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.

[mr9865]

Originally Posted by nookandcrannycar

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.

Just need the bare minimum here in Wisconsin, I was just raised to be well covered. And I dont really feel that poor making 9.50 a hour. Ive got a roof over my head, a nice car, and a computer.

[nookandcrannycar]

Originally Posted by mr9865

Just need the bare minimum here in Wisconsin, I was just raised to be well covered. And I dont really feel that poor making 9.50 a hour. Ive got a roof over my head, a nice car, and a computer.

Good for you. Truly. I think quite a few people fill their lives with 'consumerism' and still aren't happy, and I think one of the reasons for this is they lack gratitude, which you obviously have, and I have as well. I had terrible parents, but I had wonderful grandparents who were really more like my parents. I think a lot of people who aren't grateful and who aren't at peace missed having anyone who could give them a sane and grounded foundation. You got that and obviously appreciate it. Makes for a lot of inner peace . In California there are likely some people whose attitude is as upstanding as yours but can't afford the extra cost (less so in Texas...I'm still continually amazed by how much less things cost here), but a larger number would be people who wouldn't entertain having more than the minimum liability because they don't have any assets and think to have a higher limit would simply be a waste of money. On a 'gratefulness note', I don't think I've ever met an unhappy first generation U.S. immigrant, no matter where they came from. Despite all our problems as a country, many people whose past is in another country feel grateful to be here.

P.S. A recent news story -- crazy IF it is true -- 7 billion people in the world. 6 billion have cell phones, but only 4.5 billion have access to a bathroom or latrine.

[jayeh]

Originally Posted by nookandcrannycar

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.

The minimum liability coverage is $200,000. I've never seen a policy under $500,000 Most policies are $1 or $2 million.

It's a total cash grab since the government limits the maximum amount people have to pay out after an accident.

The thing is the difference between the bare minimum and the maximum is about $20 a year.

[jayeh]

Originally Posted by nookandcrannycar

SMH. Sounds as though jayeh's 'total cash grab' point also applies to your situation.

Lapses in insurance are highway robbery. If you can't afford a car for a while they punish you by jacking your rates when you return. No matter what they are set to extract a certain amount of money from you... no matter what!

[nookandcrannycar]

Originally Posted by jayeh

Lapses in insurance are highway robbery. If you can't afford a car for a while they punish you by jacking your rates when you return. No matter what they are set to extract a certain amount of money from you... no matter what!

I wonder if the same situation in the U.S. causes a similar rate jackup ?