CCW Insurance How Much? 100K or 250K?

[pumpgun]

In looking at the NRA web site I see the prices are $165 annually for 100K and $254 annually for 250K.
What are the thoughts on how much coverage? And why?

tom

[blacklabel]

In looking at the NRA web site I see the prices are $165 annually for 100K and $254 annually for 250K.
What are the thoughts on how much coverage? And why?

tom

$8 a month for $150k more in coverage. You're going to want that if you're ever in need of legal assistance.

[Bailey Guns]

Just to give you an idea of how expensive legal fees can be... I was sued about many years ago for a couple of things I didn't do...didn't really matter. Anyway, over the almost 3 years it took to resolve the case (in my favor) my legal fees amounted to about $480,000. I didn't have to pay them because of insurance. But if that's what a defense costs and you have to pay it, you'll be glad you had something.

[MarkCO]

Insurance, even NRA CCW insurance, does not cover unlimited criminal proescution defense. If you have a properly written Umbrella policy, you will be covered better for a lot less money. $1M is about $200/year. Talk you your homeowners agent and see if you can add on an umbrella. In some cases, you may have to raise auto coverage in order to be eligible for an umbrella, so check the math for both paths.

Typical insurance policy limits are for judgements against you, not the legal fees. The NRA caps the legal fees. If you have $200K in coverage, but are worth $1M and your insurance carrier decides it is cheaper to pay policy liits than to defend, you may then end up being liable. Your insurance carrier MUST provide you with a defense and the fees and expesnes they incur are not part of the policy limit, so they can not just pay without at least attempting a defense. There is such a thing as bad faith claims against a carrier who does not defend appropriately. A general rule of thumb is to carry total insurance that is 1.5 to 2 times your liquidated net worth.

[asmo]

Lets say you had to do a legal shoot - someone was actively trying to kill you and you defended yourself.

I'd love to be the prosecutor who found out you had CCW insurance. Premeditation.

[Bailey Guns]

Insurance does not equal premeditation. And the umbrella policy is good advice, too. Just be sure it covers self-defense with a firearm. I checked into a couple of policies that specifically excluded actions such as that.