Question Auto insurance after CH7 bankruptcy...

[RBisDebtFree]

Hello,

I was thinking what kind of auto insurance should I have now that I don't have the option to file for bankruptcy if I get in an accident and get sued.

I currently have 100/300/100 for bodily injury and property damage, $35k for personal injury protection (PIP) and 100/300 for uninsured motorist and property damage.

My insurance broker friend says that PIP is something that's not needed ever and if you use it then your premium goes up by so much that it's cheaper to pay it out yourself over a period of time. Also, he says that 100/300/100 and 100/300 is waaaaaaay too high.

What do you guys think? I definetely do not want to be underinsured. Thanks!

[forgotten]

100/300/100 is good, IMO. I would not carry any more or any less.

Anyone that thinks 100/300 is too high hasn't been to the hospital in awhile.

[OregonMom]

Hi, I used to work for an insurance company and I don't think 100/300/100 is too much. The first number $100,000 is the most your policy will pay out for 1 injured person. The second number is the most your insurance will pay out for all injured people, so if you hit a bus full of people and 20 are injured that $300,000 will go very fast any balances above $300,000 are your responsiblity, highly unlikely, but do you want to chance it? The last $100,000 is property damage, replacement cost of the bus or the car you hit. So if you hit two new cadillacs the $100,000 is gone pretty quickly. I know the state I am in pip is required and you have to have a certain amount. Hope this helps.

[RBisDebtFree]

Do you guys know what exactly PIP covers? Is it for people in your car that don't have health insurance?

I also think that 100/300/100 is not too much, I work in a city with a lot of Ferraris, Porsche and Lamborghinis driving around. Once I stopped a foot away from one of those expensive cars, that's the day I switched from 50/100/25 to 100/300/100

Just a question, if you don't have enough coverage and you don't have too much to go after, like no assets, etc. Would it make sense to sue you to obtain wage garnishment or recover loss some other way from you?

[momofthree]

I know my PIP is only $5000. I honestly don't know what it's for, but the $5000 is what my insurance agent recommended.

I also have 100/300/100 for both collision and uninsured motorist. My sister was in an auto accident and easily racked up over $100k in medical bills between the helicopter medi-vac, 2-week stay at children's hospital, multiple surgeries, and followup appointments. My other sister and niece were also in the car, but their injuries weren't as severe (just broken bones, glass fragments in their skin, etc.)

[Bell30656]

My first wife's, former husband... complicated... had an accident. A 18 year old college student crossed a center line and hit him head on in daddy's car. The father of the 18 year old lost his house and business when the insurance company/ex-wife's former husband sued him. He could not file bankruptcy. Four people in ex-wife's former husband's car and three people in her car. Multiple air ambulances and several long hospital stays, surgeries and rehabilitation. One person from the accident is still disabled three years later... I believe there are still lawsuits pending from one of the passengers in her car.

Just think if there had been a fatality!!!

Oh yes, those lawsuits can take a quick chunk out of your life. Think umbrella policy. My vehicle insurance is also at 100/300/100 but that was because the umbrella policy required it.

[TEW]

I always carry the max for libility. It's not that much more to have the extra protection.

[RBisDebtFree]

What is the umbrella policy?