Adequate insurance coverage

[amans232]

Just wanted to get a snapshot of how much insurance coverage model s owners think is enough. Right now I have a 50/100 for bodily injury and uninsured motorist.

What do most people think is necessary and why? Thanks

btw, I switched from Geico to Progressive and it cut my premium by 45% ($1900 to $1000 for a six month term)

 

[CHG-ON]

I'm using Allied and have 100/500 and pay approx 1,300 annually in Santa Cruz, CA. Remember to include all your assets in your coverage, not just the car. I can't tell where you are. So I don't know if this helps. I work through my broker, not directly, and seem to get good pricing. I also bundle, auto, home, umbrella for multi-policy discounts on all.

Just wanted to get a snapshot of how much insurance coverage model s owners think is enough. Right now I have a 50/100 for bodily injury and uninsured motorist.

What do most people think is necessary and why? Thanks

btw, I switched from Geico to Progressive and it cut my premium by 45% ($1900 to $1000 for a six month term)

 

[DougJohnson]

Just wanted to get a snapshot of how much insurance coverage model s owners think is enough. Right now I have a 50/100 for bodily injury and uninsured motorist.

It depends on you. How much in attachable assets do you have? If not much, then you can get away with lower limits. Last time I looked, lower limits did not save much money, but that was a long time ago.

One of the great bargains in insurance is umbrella insurance. This is a high limit policy ($1-2 million) that takes over when you reach the max on your other liability policies (auto and home). One of the reasons it is a bargain is that the insurance company is on the hook to defend any action against you. I figure they will defend a $2,000,000 liability much more vigorously than $50,000.

-- Doug