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post #11 of 21 Old 12-29-2012, 03:01 PM
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Originally Posted by Wildbill1945 View Post
Scott & All: I am a per inj atty and rider of DL650k7.

[...]

If a trespasser came to me because a horse kicked him, I'd never take the case because a land owner owes no duty care to a trespasser. That horse kickee would have represent himself.

[...]
Wait ... an ethical lawyer (just kidding ...)?

I wish we had more lawyers like you down here!





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post #12 of 21 Old 01-13-2013, 12:11 PM
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I recently switched to a 1 mil. umbrella policy on my bike, car and condo and my payment only went up $14 per month. I think I had to raise my limits to 500,000 to get it.

On another note, I don't get the difference between "replacement cost" and FMV. When I totaled my bike, it seemed to me I'd have to pay FMV to get something similar to what I had.

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Last edited by John V Strom, Jr.; 01-13-2013 at 12:14 PM.
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post #13 of 21 Old 01-13-2013, 12:41 PM
 
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My decisions come from being in an area with thousands of uninsured drivers crossing the border every day. I carry some high limits.

I worked insurance fraud for 4 years and was suprised at the amount of staged collisions that occur - as previously mentioned - another reason to pay out the nose to cover mysefl.
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post #14 of 21 Old 01-13-2013, 04:07 PM
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A friend was involved in an attempted staged collision in Vancouver, B. C. A few years ago. It can happen anywhere. If it happens to you, get names, addresses, pictures, and take notes.

Replacement cost vs actual cash value might be the same or very close with something where there is an active market in replacements such as used motorcycles. Your home or furniture or riding gear are a different situation. For your home, be sure your replacement cost coverage includes the cost of repairing or rebuilding up to current building code. For riding gear expect replacement cost less depreciation...10% per year on my Safeco policy.
replacement cost coverage - Insurance Glossary

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post #15 of 21 Old 01-13-2013, 11:36 PM
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Finally, according to govt reports, about 98k are killed every year by medical errors in hospitals. About 2% become claims for damages. About 120 or so become lawsuits tried to a jury and over half are defense verdicts and the plaintiff's atty spent at least $100k of his own money to try the case. The fabled ambulance chasers may be out there but I've never met one, heard of one, or saw one.
In my physician medmal cases, the defense wins about 80% of the time, and in my hospital medmal cases, the hospital wins about 65% of the time in Washington state. And of course, the typical plaintiff counsel contingency fee in medmal is now around 40% if settled before trial and 50% if it goes to trial. Costs advanced by plaintiff counsel are recovered from any settlement or verdict.

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post #16 of 21 Old 01-14-2013, 03:14 PM
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waay too many people only carry the minimum stare requirements (and in some states, that's none at all)


I carry 250/500 liability cause my umbrella policy requires that as a minimum on my primary policy

I also carry the same on my UM as well, I expect that if someone runs into me, my bills could easily run that based on my $15k ambulance ride I took a couple months ago and there was nothing wrong with me

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post #17 of 21 Old 01-14-2013, 06:03 PM Thread Starter
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Sounds like I am on the right track. The high liability on my bike is not what is adding to much of my cost and its required to get the $500,000 in UM/UIM. The UM/UIM changes I made to $500,000 are what is running up my insurance cost. For my peace of mind and even more for my wifes it is a fair bargain.

Randyo...amen brother on state minimums. A wreck while in ones car could cost you everything you own now and a chunk of your income for a long time to go.
Its a shame that the first thing an attorney does is check your financial status before "helping" the injured but I totally understand why. Its the first thing that happened to my wife and she had lots of equity in her house.

But you guys that do not have a lot of assets yet, you may have more then you think when you add up vehicles and equity in your home(s). Its funny how my opinion of insurance and how much I need has changed over the years.

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post #18 of 21 Old 01-14-2013, 06:23 PM
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As a strom-torney, I pay the ridiculous UM at the same level (our state has lots of uninsured drunks), and also an umbrella. Do I need to? Maybe not. Do I have less of a nagging feeling in the back of my head re: paying more insurance than when I didn't have the umbrella? Yep.

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post #19 of 21 Old 01-14-2013, 10:01 PM
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Quote:
I pay the ridiculous UM at the same level (our state has lots of uninsured drunks), and also an umbrella
Just so everyone understands, UM pays you if an uninsured/underinsured driver causes you to have medical expenses in a crash where he's at fault. Umbrella liability policies pay someone else (above your vehicle and home liability coverage, as appropriate) if you're found at fault.

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post #20 of 21 Old 01-15-2013, 10:32 AM
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while were on the subject of insurance

what are people carrying for Property Damage Liability ?

I carry less than I do on my cages, only 100k instead of 250k

some people say what can a motorcycle do in property damage? as an example, I've seen a fiber optic telecommunication panel get wiped out that had a $75k repair bill

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