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The minimum coverage in most states is ridiculously low. (15/30). I am not sure when that was set, but I would guess in the 1970s. Doubling it is really insufficient in today world as well. It should be 100/300 for everyone.
The minimum coverage in most states is ridiculously low. (15/30). I am not sure when that was set, but I would guess in the 1970s. Doubling it is really insufficient in today world as well. It should be 100/300 for everyone.
Our State Farm agent recent told us that his company does not offer anything less than 100/300 for liability. And I agree with you.
The minimum coverage in most states is ridiculously low. (15/30). I am not sure when that was set, but I would guess in the 1970s. Doubling it is really insufficient in today world as well. It should be 100/300 for everyone.
If you’re doing minimum coverage you better hope your judgment proof.
Well, how much of that money is actually going to help fire victims, or other people in need, compared to the insurance companies astronomical yearly profits?
Insurance is such a rip off, majority of the money we pay them, goes straight to their profits, and they provide absolutely nothing in return for these profits, basically they want you to pay the premium and then go away.
Companies pay the claims that they are legally obligated to pay. Flooding is not covered unless flood insurance is purchased.
Thats a good point, if you are here illegally and have no DL no SS card, I highly doubt ANY car insurance company would insure you, even for the most basic liability, they would be opening themselves up to all kinds of legal trouble!
Not true. All you have to do is go to urban areas with high numbers of illegals and you will see small insurance companies offering coverage for very low rates. Guaranteed they take premiums from illegals. It's anybodies guess whether they actually pay the claims.
It usually takes a lot to get me to switch. I am not going to switch to save $5 a month.
Every 3 years I'll check and if I see a big difference I'll make the switch. I make sure I compare identical policies so I am comparing apples to apples.
The minimum coverage in most states is ridiculously low. (15/30). I am not sure when that was set, but I would guess in the 1970s. Doubling it is really insufficient in today world as well. It should be 100/300 for everyone.
Quote:
Originally Posted by MNTroy
Our State Farm agent recent told us that his company does not offer anything less than 100/300 for liability. And I agree with you.
Quote:
Originally Posted by JGMotorsport64
If you’re doing minimum coverage you better hope your judgment proof.
State legislatures really should raise the minimum limits of liability. If not to 100/300 than at least to 50/100. Only one state had minimum limits that high and that state was Wisconsin. The Wisconsin legislature reduced minimum limit coverage to 25/50
Why aren't minimum limits higher? Its largely because the "tail wags the dog". Young drivers have high insurance rates that many have trouble affording and the state legislature is more interested in accommodating their needs than it is in seeing that adequate insurance exists to pay for losses caused by bad drivers. The state legislature allows marginal drivers to operate on the roads by allowing drivers to legally maintain ridiculously low insurance limits. The argument goes that if you don't allow these drivers to buy low limits of coverage, they will simply continue driving with no insurance at all.
Driving is a privilege not a right and I think the attitude towards marginal drivers ought to be that if they can't afford to pay for decent insurance, they shouldn't be on the roads. They should be looking for alternative transportation options such as the bus, Uber, Lyft, or ridesharing. I would raise insurance limits and be more aggressive in terms of enforcing laws against drivers without insurance. What these drivers--in effect do--is steal from those of us with car insurance. I would consider short jail sentences for some of them who are caught driving without insurance and I would confiscate and seize their cars as a routine measure. An uninsured vehicle has no place on the roads.
In the meantime, I would encourage responsible drivers to have high limits of liability, uninsured motorist coverage, and underinsured motorist insurance coverage.
Neither liability nor collision/comprehensive auto insurance should be mandatory.
You have an accident, regardless of fault, your own insurance should cover you.
Would prices go up or down in this scenario?
Obviously, for those with zero to negative wealth it's a boon as they would surely pass. Those with something to lose would need protect their assets but I am not sure how the knock-on effects would play out.
But requiring insurance surely doesn't lower it's cost, that I'm sure of.
Think ACA.
Neither liability nor collision/comprehensive auto insurance should be mandatory.
You have an accident, regardless of fault, your own insurance should cover you.
Would prices go up or down in this scenario?
It's called no-fault insurance and 12 states have adopted it. It is very unpopular and expensive. Several states have come close to repealing it. Most of the states are in the top ten most expensive states for auto insurance. https://www.forbes.com/sites/ccasazz.../#f4e0d24bb665
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