Here's some professional advise. I am licensed in CA and I train Farmers Insurance Agents professionally for my career. The person who said he doesn't purchase Uninsured Motorists Bodily Injury coverage is giving very bad advise. It's the most vital part of your insurance package. Second is your liability. As you've stated, not purchasing comprehensive or collision may cause you financial discomfort for a while, but it's not going to cause financial ruin. Liability and Uninsured/Under-Insured Motorist coverage is extremely important. First of all, as good people, we should provide adequate coverage to pay for a person's injuries and lost wages if our inattention caused them harm. I'd feel horible if I accidentally injured someone seriously and it caused them to lose everything they've worked for, possibly their family's home. In most states, if you do not have enough insurance or assets to liquidate to pay for a person's medical expenses, lost wages, pain and suffering, then they can garnish your wages. In California, it's up to 25% of your households annual income. If you think you can't afford an extra 10.00 a month for higher coverages then you can't afford to lose 25% of your wages either. Where I live, the median annual income per household is 50k. 50,000 x .25(25%) ÷ 12 months= $1,042 per month. With the average judgment involving a vehicle claim in the United States being close to $300,000 per judgment, 100/300 bodily injury isn't enough. 20% of all judgments are over 1Million. People often mistake having liability limits equal to their assets. When in reality, your assets have zero to do with the calculation. A person who rents can cause the same injury as a homeowner can. In most states, both could lose a large % of their annual income. People of all financial earning power value their lively hood. I suggest purchasing enough liability insurance to cover the average judgment and an umbrella that will cover the 20% of judgments that are 1Million +. Now, Uninsured / Under-Insured Motorist coverage. We know most people do not have very good coverage. The most any of you have already stated you have is 100/300 liability so that means the max you have in Uninsured / Under-Insured Motorist is 100/300. So, imagine you leave in your car tomorrow heading out to do some errands when someone texting on their phone runs a red light and seriously injures you. You're rushed to the hospital suffering from head trauma. The Dr tells your spouse that you'll recover but you'll lose some cognitive skills and most likely never work again. Through all of this, your spouse is dealing with insurance and finds out that the driver was uninsured. You only had 100,000 because you were the only person injured. Now what? What do you do about all of the medical bills? What do you do to replace your income so your family doesn't lose the home you've provided for them. Sure, you'll be ok because at least you're alive and get to see your kids grow up. You're Blessed. I agree. But you don't have to have it play out that way. Instead of basing your insurance on assets you currently have, base your Uninsured / Under-Insured Motorist on your household's annual income x years left until retirement. The most cost effective way to cover yourself for this is to purchase high enough auto limits so you can purchase an Umbrella Policy from Farmers Insurance. I say Farmers because in most states, we attach the 1 Million dollars to your Uninsured / Under-Insured Motorist coverage. I'm not aware of any other company that does. The minimum coverages I suggest purchasing is as follows. 250/500/100 Liability 250/500 UMBI / UMBI 1 Million Umbrella attached to your UMBI This would cover your for the average auto liability judgment in the United States and also cover you for the 20% of the time the judgement is over 1 Million. This would also give you 1,250,000.00 coverage for your family to pay for medical, lost wages and pain and suffering if you are injured. Remember, if someone injures you and neither of you are covered correctly, there's not going to be any money. No lawyer will take a case when there's no money to gain. Set your insurance up to take care of other people correctly and make sure you do the same for yourself. If Farmers pays you, they have lawyers on staff to get their money back from the person who caused it so you don't have to worry about their ability to pay. As a person example, for wife and I to raise our insurance from California Minimum Coverage 15/30/5 up to our 1 Million Single Limit auto policy cost us 30.00 extra a month. Our 1 Million Umbrella attached to our Uninsured / Under-Insured cost us 240.00 a year. So we pay an extra 50.00 a month but we don't have to worry about what if. I really hope this helps at least 1 person. If so, my time was well spent. Enjoy a Blessed and safe 2016. 😎 Mike Roland Agency Development Manager Personal Insurance Consultant Farmers Insurance District Office Bakersfield, California
I love the fact that you reviewed your insurance and shot this video trying to help people when buying insurance! As an insurance agent in Florida for 25 years, I would strongly suggest that you review uninsured motorists coverage as it is the MOST IMPORTANT COVERAGE ON YOUR POLICY!!! Studies show that 1 out of every 4 cars on the road have NO insurance even though it is REQUIRED BY LAW in Florida!! I can't stress enough how you need to purchase STACKED and MATCHED uninsured motorist limits. Thanks again for making the video and feel free to reach out to me with any questions you might have.
From my 2010 experience of having to sue a GEICO customer despite him running a stop sign, being drunk out of his mind, and hitting my car with so much force (no braking) he broke the rear axle, accordioned the trunk, pushed the car almost 100', and put a groove in the road from the broken axle...insurance companies are going to fight for every last dollar. In my case, its pretty much a slam-dunk case (though GEICO tried to get at least 5% blame on me), they would not settle. Only after I hired an attorney were they immediately going to settle, but then I was forfeiting 33%; and we were forced to sue to make me whole (just to get back to even for $$ & lost time from work). Ridiculous. I share this story for your subscribers because doing an asset search is VERY easy for a litigating attorney. Once you've saved a large amount of money, you are a target; regardless of how much insurance you have. Why? Because a good attorney is going to sue for maximum insurance, plus criminal restitution, plus pain & suffering, plus, plus, plus. Do I need to go on? Also, consider 1 fender-bender causing a several car pile-up; or 1 serious or permanent injury. Your life savings and everything you've worked for could be gone because of that 1 accident (and we're not touching on paying attorney fees for a criminal case like vehicular manslaughter or negligent homicide). Savers with high amounts need to structure those savings into protected or unlisted classes. This can differ depending on the state, but generally protected are: retirement/pension plans, residing home, and basic living wages. I would also add that trusts (separate legal entities) become a great idea; as well as LLCs owning properties, other vehicles, and toys. Unregistered/unlisted property is another good saving vehicle, like; gold/silver coins, and cash (on hand).
As an insurance expert (and pretty good with money) you guys are right and glad you didn’t run with the no insurance idea. Bodily injury and Property damage can bankrupt you easily unless you have beaux coupe bucks. Also, good job on knowing that if you can easily afford to replace your car after an accident then why pay insurance?? All they do is calculate your risk and charge you a little more so it’s only needed for people without the cash to fix the car...this is triple true of warranties, only buy them if the cost of a breakdown is higher than you have in savings
Hi guys, Good topic. When I was in college (many years ago), I remember a guest lecturer talking about insurance, and I have, for the most part, tried to follow his advice, which in a nutshell, is as follows: Insurance companies make money, so where the potential risk is not catastrophic (e.g., collision insurance), you should act as your own insurance company. When the potential risk would wipe you out, you should pay a larger insurance company (e.g., Geico) to take that risk. Thus, like you, I purchase high liability limits and don't purchase collision or uninsured motorist insurance. I have made an exception and purchase comprehensive (with a deductible), mainly because in Florida, any windshield damage is covered without having to pay the deductible and, believe it or not, twice I have cracked windshields putting on a Club!?! Yes, they replaced the windshield both times (at no cost to me, but maybe my rates went up!) I want to note also that if you have $100K in savings and a $100K liability policy, that does not necessarily protect your savings. It depends on the amount of damage. If you cause $200K of damage, they will first collect the $100K from Geico, then take your $100K of savings. One little issue I have had with not having collision insurance is that if a friend wants to borrow my vehicle, I am reluctant to loan it to them, because if they get in an accident with my car, my friend may not have sufficient savings to repair/replace my vehicle (since I don't have collision insurance). Any thoughts on this?
jkopvo Agreed on all points including comprehensive. Interesting question about letting someone else drive your car without collision insurance. Honestly, I would probably just accept it as an unfortunate circumstance and cover the loss myself if they were to wreck. Of course, that's assuming friends driving is not a regular occurrence. If I were in a situation with roommates or something, I would either have a discussion about the risks and have a rule, or just get the collision insurance.
Determining how much car insurance you need can be tricky. You’ll need to know how much coverage the law requires you to have while ensuring you have adequate coverage to protect your assets and yourself. You also need to find the right plan to fit your budget.
Hi Mike & Lauren, I just wanted to say good job! I am a licensed agent in Lufkin, Texas. I have been an agent for almost 20 years now, and started my own agency about 3 months ago. I will say one of my biggest frustration in my career (is not "not closing my prospect"), but how many people don't understand how their coverages work. So for instance, I love how you broke down the difference between the minimum limits of your state and showed how much it would cost to increase. I cannot tell you how many times I have told people if they have 1 claim it could ruin their entire lives if they are not insured properly. I'm going to share your video on our social media accounts. Lauren, You made me laugh when you paused and said, this is so boring. Insurance is boring and complicated....but its so important to understand and I believe that you should have a good agent and talk to that agent at least once a year, if not twice a year about your personal life so your agent can help you determine the proper amount of coverage to suit your needs.
For some reason Geico always gives me the highest quotes, and I shop for quotes every 6 months. So I find it interesting that you're getting insurance from them that cheap.
Just a quick follow-up -- if you are responsible for injuring someone, you might get sued and in that case they won't be coming after you for a few hundred thousand. They'll want a lot more, so a 100-300K limit will still not be enough. Insurance companies are now offering very reasonable umbrella policies for excess liability. As an example, you could find a 1M in coverage beyond your policy limits for just a $100 annual premium.
Stas Great point Stas. I actually looked into an umbrella policy researching this video and was quoted about $300 per year for 1M. Certainly not unreasonable, but just a little bit too pricey for us at this point. It will definitely be on my radar once we cross the $250k-300k net worth milestone.
@@MikeAndLaurenTV $300 (a year) is still not bad. Consider: This umbrella policy covers all your insured property; homes, all cars, motorcycles.. anything else you insure. Do you think you could insure 2 cars and a home to $1M for a total cost less than $300? Probably not. Also consider: If someone sues you for $1M, your insurance only pays 300K... and your 100K to 200K of assets will pay the rest in suit.
Too many peoole focus on getting the cheapest quote anywhere that's all they care, but many of those cheap insurance like geico and so many others less known companies are known to deny claim or screw you in some way, that's why they can offer cheaper quotes.
Hey Guys! Happy Thanksgiving! This is a good topic to discuss (boring but good :). We have recently switched our coverage limits since we sold our more expensive vehicle. We dropped collision coverage since we can pay to replace the vehicle out of pocket if needed. Our liability coverage is 100/300/50 (per person/ per accident/ prop damage per accident), medical payments are 25K/person, uninsured is 100/300/10. Any suggestions? Thanks!
Mike and Lauren Good to know! Hopefully that works out for us both :) Ours runs about $170 / 6 months (with discounts since we have our home insurance through the same company). With "full coverage" those same levels and the added collision was about $450 / 6 months. Add in the savings for property taxes paid each year and lower depreciation on older vehicles - cheaper/older cars help our savings for sure. Thanks!
@@jamesressull5617 Correct. The minimum for bodily injury liability is zero. So, the result is higher Florida rates due to a little degenerative lizard that wants to offer everyone the cheapest options. Can you incite enough imagination for how merciless you'd be if one of those people hit and injured you?
@@macdaddi824 Ah... You did not say "bodily injury" in the initial comment. Without going back through the video again, your comment was not clear. Yea, I hate that lizard. Always get an independent agent...
Hii i m new young driver lokking for cheap insurance jst liability.. can u recommend me which insurance company is cheapest and how much liability would be good
What should i get if i am trying to buy a used $10k car/ want full coverage for medical/body injury/health insurance plus covers other peoples car but one that doesn't cover my car?
Should I be worried about increasing my liability and property coverages at a young age? I don't have any significant assets. I own a $2k truck and have a little in my savings account.
Given how cheap it is to up your coverage, why not? You never know what the future might bring. Besides, won't you feel good you can make good if you do hurt someone?
Wow. You should still shop around however. For me despite having two accidents in one year (! I know, I had a year of break-ups, unemployment, death in the family and other stress) the amount extra is still similar to mentioned in the video (all my policies went up). Perhaps you're only looking at one company? I agree at $150 a month the calculus does change a bit.
FortNikitaBullion I called 5-6 different insurance companies, local and national. I settled on Progressive- $160 a month- very reasonable at that price. Partial coverage- comprehensive with a $500 ded, and just above minimum legal coverage for FL. That should cover me enough.
I don't know about you, but I'd rather get rid of the collision and comprehensive (or up the deductible to $1,000 or even $2,000) and get the higher liability if that were the case.
OK, so its important to note that personal injury coverage does not cover your medical expenses IN ANY WAY! Personal Injury, as in "personal injury attorney" covers you if you are ever held liable for an act that causes the OTHER PARTY personal injury (pain and suffering, loss of wages, etc.) For instance, if I watched this, and cancelled my health insurance and bumped the personal injury coverage on my auto insurance to $1,000,000, then realized after a major accident that personal injury doesnt cover "bodily injury" for my damaves, I could file a "personal injury" suit against "Mike and Lauren.com" for posting inaccurate insurance information, and positioning themselves as an insurance advisor without being licensed or qualified to do so. Then they might say, "We said in the very beginning that we were not licensed, or certified, or...um...like...whatever". But my lawyer will actually use that blurb about not being licensed as evidence of negligance on your part. By referencing your lack of licensing prior to advising viewers on insurance coverage, you are acknowledging your awareness that a license is required to legally and ethically provide that information, you are acknowledging your awareness that the provision of inaccurare information, or that even the misinterpretation of accurate information can lead to significant loss, and you are acknowledging that you are not qualified to provide this information to your viewers in any way that is legally or ethically sanctioned...and then you spend the next several minutes doing it anyway, and completely screwing it up, I might add.
+AFI Streaming Since you felt the need to post this 3 times... " The intention of Personal Injury Protection is to provide injured drivers up to $10,000 in immediate medical coverage in lieu of establishing fault through the court system. The goal was to reduce payment delay for injured drivers, as well as limit the utilization of the court system. In Florida, PIP coverage is required to be purchased by all owners of motor vehicles registered in this state. PIP coverage makes the individual responsible for their own injuries in an accident regardless of fault."
+Mike and Lauren This was posted 3 times because my app has a glitch. I didnt mean to bombard the comment section. Still, unless hou have worked and done the legwork to get a license you should not be advising people in matters of insurance. Up until recently you thought only of replacing your cars, not protecting other drivers you might hit and injure. Now all of a sudden you are experts? There are very real consequences to people getting half assed advice in matters of insurance, unless you have to be there to help people out of these situations you should not be handing out little lessons. And if you cant take a little reality check every now and then from a viewer perhaps you should find a new hobby to further your ego.
Jonathan Mondejar Yup. Here's a link: www.mikeandlauren.com/wp-content/uploads/2014/11/Car-Insurance-Prices.xlsx It's kind of a mess, I didn't intend on sharing it.
In some states you can make a deposit or buy a surety bond in lieu of insurance. In theory you could pool up your risk with other motorists who wish to do that as well.
![CAMPปลิ้น | EP.83[1/2] เปิดแคมป์หลอนต้อนรับ 2 ตัวพ่อแห่งวงการผี!](http://i.ytimg.com/vi/2uPuHYHgwiI/mqdefault.jpg)
Here's some professional advise. I am licensed in CA and I train Farmers Insurance Agents professionally for my career.
The person who said he doesn't purchase Uninsured Motorists Bodily Injury coverage is giving very bad advise. It's the most vital part of your insurance package. Second is your liability.
As you've stated, not purchasing comprehensive or collision may cause you financial discomfort for a while, but it's not going to cause financial ruin.
Liability and Uninsured/Under-Insured Motorist coverage is extremely important. First of all, as good people, we should provide adequate coverage to pay for a person's injuries and lost wages if our inattention caused them harm. I'd feel horible if I accidentally injured someone seriously and it caused them to lose everything they've worked for, possibly their family's home.
In most states, if you do not have enough insurance or assets to liquidate to pay for a person's medical expenses, lost wages, pain and suffering, then they can garnish your wages. In California, it's up to 25% of your households annual income. If you think you can't afford an extra 10.00 a month for higher coverages then you can't afford to lose 25% of your wages either. Where I live, the median annual income per household is 50k. 50,000 x .25(25%) ÷ 12 months= $1,042 per month.
With the average judgment involving a vehicle claim in the United States being close to $300,000 per judgment, 100/300 bodily injury isn't enough. 20% of all judgments are over 1Million.
People often mistake having liability limits equal to their assets. When in reality, your assets have zero to do with the calculation. A person who rents can cause the same injury as a homeowner can. In most states, both could lose a large % of their annual income. People of all financial earning power value their lively hood. I suggest purchasing enough liability insurance to cover the average judgment and an umbrella that will cover the 20% of judgments that are 1Million +.
Now, Uninsured / Under-Insured Motorist coverage.
We know most people do not have very good coverage. The most any of you have already stated you have is 100/300 liability so that means the max you have in Uninsured / Under-Insured Motorist is 100/300. So, imagine you leave in your car tomorrow heading out to do some errands when someone texting on their phone runs a red light and seriously injures you. You're rushed to the hospital suffering from head trauma. The Dr tells your spouse that you'll recover but you'll lose some cognitive skills and most likely never work again.
Through all of this, your spouse is dealing with insurance and finds out that the driver was uninsured. You only had 100,000 because you were the only person injured. Now what? What do you do about all of the medical bills? What do you do to replace your income so your family doesn't lose the home you've provided for them. Sure, you'll be ok because at least you're alive and get to see your kids grow up. You're Blessed. I agree. But you don't have to have it play out that way.
Instead of basing your insurance on assets you currently have, base your Uninsured / Under-Insured Motorist on your household's annual income x years left until retirement. The most cost effective way to cover yourself for this is to purchase high enough auto limits so you can purchase an Umbrella Policy from Farmers Insurance. I say Farmers because in most states, we attach the 1 Million dollars to your Uninsured / Under-Insured Motorist coverage. I'm not aware of any other company that does.
The minimum coverages I suggest purchasing is as follows.
250/500/100 Liability
250/500 UMBI / UMBI
1 Million Umbrella attached to your UMBI
This would cover your for the average auto liability judgment in the United States and also cover you for the 20% of the time the judgement is over 1 Million.
This would also give you 1,250,000.00 coverage for your family to pay for medical, lost wages and pain and suffering if you are injured.
Remember, if someone injures you and neither of you are covered correctly, there's not going to be any money. No lawyer will take a case when there's no money to gain. Set your insurance up to take care of other people correctly and make sure you do the same for yourself. If Farmers pays you, they have lawyers on staff to get their money back from the person who caused it so you don't have to worry about their ability to pay.
As a person example, for wife and I to raise our insurance from California Minimum Coverage 15/30/5 up to our 1 Million Single Limit auto policy cost us 30.00 extra a month. Our 1 Million Umbrella attached to our Uninsured / Under-Insured cost us 240.00 a year. So we pay an extra 50.00 a month but we don't have to worry about what if.
I really hope this helps at least 1 person. If so, my time was well spent.
Enjoy a Blessed and safe 2016. 😎
Mike Roland
Agency Development Manager
Personal Insurance Consultant
Farmers Insurance District Office
Bakersfield, California
I mlieka
+Petra Riecanova :)
I love the fact that you reviewed your insurance and shot this video trying to help people when buying insurance! As an insurance agent in Florida for 25 years, I would strongly suggest that you review uninsured motorists coverage as it is the MOST IMPORTANT COVERAGE ON YOUR POLICY!!! Studies show that 1 out of every 4 cars on the road have NO insurance even though it is REQUIRED BY LAW in Florida!! I can't stress enough how you need to purchase STACKED and MATCHED uninsured motorist limits. Thanks again for making the video and feel free to reach out to me with any questions you might have.
From my 2010 experience of having to sue a GEICO customer despite him running a stop sign, being drunk out of his mind, and hitting my car with so much force (no braking) he broke the rear axle, accordioned the trunk, pushed the car almost 100', and put a groove in the road from the broken axle...insurance companies are going to fight for every last dollar. In my case, its pretty much a slam-dunk case (though GEICO tried to get at least 5% blame on me), they would not settle. Only after I hired an attorney were they immediately going to settle, but then I was forfeiting 33%; and we were forced to sue to make me whole (just to get back to even for $$ & lost time from work).
Ridiculous.
I share this story for your subscribers because doing an asset search is VERY easy for a litigating attorney. Once you've saved a large amount of money, you are a target; regardless of how much insurance you have. Why? Because a good attorney is going to sue for maximum insurance, plus criminal restitution, plus pain & suffering, plus, plus, plus. Do I need to go on? Also, consider 1 fender-bender causing a several car pile-up; or 1 serious or permanent injury. Your life savings and everything you've worked for could be gone because of that 1 accident (and we're not touching on paying attorney fees for a criminal case like vehicular manslaughter or negligent homicide).
Savers with high amounts need to structure those savings into protected or unlisted classes. This can differ depending on the state, but generally protected are: retirement/pension plans, residing home, and basic living wages. I would also add that trusts (separate legal entities) become a great idea; as well as LLCs owning properties, other vehicles, and toys. Unregistered/unlisted property is another good saving vehicle, like; gold/silver coins, and cash (on hand).
dhawkins0000able Thanks for sharing that. Hopefully your experience will help someone else before it's too late.
As an insurance expert (and pretty good with money) you guys are right and glad you didn’t run with the no insurance idea. Bodily injury and Property damage can bankrupt you easily unless you have beaux coupe bucks. Also, good job on knowing that if you can easily afford to replace your car after an accident then why pay insurance?? All they do is calculate your risk and charge you a little more so it’s only needed for people without the cash to fix the car...this is triple true of warranties, only buy them if the cost of a breakdown is higher than you have in savings
Hi guys,
Good topic. When I was in college (many years ago), I remember a guest lecturer talking about insurance, and I have, for the most part, tried to follow his advice, which in a nutshell, is as follows:
Insurance companies make money, so where the potential risk is not catastrophic (e.g., collision insurance), you should act as your own insurance company. When the potential risk would wipe you out, you should pay a larger insurance company (e.g., Geico) to take that risk.
Thus, like you, I purchase high liability limits and don't purchase collision or uninsured motorist insurance. I have made an exception and purchase comprehensive (with a deductible), mainly because in Florida, any windshield damage is covered without having to pay the deductible and, believe it or not, twice I have cracked windshields putting on a Club!?! Yes, they replaced the windshield both times (at no cost to me, but maybe my rates went up!)
I want to note also that if you have $100K in savings and a $100K liability policy, that does not necessarily protect your savings. It depends on the amount of damage. If you cause $200K of damage, they will first collect the $100K from Geico, then take your $100K of savings.
One little issue I have had with not having collision insurance is that if a friend wants to borrow my vehicle, I am reluctant to loan it to them, because if they get in an accident with my car, my friend may not have sufficient savings to repair/replace my vehicle (since I don't have collision insurance). Any thoughts on this?
jkopvo Agreed on all points including comprehensive. Interesting question about letting someone else drive your car without collision insurance. Honestly, I would probably just accept it as an unfortunate circumstance and cover the loss myself if they were to wreck.
Of course, that's assuming friends driving is not a regular occurrence. If I were in a situation with roommates or something, I would either have a discussion about the risks and have a rule, or just get the collision insurance.
Determining how much car insurance you need can be tricky. You’ll need to know how much coverage the law requires you to have while ensuring you have adequate coverage to protect your assets and yourself. You also need to find the right plan to fit your budget.
Hi Mike & Lauren,
I just wanted to say good job! I am a licensed agent in Lufkin, Texas. I have been an agent for almost 20 years now, and started my own agency about 3 months ago. I will say one of my biggest frustration in my career (is not "not closing my prospect"), but how many people don't understand how their coverages work. So for instance, I love how you broke down the difference between the minimum limits of your state and showed how much it would cost to increase. I cannot tell you how many times I have told people if they have 1 claim it could ruin their entire lives if they are not insured properly. I'm going to share your video on our social media accounts.
Lauren,
You made me laugh when you paused and said, this is so boring. Insurance is boring and complicated....but its so important to understand and I believe that you should have a good agent and talk to that agent at least once a year, if not twice a year about your personal life so your agent can help you determine the proper amount of coverage to suit your needs.
Debbie Beadle Hey Debbie! Thanks for the comment and the share. Great advice about checking up on your insurance annually.
For some reason Geico always gives me the highest quotes, and I shop for quotes every 6 months. So I find it interesting that you're getting insurance from them that cheap.
jeaok Interesting. We did the same shopping around.
+Mike and Lauren i lsllllzllllllXz
Just a quick follow-up -- if you are responsible for injuring someone, you might get sued and in that case they won't be coming after you for a few hundred thousand. They'll want a lot more, so a 100-300K limit will still not be enough. Insurance companies are now offering very reasonable umbrella policies for excess liability. As an example, you could find a 1M in coverage beyond your policy limits for just a $100 annual premium.
Stas Great point Stas. I actually looked into an umbrella policy researching this video and was quoted about $300 per year for 1M. Certainly not unreasonable, but just a little bit too pricey for us at this point. It will definitely be on my radar once we cross the $250k-300k net worth milestone.
@@MikeAndLaurenTV $300 (a year) is still not bad. Consider: This umbrella policy covers all your insured property; homes, all cars, motorcycles.. anything else you insure. Do you think you could insure 2 cars and a home to $1M for a total cost less than $300? Probably not. Also consider: If someone sues you for $1M, your insurance only pays 300K... and your 100K to 200K of assets will pay the rest in suit.
Too many peoole focus on getting the cheapest quote anywhere that's all they care, but many of those cheap insurance like geico and so many others less known companies are known to deny claim or screw you in some way, that's why they can offer cheaper quotes.
Would you share the spreadsheet you had from this video?
Google sheets perhaps?
Thank you for spreadsheet sample!👍🏻
Thanks for rehearsing and keeping it tight. Great vid.
Thanks y'all
Hey Guys! Happy Thanksgiving! This is a good topic to discuss (boring but good :). We have recently switched our coverage limits since we sold our more expensive vehicle. We dropped collision coverage since we can pay to replace the vehicle out of pocket if needed. Our liability coverage is 100/300/50 (per person/ per accident/ prop damage per accident), medical payments are 25K/person, uninsured is 100/300/10. Any suggestions? Thanks!
Greg E That's almost exactly our new coverage limits. Like, literally exactly.
Mike and Lauren Good to know! Hopefully that works out for us both :) Ours runs about $170 / 6 months (with discounts since we have our home insurance through the same company). With "full coverage" those same levels and the added collision was about $450 / 6 months. Add in the savings for property taxes paid each year and lower depreciation on older vehicles - cheaper/older cars help our savings for sure. Thanks!
As a licensed Florida agent, the state minimum is ZERO LIABILITY, not 10/20 as you said. Please make that correction when you can, thanks!
So Florida requires no liability??
@@jamesressull5617 Correct. The minimum for bodily injury liability is zero. So, the result is higher Florida rates due to a little degenerative lizard that wants to offer everyone the cheapest options. Can you incite enough imagination for how merciless you'd be if one of those people hit and injured you?
@@macdaddi824 Ah... You did not say "bodily injury" in the initial comment. Without going back through the video again, your comment was not clear. Yea, I hate that lizard. Always get an independent agent...
Why do so many people have so little coverage?
Do we need underinsured insurance?
Hii i m new young driver lokking for cheap insurance jst liability.. can u recommend me which insurance company is cheapest and how much liability would be good
What should i get if i am trying to buy a used $10k car/ want full coverage for medical/body injury/health insurance plus covers other peoples car but one that doesn't cover my car?
Do you know if retirement accounts have special protection if someone were to come after your asses/assets?
You should also consider a $1 million personal umbrella if I believe your other videos about your investments.
Should I be worried about increasing my liability and property coverages at a young age? I don't have any significant assets. I own a $2k truck and have a little in my savings account.
Given how cheap it is to up your coverage, why not? You never know what the future might bring. Besides, won't you feel good you can make good if you do hurt someone?
FortNikitaBullion Not cheap for me, I'm 18. 100/300 medical is an extra $150 a month for me
Wow. You should still shop around however. For me despite having two accidents in one year (! I know, I had a year of break-ups, unemployment, death in the family and other stress) the amount extra is still similar to mentioned in the video (all my policies went up). Perhaps you're only looking at one company? I agree at $150 a month the calculus does change a bit.
FortNikitaBullion I called 5-6 different insurance companies, local and national. I settled on Progressive- $160 a month- very reasonable at that price.
Partial coverage- comprehensive with a $500 ded, and just above minimum legal coverage for FL. That should cover me enough.
I don't know about you, but I'd rather get rid of the collision and comprehensive (or up the deductible to $1,000 or even $2,000) and get the higher liability if that were the case.
Great thank you for this info!
But really, you didn't know you're responsible for paying damages on an accident you caused?
I live in Florida. You twisted my arm into a reality check.
thx for the video!
OK, so its important to note that personal injury coverage does not cover your medical expenses IN ANY WAY! Personal Injury, as in "personal injury attorney" covers you if you are ever held liable for an act that causes the OTHER PARTY personal injury (pain and suffering, loss of wages, etc.) For instance, if I watched this, and cancelled my health insurance and bumped the personal injury coverage on my auto insurance to $1,000,000, then realized after a major accident that personal injury doesnt cover "bodily injury" for my damaves, I could file a "personal injury" suit against "Mike and Lauren.com" for posting inaccurate insurance information, and positioning themselves as an insurance advisor without being licensed or qualified to do so. Then they might say, "We said in the very beginning that we were not licensed, or certified, or...um...like...whatever". But my lawyer will actually use that blurb about not being licensed as evidence of negligance on your part. By referencing your lack of licensing prior to advising viewers on insurance coverage, you are acknowledging your awareness that a license is required to legally and ethically provide that information, you are acknowledging your awareness that the provision of inaccurare information, or that even the misinterpretation of accurate information can lead to significant loss, and you are acknowledging that you are not qualified to provide this information to your viewers in any way that is legally or ethically sanctioned...and then you spend the next several minutes doing it anyway, and completely screwing it up, I might add.
+AFI Streaming Since you felt the need to post this 3 times... " The intention of Personal Injury Protection is to provide injured drivers up to $10,000 in immediate medical coverage in lieu of establishing fault through the court system. The goal was to reduce payment delay for injured drivers, as well as limit the utilization of the court system. In Florida, PIP coverage is required to be purchased by all owners of motor vehicles registered in this state. PIP coverage makes the individual responsible for their own injuries in an accident regardless of fault."
+Mike and Lauren This was posted 3 times because my app has a glitch. I didnt mean to bombard the comment section. Still, unless hou have worked and done the legwork to get a license you should not be advising people in matters of insurance. Up until recently you thought only of replacing your cars, not protecting other drivers you might hit and injure. Now all of a sudden you are experts? There are very real consequences to people getting half assed advice in matters of insurance, unless you have to be there to help people out of these situations you should not be handing out little lessons. And if you cant take a little reality check every now and then from a viewer perhaps you should find a new hobby to further your ego.
+Mike and Lauren PS...Mike...she is TOTALLY cheating on you, bro.
These are all common sense things everyone should know! Sad people don't know this.
be careful when driving ^_^
Would you be able to share the excel file you showed in this video?
Jonathan Mondejar Yup. Here's a link:
www.mikeandlauren.com/wp-content/uploads/2014/11/Car-Insurance-Prices.xlsx
It's kind of a mess, I didn't intend on sharing it.
what about a medishare type of car insurance, to end all car insurance companies reign?
In some states you can make a deposit or buy a surety bond in lieu of insurance. In theory you could pool up your risk with other motorists who wish to do that as well.
FortNikitaBullion thanks! did not know that.