Totaled my new Tesla Y with minimum insurance. What happens

[nickjett]

@estherkinyua Yep, it’s your Prop Damage that covers damage to the other car. Likely the most you can get for that limit is $100k. There are lots of cars costing $100k+ on the road now in HCOL states. What to do, what to do? Could get a $1M Umbrella, which takes you down aa additional insurance path.

 

[resjudicata]

@nickjett I got umbrella insurance for a million dollar policy and it was $10 a month...then they gave me a $5 discount on my homeowner and $3 discount on my auto for bundling, so my umbrella is only $2 a month for an additional million in liability coverage. It's stupid not to at that price point.

They didn't mention the discounts until the very very end. I agreed to the $10 a month just to find out it's really $2...I wonder how much I could have gotten for a full $10!

 

[messina8]

@resjudicata This is almost exactly what we pay as well. Umbrella policies are so inexpensive. I hope to heck we never have to use it.

 

[michaljongkind]

@resjudicata $120 annual is exceptionally cheap.

Most policies I see run $400+ in my state

 

[marlonbarnhill]

@resjudicata Did you get your umbrella policy from the insurer that covers your home & car? I have AllState for all 3 and my $1mm umbrella costs about $240/year.