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Adequate insurance coverage

Discussion in 'Model S' started by amans232, Sep 29, 2015.

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  1. amans232

    amans232 Member

    Joined:
    Apr 10, 2014
    Messages:
    20
    Location:
    sappal
    Just wanted to get a snapshot of how much insurance coverage model s owners think is enough. Right now I have a 50/100 for bodily injury and uninsured motorist.

    What do most people think is necessary and why? Thanks

    btw, I switched from Geico to Progressive and it cut my premium by 45% ($1900 to $1000 for a six month term)
     
  2. CHG-ON

    CHG-ON Still in love after all these miles

    Joined:
    Jun 24, 2014
    Messages:
    3,080
    Location:
    Santa Cruz Mountains, USA
    I'm using Allied and have 100/500 and pay approx 1,300 annually in Santa Cruz, CA. Remember to include all your assets in your coverage, not just the car. I can't tell where you are. So I don't know if this helps. I work through my broker, not directly, and seem to get good pricing. I also bundle, auto, home, umbrella for multi-policy discounts on all.

     
  3. DougJohnson

    DougJohnson Member

    Joined:
    Apr 2, 2015
    Messages:
    16
    Location:
    Dallas, Texas
    It depends on you. How much in attachable assets do you have? If not much, then you can get away with lower limits. Last time I looked, lower limits did not save much money, but that was a long time ago.

    One of the great bargains in insurance is umbrella insurance. This is a high limit policy ($1-2 million) that takes over when you reach the max on your other liability policies (auto and home). One of the reasons it is a bargain is that the insurance company is on the hook to defend any action against you. I figure they will defend a $2,000,000 liability much more vigorously than $50,000.

    -- Doug
     

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