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Poll - Do you have an umbrella insurance policy to protect your collection?
TopographicOceans
Posts: 6,535 ✭✭✭✭
An umbrella policy covers your assets when you do damage beyond your normal insurance coverage.
In California the minimum coverage for liability on your auto insurance is $100k per person and $300k per accident.
But say you run into someone who winds up being paralyzed for life and gets a judgment against you for $750k. Your auto insurance would cover the first $100k, but you would be liable for the other $650k. So you could lose your assets - your stocks, CD's, cash, house - and even your coin collection
So an umbrella policy covers you the amount above your auto (or homeowners) insurance coverage. Do you have one?
In California the minimum coverage for liability on your auto insurance is $100k per person and $300k per accident.
But say you run into someone who winds up being paralyzed for life and gets a judgment against you for $750k. Your auto insurance would cover the first $100k, but you would be liable for the other $650k. So you could lose your assets - your stocks, CD's, cash, house - and even your coin collection
So an umbrella policy covers you the amount above your auto (or homeowners) insurance coverage. Do you have one?
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But IIRC you have to have an auto AND a home in order to get one.
Also have 3 Collies
And a Combat Infantryman Badge
And a Ranger Tab
And a bad attitude
And pray to never fire a weapon in anger again.
Yes...umbrella coverages are dirt cheap...$145 annual premium for $1,000,000 coverage...it's well worth it.
A million dollars isn't much coverage these days.
And pray to never fire a weapon in anger again.
The way some posters present them it almost makes one think that they're itching for the chance to pull down on someone.
This is very cheap protection that is highly recommended
Experience the World through Numismatics...it's more than you can imagine.
I maintain my own security.... and it is very effective. Cheers, RickO
Ricko....the OP is talking about financial security.
Can you please X explain your answer.....you have an extra, very liquid $650,000 or even more cash readily available should the horror of an accident occur in which you are at fault and results in a large financial judgement against you?
That was the question.
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
Yes...umbrella coverages are dirt cheap...$145 annual premium for $1,000,000 coverage...it's well worth it.
A million dollars isn't much coverage these days.
If that's not enough for your taste...increase it to whatever amount you're comfortable with. Again, it's a liability insurance, that protects you from possible financial ruin.
An umbrella policy will provide coverage ( As long as the allegations of the lawsuit fall within the scope of coverage and there are no exclusions) in the event that a judgment is entered whereby you are found to be legally liable for property damage or bodily injury in excess of the primary limits of your HO policy or auto policy depending on the type of loss. An umbrella policy does not cover your assets, it covers the legal liability that you may have in the event of an adverse judgment due to your negligence up to the Umbrella policy limits.
This is very cheap protection that is highly recommended
Well said.
I have an umbrella policy ($3M, IIRC), and it has nothing to do with protecting a coin collection. I do have a small rider on my HO policy, about $25k, which would provide coverage for loss or theft of coins that I might be carrying on my person to a coin show or such.
So the judgement is paid in order of
1) Standard insurance - up to the limit
2) Umbrella insurance - up to the limit
3) All your other assets - up until you have nothing left.
Retirement accounts are exempt.
So if you kill two people and get acquitted, but then found liable in a civil wrongful death lawsuit and ordered to pay $35 million to the families of your victims, you can keep the millions you have in your retirement accounts even though you are serving time in prison in Nevada for robbery.
But your Heisman trophy (and coins) can be ordered to be sold to pay the judgement.
It will NOT protect you from loss of your assets.
Additionally CA minimum auto coverage is way less than the OP post ie it is15K/30K/5K.
Should you want an umbrella policy, almost all insurers offering umbrella policies will insist on higher limits - usually $100K/$300K on an auto policy and usually $300K liability on an Home owners policy.
So the other question to contemplate besides obtaining an umbrella policy is just looking at you auto policy to determine you have reasonable limits- $15K/$30K is just not going to be adequate in the event of an auto accident.
Just a few things to contemplate
Experience the World through Numismatics...it's more than you can imagine.
Tom
Yes...umbrella coverages are dirt cheap...$145 annual premium for $1,000,000 coverage...it's well worth it.
A million dollars isn't much coverage these days.
If that's not enough for your taste...increase it to whatever amount you're comfortable with. Again, it's a liability insurance, that protects you from possible financial ruin.
If one causes a motor vehicle accident where several people are killed or injured $1 mil likely wouldn't go far. I carry $2 mil.
The California State mandated limits are actually less- I believe they are $15K/$30K.
Should you want an umbrella policy, almost all insurers offering umbrella policies will insist on higher limits - usually $100K/$300K on an auto policy and usually $300K liability on an Home owners policy.
So the other question to contemplate besides obtaining an umbrella policy is just looking at you auto policy to determine you have reasonable limits- $15K/$30K is just not going to be adequate in the event of an auto accident.
Just a few things to contemplate
People are driving around me with only $15K/$30K That's scary.
That's like an ambulance ride to treat a broken finger at the hospital.
At least it's something. We have a lot of visitors to our country who don't carry any insurance. And if you get hit by somebody, chances are they don't have insurance.
I have $100K/$300K but also an umbrella policy. But fortunately I haven't injured anyone in an auto accident since I was 16.
And my coin collection was worth less than $100 back then.
The California State mandated limits are actually less- I believe they are $15K/$30K.
Should you want an umbrella policy, almost all insurers offering umbrella policies will insist on higher limits - usually $100K/$300K on an auto policy and usually $300K liability on an Home owners policy.
So the other question to contemplate besides obtaining an umbrella policy is just looking at you auto policy to determine you have reasonable limits- $15K/$30K is just not going to be adequate in the event of an auto accident.
Just a few things to contemplate
People are driving around me with only $15K/$30K That's scary.
That's like an ambulance ride to treat a broken finger at the hospital.
At least it's something. We have a lot of visitors to our country who don't carry any insurance. And if you get hit by somebody, chances are they don't have insurance.
I have $100K/$300K but also an umbrella policy. But fortunately I haven't injured anyone in an auto accident since I was 16.
And my coin collection was worth less than $100 back then.
That's why you carry uninsured/underinsured motorist with your policy.