What insurance coverage do you maintain?

[Joe240]

I'm PCSing to Florida at the end of August from Ramstein, Germany and trying to figure out what coverage will be best for my wife and I. From what I can find, it's recommended to go 100/300/100 ($100k medical per person/$300k per claim/$100k property coverage). We both will be 27 by the time we move back and neither of us have received speeding tickets or at fault accidents in the last 7 years.

What coverage amounts does everyone else maintain on their 2er and/or X1?

[UncleWede]

100/300/100 even on my son's '77 Beetle. Just no replacement on his.

But, Cali, so YMMV

[Ric in RVA]

Generic Insurance Info follows. Consult your agent for more info.

That number is the number the insurance company stops paying and you start paying if you have any assets or income.

If you have any assets or income (or future income) you need a 1 million liability umbrella over your house and cars and whatever underlying coverage is required.

If you have no assets or income you can do with less since no attorney will sue you if they aren't getting paid.

That being said very few claims get up to 100,000 but they do happen every day. All depends on who you maim or kill.

[RickFLM4]

250/500/100 + $2M umbrella. (M4 and Audi Q5)

[rlmesq]

Originally Posted by Ric in RVA

If you have any assets or income (or future income) you need a 1 million liability umbrella over your house and cars and whatever underlying coverage is required.

If you have no assets or income you can do with less since no attorney will sue you if they aren't getting paid.

That being said very few claims get up to 100,000 but they do happen every day. All depends on who you maim or kill.

One night in the hospital, admitted through the emergency room, can run $15,000 or more. The rule of thumb is that your general damages, commonly known as pain and suffering, are 3-4 times your special damages, or "specials," which are medical expenses.

At that rate, you could wind up exhausting $100K in coverage if someone spends one night in the hospital, with some x-rays, then follow up with physical therapists and/or chiropractors.

California only requires $15K medical per person/$30K per incident, and $5K property damage. which is absurd. It hasn't changed since I got my license many years ago.

[MadDog]

Originally Posted by Joe240

I'm PCSing to Florida at the end of August from Ramstein, Germany and trying to figure out what coverage will be best for my wife and I. From what I can find, it's recommended to go 100/300/100 ($100k medical per person/$300k per claim/$100k property coverage). We both will be 27 by the time we move back and neither of us have received speeding tickets or at fault accidents in the last 7 years.

What coverage amounts does everyone else maintain on their 2er and/or X1?

My Mom used to live in Florida, and I believe they have no-fault insurance. Just call around when you get there.

[RickFLM4]

Originally Posted by MadDog

My Mom used to live in Florida, and I believe they have no-fault insurance. Just call around when you get there.

No-fault doesn't mitigate the need for bodily injury / liability. It has limited application and just adds another insurance FL consumers must purchase (PIP). If you seriously injure someone in an accident here, there will be a claim.

[Samurai of 2day]

Originally Posted by Joe240

I'm PCSing to Florida at the end of August from Ramstein, Germany and trying to figure out what coverage will be best for my wife and I. From what I can find, it's recommended to go 100/300/100 ($100k medical per person/$300k per claim/$100k property coverage). We both will be 27 by the time we move back and neither of us have received speeding tickets or at fault accidents in the last 7 years.

What coverage amounts does everyone else maintain on their 2er and/or X1?

I would imagine if you are doing a PCS, you've already consulted USAA.... any particular reason you don't plan on using them for your insurance coverage...?

[Joe240]

Originally Posted by Samurai of 2day

I would imagine if you are doing a PCS, you've already consulted USAA.... any particular reason you don't plan on using them for your insurance coverage...?

Every time I get a quote for anything from them they are usually 50% more for the same coverage. Not sure if it's because I use the same account when I was under my parents (though it shouldn't since I haven't been insured through them for almost 10 years now.

[Joe240]

Thanks everyone for the responses. Didn't think about the umbrella coverage as well. Our only real assets at the moment is our cars, but we're planning on buying a house when we get back so would be a smart move.

[Samurai of 2day]

Originally Posted by Joe240

Every time I get a quote for anything from them they are usually 50% more for the same coverage. Not sure if it's because I use the same account when I was under my parents (though it shouldn't since I haven't been insured through them for almost 10 years now.

Interesting...

Maybe I should start shopping around as well...

I've been with USAA for about 14 years but I was a lot younger back then so they offer the best quote for me at the time.

I will do some inquires now that I'm older. Maybe I can take advantage of some lower rates.

Thanks for the heads up!

[RickFLM4]

Originally Posted by Joe240

Thanks everyone for the responses. Didn't think about the umbrella coverage as well. Our only real assets at the moment is our cars, but we're planning on buying a house when we get back so would be a smart move.

For umbrella, you typically need minimum coverage for auto and homeowners before the umbrella kicks in - and may be unnecessary before owning a home. You can't, for example, get 25/50 and expect umbrella to take over from there automatically - need to understand how the umbrella policy works (may only kick in once 100/300 or 250/500 is exhausted from auto policy). The good news is that umbrella policies are fairly inexpensive since they generally provide catastrophic coverage.

[RABAUKE]

Here in Ontario auto insurance is mandatory, PLPD I carry $3 Million, collision is $500 deductible for me but you aren't required to carry collision on your own vehicle just on what you might hit. Fire and theft is a $50 deductible and full replacement value. For a 2014 MB GLK Bluetec and 2006 BMW Z4MC it's about $1500 a year.

[c1pher]

While USAA is generally good they will try to over insure you just like everyone else.

[Maynard]

Definitely get at least the 1mill umbrella (2 or 3 is better), and as much basic coverage as you can, regardless of current assets (military has a nice pension to go after). If there should be an accident, and the other guy has no insurance, they will be after you for the full bill. The other posters' estimates of accident costs are WAY LOW. True that one night in hospital can run 15k, if a general admission. But that isn't what happens in an accident - you are talking ambulance or airlift, ED, and lots of specialists. Can easily be 20k or more before they admit you (life flight can easily top 50k if they cover any distance). If s/b needs telemetry or ICU, you can figure another 20-40k for that first night with all the admitting evals and specialists. And if your 'new friend' is in the mood, they could decide they are disabled and you now owe them lifetime earnings (do the math, even for min wage). I found the umbrella to be shockingly cheap for the peace of mind it provides; now I also don't lose as much sleep when the neighbor kids ride their motorcycles through my yard, etc.

[rlmesq]

Originally Posted by Maynard

True that one night in hospital can run 15k, if a general admission. But that isn't what happens in an accident - you are talking ambulance or airlift, ED, and lots of specialists. Can easily be 20k or more before they admit you (life flight can easily top 50k if they cover any distance). If s/b needs telemetry or ICU, you can figure another 20-40k for that first night with all the admitting evals and specialists. And if your 'new friend' is in the mood, they could decide they are disabled and you now owe them lifetime earnings (do the math, even for min wage).

When I threw out the $15K example, I was just illustrating how quickly even a minor accident could burn through $100K policy limits. Certainly a more serious injury could increase the cost exponentially.

I joined our local hospital's life flight program because I did a lot of motorcycle trackdays. For a little over a hundred bucks a year, I got coverage for the local area (which includes Thunderhill, the SCCA track about an hour from my house) as well as reciprocity with air ambulance services in Monterey (Laguna Seca), Sonoma (Sears Point), Bakersfield (Buttonwillow) and northern Los Angeles County (Willow Springs). The small fee supports a good cause and it's worth every cent if I ever need the service. Even the deductible/copay on an air transport would be huge.

[KennySRFElite]

100/300/100, with a million dollar umbrella
LP

[ORIGIN M.]

250/500/250

50 Glass

250 Comp

500 Collision

1 Million Umbrella

[Maynard]

I had no idea they had these kinds of plans - perhaps a local idea with all the racetracks close by? I'll check here locally too - don't expect to ever need it, but those are the kinds of causes I like to support (along w/ volunteer FD's, and the local cat rescue, of course). Even with the monster bills, they don't break even.

[rlmesq]

Originally Posted by Maynard

I had no idea they had these kinds of plans - perhaps a local idea with all the racetracks close by? I'll check here locally too - don't expect to ever need it, but those are the kinds of causes I like to support (along w/ volunteer FD's, and the local cat rescue, of course). Even with the monster bills, they don't break even.

Hospitals all over the country have memberships to support their life flight programs. Check with your local facility.

This one offers coverage all over the country.

https://reachair.com/membership/