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Topic Car Insurance Coverage Go to previous topic Go to next topic Go to higher level

By Snufkin On 04/06/04  

Basically how much do you select for your policy and why? I was advised a couple of years ago to take out the maximum amount for everything but comprehensive and collision in order to protect other financial assets (mainly my retirement accounts and personal savings) from any lawsuits that could arise from an accident. Everybody else I've compared rates with thinks I'm paying too much - though none of these people really have retirement investments or savings accounts.

So North American Glitterati who own cars, how much do you pay for things like Bodily Injury Liability, Property Damage, Ininsured Motorists, and the like? And are you paying based on what you can afford or have other folks been advised to pay the max in order to protect other financial assets they might have?

By crazybones On 04/06/04  

The amount your insurance costs depends on factors like age, type and age of vehicle, driving record, location, approximate driving distance/year, driving record and sometimes profession (as well as others.)

I know that a more expensive car makes your comprehensive and collision more, but shouldn't greatly alter what you'd pay for medical or damage you've done to another's car (unless you've got a huge truck or SUV).

I think that you might benefit from talking to a financial planner (someone not invested in selling you more insurance) who can tell you how much coverage you should plan for. I think that with the cost of medical coverage, even the additional insurance won't cover the cost (you could burn through 100,000 in a surgery and recovery time, fairly easily. If you really hurt someone, say a family, it could blow through the roof.

what kind of car do you have? Are you in the city, and are you under 25? Hve you had more than 1 ticket in the past 2 years or any accidents? That can make your rates go pretty high.

By Martita On 04/06/04  

I pay one or two steps over what the state requires me to have...

I used to pay nearly $300 a month in insurance when I lived just outside of NYC, because my car was in a public lot, I was in an "urban" (read: high crime) area, and because MetPay is overpriced (but wa staken from my paycheck so easy..)

Now that I live in el boonies and use the compant with the damn lizard ads, I pay $495 for six months of coverage.

By crazybones On 04/06/04  

hehe. I forgot to mention, I have the same company as Martita, and I pay about 440/6 months. I live in the city, and my car is fairly new (but an inexpensive model)

By jtsang On 04/06/04  

I live in CA, I'm told the minimum you can carry is 100K but I've been told that the minimum they recommend is 300K, b/c 100K is not enough if people need surgery etc.
I hope that helps oh and i have amica insurance, no one has ever heard of them when i say it but they're based out of Rhode Island and I've always had friendly and prompt dealings with them.


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