Is my Geico Quote fair?

[Not So Mild]

Wow, seeing this makes me hate being a young white male. I've been shopping around for insurance trying to decide what motorcycle I want to buy. Pretty much stuck with a ~ 2006 600cc due to insurance. Price out a few cars, and it's WAY too much for me to feel fine justifying.

Hello, everyone. These are the limits/amounts they gave me..


Bodily Injury Liability(BI) $15,000/$30,000
Property Damage Liability(PD) $25,000
Medical Payments(MED) Not Included
Uninsured & Underinsured Motorist $15,000/$30,000
Comprehensive(COMP)
2013 TOYOTA COROLLA $1,000 deductible
Uninsured Motorist Property Damage
2013 TOYOTA COROLLA Not Included
Collision(COLL)
2013 TOYOTA COROLLA $1,000 deductible
Rental Reimbursement(RR)
2013 TOYOTA COROLLA Not Included

I have a 2006 Camry that I insure through Geico. I have full coverage since it's still under a loan for a couple more months. I have 1 speeding ticket on record, and my monthly payment is $130. I know ~$98/month seems pretty high, but it could be worse, and you are getting a fairly new car as well.

 

[WhiteNoise]

I pay around $180 a month but I have a motorcycle, truck and two cars. Full coverage on everything. So yeah that seems high to me but I'm also 44 years old. /sigh

 

[NutBucket]

Hello, everyone. These are the limits/amounts they gave me..


Bodily Injury Liability(BI) $15,000/$30,000
Property Damage Liability(PD) $25,000
Medical Payments(MED) Not Included
Uninsured & Underinsured Motorist $15,000/$30,000
Comprehensive(COMP)
2013 TOYOTA COROLLA $1,000 deductible
Uninsured Motorist Property Damage
2013 TOYOTA COROLLA Not Included
Collision(COLL)
2013 TOYOTA COROLLA $1,000 deductible
Rental Reimbursement(RR)
2013 TOYOTA COROLLA Not Included

Those are really low liability limits. Do you have assets that someone could come after? Anything more than fender bender will quickly exhaust that coverage and they'll be coming after you directly.

 

[dave_the_nerd]

Those are really low liability limits. Do you have assets that someone could come after? Anything more than fender bender will quickly exhaust that coverage and they'll be coming after you directly.

Depends.

The fine print of the insurance company payout should include a bit about them not coming after you. The effected party should have their own Uninsured/Underinsured Motorist coverage as well.

 

[NutBucket]

All I know is years back my friend had to pay an additional settlement because his PD coverage was only $5k (state minimum). Luckily I don't think there were any injuries.

 

[mindless1]

Depends.

The fine print of the insurance company payout should include a bit about them not coming after you. The effected party should have their own Uninsured/Underinsured Motorist coverage as well.

What do you mean? Fine print in your contract with an insurance company can't stop the victim or their insurance company from coming after you for the difference, including if their insurance has uninsured/underinsured coverage. I'd assume they will unless they deem the defendant perpetually judgement proof.

 

[dave_the_nerd]

What do you mean? Fine print in your contract with an insurance company can't stop the victim or their insurance company from coming after you for the difference, including if their insurance has uninsured/underinsured coverage. I'd assume they will unless they deem the defendant perpetually judgement proof.

Agreeing to not come after you individually is a condition of them taking the insurance payout in the first place. There are other rules preventing them from going after you individually if you have required insurance coverage, etc.

At least when I've been involved with this sort of thing. It may vary from state to state.

But hey, if you're not familiar with how this all works, then you've probably totaled fewer cars than me, so that's good!

 

[mindless1]

^ If your insurance company tries to state "we'll only pay X amount if you agree not to come after us/insured for more", there is little reason the other insurance company would agree to that, unless the difference is small or there is a question of fault in the accident.

I can accept that state law may make this vary, but I'm not aware of any states where an insurance company for the not-at-fault party can't sue to make up the gap. This is pretty standard AFAIK:

You can usually opt to purchase limits higher than the minimum set by your state. If your insurance policy only offers up to $10,000 of coverage and the amount of damage you cause exceeds that, you have to pay the difference out of pocket. Having a higher limit of liability coverage may help you avoid having to pay out of pocket after an at-fault accident.

https://www.allstate.com/tools-and-resources/car-insurance/property-damage-liability-insurance.aspx

 

[Scarpozzi]

That's my understanding as well....if you're under-insured and it's your fault, you're liable. The worst-case scenarios are for bodily injury where life-saving procedures are often billed higher than typical procedures just because they're in the ER... If you happen to hit a brand-new sports car or luxury SUV. Just think about how many $50k+ SUV's you see on the road these days...then realize how much of those vehicles are made out of plastic and aluminum. It doesn't take much to total them in a T-Bone accident. You can get a lot more coverage for just a few more dollars/month.

 

[thecoolnessrune]

Bodily Injury Liability(BI) $1MIL/$1MIL
Property Damage Liability(PD) $500,000
Medical Payments(MED) $10,000/person
Uninsured Motorist Property Damage $1MIL/person / $1MIL/occurrence
Underinsured Motorist $500,000/person / $500,000/occurrence

$250 Deductible Comprehensive, Collision, Emergency Roadside, and Rental Reimbursement on a 2015 Subaru Impreza with the above is $697.40 every 6 months. That's more than what you're paying, but for vastly higher coverage. I'm 28 with a 24 year old also on Insurance.

I think your age is paying a part in it. Under 25 is rough. My suggestion is to shop around, and after your turn 25 or 26, commit to changing providers. Almost every insurer will keep raking you over the coals for your young age even after you pass 25 because Insurance rates never go down.

 

[TridenT]

Regions vary greatly. I just saved $50/month because I moved 2 miles into another city. (The cities are both in the burbs and practically the same)