Car Insurance Liability Insurance with High Deductibles - Does it Exist?

My dream car insurance policy would be one that covers the bare minimum state required liability coverage - around $20k or whatever it is.

And then I add on a second policy that has a $5k or $10k deductible but covers me to $300k or $500k.

The likelihood of me being in any accident is very small. And within that subset, the likelihood it’s catastrophic is even lower.

So rather than spend $600 per year for $100k/$300k liability coverage that I am currently paying, I’d rather spend $300 a year on a $20k policy, and then maybe $50 more for a $5k deductible $300k policy.

I’ve never seen such a product offered. I assume it would need to be separate from the core liability insurance, since state minimums are likely such that you cannot have a deductible.

I’ve only ever seen this on umbrella insurance, where you already have a $300k policy and want to extend that to $1M. But my goal is to pay less for insurance, not more, and assume more of the risk myself - with a high deductible.

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There would be a lot of underwriting risks and expenses with that type of policy - one of which being your ability to repay the $5k deductible, and the expenses in connection with collecting on that.

It also sounds like it may be a bad product for them because there are few accidents in the $5k-10k range. Accidents are probably not evenly distributed - there are probably more at the very low (one ER visit) and very high end (death or permanent injury).

And, claims administration would get tricky. Any car accident you get into with an injury, the two insurance companies would each want to control the defense.

These issues likely make it hard to price such a product at a level you would want to pay.