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Auto Insurance - How much coverage is right?
Posted on 7/29/19 at 12:29 pm
Posted on 7/29/19 at 12:29 pm
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?
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?
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
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
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.
As net worth increases, your coverage should increase.
This post was edited on 7/29/19 at 1:28 pm
Posted on 7/29/19 at 1:32 pm to lsu0005
quote: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?
I feel like we could go down to 100/300/50 and still be well covered
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.
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.
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.
Also, max coverage is typically required for umbrella policies.
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.
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.
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.
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.
Posted on 7/29/19 at 10:35 pm to lsu0005
Minimum to get 1 mil umbrella
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