Quote:
Originally Posted by KC911
Sorta the way I feel about ALL the insurance premiums I pay (and have paid over the years), but what can ya do? Just an idea I threw out here...I'm convinced now...it's not even under consideration anymore 
ps: Sorta like "extended warranties" (which I've NEVER done)...if I totaled up all the ins. payments I've made over the years (never filed a claim), I could easily pay out-of-pocket for anything I own excepting a major medical event. I'm not a fan of ins. companies....the premiums on my houses have recently doubled (to recoup Ins. co losses for a 2010 storm on the coast of NC.  ) |
I would tend to agree with you KC if you were talking about property losses. It's easy to calculate your loss. Your house has a $100K R/C you know if it burns down it's going to cost you $100k to replace it. That's a calculable risk. You could do the same on your car, boat, airplane, etc.
I am in the business and I am not a fan of insurance companies. But, more than insurance companies I am not a fan of LAWYERS and the LEGAL SYSTEM. That is an incalculable loss. You can never gave enough liability coverage. I don't know your net worth but I can easily come up with 1000 scenarios to bankrupt you and quick regarding liability.
What you may not realize is your liability coverage not only covers you for the award. But, more often than not defense costs including discovery, witnesses, etc. are unlimited and outside the limit of liability. A mediocre defense lawyer will cost you $300.00 per hour plus costs. How many hours can you afford to pay that person until you are out of money? Oh, and lets say you are found liable for Bodily Injure and/or Property damage. Can you afford to pay out of pocket the award?
If for no other reason look at the premium as paying for a bank account of $XXX plus retaining the best lawyers money can buy and all costs associated with the suit. BTW- your liability is not subject to your deductible so it kicks in at dollar 1.