Totaled my new Tesla Y with minimum insurance. What happens

[silverfanng]

@mjb048 I tried helping family with their insurance and was told "Im a know it all". I listened to them get a quote over the phone and just asked for all of the cheapest options possible without understanding it. Kills my soul.

 

[ngoc1993]

@silverfanng family member is an independent agency owner. she WILL NOT write these cheap as you can go policies. saves a headache downstream when that accident/fire occurs.

 

[katehasbrouck]

@ngoc1993 My family just sold their agency, but I worked there for 10 years and would never write a policy with minimums. If they wanted one, we'd refer them to the insurer's website. We didn't want any of that liability to fall on us.

 

[sharonmay]

@mjb048 State minimums should have been tied to inflation over the past several decades. They're barely a step up from being uninsured.

 

[hiimbryan]

@resjudicata Bodily injury and Collision. That's the two highest costs.

 

[jgibson]

@hiimbryan UIm getting there

 

[fmylife]

@resjudicata Your post makes this entire sub worth it. Good for you!

 

[sgtstruble]

@resjudicata I hope you also looked at your bodily injury coverage. As a former insurance agent I carry 300k bi limits in case I injure someone else. It’s very easy to even reach 300k with a back injury now days

 

[rightway2truth]

@resjudicata More people need to realize this

 

[kirflyn]

@resjudicata The reason for this btw is because the vast majority of property damage is

 

[tylerr]

@buckyboy I’ve seen it be a dollar or 2 for 6 months total.

 

[lynsdeyblack12]

@buckyboy in Louisiana it's so bad, the insurance companies just give up and pay policy limits to anybody. bump into someone at 1mph and put a tiny dent in the fender, policy limits. It's why insurance is insanely expensive in the state.

 

[ebg]

@lynsdeyblack12 I'm a ride-share driver in New Orleans and I get hit about every year and a half. I can assure you they do not simply pay out the policy limit for every fender bender. Insurance is expensive in this state because 1. A lot of people don't carry insurance and 2. We have a lot of crooked lawyers who inflate claim amounts.

Insurance companies in this state are not making much profit and they're not just paying out policy maximums to avoid lawsuits. The lawyers may be crooked but a lot of the judges are getting annoyed and not ruling for these large payouts.

 

[lynsdeyblack12]

@ebg I’m sure there’s a reason I was asked if I had any more coverage beyond what the other party knew about, and that was to see if they could go after more. I don’t know if I can get the results for you, though.

 

[ebg]

@lynsdeyblack12 The minimum legal limits in Louisiana are very low. If you total a new car, or two used cars, you're probably going to hit that limit quickly even if there are no injuries. That does not mean they're going to max out your policy over a fender bender.

 

[gilcollect]

@lynsdeyblack12 You got asked that because the claim you caused was likely going to exceed your limits.

 

[hiimbryan]

@estherkinyua Bmw? I saw a guy tbone an ambulance he didn't see or hear because of his music and tip it on its side. 4 people, 1 was severely injured already, and tens of thousands of property damage.

 

[theenglishhovind]

@estherkinyua You get it! I can’t stand “only pay for what you need” because you literally have zero idea of how much insurance you may need if you caused an accident.

 

[silverfanng]

@estherkinyua My sister was sued from an accident when she was 21. She just finished paying for it (Like $100-150/mo) and she's in her 40s now.

 

[sevensidedcube]

@estherkinyua Sold insurance for a year. It’s crazy just how many people think they understand what they’re paying for but don’t want to take the time to get the right understanding.

Most of my time was spent enlightening clients about their insurance and still they were reluctant to get better insurance. I wasn’t even trying to get them to the company I worked for…just wanted to help them to understand what they were actually paying for and how it worked for them.

There really should be a short insurance course when getting your drivers license because 95% (or more) of ppl have no idea what they pay for until something happens. Then you hear that insurance is a ‘scam’.

Really glad you learned and will be increasing your limits.