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Help with Car insurance

Discussion in 'Model 3' started by lee619, Aug 9, 2018.

  1. lee619

    lee619 Member

    Joined:
    Jun 2, 2018
    Messages:
    53
    Location:
    San Diego
    I currently have my model 3 covered by Geico, but feel I got the bare minimum. Here is my current coverage:

    Bodily Injury Liability: $50k/$100k
    Property Damage Liability: $50k
    Comprehensive: $1500 deductible
    Collision: $1500 deductible

    Preimium: $598 for 6 months

    Anything I should upgrade on? I'm willing to pay a little more if that means I get safer coverage. What do you guys have and think I shouldnt skimp out on?
     
  2. SageBrush

    SageBrush 2018: Drain the Sewer

    Joined:
    May 7, 2015
    Messages:
    6,091
    Location:
    Colorado
    Presume you are sued. What can you lose in assets and wage garnishment ?

    If you have no savings, are unemployed and live in a trailer I'd say your choices are fine.
     
    • Like x 1
    • Funny x 1
  3. lee619

    lee619 Member

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    Jun 2, 2018
    Messages:
    53
    Location:
    San Diego
    Uh oh, well i do have some money to lose... but not many assets (dont own a house, nor anything valueable except my golf clubs and my model 3 lol). Is there any recommendations you can give me in where I should upgrade my coverage?
     
  4. Lovesword

    Lovesword Member

    Joined:
    Oct 22, 2016
    Messages:
    143
    Location:
    Iowa
    I recommend max uninsured and underinsured protection. You might be a great driver, however you’re potentially at the mercy of others life choices if/when a really bad accident occurs.
     
  5. Ivan.R

    Ivan.R Member

    Joined:
    May 3, 2016
    Messages:
    30
    Location:
    PA
    It’s all up to your personal situation but personally I carry much higher limits. This was a consideration I made and chose the higher cost associated with such high coverage for the additional peace of mind it offers to know I’m well protected in the event of the unthinkable
     
    • Like x 1
  6. lee619

    lee619 Member

    Joined:
    Jun 2, 2018
    Messages:
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    Location:
    San Diego
    Luckily, my collision coverage covers uninsured motorist accidents. It will not allow me to have collision coverage and uninsured motorist coverage at the same time (some stupid law in california).
     
  7. Lasttoy

    Lasttoy Member

    Joined:
    Mar 24, 2017
    Messages:
    618
    Location:
    St Augustine, Fl
    Watch out, there was a totaled one on here. Insurance gave him half the street price. Its called fair market value. Not
    I called usaa , got a rider. Adds 25% to value paid out for total. My car has 112k miles, 2013, you know a kid appraiser will put 25k for value.
    No way i can replace for that. 50k would be minimum to repkace.
     
  8. Az_Rael

    Az_Rael Supporting Member

    Joined:
    Jan 26, 2016
    Messages:
    3,605
    Location:
    Palmdale, CA

    I agree with the others here to raise your limits. Consider that you will probably be getting Model Ss as loaner cars which will be covered under your own insurance while you drive them, so I would up property damage to 100k just in case.

    In the end, it’s all about the bodily injury coverage tho. If you get into an accident with an uninsured (or minimally insured) driver and get injured, you are going to end up relying on your coverage limits for that. I had a coworker who was hit by a drunk driver and ended up in the hospital for weeks getting put back together. Drunk only had state minimums and coworker only had 25k bodily injury. Coworker was limited to 25k from his insurance and had more medical costs than that (he is still having follow on surgeries 2 years later). He is trying to sue drunk driver directly now, but who knows how that will pan out.

    I have been in two accidents in this state, and neither person who hit me had insurance. The dude who totaled my car got to have my insurance come after him directly for the $48k they paid me out on my 2013 Model S. It is doubtful any normal person carries enough insurance to cover totaling a Tesla, so it is good piece of mind when you know at least your policy is good.

    I personally have 250/500 bodily injury (don’t remember what the property limit is) and a 1 million umbrella policy. But I have a house and a 401k, etc. Lots to lose. Once you jump up to the 100k coverage level, it isn’t that expensive to go higher. And umbrella policies are stupidly cheap, they just require the higher minimums on your auto/homeowner/renters.
     
    • Like x 1
  9. KG M3

    KG M3 Member

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    Jul 24, 2018
    Messages:
    29
    Location:
    Pasadena, CA
    The other real value (in addition to the higher limits) of an umbrella policy is that it highly motivates your insurance company to retain the best lawyers they can find to help defend you in an accident. They would rather pay their preferred legal counsel than pay a plaintiff.
     
    • Like x 2
  10. SigNC

    SigNC Member

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    Aug 23, 2017
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    383
    Location:
    Raleigh, NC
    I was amazing how cheap a 1 million umbrella is when I got one. Well worth it IMO.
     
    • Like x 2
  11. GoodOmens

    GoodOmens Member

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    May 30, 2018
    Messages:
    49
    Location:
    Memphis
    Also at only 50k property seems low. I'd at least bump it to 100k or more (mine's 300k). You run into someone and total your car you'll max out your property on your car alone.....
     
  12. lee619

    lee619 Member

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    Jun 2, 2018
    Messages:
    53
    Location:
    San Diego
    Wow, this was incredibly helpful, thank you. I increased my bodily to $100k/200k and my property to $100k. Now, I'm not sure what an umbrella policy is, couldn't find an option for that on my quote configuration..
     
  13. Az_Rael

    Az_Rael Supporting Member

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    Jan 26, 2016
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    3,605
    Location:
    Palmdale, CA
    Usually you have to call and ask about umbrella policies. Some insurer websites will mention them, but they don’t quote online for them. I think because they have to ask about your auto and your home/rental coverage plus a bunch of other stuff. When I did mine I was asked if my house had a pool, if I owned pit bulls, if I had rental properties, etc.
     
    • Informative x 1
  14. tashtibet

    tashtibet Member

    Joined:
    Jul 30, 2016
    Messages:
    141
    Location:
    fort collins, colorado
    before I got my model 3 I learned from early owners hereon TMC that Allstate was brutal with model 3 and my agent told me I'll know when I get my VIN. Turned out it was real -I called all the others and finally settled on AMICA-imagine paying $189.00 PM with Allstate & $82.00 PM (just the model 3) for comprehensive with same coverage. Then I added my second car, home, paid for one whole year, enrolled in epay and dropped to $60.00 PM-go to AMICA INSURANCE.
     
    • Like x 1
  15. daniel

    daniel Active Member

    Joined:
    May 7, 2009
    Messages:
    3,131
    Location:
    Spokane, WA
    The bottom line is, how much do you trust your insurance agent/company? If you trust them, take their advice on insurance levels based on your personal situation. If you do not trust them, you should not be buying your insurance from them.
     
  16. SageBrush

    SageBrush 2018: Drain the Sewer

    Joined:
    May 7, 2015
    Messages:
    6,091
    Location:
    Colorado
    I'm also happy with Amica but they are picky who they insure.
     

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