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literally this big posted:How much might a 1m umbrella policy cost? (I know, "it depends"). But if my only concern is auto insurance (I have a basic renter's policy, don't own a home, don't own a business, etc.) would an umbrella still be wise? And on that note, could I lower all my coverage to the minimum possible, and just have a 1m umbrella policy cover all my auto claims, renter's claims, etc.? chiming in on this - "discuss with your agent" is always good advice but just to give you some concrete figures to consider, most PUPs that I know of require a minimum 250/500k or 300/300k BI and 100 PD on your auto policy. most will also require you to carry 300k liability on the underlying home policy whether you're a renter or not. your residence is going to be listed as a location exposure as your primary dwelling regardless of whether you rent or own the home so the distinction doesn't make a whole lot of difference there
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Feb 8, 2023 04:39
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ughhhh posted:I'm so confused by the car buying process. Do I get insurance before I buy a car at the dealership? Would it be possible for me to add my car to my roommates policy (he got his insurance in Albany and hasn't changed his address so it's pretty cheap) for a cheaper rate? Should I use an insurance broker to shop for insurance? Independent agents are a good start because they may have contracts to quote your business through multiple carriers at the same time, which gives you the ability to shop around without having to make a bunch of phone calls. Your rates are going to be insane living in NYC pretty much universally. A big thing in the last couple years has been auto policies in NY getting canceled for material misrepresentation because policyholders were claiming their vehicle was garaged upstate when they actually lived in the city to try and skirt getting hit with those rates. Your potential future insurance company has many tools at their disposal to verify whether or not the information you provide is accurate if you try to add a vehicle to an insurance policy, tell them it's garaged in Albany, but you're actually keeping it in NYC. Doing this not only jeopardizes your own coverage, but your roommates as well if they are the primary named insured. Having a cancellation for material misrepresentation on your record can (and most definitely will) affect your ability to obtain insurance in the future. You might be able to get away with it as they have done, but it's not really a good decision. And that's to say nothing of whether or not the insurance company will allow your vehicle to be added to their policy in the first place - I know several providers that will automatically decline adding a non-relative roommate if the vehicle is not titled solely to the primary named insured. As for when you should obtain the insurance for a new policy, typically your policy goes into effect the day the title goes in your name. It's pretty common to get the quote set up ahead of time and arrange for the policy to be effective the day you go to drive the car off the lot. If you are financing or leasing the vehicle, the lienholder/leasing company may require you to have the coverage in place by a certain date ahead of time. barnold fucked around with this message at 03:33 on Feb 8, 2024 |
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Feb 8, 2024 03:27
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