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Y Nhien | Homeower CAR INSURANCE.? |
Thank you ahead for answer my question. I live in MA, I'm a homeowner of a 3 units property in Boston. When I bought that house, my insurance agent for my AUTO said that I have to raise my insurance coverage to something call 100/300. They explained that if I get into car accident, and my car insurance is not enough to cover, then it will pull my house in order to cover for the accident that occur. Is this true? My car insurance premium going up a lot compare to a regular auto insurance for person without a home.
Is my insurance agent telling a lie, so that I pay more and they get more? I'm so chicken, so I did listen to my agent to increase my coverage. What do you guy think?
Thank you for reading and answer my questions. |
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james m
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Your auto insurance has nothing to do with you homeowners insurance, and vice-versa. But, if you have an auto accident, and it is determined that you, or the driver of your vehicle was at fault, and your property damage or bodily injury liability coverage on your auto policy is not enough to cover damages, you can be sued. In this case, you could be forced to sell your property to settle the lawsuit.
It's always better to carry high limits of liability coverage to protect yourself against the unknown risk. The rate isn't usually much higher, considering the difference in increased protection you will have.
Best wishes. God bless. |
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Michelle C
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Not lying to you, what this means is if you get into a car accident and your coverage isn't enough and you get sued, he doesn't want you to loose your house, so he has it tied in so there is enough coverage on the homeowners to cover it. They have done a good thing. |
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fighting saints
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The agent is NOT lying, if anything they are being too conservative.
Actually the 100/300 limit is too little if your property is worth a lot and i assume it is. You really should have an auto policy with a minimum of 250,000/500,000 with a 1 million dollar umbrella. This protects your assets in case you are at-fault for a horrible auto accident.
I have seen what happens to at-fault drivers who don't have insurance. Not always, but sometimes it does go bad enough that they lose property. It's not pretty. DO NOT lower your coverage, no matter how good of a driver you think you might be. |
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Scott W
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Not sure about insurance laws in MA....but I've been an adjuster for 17 years and most states I've dealt with, the auto and homeowners don't co-mingle.....meaning you can't seek coverage under your HO when the auto runs out.
He wants you to get higher limits to protect your assets incase of a serious accident. 100/300 means you have 100,000 per person and $300,000 total for the accident. I myself carry 250/500 with a 2 million dollar umbrella. I have a house, family and business to protect....The dollar amount for your monthly premium is not that great from 50/100 to 100/300. Might offset your increase in liability premium by raising your collision or comprehensive ded. |
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silverclrk
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If as you say you own four properties you probably have some asseys think about that you are getting into your car everyday and driving around withthem in the trunk of the car. Anytime you are liabil for something and the liability limits are exhausted they are coming after your next set of assets in my opion your limits are still to low and should be raised atleast to 250/500 and you should have a 1 million dollar umbrella policy offer both your home and auto. you do not want to lose everything you worked so hard to get. |
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Queen B
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hes saying you could be sued if your auto coverage is not enough and they can try and get your property. what you REALLY need to do is have your auto policy, home policy, and an umbrella policy. having an umbrella is coverage over and above your regular auto and home policy. you can carry a million dollar umbrella for about $200 a year. its inexpensive and VERY worth having when you own properties!!! |
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mbrcatz
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Nope, I think you're confusing things.
If you get into a serious accident, and get sued, and lose, the people you injured can force you to sell your house, and take the money. AND garnish your wages, and everything else you own.
The agent wants you to raise your limits, to help you keep your house, if you should cause a bad accident (and if you drive on 90, I know EXACTLY how badly everyone tailgates there!!).
You don't HAVE to increase your limits. You can just work for the rest of your life with your wages garnished, your bank accounts attached, and your real estate confiscated. But that's kinda dumb, ya know? Penny wise, pound foolish. |
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miss.sufi21
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I don't know about the law in MA, but basically if you're in a fault state, meaning you can be held responsible for an accident and taken to court, its possible that if the amount they're asking isn't covered by the insurance they can sue and if you can't pay - they can come after your assets.
I live in FL, and when I bought my 2nd home my rates went down, not up. I'd ask for a second opinion from another company. Try calling around to different insurance companies customer service, they may be able give you more info and be unbiased. |
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