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      01-19-2015, 03:19 PM   #1
X3MAN
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INSURANCE questions

2015 BMW X3

Bodily Injury Liability $100,000/$300,000
Property Damage Liability $50,000
Medical payments:
Uninsured Motorist & Underinsured Motorist $100,000/$300,000
Comprehensive $250 Ded/Non Ded
Collision $250 Ded.
Rental Reimbursement $30/Day, $900Max
Emergency Road Service Covered
Mechanical Breakdown Insurance $250 Ded.

I work in a hospital and a have a good health insurance.
1. Do I need coverage for medical payments.
2. How much is a good premium for a BMW X3 2015 with this coverage

I am currently quoted 1040 for 6 months by GEICO

Thank you in advance
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      01-19-2015, 03:56 PM   #2
02420X3
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You should be able to lower the premium by increasing the collision deductible. Are you really going to file a claim for $250, or are you going to eat it? What about a $500 claim? Or perhaps even a $1000 claim? Where's your pain threshold?
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      01-20-2015, 12:23 PM   #3
Jordster
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Does that mean that if your'e in an accident that you cause, you only have $300k in medical liability insurance and $50k in property liability damage?

I live in Canada so I'm not sure about the laws in the US, but those liability limits seem REALLY low. I'm assuming, of course, the you actually have something to lose (assets), but if you had no assets I doubt you'd be buying a BMW.

My policy has $2m in liability, the highest amount available, and I still lose a bit of sleep over it because in a worst case scenario it's easy to cause an accident with liability a lot higher than that and be sued for the value of everything I own...
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      01-20-2015, 12:45 PM   #4
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Med Pay is an optional coverage and is first party (self) coverage and is generally excess over personal injury protection coverage. I would bump up the property damage liability to at least $100,000.

Mike
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      01-20-2015, 03:59 PM   #5
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It's all about risk tolerance. Auto insurance is like a game of chance.
For me, I sleep very well with an umbrella policy on top of my auto policy.
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      01-25-2015, 03:55 PM   #6
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Quote:
Originally Posted by Jordster View Post
Does that mean that if your'e in an accident that you cause, you only have $300k in medical liability insurance and $50k in property liability damage?

I live in Canada so I'm not sure about the laws in the US, but those liability limits seem REALLY low. I'm assuming, of course, the you actually have something to lose (assets), but if you had no assets I doubt you'd be buying a BMW.

My policy has $2m in liability, the highest amount available, and I still lose a bit of sleep over it because in a worst case scenario it's easy to cause an accident with liability a lot higher than that and be sued for the value of everything I own...
People normally also have something called "Umbrella Insurance" which is a minimum of $1M liability coverage, but you must also have $300K liability on your cars. (We have 5 cars and 3 drivers, and $1M umbrella costs about $500/year.) Umbrella insurance also covers your house liability.
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