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Car insurance - How much coverage is too much/unnecessary? [Archive] - DVD Talk Forum
 
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View Full Version : Car insurance - How much coverage is too much/unnecessary?


kantonburg
09-18-06, 08:32 PM
Every year around this time I alway check insurance quotes, renewal time, and although my current provider is and has always been the cheapest I was looking at my coverage.

Liability Protection
Bodily injury 250K/Person 500K/ACC
Property damage 100K/ACC

Medical expense coverage
5K/Person

Uninsured coverage
Bodily 250K/Person 500K/ACC
Property Damage 100K/ACC-$200 DED


I did some online quotes with Geico and Progressive and noticed that my coverages are on the higher tier of coverage. Is what I have an overkill? Or does it just depend? I know it can never be enough. I have liability on my car. I have an older vehicle and really have no need for a newer one. I drive 3 miles to work one way.

FinkPish
09-18-06, 09:04 PM
The day you lower your coverages will be the day you accidentally make a wrong turn into the farmer's market. Just FYI.

RunBandoRun
09-18-06, 09:37 PM
I carry higher-than-normal coverage on my 2004 Ford Taurus because I'm afraid I will slam into a Lincoln Navigator, Ford Expedition, or other megabucks vehicle that won't be covered by standard policies.

Also, I will never drop comprehensive coverage again no matter how old the car is. The only car I ever paid off was totalled a week later -- AFTER I had dropped the full coverage. Luckily for me, the accident was the fault of the other driver. :D

kantonburg
09-18-06, 10:33 PM
The day you lower your coverages will be the day you accidentally make a wrong turn into the farmer's market. Just FYI.

Just as long as I don't bowl some people over. ;)

But you're probably right. I wasn't sure if what I had was an overkill. I just remember my parents making me get it and pay for it at 16. I just always kept it.

Heat
09-21-06, 09:40 AM
I was just reading Jane Bryant Quinn's "Making the Most of Your Money", she covers this question.

Basically, carry enough to protect your assetts. If this means $10,000 / $25,000 then so be it. You could get sued for more but if you don't have the assetts you are OK. Or... carry very large limits on the premise that if you caused the accident you should pay for the damage.

Oraphus
09-21-06, 02:22 PM
if you dont have a house.. then you dont need that much coverage..but if you have assets in the range of 200k+ i wuld carry it. Someone can sue you for everythign you have.. but if they see that you have 100k+ policy they will sure the ins instead

Bandoman
09-21-06, 03:03 PM
As a civil defense attorney I can state that the higher your coverage, the more likely some plaintiff's attorney will make you a target in a lawsuit in the event of an accident. They can get awefully creative with the liability theories to chase the money.

I have $100k in liability coverage.

kantonburg
09-21-06, 06:50 PM
Bando,

I'm assuming you mean 100k bodily injury AND 100k/ACC ??

Bandoman
09-21-06, 07:28 PM
Bando,

I'm assuming you mean 100k bodily injury AND 100k/ACC ??


Yes.