What Auto Insurance Coverage and Limits Do You Have?

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Gilberto de Piento
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What Auto Insurance Coverage and Limits Do You Have?

Post by Gilberto de Piento » Wed May 11, 2016 5:38 pm

What coverage and limits do you have for your car insurance? I recently realized I have more coverage with my current auto insurance company than any other company will provide.

When I get quotes from other companies the limits shown below are not even an option. The other companies offer much lower limits. I don't want to be caught with not enough insurance if there is an accident but I also don't want to have more insurance and pay more than is needed (and my current insurance is much more than the quotes I'm getting).

I have:
Liability Coverage
- Bodily injury limits $500,000 each person, $500,000 each accident
- Property damage limit $50,000 each accident
Medical Payments Coverage
- $25,000 each person
Car Rental and Travel Expenses
- 80% each day up to $500
Uninsured Motor Vehicle Coverage
- Bodily injury limits $250,000 each person, $500,000 each accident
Underinsured Motor Vehicle Coverage
- Bodily injury limits $250,000 each person, $500,000 each accident

IlliniDave
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Re: What Auto Insurance Coverage and Limits Do You Have?

Post by IlliniDave » Wed May 11, 2016 7:04 pm

I have liability only. I don't know the limits except they exceed the minimum requirement for the state, and are set to dovetail with my umbrella policy. The umbrella is $1M.

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Dragline
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Re: What Auto Insurance Coverage and Limits Do You Have?

Post by Dragline » Wed May 11, 2016 10:05 pm

I do something similar to ID. I believe the underlying coverages are $300K/$300K, but they are designed to mesh with the umbrella.

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jennypenny
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Location: Stepford USA

Re: What Auto Insurance Coverage and Limits Do You Have?

Post by jennypenny » Thu May 12, 2016 2:28 am

+2 We carry just enough liability on the auto policy to qualify for umbrella insurance. Ask your current agent to price out lower auto + umbrella. It might be cheaper. It's usually ends up being better coverage for the same money.

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Gilberto de Piento
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Re: What Auto Insurance Coverage and Limits Do You Have?

Post by Gilberto de Piento » Thu May 12, 2016 8:01 am

On a $5000 car does it make any sense to have comprehensive and collision at $190 every six months? These cover the car if damaged or destroyed. I could easily pay cash for another similar car, though it would suck to eat that cost.

Over the past 13 years I've paid $103 x 2 x 13 = $2678 for comp and collision. Even though I had one minor collision during that time I never made a claim because I was told that making a claim would make my insurance rates go up significantly. I was only able to sell my earlier car for $1200 so I definitely shouldn't have had comp and collision on that one but the new car is worth about $5000.

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Dragline
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Re: What Auto Insurance Coverage and Limits Do You Have?

Post by Dragline » Thu May 12, 2016 8:14 am

Gilberto de Piento wrote:On a $5000 car does it make any sense to have comprehensive and collision at $190 every six months? These cover the car if damaged or destroyed. I could easily pay cash for another similar car, though it would suck to eat that cost.

Over the past 13 years I've paid $103 x 2 x 13 = $2678 for comp and collision. Even though I had one minor collision during that time I never made a claim because I was told that making a claim would make my insurance rates go up significantly. I was only able to sell my earlier car for $1200 so I definitely shouldn't have had comp and collision on that one but the new car is worth about $5000.
No, absolutely not. C&C almost never makes economic sense for the consumer -- that's why insurance companies push them. Yes, I am aware of exceptions, but they usually fall into business use categories.

My view is that if you cannot replace the vehicle by writing a check or tap an emergency fund, you are driving a vehicle that is essentially too expensive for you to own.

henrik
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Location: EE

Re: What Auto Insurance Coverage and Limits Do You Have?

Post by henrik » Thu May 12, 2016 1:44 pm

I made some calculations not too long ago. I owned four cars prior to the one I have now. If I had totally crashed every one of them instead of selling them in more or less decent condition, it still wouldn't have been worth having comprehensive cover on any of them:)

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Gilberto de Piento
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Re: What Auto Insurance Coverage and Limits Do You Have?

Post by Gilberto de Piento » Thu May 12, 2016 9:55 pm

I cancelled the comp and collision as well as towing and rental car coverage today. I didn't know I was paying for any of it (my fault for not reading the bill carefully). Read your bill and policy!

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