You guys have all talked about how you would want YOUR insurance structured. How would you want the guy-in-the-next-car’s insurance structured? If he rear-ends you going 70, would you want him to be self-insured or to be backed by some large corporation? I’ve researched the $1 mil umbrella policy before, but I don’t remember what I found. I do remember that there was pretty strict and high primary policy requirements, similar to the 300/300/100 you mentioned.
In the context of what we’ve been discussing, I don’t see how it really matters that much. Whether the guy’s money comes from taking out a second mortgage, or from an insurance company, I still recover my damages.
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