Liability insurance

[safiri]

I have given some thought to an umbrella policy, I think you can get like a meeleon dollars worth of coverage for ~$150 or so a year. I don't like to think of losing my humble home or having to work forever.

My understanding on an Umbrella policy is it covers all that you have insured through that company, and the cost goes up for each item as there is more risk. An additional expense for some is the increased liability limits on the underlying policies. IIRC Farmers required $500k liability for my vehicles and 300k for my home. Your price sounds ballpark, it goes up for every item covered (residence, motorized vehicles, non-licensed motos, boats, rental property, farm, business exposure, etc.) So a 1 million $ umbrella really only provides me with an additional $500k protection for my vehicles. But that is better than losing my house.

[ajayhawkfan]

I have State Farm. Today I increased my umbrella policy from $1,000,000 to $2,000,000. This covers my cars, trucks, tractor, 4 wheel ATV, two plated bikes, one dirt bike, home, cabin, two barns and farms. The cost for $1,000,000 was $253. Going to $2,000,000 added $127.00

[troy]

Going to $2,000,000 added $127.00

You just became a bigger target for my "injury scam". When can I come down to enjoy your land, sucker, er, Eddie?

Note that I'm fairly sure you can have someone "disappeared" for about $380, so an alternative way to handle those pesky lawsuit problems.

OK...so look, I know I'm very negative about insurance. In a perfect society, there would be no need for it. We don't live in a perfect society. Insurance is a very real necessity, and I have lots of it. I have short-term disability, long-term disability, a high-deductible health plan, and enough life insurance to tempt my wife to spend $380. I even have earthquake coverage on my home! Did you know there is a "major" fault just a few miles away in Missouri? It was just a few bucks extra to be "protected".

So I pretty much agree with everything all sides have said in this thread, but I had a point to make about people and society in general. Please don't borrow my motorcycle then sue me.

[ajayhawkfan]

.................

So I pretty much agree with everything all sides have said in this thread, but I had a point to make about people and society in general. Please don't borrow my motorcycle then sue me.

I'm going to wait for you to crash into me, my back will be injured and then I'm suing.

Randy, is your insurance up to date? I think I have whiplash from that wreck you caused while we were in Arkansas.

[Stu]

"Please don't borrow my motorcycle then sue me."

Hey, Troy, how about dueling pistols at 20 paces, winner take all?

Stu

[troy]

So, Mr. Wolf, your resume shows you are qualified for the position. Where do you see yourself in 5 years?

Hopefully sitting at home with a work-related injury!

[MacWildcat]

Not to rain on anyone's parade....You might have noticed my reluctance to lead any major rides. The money grubbing gold diggers are everywhere, you never know when one of these loathsome folk might be lurking in the ride group.

A few years ago I was involved with the Hillbilly Dualsport....I put together the routes that year. That year was a perfect storm, lots of people riding beyond their skill level, and weather ideal for accidents. Several people ended up in hospitals and there were lots of accidents and minor injuries. I realized I knew very few of the people that showed up, what did I know about the possibility I could get sued by a low-life?

On our first half-day ride, we had a group of folks from Illinois that no one knew. I had the misfortune of following them down paved roads and into Eureka Springs as they practiced riding wheelies and seat standing - no hands. Didn't take long for the local PoPo to start looking for our group. We politely asked these folks to find somewhere else to ride. I realized it didn't matter if I was negligent, I couldn't afford the legal fees even if it was a frivolous lawsuit.

I decided my best defense had to be knowledge of who I was riding with.