What is everyone paying on insurance?

[nookandcrannycar]

Originally Posted by edmscan

Same here (I have 2 million as well) ... I think that is probably why we are seeing the rates in Canada are so much higher. Guess it all works out to bang for the buck.

I would guess (not an educated guess as I have no information) that how low the companies go in Canada with their limits might have a basis in some law or regulation. I would think that the average accident in Canada would involve more damage than in the U.S. as a whole and that a significant reason would be that all of Canada experiences a 'Northern Winter'. In California, the minimum liability (at least within the least couple of years) hasn't changed in over 30 years at 15k/30k/5k. Here in the U.S. we have umbrella policies that usually require the total liability limit on the underlying policy to be at least 500k and kick in after that. The underlying policy limits are usually 500k or 750k and some companies will do 1 million. The umbrella policy adds an additional 1 million of liability coverage for typically $100 to $300 per year (not per month) depending on various factors. The umbrella policy also covers liability at your home (if someone trips and falls, for example) unrelated to vehicles. I'm just a diligent consumer, so anyone from the insurance industry please feel free to chime in. Of course some people purchase much higher limits.I heard Dave Ramsey say on the radio the other day (as part of an illustration during a call) that he personally carries an umbrella policy with a 10 million dollar limit and it costs him about $3500 per year. I wondered if 'Northern Winters' and strictness of various state laws in the U.S. might effect limits people choose. In looking at mr9865's post, my guess is that you would be hard pressed to find anyone in Texas, and especially in California making under $10.00 per hour who would carry anything more than the legal minimum. I wonder if the law in Wisconsin makes it prudent to have the limits he does.