Can anyone direct me to any websites or articles on help with how much auto insurance is correct? I have a 2014 F-150 and wife has a 2016 QX50 with Liab 250/500/100

Uninsured Motorist Bodily Injury 15/30

Medical Payments 5000 per person

Comp Deductible $1000

Collision Deductible $1000

Rental Reimbursement $50 per Day / Max $1,500

I feel like we could go down to 100/300/50 and still be well covered however I am unsure. Any suggestions or recommendations that provide a way to asses my coverage?

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Posted by Tigerpaw123

Louisiana

Member since Mar 2007

17258 posts

Posted on 7/29/19 at 12:36 pm to lsu0005

The small amount of money you save for decreasing liability is not worth the risk, if you have any assets

And I would bump you UM up to your liability limits as well

This post was edited on 7/29/19 at 12:38 pm

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Posted by shell01

Marianna, FL

Member since Jul 2014

793 posts

Posted on 7/29/19 at 1:22 pm to lsu0005

Amount of coverage should be based more on what assets YOU have to lose in the case of an accident than the cars you are driving.

As net worth increases, your coverage should increase.

This post was edited on 7/29/19 at 1:28 pm

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Posted by Tiger Prawn

Member since Dec 2016

21896 posts

Posted on 7/29/19 at 1:32 pm to lsu0005

quote:
I feel like we could go down to 100/300/50 and still be well covered

You're only "well covered" until you cause an accident and get held liable for more than your policy's liability limits. Then the question is how much do you have in assets that the plaintiffs and their lawyers can go after?

The difference in premium between 250/500 and 100/300 is probably going to be pretty small. Better to have more coverage than to be under-insured.

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Posted by Huey Lewis

Member since Oct 2013

4652 posts

Posted on 7/29/19 at 1:43 pm to lsu0005

I very nearly made a big thread about this last night then lost interest. Later this afternoon I'll post my thought about coverage options when I'm on a desktop instead of phone but the TLDR version is I think many/most middle class people succumb to fearmongering and overshoot medical liability, undershoot property damage, and leave coverage gaps by incorrectly choosing between UM and collision+comprehensive.

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Posted by lynxcat

Member since Jan 2008

24147 posts

Posted on 7/29/19 at 4:51 pm to Huey Lewis

I have $500K CSL (I think that’s the right abbreviation). It was the max that my insurer offered and didn’t not cost much more than lower coverage levels.

Also, max coverage is typically required for umbrella policies.

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Posted by bluestem75

Dallas, TX

Member since Oct 2007

3228 posts

Posted on 7/29/19 at 6:56 pm to lynxcat

Max out and choose the highest deductible you can afford. The deductible you choose is going to make a bigger difference in raising or lowering your overall premium.

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Posted by go ta hell ole miss

Member since Jan 2007

13626 posts

Posted on 7/29/19 at 8:15 pm to lsu0005

If you have any assets or line in a litigious area you should max out coverage up to caps on damages in your state or get an umbrella.

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Posted by Ingloriousbastard

Member since May 2015

917 posts

Posted on 7/29/19 at 9:52 pm to lsu0005

This is what I would be concerned about most to least.

1) Get enough liability insurance for an umbrella policy.

2) Get an umbrella policy.

3) Get uninsured motorist coverage for bodily injury equal to your limits (property damage too if you drop full coverage).

4) Play with your deductibles for full coverage and see what makes sense.

5) Med pay is up to you. If you have health insurance and most of your passengers will, then $1-2K can be nice.

6) Cheapest rental car insurance.

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Posted by hottub