Stupid Lease Insurance Requirements!
#1
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I just received a letter form Honda Financial telling me that the insurance I have on my TL-S "does not meet lease requirements".
Apparently, they want $100,000 per person. $300,000 per accident coverage!!! Has anyone else run into this situation? That seems ridiculously high coverage for a garden variety TL-S!!!
No that the coverage I had was barely the state minimum either. I thought I had sufficient coverage, considering my income, age, blah, blah blah.
What should I do? Take it up the tail pipe yet again? Or fake out Honda and raise my insurance to their over-kill requirements, fax over the new insurance policy to Honda, AND THEN take it my insurance coverage back down?
Apparently Honda thinks I'm made of money!:chainsaw:
TIA guys!
Apparently, they want $100,000 per person. $300,000 per accident coverage!!! Has anyone else run into this situation? That seems ridiculously high coverage for a garden variety TL-S!!!
No that the coverage I had was barely the state minimum either. I thought I had sufficient coverage, considering my income, age, blah, blah blah.
What should I do? Take it up the tail pipe yet again? Or fake out Honda and raise my insurance to their over-kill requirements, fax over the new insurance policy to Honda, AND THEN take it my insurance coverage back down?
Apparently Honda thinks I'm made of money!:chainsaw:
TIA guys!
#2
Dragging knees in
iTrader: (2)
I had to do that, except I had set my property damage coverage at 50,000 and they wanted to me to up it a little bit more. No big deal.
Just another one of those out-to-****-you-in-the-ass requirements in fine prints. I specifically asked the dealership several times if there was ANYTHING else I had to know that had to do with money. They told me I was set. Then I got the letter from HOA. What a crock of ****.
Just another one of those out-to-****-you-in-the-ass requirements in fine prints. I specifically asked the dealership several times if there was ANYTHING else I had to know that had to do with money. They told me I was set. Then I got the letter from HOA. What a crock of ****.
#5
lover and fighter
It's a liability thing. They want you to have $100k to insulate them from your negligence up to that amount. That figure isn't so arbitrary, because a lot of carriers won't "front" that kind of money if you indeed have a claim exceeding it. But then again, you never know...
Laws are changing inviting attachment to your future assets. EVERONE ought to carry that much anyway, and would be even safer with $250k liability limits...
Should be a good insurance lesson for everyone. Especially on the Property Liability portion of the policy as I bet a lot of you may have $10k or $25k which is pointless...If you hit a brand new TL-S or RL, and total it, you're f^cked...
Many big carriers are now starting to re-evaluate letting your butt off the hook if you max your policy...Beware!
Laws are changing inviting attachment to your future assets. EVERONE ought to carry that much anyway, and would be even safer with $250k liability limits...
Should be a good insurance lesson for everyone. Especially on the Property Liability portion of the policy as I bet a lot of you may have $10k or $25k which is pointless...If you hit a brand new TL-S or RL, and total it, you're f^cked...
Many big carriers are now starting to re-evaluate letting your butt off the hook if you max your policy...Beware!
#6
Burning Brakes
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All I can say right now is that I'm glad my insurance limits are that high. If someone slams into you with a minimum policy, you can through arbitration get money from YOUR insurance company to cover your costs (falls in as an in-insured/under-insured motorist). For the little amount of money it costs to go up, I'd always suggest a MINIMUM of 100/300 and 50k property. Bills add up quickly. So not only would you be protecting yourself in case you goofed, but you'd also be protecting yourself in case someone else goofed and didn't have enough insurance to cover your costs and your pain and suffering.
#7
Three Wheelin'
Join Date: Jan 2002
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Originally posted by VTEC Animal
All I can say right now is that I'm glad my insurance limits are that high. If someone slams into you with a minimum policy, you can through arbitration get money from YOUR insurance company to cover your costs (falls in as an in-insured/under-insured motorist). For the little amount of money it costs to go up, I'd always suggest a MINIMUM of 100/300 and 50k property. Bills add up quickly. So not only would you be protecting yourself in case you goofed, but you'd also be protecting yourself in case someone else goofed and didn't have enough insurance to cover your costs and your pain and suffering.
All I can say right now is that I'm glad my insurance limits are that high. If someone slams into you with a minimum policy, you can through arbitration get money from YOUR insurance company to cover your costs (falls in as an in-insured/under-insured motorist). For the little amount of money it costs to go up, I'd always suggest a MINIMUM of 100/300 and 50k property. Bills add up quickly. So not only would you be protecting yourself in case you goofed, but you'd also be protecting yourself in case someone else goofed and didn't have enough insurance to cover your costs and your pain and suffering.
![Werd](https://acurazine.com/forums/images/smilies/werd.gif)
15/30 and even 50/100 don't cut it these days.
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#9
Three Wheelin'
Join Date: Jul 2001
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If your driving record is spotless, bumping the limits up to 100/300 shouldn't cost you that much more per year. Sure it's more money out of your pocket, but it may not be as bad as you think it might be, money-wise.
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