True. 1 MM policy requires you max your auto insurance
by btd (2019-04-22 21:03:07)

In reply to: We noticed that we needed to carry higher limits on our auto  posted by ndaero93

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Which varies by state. My states max out at 250/250/500. The umbrella then adds on top of that level -- if an auto accident is the trigger for the event, and pays the entire amount if it is a different type of event that's covered.

As I noted above -- if you have a net worth over 1 MM (house equity, savings, earning potential also factored in) then you really need to step up to 3 MM which is in the 1k per year range (+/- depending on what all you own, your profile, etc).

As I pointed about in my post above -- 1 MM isn't a lot anymore for damages. Many accidents with property damage are going to rapidly get over 1 MM.

nice neighborhood
by vivaflanner  (2019-04-23 11:33:36)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

"Many accidents with property damage are going to rapidly get over 1 MM."

Lot of McLaren vs McLaren head-on collisions where you live?
Your final sentence is just plain wrong.
by milhouse  (2019-04-23 09:46:53)     cannot delete  |  Edit  |  Return to Board  |  Ignore Poster   |   Highlight Poster  |   Reply to Post

Property damage is hardly ever the primary expense in an accident. The cost of the car is going to be $30-40,000 for almost every car on the road. It's the cost of medical that's the driver (pun intended).