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 Posted: Fri Aug 01, 2008 6:14 pm Post subject: "How much" insurance to carry for a in-house teen |
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Hi all,
I (think) I like my Insurance Agent, but was assigned a new Account Manager that is not very forthcoming with helpful information...or our personalities just don't "click". So I am looking for info. on my own.
"How much" insurance would be a "decent" amount to carry? My husband & I have never been ticketed, in an accident, etc. My son (soon to be 16) has a 3.6 GPA and is a good, responsible person.
We own a 98 GMC truck and an 05 Honda Odyssee.
Thanks for any advice.
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scarbo
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| Posted: Sat Aug 02, 2008 7:16 am Post subject: |
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The driver should carry enough policy limit to cover the liability issue.
Unfortunately, the premium rates are sure to shoot-up with the inclusion of the young driver, but if he drives a car old enough, you can then save on the collision and comprehensive coverage, and can avoid paying high deductibles.
Regards,
Juanita |
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Juanita
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| Posted: Sat Aug 02, 2008 7:32 am Post subject: |
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| To avail the good student discount you should carry the boy's report card with you at the time you walk into the office of the insurer. The good student discount can save upto 20% on the premium paid for the policy. Encourage your son to carry on with the good performance in the school to continue enjoying discounted rate. |
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RupertWBradson
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| Posted: Sat Aug 02, 2008 9:04 am Post subject: |
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| Well, if he is a responsible driver then instead of including him under your insurance, you can get him a separate policy. This will accelerate his credibility as a driver and will help him in getting lower quoted for his insurance. However, any accident or DUI conviction, even a minor fender-bender, can make his premium go sky-rocketing. |
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jeorge
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| Posted: Sat Aug 02, 2008 11:05 am Post subject: |
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All good points......thank you.
Sounds like my plan will be to add him to my policy for a year to see how he does, and then get his own so that he can establish his credibility as a driver (I had not considered this).
Anyone have any experience with USAA? Their premiums are much lower for the same amount of coverage that I have now. Just not sure about dealing with a company that is by phone and email should I need help.
Thoughts?
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scarbo
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| Posted: Sat Aug 02, 2008 11:13 am Post subject: |
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Scarbo, you will have to carry you state limits atleast...ALTHOUGH I know of no state whos limits are high enough to provide what I would consider adequte protection...It's up to you...I've been in the claims field over 20 years, I carry 100/300 BI 100k-PD, and 100/300 UM, I also have collision and comp with 500 deductibles...It's up to you, but please think clearly about the limits...that being said...also remember that it's hard to find a good used car for 10k or less...and injuries or medical bills can run over 10-25k in a second...so think about that when chosing your limits.
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Lori
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| Posted: Sat Aug 02, 2008 11:39 am Post subject: |
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Presently I carry the following....
500 deduct for comp & collision
300/300/100 for BI and PD Liability
25,000 med pay
300/300U for uninsured motorist PIP
Existing insurance is saying that it will cost $1500 per year to add my son to our policy. We presently pay $1820 per year for hubby and me.
USAA has said $1100 per year for hubby and me with the same coverage. I haven't asked yet about adding the teen. Just not sure about dealing with USAA - don't know anyone who has used them.
Thoughts? Paying too much? Am I carrying enough coverage?
Thanks.
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Scarbo
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| Posted: Sat Aug 02, 2008 11:47 am Post subject: |
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Your limits look fine to me...What we did when our kids turned 16 was buy them their own car (very modest and that we could pay cash for), so that we did not have to carry collision and comp on (usually the highest coverages)...and of course had high limits and carried only the state required coverages (in my state BI,PD, and UM)...I felt they were more than protected ....the rates were lower this way and they could drive either of our cars, since they were a listed driver on their own (policy was added to ours of course)....
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Lori
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Alston
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| Posted: Tue Aug 05, 2008 11:08 am Post subject: thanks.. |
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hey Lori, | Quote: | | the rates were lower this way and they could drive either of our cars, since they were a listed driver on their own (policy was added to ours of course).... |
I believe thats an excellent suggestion..
I only got struck at the limits...do you mean that they would need to pay for their own collision & comp. coverage (while you would pay for the remaining coverage)? Or is it that you'd add all policies to your own but with limits not high as your own?
Thanks in advance 
Fatman |
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fatman
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| Posted: Tue Aug 05, 2008 11:12 am Post subject: |
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| Quote: | | only got struck at the limits...do you mean that they would need to pay for their own collision & comp. coverage (while you would pay for the remaining coverage)? Or is it that you'd add all policies to your own but with limits not high as your own? |
No, they had their own policys with their own cars, but were part of the ''family'' policy thus getting multicar discount...they had to pay for their own ins (actually I paid it and they paid me back...removing my worry that they might 'forget')...they did not have collision and comp, they did carry high (liability) limits..
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Thu Aug 14, 2008 5:31 pm Post subject: |
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| You seem to have a very Good driving record and your Son seems to be resposible,by the information you have provided,.But past is not guarantee of the future and things can go wrong in a hurry.. So think and come to a decision about the limits,as these depend upon individuals.. In my opinion it would be ok to include your son in your own insurance policy instead of having a separate one for him as it will save some money |
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renditioner
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| Posted: Tue Feb 10, 2009 11:43 pm Post subject: insurance |
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If you have health insurance , why bother paying for med pay? Med pay pays out at 20%. Your health insurance will get reductions on medical bills and better rates. I dont see why you would carry med pay???
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pam1pam1
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| Posted: Wed Feb 11, 2009 6:52 am Post subject: |
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Pam, I think that's a very good point. However, in some states the Medpay acts as the primary coverage in paying for the accident related medical bills. And the health insurance simply wouldn't touch the claim till the Medpay expires. In such states Medpay is a requirement for the insured even when health policy is available.
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anonymous12
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