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Auto Insurance-How Much is Enough?
Posted on 2/26/15 at 3:15 pm
Posted on 2/26/15 at 3:15 pm
In my case, I don't want to be over insured and paying for no reason.
We have a paid-for 2008 Honda Element. I've always maintained comprehensive and collision on it. I'm shopping insurance for it right now and wondering what all I should consider when looking at coverage amounts for bodily injury/property damage/uninsured motorist.
Can anyone give me a guideline on how to set the limits that you apply to your auto insurance? What should I be considering? Amount of assets? Other insurance that I have? HELP.
We have a paid-for 2008 Honda Element. I've always maintained comprehensive and collision on it. I'm shopping insurance for it right now and wondering what all I should consider when looking at coverage amounts for bodily injury/property damage/uninsured motorist.
Can anyone give me a guideline on how to set the limits that you apply to your auto insurance? What should I be considering? Amount of assets? Other insurance that I have? HELP.
This post was edited on 2/26/15 at 3:16 pm
3
Posted on 2/26/15 at 4:36 pm to lnomm34
Many people base it off of liquid assets and your income. If you were to kill someone in an accident and you had an excess judgement what could you loose? I have enough to cover those assets. your home, retirement plans and vehicles are protected IIRC.
Posted on 2/26/15 at 7:37 pm to lnomm34
if you have significant assets, I would base my auto/homeowners policy limits on what was required for my liability umbrella policy.
Posted on 2/26/15 at 8:03 pm to lnomm34
250/500/250
Posted on 2/27/15 at 10:24 am to Gevans17
quote:
I would base my auto/homeowners policy limits on what was required for my liability umbrella policy
This is my approach as well
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