farm and Progressive) for quotes on combined single limit auto policies and got the same answer. Only commercial policies.... not personal ones. Or did I ask them incorrectly? :(

Interesting, it is not surprising that Geico doesn't offer it. The clients they are after are the ones who want minimum or close to minimum liability.

It is very surprising that State Farm doesn't offer it. Do you have tickets/accidents/serious violations? If so that could be why.

What state are you in?

My company offers it and as I mentioned every other company I work with offers it too. Well, I know most do. Some I haven't checked. Progressive for instance. If I'm placing a client with Progressive it is because they are high risk and aren't going to want or be able to afford those limits, so I've never bothered looking it up. I think I will next time I quote them.

 

[djs]

My experience is a lot of agents don't know companies offer CSL. Many have never heard of it.

Geico, at least in CA, doesn't offer it. Not sure about Progressive. Most top tier carriers do though.

CSL is no great shakes, but it does give you a bucket of money to solve the problem that was created. Keep in mind, 500/500/500 is better coverage than 500 CSL, but in either case, you are pretty well covered for almost anything. CSL is slightly cheaper premium wise, normally.

A lot of carriers do tend to cap property damage at $100K, figure an umbrella above that, which is actually a good way to go as well.

Dan

 

[badkitty]

My experience is a lot of agents don't know companies offer CSL. Many have never heard of it.

Geico, at least in CA, doesn't offer it. Not sure about Progressive. Most top tier carriers do though.

CSL is no great shakes, but it does give you a bucket of money to solve the problem that was created. Keep in mind, 500/500/500 is better coverage than 500 CSL, but in either case, you are pretty well covered for almost anything. CSL is slightly cheaper premium wise, normally.

A lot of carriers do tend to cap property damage at $100K, figure an umbrella above that, which is actually a good way to go as well.

Dan

Yeah... that's what I found out after speaking to my own insurance carrier and a couple of other ones later. Apparently they only offer CSL to commercial policies in my state. If I move 20 miles across the state line to the neighboring state, then they do offer CSL to personal auto policies there...

 

[Chevarian113]

Not sure what states you all are in, but State Farm does offer much higher, including 1mil CSL to my recollection in the two states I've been involved with them.

I know I'm late to the show on this, but if anyone is worth more than a couple of cars, I always price out an umbrella. They're no brainers in many cases and solves this exact issue.