Property Damage Liability Amounts

[kellyfrost]

I know most, if not all, states require a minimum of property damage liability insurance that must be carried by drivers; however, it is certainly a smarter decision to carry more than the minimum requirements if you can afford them.

What is a typical amount purchased by someone wanting to buy more than the minimum required? $50k? $75k? $100k? Do any companies offer more than 100k or do they want you to purchase an umbrella policy at that point?

Here are my coverages, just want to make sure my property damage liability is sufficient and in line with my other coverage levels and not deficient.
Bodily Inj: 250/500
Prop. Damage Liab: 100
Medical Payments: 5k
UM: 250/500
UIM: 250/500
Comp - purchased
Collision: purchased
Roadside Assistance/ Rental Expense: purchased.

 

[Andle]

Companies all function differently in different states. Have you contacted your agent?

 

[Ambrose]

I know most, if not all, states require a minimum of property damage liability insurance that must be carried by drivers; however, it is certainly a smarter decision to carry more than the minimum requirements if you can afford them.

What is a typical amount purchased by someone wanting to buy more than the minimum required? $50k? $75k? $100k? Do any companies offer more than 100k or do they want you to purchase an umbrella policy at that point?

Here are my coverages, just want to make sure my property damage liability is sufficient and in line with my other coverage levels and not deficient.
Bodily Inj: 250/500
Prop. Damage Liab: 100
Medical Payments: 5k
UM: 250/500
UIM: 250/500
Comp - purchased
Collision: purchased
Roadside Assistance/ Rental Expense: purchased.

As far as I know an umbrella has nothing to do with property damage limits. It's based on the liability limits of 250/500 you have. 100k PD is pretty standard with 250/500 BI. I'd still get an umbrella though. They are so worth it for the cheap price.

 

[marindependent]

This totally depends on where you live and a full variety of other factors.

I also would suggest that you discuss the matter in depth with you insurance agent.

 

[djs]

Ask your agent for a CSL (combined single limit) and try to get 1M on it. It probably won't cost much more then what you are currently paying.

Combined single limit of $1M gives you a million dollars in coverage for bodily injury, property damage, whatever liability you might incur. Not quite as good as an umbrella, but hits that half way point. The biggest risk you have is your cars, so this gives you better coverage that you might need there.

Dan

 

[jlanier]

I know most, if not all, states require a minimum of property damage liability insurance that must be carried by drivers; however, it is certainly a smarter decision to carry more than the minimum requirements if you can afford them.

What is a typical amount purchased by someone wanting to buy more than the minimum required? $50k? $75k? $100k? Do any companies offer more than 100k or do they want you to purchase an umbrella policy at that point?

Here are my coverages, just want to make sure my property damage liability is sufficient and in line with my other coverage levels and not deficient.
Bodily Inj: 250/500
Prop. Damage Liab: 100
Medical Payments: 5k
UM: 250/500
UIM: 250/500
Comp - purchased
Collision: purchased
Roadside Assistance/ Rental Expense: purchased.

I used to think 100k property damage was plenty. We generally start our clients at 250/500/100. However, just recently an automatic car wash I had insured suffered damage from a vehicle I did not have insured. The other lady which was negligent was a 25+ year farm bureau client who carried 250/500/100. The damages to the car wash were 150k. My carrier surrogates for the 50k. I had never thought of an event like this occurring.

I am now in the process of "increasing" my customers property damage renewals to 250k and of course trying to throw in an umbrella. The average rate increase is $4 per year per vehicle.

I always suggest purchasing the highest limits you can afford. Hopefully they'll never be needed but $4 / year for 25 years is much easier to come up with than $50k in a pinch.

 

[InsCommentary]

Buy CSL and an umbrella.

 

[kellyfrost]

Ask your agent for a CSL (combined single limit) and try to get 1M on it. It probably won't cost much more then what you are currently paying.

Combined single limit of $1M gives you a million dollars in coverage for bodily injury, property damage, whatever liability you might incur. Not quite as good as an umbrella, but hits that half way point. The biggest risk you have is your cars, so this gives you better coverage that you might need there.

Dan

Thank you for your response. I wasn't aware of combined single limit. After reading about it, I think this might be helpful for my situation.
Which companies offer a combined single limit? I am currently with American National and I wasn't made aware that this was an option. Previously, I was with All State and I wasn't aware that this was an option either.
Which auto insurance companies offer this? Should I approach and independent agent?

 

[marindependent]

I agree that $100K is seeming increasingly like not enough. Issue is some carriers will not go beyond that amount.

 

[bobson]

I agree that $100K is seeming increasingly like not enough. Issue is some carriers will not go beyond that amount.

Find new carriers.