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Old 02-10-2021, 12:30 PM   #61
dfb
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Originally Posted by kowbra View Post
I can see both sides of this coin; for those who say they will self insure because they have the means to recover their loss, it makes sense.
The fly in the ointment nowadays is that it's hard to self insure for liability. In a worst case scenario where you had an at fault accident, maybe you can stomach the $100k+ loss of truck and trailer. But what if you are sued for millions? End of your lifestyle as you know it.
For those who don't plan to get into an accident? No one plans to get into an accident, and all it takes is for the first one to be a bad one.

To be clear, each one can make their own choice and each one accepts their own level of comfort with risk. I'm only suggesting that the risk is higher now than it used to be, so make sure you are considering the true "worst case" scenario when you decide.

I used to only buy the minimum insurance required in our province. But now that I am older and have way more means than when I was younger, I actually buy more insurance. Yes, now I can afford to self insure the loss of the vehicle, but I also have a lot more to lose if I was sued. And because I have more, I think the likelihood of being sued is higher.
I still don't plan to get in an accident, and drive very defensively

Just MHO...

Brad
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Old 02-10-2021, 03:15 PM   #62
mlh
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I had a million dollar umbrella policy. I ask my agent if I needed it. She said she had been in the business for 25 years and had never had a law suit against a client that exceeded them standard policy so no I didnít need it.
Lynwood
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Old 02-10-2021, 07:03 PM   #63
sourdough
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Originally Posted by mlh View Post
I had a million dollar umbrella policy. I ask my agent if I needed it. She said she had been in the business for 25 years and had never had a law suit against a client that exceeded them standard policy so no I didnít need it.
Lynwood
I don't know what the minimums are in your state but in TX I believe the minimum liability requirement is 15k liability. If your agent hasn't seen a settlement larger than that she has a pretty protected clientele seems like.

I carry max liability allowed in TX (300k) on everything I own and then a 5M umbrella policy. I'm not a gambler and don't want MY money depleted by some lucky miscreant. It only takes once and the cost of the insurance is peanuts for the peace of mind IMO. I know some folks view insurance as a waste of money, but, I have known folks that thought that and ended up destitute because of their lack of insurance and cash to back it up.
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Old 02-11-2021, 12:40 PM   #64
mlh
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Thanks but our minimum requirement I think is at least a 100 K. With a 5 M policy maybe you should see if it’s really necessary. My agent said I didn’t need it wondering what your agent would say, if they were being honest.
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Old 02-11-2021, 09:56 PM   #65
sourdough
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Thanks but our minimum requirement I think is at least a 100 K. With a 5 M policy maybe you should see if itís really necessary. My agent said I didnít need it wondering what your agent would say, if they were being honest.
Lynwood

I don't ask my agent anything pertaining to my personal well being, I just tell him. He has no clue what I do, where I go and what I might encounter....and he certainly isn't going to bail me out if he's wrong....so I do my own due diligence. JMO.
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