360 owners w/ bad driving records, insurance?

32 years old, good driving record.. carried a class A with HAZMAT also.. No tickets in 6 years. But did have a license suspension and ticket for not paying a previous ticket that I was unaware of. (good times)

I have range rover, ferrari and renters policy through state farm. $209/mo for everything. Full coverage with $1000 deductible. I like high deductibles because any damage that costs less than a grand, I'd pay out of pocket just to keep my rates from skyrocketing on a $1000 claim.

I also have my liability set to $1 million. My agent sold me on this because it just makes sense. Most of the cars I drive with are $250k and up. If I spin out and take 4 of those with me, my $250k liability isn't going to get me very far and I don't want to lose assets/friends over something like that. To move my liability up to $1m was like $27/mo extra.. Easy choice. Might look into it!

 

You are correct that $1MM liability protection is a good idea to have. Are you using umbrella insurance or your car insurance liability limits (as many collector policies offer) just go up to $1M? If you have $250/$500 car insurance policies, its VERY cheap and easy to add an umbrella policy that pays from $250-$1M for $12-$15 a month. Umbrella is not only cheaper, but will protect your liability from $250k-$1MM on anything, and is not restricted to auto accident liability (ie if someone is injured in your home, your home owner's insurance would cover the first $250k than the umbrella would cover $250k-$1MM).

Umbrella insurance is a great idea, and I need to take my own suggestion and get some for myself as well but have put it off for years.

 

I have a separate $1m umbrella..Its incredibly cheap. It covers all my other hobbies too.. If I were to get knocked out in my little raceboat and drive that SOB into the side of some yacht, my $250k insurance wouldn't even begin to touch it..

The car's policy has a $1m liability and I also carry a $1m umbrella on myself. Heard of a guy who was texting on his phone while he was walking and stepped off the curb, turned his ankle and fell into the street. A car swerved to miss him and crashed through the front window of a clothing store... Luckily he had an umbrella policy because they all came after him.. For as cheap as they are (and as clumsy as I am) they make total sense.

 

Why do you have a seperate $1M umbrella as well as $1M car liabilty? Are you not paying for duplicate coverage for $250k-$1M range in the event of a car accident? All you need is 250/500 car liability coverage and a 250-1M umbrella. If so, remove the car liability coverage and ask them for a refund for double coverage going back as many months as you've had it (may or may not be successful but you should try).

 

The $1m on the car will not cover me in case of something happening while I wasn't using the car. The $1m umbrella will cover the car and me in case of something happens. Its peace of mind. I could go on all day about what "could happen" but for the extra $20somethin a month, it helps me sleep at night..

If my car catches fire at the dealership, $1m insurance on the car will cover quite a bit, the $1m umbrella will cover any lawsuit that comes afterwards...

And it was explained to me that your $1m liability has to be divided among three different categories, single person medical, multi person medical and property damage. The umbrella will fill in wherever it needs to.

I play around way too many expensive toys (friends) to not be covered to the hilt. Things are going way to well in my life to not insure against losing it all..