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hey all just wanted to point out to check your auto policy and others you may have to be sure you are covered adequately, ESPECIALLY if you have equity, assets, a business, etc.

I was involved in an accident with substantial damages and even though very clear I was not at fault, and the other party was drinking and driving, I am possibly being sued for more than my insurance coverage. So just a heads up as shit happens we least expect and could be very damaging in our "someone elses fault" society.
 

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Great thread since most think insurance will cover you. A camera,spot,Sat phone or ham radio could be crusial in a situation. Also protecting assets can be important too maybe a llc? Not sure

Jason
 

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Great thread. I'd like to hear an insurance agent's advice and thoughts on this subject.

What type of coverage should we carry? Personnel liability? Other types and protection?
 

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I second the video/camera recording. I was involved in a side-swipe type accident awhile back where a guy merged over into my lane and hit me. I didn't think to take pictures of the locations of the vehicles when we stopped, I only took pictures of the damage after we moved out of the roadway. Even though it was 100% his fault, he lied to the cops and since there were no witnesses the officer did not write a ticket to either of us. The cop did say he believed me over the other guy. Well since there were no citations his insurance would not pay for the damage. Basically no one got paid, but his was a rental car so he didn't really care. Then they tried to come after my insurance claiming neck pain. Luckily they told him to pound sand.
 

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I have a small houseboat that lives on a river. When I was out a few years ago one of my buddies allowed a group of young stripper chicks to come onto the boat, hang out on the upper deck, and go off the waterslide into shallow water. On one of the girls 2nd slide they decided to go 3-at-a-time. The water was only about waist deep so the girl on the front of the train broke her ankle. Even tho I was not on the boat and had not given anybody permission to use the waterslide or let others on the boat and even tho they had photos of those girls drinking on their boat before coming over to my boat, they came at me for a lawsuit. My insurance ended up working out a deal for $135k + medical for a broken ankle! The houseboat was 8 days old at the time. My insurance the following year went up $30/year. If I didn't have coverage i'd have been up shit creek.

Sadly(?), even after all that drama, I can't stay away from that beach!
 

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I have a small houseboat that lives on a river. When I was out a few years ago one of my buddies allowed a group of young stripper chicks to come onto the boat, hang out on the upper deck, and go off the waterslide into shallow water. On one of the girls 2nd slide they decided to go 3-at-a-time. The water was only about waist deep so the girl on the front of the train broke her ankle. Even tho I was not on the boat and had not given anybody permission to use the waterslide or let others on the boat and even tho they had photos of those girls drinking on their boat before coming over to my boat, they came at me for a lawsuit. My insurance ended up working out a deal for $135k + medical for a broken ankle! The houseboat was 8 days old at the time. My insurance the following year went up $30/year. If I didn't have coverage i'd have been up shit creek.

Sadly(?), even after all that drama, I can't stay away from that beach!
Your link doesn't work....pics or it didn't happen!

Jason
 

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Hah! I don't have pics of them going off the slide (altho I was shown some by the insurance investigator). It was a crazy day at the beach!





and that same beach this summer mid-week with nobody there

 

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I am not a property and liability insurance agent, but I hold the Certified Financial Planner designation, hold a Masters Degree in Financial Services, and have more than 20 years' experience in these matters.

If you have assets and future income to protect, you want to carry an umbrella liability policy for $1 to $2 million or more.

In most all cases, an umbrella liability policy will require increased auto insurance liability and homeowners liability coverage. In the event that the auto or homeowners liability limits are exceeded, the umbrella liability policy picks up the balance up to the maximum.

A $1 million umbrella liability policy might cost $150-$250 per year.
 

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I am not a property and liability insurance agent, but I hold the Certified Financial Planner designation, hold a Masters Degree in Financial Services, and have more than 20 years' experience in these matters.

If you have assets and future income to protect, you want to carry an umbrella liability policy for $1 to $2 million or more.

In most all cases, an umbrella liability policy will require increased auto insurance liability and homeowners liability coverage. In the event that the auto or homeowners liability limits are exceeded, the umbrella liability policy picks up the balance up to the maximum.

A $1 million umbrella liability policy might cost $150-$250 per year.
Very good advice, and something I already do. The umbrella policy is cheap insurance for great peace of mind.
 

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I am not a property and liability insurance agent, but I hold the Certified Financial Planner designation, hold a Masters Degree in Financial Services, and have more than 20 years' experience in these matters.

If you have assets and future income to protect, you want to carry an umbrella liability policy for $1 to $2 million or more.

In most all cases, an umbrella liability policy will require increased auto insurance liability and homeowners liability coverage. In the event that the auto or homeowners liability limits are exceeded, the umbrella liability policy picks up the balance up to the maximum.

A $1 million umbrella liability policy might cost $150-$250 per year.
Excellent advice.

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One other thing people don't think about that have kids that drive other kids to soccer/baseball whatever is that the limits in a standard auto policy are nowhere near adequate if you get sued by multiple parties in the event of an accident. They may be your friends but that wont matter if their kid gets hurt.

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I am not a property and liability insurance agent, but I hold the Certified Financial Planner designation, hold a Masters Degree in Financial Services, and have more than 20 years' experience in these matters.

If you have assets and future income to protect, you want to carry an umbrella liability policy for $1 to $2 million or more.

In most all cases, an umbrella liability policy will require increased auto insurance liability and homeowners liability coverage. In the event that the auto or homeowners liability limits are exceeded, the umbrella liability policy picks up the balance up to the maximum.

A $1 million umbrella liability policy might cost $150-$250 per year.
I am a property & casualty agent.

The above is good advice. A bit more specifically, I advise my clients to carry liability limits of at least 5x their household income plus their assets (retirement, savings, etc...) This is a realistic number that protects you from most of the random accidents that life may bring.

You can't control who the other party is in an accident and what claims they may make, legit or otherwise, but you can certainly protect yourself to reasonable limits. They're called accidents for a reason...
 

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I am not a property and liability insurance agent, but I hold the Certified Financial Planner designation, hold a Masters Degree in Financial Services, and have more than 20 years' experience in these matters.

If you have assets and future income to protect, you want to carry an umbrella liability policy for $1 to $2 million or more.

In most all cases, an umbrella liability policy will require increased auto insurance liability and homeowners liability coverage. In the event that the auto or homeowners liability limits are exceeded, the umbrella liability policy picks up the balance up to the maximum.

A $1 million umbrella liability policy might cost $150-$250 per year.
My wife and I have had a $2M umbrella policy for several years. They make you max out the limits on your car insurance first and then they add the umbrella to that.

Imagine running into and totalling a $500k Ferarri. If you have a $250k liability limit, guess who pays the other $250k? Yep, you do or they come after assets, savings, 401k, etc..

It also covers you for things like personal liability. An extreme example would be someone pissing you off and you beat the shit out of them and they sue you. Umbrella covers that too. It would also cover something like the GZ/Travon deal if they family comes after you.
 

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I was driving to work in my stock 2 door, stopped at a light. Car in front of me.. I see light turn green, I accelerate (more like let out the clutch and roll). Car in front of me stopped.. I hit her less than 5 mph. a shitty 90s geo metro.. Take out a light and dent in her hatch..

She gets out of the car screaming.. Fuck you! You idiot, motherfucker etc.. I yell back at her to shut the fuck up, pull out of the way, and to chill cause I have insurance.

She has her husband show up, they are both deep trailer trash.. I can see this isnt goin to be good.. She starts saying how she better go in for x rays, and how she just had a spinal fusion.. :gluging::suicide::bawling:

So, 1.5 years go by, I own a new jeep, and everything seems cool..

My insurance provided rep calls me asking about the situation.. says she is now suing for ..... $1 million.. :eek: I tell the guy to tell her to fuck off, she is completely over reacting and there is no way she deserves that cash.. He tells me, well we know she has an existing record of multiple instances of suing, so they know she is just doing it for the money. X rays show no damage that happened after the accident, yet they dont want to argue.. they offered her $250k which that shit head gladly accepts.. Come to find out she works at a laundramat down the street, and because of the accident has been unable to work for months..

My policy is $1 million. I will never go under that just for this reason.
 

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I am not a property and liability insurance agent, but I hold the Certified Financial Planner designation, hold a Masters Degree in Financial Services, and have more than 20 years' experience in these matters.

If you have assets and future income to protect, you want to carry an umbrella liability policy for $1 to $2 million or more.

In most all cases, an umbrella liability policy will require increased auto insurance liability and homeowners liability coverage. In the event that the auto or homeowners liability limits are exceeded, the umbrella liability policy picks up the balance up to the maximum.

A $1 million umbrella liability policy might cost $150-$250 per year.
I need to shop for new insurance....my $2MM umbrella is just under a grand a year!!!

One other thing to mention. Liability insurance, homeowners, auto or umbrella, brings your insurance company into the battle on your side. They hire the lawyers and go fight this stuff. Long story, but its that last point that really saved my bacon. The insurance company brought in a great lawyer who stopped the lawsuit dead in its tracks. He was a junk yard dog when I needed a junk yard dog!!!
 

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I need to shop for new insurance....my $2MM umbrella is just under a grand a year!!!

One other thing to mention. Liability insurance, homeowners, auto or umbrella, brings your insurance company into the battle on your side. They hire the lawyers and go fight this stuff. Long story, but its that last point that really saved my bacon. The insurance company brought in a great lawyer who stopped the lawsuit dead in its tracks. He was a junk yard dog when I needed a junk yard dog!!!
A lot of factors go into the rating of the Umbrella. If you have teen drivers it adds a lot.

I own a P&C agency and hear these horror stories on a far too regular basis. Get covered. Get a good agent that will educate you. Don't just buy the cheapest insurance you can find.
 
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