Totaled my new Tesla Y with minimum insurance. What happens

[calicoder]

@ben982743 stop crowdsourcing your life

 

[bernardpyron]

@ben982743 What’s the deductible on that ?

 

[ben982743]

@bernardpyron $1000 collision $500 comprehensive

 

[thetruthseeker1983]

@estherkinyua Use your collision coverage. Be warned what you paid for your car has no bearing on the payout.

 

[lonelione]

@thetruthseeker1983 This is true unless you got new car replacement option and if not gap coverage to at least cover the loan amount

 

[rightway2truth]

@thetruthseeker1983 This would actually fall into the un-insured/under-insured portion of your policy. This would apply your liability limits to your own vehicle in the event the person who hit you doesn’t have enough coverage. This doesn’t affect your premium like using your own collision coverage would and the I insurance company would handle suing the at fault party for the difference between what their insurance covered and what your insurance covered.

 

[bynet]

@rightway2truth Assuming they have UM.

 

[hoasenphat]

@bynet And assuming they have enough.

UM limits don’t stack depending on the state. Like in NJ if you only had 25k UMPD and OP got hit with someone with 25k PD, that 50k bill would still cost OP 25k since 25 less 25 is 0. The coverage only pays the difference in the under/uninsured motorist’s actual coverage and your UM/UIM policy limit.

I was embarrassed at how long I’ve been selling vs how long it took me to understand how the coverage works specifically. That mixed with the general misunderstanding of the coverage overall, probably doesn’t hurt to double check your limits.

 

[toast19]

@hoasenphat Fyi the collision coverage is primary and the UM would only be tapped if the cost of the vehicle exceeded max collision insurance (this has to do with …does the insurance policy exclude value over a certain amount). So if collision is available the UM would be moot. Stacking is one of the most misunderstood parts of insurance so don’t feel bad.

 

[rightway2truth]

@toast19 I’m not sure this is accurate. The two times I’ve used my uninsured coverage my collision did not play a factor at all. Unless I’m not sure what you’re trying to say.

 

[bynet]

@toast19 I don’t think you understand how UM actually works.

 

[toast19]

@bynet I know exactly how it works. But go ahead and explain it to me.

 

[thetruthseeker1983]

@rightway2truth There's a lot of assumptions here...

1) that the OP has that coverage
2) that It's going to be a smooth process for them to get UIM coverage quickly

The smarter play all around is to use the collision coverage and let them fight ot out.

 

[toast19]

@rightway2truth Actually no. 1. You’d have to be in a state that offers property UM. 2. If pd Um were available and everything else were minimum one would assume the UM is also min. 3. Assuming 2 is correct You’d also have to be in a state that permits stacking. Most states do not.

 

[jeanvh]

@rightway2truth Assuming the state they live in has UMPD.

 

[laurenheck]

@estherkinyua Sounds like you're misunderstanding your coverage.

The upper limit of the collision coverage for your own car is normally whatever the total value of the car is. The $50k you're referring to is probably your liability limit, which is for damage to other people's cars/property. Policies like agreed/stated value policies exist that do have a limit for your own car, but those types of policies are almost exclusively for collector cars.

In a total loss you get paid whatever the current market value of the car is.

You'll want to ask how sales taxes work as they are handled differently in each jurisdiction.

If you're in one of the ~26 states with annual property/excise taxes on vehicles then you can usually get a pro-rated refund on those from the state/city/town (depending on how your jurisdiction collects those taxes).

After your insurer pays you they will seek the money back from Geico. Assuming all they can get back is $25k you'll either get the first $500/$100/whatever your deductible is, or you'll get a pro-rated portion of your deductible. Ask you insurer which way it works. The question to them is: "Am I "made whole" first?"

 

[estherkinyua]

Thanks everyone! This helps a bunch and I’ll def be increasing limits.

As an aside, it’s crazy that I drove around in my 20’s with minimum insurance never knowing I could have totaled someone’s 100k bmw and gotten my face sued off.

 

[buckyboy]

@estherkinyua Especially when you find out more property coverage can be added for a dollar or two a month.

 

[resjudicata]

@buckyboy This just blew my fucking mind. Because of your comment I went to go look at my coverages: it was a $6 difference IN THE OVERALL COST OF THE PREMIUM, not even $6 monthly, between $10,000 and $100,000, I had no idea. Literally stepping over potential dollars to save pennies.

Thank you for pointing this out, I immediately updated my coverage!

 

[mjb048]

@resjudicata That’s why it’s so aggravating when people run quotes and ask for the lowest price possible

A solid chunk of agencies won’t even quote state minimums anymore out of principle lol