HELP! Any theft insurance people wanna answer a question?

[RagtopGT]

Originally Posted by jwayne

I don't think this is likely since every state has mandated liability insurance for auto.

Mandated MINIMUM liability is more like it, and it is indeed very likely.

In NJ for instance, the mandated minimum is 15/30/5. That means the most they'll pay out to any one person if you're at fault in an accident that results in injuries is $15,000. The maximum paid to all parties injured collectively is $30,000. The maximum paid for property damage is $5000. These amounts are laughable in light of jury awards these days.

If you have mandatory minimum regardless of the state and someone is seriously injured due to your fault, you're on the hook for the excess. Wages can be garnished, property and assets can be attached. Forget your life savings, 401K, and your house.

Granted these are extreme examples but I've seen it happen.

[jwayne]

Originally Posted by RagtopGT

Mandated MINIMUM liability is more like it, and it is indeed very likely.

In NJ for instance, the mandated minimum is 15/30/5. That means the most they'll pay out to any one person if you're at fault in an accident that results in injuries is $15,000. The maximum paid to all parties injured collectively is $30,000. The maximum paid for property damage is $5000. These amounts are laughable in light of jury awards these days.

If you have mandatory minimum regardless of the state and someone is seriously injured due to your fault, you're on the hook for the excess. Wages can be garnished, property and assets can be attached. Forget your life savings, 401K, and your house.

Granted these are extreme examples but I've seen it happen.

I stand corrected!

[DenverSteve]

Oops. Wrong post. Edited.

[fumei]

Originally Posted by jwayne

I don't think this is likely since every state has mandated liability insurance for auto.

True, but auto liability insurance does not necessarily equal full contents insurance. You need to go through a line by line analysis of your policy.

I know from painful experience.

[aknow]

Originally Posted by RagtopGT

^^^THIS^^^

I retired after over 34 years as an insurance claims adjuster. Very few insureds actually take time to read their policy, or select the least expensive coverage. When a claim is filed the insurance company is blamed for not paying what the customer feels is owed.

That is because insurance policies are written by attorneys, so no one can really understand them, even attorneys. Most insurance companies are corrupt, they lie and deceive as standard operating procedure.

[atticus1019]

Thanks all for the kind words, and even for the harsh advice, this post was mostly out of annoyance with myself for not having properly insured my stuff and trying to see if anything might be done. I did speak to my agent about absorbing some of the deductible since the policy cap is so much lower than what was lost and she has been helpful in that regard. Sorry to waste space on the internet complaining about something that is essentially my fault.

[ManyMartinMan]

Originally Posted by atticus1019

...this post was mostly out of annoyance with myself for not having properly insured my stuff and trying to see if anything might be done. ....complaining about something that is essentially my fault.

Life is about living, learning and not repeating those unpleasant moments.