Join Date: May 2012
Location: Snohomish County, Washington USA
As a risk manager (healthcare), I am familiar with liability insurance issues. I have $ 500,000 liability and the same limits of un/underinsured motorist coverage. At this stage of my life, I have substantial assets. In terms of the policy limits, I figure that half a million of un/underinsured motorist coverage should cover a fair amount of the neuro rehab that I may require if some young kid driving a beater runs me over, in addition to my medical coverage at work.
I also endorse the concept of an umbrella policy, but be aware of two considerations: it likely does not provide additional layers of coverage for un/underinsured motorist coverage, and to provide umbrella coverage for motorcycles, it may require higher policy limits of the primary coverage underneath. As an example, my personal umbrella coverage requires $ 300,000 limits on my autos and homeowners liability coverage, but it requires $ 500,000 limits on my motorcycle liability coverage.
As to why agents don't recommend specific policy limits, it is so you cannot successfully sue them if you buy too little insurance at their recommendation and then suffer a loss greater than the amount of your insurance coverage.
In regards to what does a policy cover, we have a saying in the insurance industry: RTFP, which stands for read the fracking policy. The policy language tells you what is and is not covered.
Snohomish County, Washington USA
2012 Suzuki DL650A
Three road, two mountain and one folding bicycle
Last edited by MillCreek; 11-28-2012 at 09:59 PM.