Penalized ! For owning a Spyder !

[rogdeb]

Thanks Jeff.

Had quotes so far from Safeco, Allstate, State Farm, AAA, American Family, and Geico ..... none were closely competitive with what I have now

The Rep at AAA gave me another option which I'm looking at -- "let the Umbrella cancel and increase the liability on the cars to 1 million/1 million"

Should approximate the Umbrella coverage loss ??

Never considered Costco though ! Guess I should.

 

[El Toro]

Dropping the umbrella and going to high limits on auto only works if you don't need high liability limits on other activities, like home ownership, rental properties, farm, etc.

If you've got serious assets that could be sought by an enterprising lawyer, the umbrella protects them. If you don't, then you may be over insured.

 

[Bounce]

Rog - I used Costco's insurance(discounts etc) - Ameriprise - not sure if they do motorcycles as i have always used geico and their rates were good for me. my XR was less than the FJR

Most endurance riders have learned not to go with GEICO as they have a max-miles-per-day clause that is crazy-small.

Some other examples:

https://www.consumeraffairs.com/insurance/geico-motorcycle-insurance.html

Umbrella policies are also recommended by instructors if you choose to get a conceal carry license.

 

[rogdeb]

Thanks Bounce -- helpful link

 

[HotRodZilla]

Ok, slightly off topic, but since it was brought up, for CCW Holders, your insurance umbrella policy is good for liability issues, but the $100k in attorney's fees will come out of your own pocket. To save yourself the hassle, go with someone like, CCW-SAFE 1-855-639-2297. https://ccwsafe.com

 

[rogdeb]

Ameriprise Insurance , through Costco, did the deed for me, at the price of a couple of Mocha's cheaper

Thanks all for the good info, twas a learning experience.

 

[dcarver]

Good to hear, Rog!

 

[Niehart]

Good to hear, Rog!

+1

 

[rogdeb]

Thanks to Jeff for kick starting my brain

 

[dcarver]

couldn't you just add one more tire and call it good?

 

[rogdeb]

Hi Don

 

[Tyler]

Hi Don

You used the wrong emoticon...

:finger:

 

[rogdeb]

You could be right Ty, we need bigger emoticons and I'm getting used to new

 

[cota95]

I've used Progressive/AAA insurance for 20 years and have had my umbrella while owning a Spyder and 2 different sidecar rigs.

 

[Millrat]

I have State Farm. Dropped my Triumph in my driveway avoiding a chicken. The dealer was still around but had lost Triumph franchise just selling BMW but would service Triumphs they sold. No other shop in town would work on it so adjuster had me take it there and paid minus deductible and even popped for anew helmet.

2018 FJR and everything else covered by State Farm.

 

[hppants]

I thought I'd share this story with ya'll.

As previously mentioned, my career centers around risk management. I file hundreds of insurance claims every year, and I've seen and dealt with a whole bunch of experiences associated with that over the past 20 years.

When my oldest child was reaching driving age, I started shopping umbrella liability policies. Obviously, she is an elevated risk, and the premium was very expensive. My next door neighbor at the time was (is) a lawyer that specializes in civil and corporate defense. One day, I grabbed 2 beers and walked over to ask him about the feasibility of purchasing the additional insurance. After a few minutes of discussion, he said something I will never forget:

(Paraphrasing)

"In my 25-plus years of doing this, I have NEVER seen a case that settled or who's trial disposed in such a matter that the cost exceed the limits of insurance for the defendant, regardless of the circumstances or the limits, however great or small."

That was telling to me. The low hanging fruit is picked and they move on. I passed on the umbrella policy and so far, so good. I've since over the years shared that story with many (a dozen or more) lawyers, including at least one that frequents this forum, who's specialty spans the gamut of litigation. Guess what? I have yet to find a lawyer who can share ONE story that contradicts my former neighbor. Not ONE story of a poor defendant that had his/her wages garnished or his house seized or his bank account stripped away. Not one.

My vehicle liability limits are still pretty high because I know the difference between ignorance and stupidity. But I do sleep a bit better at night now.....

 

[Spud]

The types of claims you're referring to are almost always brought by plaintiff attorneys working on a 1/3 contingency fee, so they get a cut of the settlement regardless of how long or how much work it takes. An excess judgment above insurance policy limits is subject to being discharged in bankruptcy. So plaintiff attorneys will stop once they have the sure thing (insurance $, up to policy limits) and odds of actually recovering anything above the limits are so low, they settle at limits or below and move on. Also, defense attorneys technically represent the insured person, not the insurance company, and if a defendant knows they may be facing a judgment that they'd be personally liable for, they will fight like hell to avoid that and so will a good defense attorney, so the fight gets a lot harder after that.