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Old 07-05-2020, 07:45 PM
captainzhao captainzhao is offline
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Auto insurance requirement

I am financing the vehicle. In the contract it says $1000 max deductible for comprehensive and collision, but did not say anything about liability? What's the minimum requirement for liability? State is CA. Thanks!
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Old 07-05-2020, 09:02 PM
Autoputzer Autoputzer is online now
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It looks like $5k/$15k/$30k: $5k (property), $15k (injury or death/person), $30k (injury or death/accident).

That means that if some hand-to-mouth type slams into your new $90k BMW, plan on only getting $5k form his insurance company. So, you also need uninsured motorist coverage.

If your net worth is more than the minimum liability coverage, you should have an umbrella liability policy. Imagine causing a wreck where a school bus full of lawyers' kids goes off a cliff. Umbrella policy writers require that you max out your auto liability insurance. Mine is $100k/$300k/$500k. My umbrella coverage is rounded up to be above my net worth.

Last edited by Autoputzer; 07-05-2020 at 09:12 PM.
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Old 07-05-2020, 09:55 PM
captainzhao captainzhao is offline
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Well, I cannot control what policies other people buy. If they did buy a 5k property damage liability, I can only get 5k from his insurance company. CA does not allow Collision and Uninsured Motorist Property Damage to be carried on the same vehicle, so I guess I have to go through my insurance (Collision most likely) to repair my car.

My question was more about what property/injury per person/injury per accident I should get. Are you saying the minimum requirement by state is honored by the mortgage company? I did not find anywhere in the BMW Financial Service contract about that, but somehow found some old posts where people say you have to get $50k property/$100k injury per person/$300k injury per incident which is what I am getting right now.
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Old 07-06-2020, 04:14 AM
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