Yeah, years ago, I got selected for jury duty on a civil case. At the end of the trial, I went straight to my insurance agent and bought a million dollar umbrella. Juries are stupid crazy. I probably need to evaluate things and see if I need to up my coverage.
With the relatively low added cost of upgraded insurance relative to her net worth, the peace of mind of security seems to make sense. Always funny hearing Dave talk about lawyers too haha! :)
Hate to say it Dave, but the lady in the car in front of the one you hit may have very well been hurt. I was in a car where the exact same thing happened, the car behind us was struck and pushed them into us. I discovered whiplash is real! Instant pounding headache and neck issues that required PT for the next couple months. Doesn't take a huge hit from behind to cause injury, especially when the vehicle was stopped.
Great call and advise on Dave's part. I don't hesitate to comment when I disagree with Dave, so I have to give credit here. This was practical, helpful advise that made sense to me as I was contemplating the same question as the caller.
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That happened to me, except I was the middle car in the accident. The guy who hit me had no insurance, so I got sued by the lady who my car was pushed into. My car was totaled, hers was just a bit dinged up. She claimed she could no longer work! It was ridiculous. She did get a small amount of money from my insurance company ultimately
@@genxx2724 no I was not injured and I didn’t have umbrella insurance, just auto liability and physical damage. Had she actually been seriously injured it could’ve been bad, I think they paid her $5,000
That's actually pretty low. My wife is an auto claims adjuster and would be shooting in that neighborhood. Lower if she had info that the lady was still working or waited months to see a doctor.
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I was a P&C underwriter for 30 plus years. If you have an umbrella and a alleged substantial claim, you will get the A Team. Don't forget, the claim may be unfounded, but you still have defense costs. The people on the Condo Beard at Surfside may have had personal umbrellas, but they won't mean much. Use risk avoidance. Never serve on a Condo Board. Expensive repairs may be needed, but the residents will fight spending the money tooth and nail, while blaming you.
Thank you for the advice. It seems like if you want any chance of things being handled properly, you have to serve. It can also feel like a duty to take a turn. But you can wind up having to fight a lawsuit, even if you aren’t liable due to being a volunteer.
Always read the limitations of a PuP . There are some weird exclusions like being a politician or public figure . Professional athlete, are just a few.
I'm nowhere close to a millionaire, and was shocked at how inexpensive a million dollar umbrella policy was for my house and cars. Something like ~$250/yr extra. My insurance agent says 13% of their payouts go over a million bucks, so better than one in ten chance it'll be needed in the case of an accident. Just seemed reasonable.
A nice older lady where I live was involved in a auto accident ,her daughter was in the car with her. They were T-boned. Both went to the hospital with minor injuries. A week later the mom died. It went from a minor injury accident to a wrongful death suit ..... fast.
Your agent lied to try and sell an extra policy. Umbrellas almost never payout. Still worth it given the low cost though. It also covers libel and slander lawsuits. - an insurance agent
@@johnSmith-uz8nl My question is: Say net worth 1.5M, PuP for 2.0M. Jury awards 4M. You 500K short. It never ends! If you had 5M they would ask for 10M and so on....
Most everyday millionaires have the majority of their investments in 401K type accounts. I heard several RU-vid advisors mention that these type of accounts are not susceptable to liabilities that umbrellas cover. In other words, you don't need umbrella insurance to cover retirment accounts. Is this right?
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You have max liability before you buy umbrella. Otherwise you would have to cover the difference out of pocket. Most companies will tell you this and if it's with the same company as your auto policy, you have to go in and max your auto liability first.
It is usually cheaper to increase your liability insurance (almost always). But my home owner policy only allows a max of 1 million in liability insurance. So if you want more then 1 million you need to buy an umbrella insurance policy (give you insurance for AFTER the 1 million). I think they say that worst case scenario is if a child dies in your pool, and I think you need 5 million for that. If you don't have a pool, having 2 million in general liability insurance is nice.
Thank you... I'm looking at umbrella insurance now and in Tampa Florida area and they're charging me $1,200 for a 1 million policy including motor policy!!!
Some businesses cant be llc’s. Professional corporations cannot be llc’s in CA for example. Definitely good idea to do risk management when you have money. This is coming from a lawyer lol