Buying a z. Sky high insurance???

Red__Zed · 09-22-2011, 10:10 AM

^ that's a really dangerous idea if you have any assets besides the car.

m4a1mustang · 09-22-2011, 10:32 AM

Quote:

Originally Posted by Red__Zed

^ that's a really dangerous idea if you have any assets besides the car.

Very.

RunNgun · 09-23-2011, 12:14 PM

Quote:

Originally Posted by Red__Zed

^ that's a really dangerous idea if you have any assets besides the car.

Could you elaborate?

Zemurray · 09-23-2011, 01:09 PM

Quote:

Originally Posted by RunNgun

Could you elaborate?

I think they are referring to any potential liability claims, IE you are taking your girlfriend for a ride, run a red light, get t-boned, she gets injured significantly. Most medical on car insurance would be about 25k, but then the girlfriends medical bills would be 200k, which her family could sue your insurance to cover. If you get that liability too low, then when they run out of insurance coverage, your personal assets will be sold to cover the difference. The insurance company won't start paying out of the bodily/property portion without a lawsuit, once the lawsuit is started then you are liable for the judgement whatever it is. If the judgement is 500000, and you only had 50,000 in coverage, then you owe 450,000 out of pocket.

Thats the basic idea of what they are saying I believe.

RunNgun · 09-23-2011, 01:58 PM

Quote:

Originally Posted by Zemurray

I think they are referring to any potential liability claims, IE you are taking your girlfriend for a ride, run a red light, get t-boned, she gets injured significantly. Most medical on car insurance would be about 25k, but then the girlfriends medical bills would be 200k, which her family could sue your insurance to cover. If you get that liability too low, then when they run out of insurance coverage, your personal assets will be sold to cover the difference. The insurance company won't start paying out of the bodily/property portion without a lawsuit, once the lawsuit is started then you are liable for the judgement whatever it is. If the judgement is 500000, and you only had 50,000 in coverage, then you owe 450,000 out of pocket.

Thats the basic idea of what they are saying I believe.

Ah ok that makes sense. I guess the way I see it, even the 100k coverage could still be a drop in the bucket for any kind of damage, and being on the hook for half a million or a quarter million would still leave me screwed, so I might as well declare bankruptcy if someone sues me for everything I've got, which is pretty much the Z and a flat screen TV

theDreamer · 09-23-2011, 02:02 PM

Quote:

Originally Posted by RunNgun

Ah ok that makes sense. I guess the way I see it, even the 100k coverage could still be a drop in the bucket for any kind of damage, and being on the hook for half a million or a quarter million would still leave me screwed, so I might as well declare bankruptcy if someone sues me for everything I've got, which is pretty much the Z and a flat screen TV

Bankruptcy laws were changed 1-2 years ago, which most changes will carry over most debt even after bankruptcy is declared.

Red__Zed · 09-23-2011, 02:21 PM

Quote:

Originally Posted by theDreamer

Bankruptcy laws were changed 1-2 years ago, which most changes will carry over most debt even after bankruptcy is declared.

I think if you file Chapter 7 they will not be discharged, but Chapter 13 will discharge them. Could be wrong though.

theDreamer · 09-23-2011, 02:25 PM

Quote:

Originally Posted by Red__Zed

I think if you file Chapter 7 they will not be discharged, but Chapter 13 will discharge them. Could be wrong though.

Yeah, I am still not 100% on all the changes and what does what now.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
New Car Buying 101. Please Read Before Buying Your Nissan 370Z	AK370Z	Nissan 370Z Pricing / Ordering Discussions	65	07-02-2015 11:35 AM
Issue: High to Max Water Temp and High to Max Fan Speed While Idling After Long Drive	FLZ	Engine & Drivetrain	4	08-06-2011 02:52 PM
High oil temp and high oil consumption	cramcram	Engine & Drivetrain	9	07-23-2011 01:01 AM
Thinking of buying, question about high mileage	gizmo8500	Nissan 370Z Pricing / Ordering Discussions	6	01-17-2011 10:15 AM
Need ideas for a daily driver, high MPG, real high please and roomy..	Diversion	Other Vehicles	24	07-26-2009 11:12 AM

09-22-2011, 10:10 AM	#1 (permalink)
Red__Zed A True Z Fanatic Join Date: Jul 2010 Location: window seat Posts: 28,940 Drives: Mostly on two wheels Rep Power: 122	^ that's a really dangerous idea if you have any assets besides the car.