How much liability?

busdriver_phil · 05-11-2010, 07:17 PM

So I'm quite happy with the price I got quoted by GMAC today. I didn't buy yet, she's calling back tomorrow morning to finalize everything.

The quote was for state minimum liability only, which in CT is bodily injury 20,000/person, 40,000/accident, property damage 10,000, uninsured/underinsured coverage at 20,000/40,000. It's all I need to be legal, but the more I think about it, it wouldn't take much to go over those limits in even a minor accident if it's bus vs. small car. I'll ask tomorrow about prices for higher limits, but what does everyone think would be a good amount of coverage?

bus-bro · 05-11-2010, 08:16 PM

Accident = $500k, injury = $1 million plus.

I don't really know, but the damage you could expect to do with a car should be multiplied by the weight ratio of bus to car.

Redbear · 05-11-2010, 09:01 PM

40 years ago the minimums were 10/20/5 = $10,000 per person, $20,000 all persons in a single accident, $5,000 property damage.
Brand new cars back then started at $1595 - your choice of an MG Midget or a VW Beetle.

How much damage do you think you could do rear-ending a Lexus SUV with your bus? Over $10,000? I think so.
$20,000 will get you a few days in the hospital, with a few simple procedures thrown in.

I would think 5x to 10x what the sixties required would be safe. I just checked the renewal policy on my small 4-cylinder SUV: 50/100/25.
It's been like that for about 10 years. I'm thinking maybe I should double it.

busdriver_phil · 05-12-2010, 03:56 PM

Thanks for the replies. Couldn't read them this morning, the site was down.

But when I called GMAC back, they told me it was only another $60 for 50k/100k injury and 50k property damage, so that's what I have for now. Where can I find out the requirements for other states?

crazycal · 05-13-2010, 12:05 PM

Do you own a house and other property? If so, don't get minimum. If all you own is the clothes on you back, the minimum is fine. If you are in the middle, adjust accordingly.

Jarlaxle · 05-13-2010, 05:59 PM

Look into an "umbrella" policy. It might be cheaper than raising your auto insurance limits.

Mine is $2.5 million.

busdriver_phil · 05-13-2010, 07:41 PM

I don't own a house. I have more than the shirt on my back, but I "adjusted accordingly." I'm comfortable with what I got for now. The chances of going over those limits are much lower than the chances of going over the state minimum. In general, I don't like the idea of paying for something I hope to never use, but I wanted to get some other opinions to calculate a comfortable level of risk.

Full coverage would be a nice luxury, but I view the bus as a big toy. I'll get as much enjoyment out of it as I can, but if I break it and can't afford to fix it, life will go on.

crazycal · 05-13-2010, 11:32 PM

I didn't mean for my reply to sound abrupt. The point I was trying to make is if there isn't hundreds of thousands or millions to protect, why pay for that kind of coverage. Let the ambulance chasers come. As soon as they know there is nothing more than your insurance coverage, that's all they go after. Why carry $1,000,000 in liability only to give a huge chunk to some dirtbag attorney. Exception made to any lawyers that own skoolies. The one thing I always do is max out the uninsured/underinsured coverage. You can also disregard the previous advice if you go nuts and plow over 50 people.

Redbear · 05-15-2010, 10:45 PM

Quote:

Originally Posted by Smitty

What happens if you go to a state with a higher required minimum and are involved in an accident?

Smitty

I think if you are in contact with Law Enforcement (accident or other reason) and you don't meet the requirements of the state you are in, you are considered uninsured. While the legal minimums vary, I think most policies written exceed the 50-state minimums.

Your local insurance agent should have a chart, I know mine did back in the '70s.

busdriver_phil · 05-19-2010, 04:40 PM

I just got the GMAC policy documents. As for driving in other states...

Quote:

If the state or province has a financial responsibility or similar law specifying limits of liability for "bodily injury" or "property damage" higher than the limit shown in the Declarations, your policy will provide the higher specified limit.

Also, for the definition of "recreational vehicle,"

Quote:

Facilities for cooking and/or sleeping must be permanently installed and the vehicle must be primarily used for recreational purposes.

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