How did you decide how much car insurance coverage to get?

[demarpaint]

Originally Posted by Alfred_B
Originally Posted by Fawteen
I wouldn't have less than the maximum medical and an umbrella policy to cover your assets.


That's what I do. Insurance seems like wasted $ until you need it.


+1

 

[Gebo]

I'd get an umbrella which would tie to your auto and home. Depending on what your current liability levels on your auto and home, those limits would affect the price of your umbrella. For example, my agent found that 300/300 on my auto gave me the lowest overall premiums when I purchased a 1 million umbrella. Make sense?

For example, a 100/300 on auto and a 1 mil umbrella would be more in total price than a 300/300 auto with a 1 mil umbrella.

 

[PandaBear]

Mainly depends on how much assets they can sue you for. If I'm broke I'd just buy the minimum, their lawyers will walk away. If I have a lot of assets under my name I'd probably max it out plus an umbrella policy.

 

[paulri]

I called my broker and raised it just now (from $100K per person, $300K per accident, to $250K/$500K). I also have a quote for the umbrella coverage, but I will want to think about that some more. Raising my auto coverage takes the pressure off wanting an umbrella policy, and my insurance company requires this increased coverage before giving me the umbrella, so this is a first step to getting an umbrella, anyways.

 

[splinter]

Originally Posted by paulri
I called my broker and raised it just now...
Good on you.

After the ante for auto and homeowners policies, I was pleasantly surprised how relatively reasonable $3M of additional umbrella coverage incremental expense proved to be.

"It's a lot easier to lose than it is to earn." -War of the Roses