Auto insurance coverage amounts......

[Car Guy]

Today I spent a few hours online and on the phone shopping for auto insurance. Everybody had a different answer as to how much coverage I should have which leaves me believing nobody. I researched online but still do not feel confident about how much I truly need. Some advice said to get coverage matching your assets and some said to get coverage twice the amount of your assets, ugh.....

At this point in time my net worth is approximately $10K (pathetic I know) unless something was completely overlooked, wishful thinking indeed. I do not own a house, a boat, a business, have any children, etc. Only me, a 20-ish year old POS work/winter vehicle, and a `92 Taurus worth approximately $3k according to KBB/NADA.....

Please shed some light if you can, my head hurts from crunching numbers all day.....:durr

[Holeshot]

Even if you have a low net worth I would never carry anything under 100K liability. I have 100 / 300 /100 with a million dollar rider for sue happy peeps. Three cars and it cost us around 1200 a year

[BoosTT]

100/300/100 is the norm.

[JC70SS]

250/500/100

If you don't you have no brains. In WI the max amount for a judgment of wrongful death with an auto is $500k. That means if you are driving down the street and hit a kid and kill them, parents sue the courts ca award a max judgement of 500K. That is where the 500 comes from. If you have 100/300 you are only covered up to 300k. Not smart for a few bucks per month.

[wrath]

300/500/100. Your net worth doesn't matter as much as your earning potential. People these days move to garnish wages. I'm not worth anything either (if you were to liquidate my retirement and savings I *might* be able to pay off all my student loans and cars) but I know people that were in the same boat and the court garnished their wages.

[michelle]

250/500/100

If you don't you have no brains. In WI the max amount for a judgment of wrongful death with an auto is $500k. That means if you are driving down the street and hit a kid and kill them, parents sue the courts ca award a max judgement of 500K. That is where the 500 comes from. If you have 100/300 you are only covered up to 300k. Not smart for a few bucks per month.

Wouldn't an umbrella policy also help to cover that type of judgment?

[JC70SS]

I believe so. Been out of the business for many yrs.

[michelle]

I believe so. Been out of the business for many yrs.

That was my understanding when discussing options through our insurance and while getting quotes from others.

[Ricky Bobby]

i have 100/300/100 with an umbrella policy 3cars/house/atv. I also am a firm believer in full coverage unless u drive a shit box and u can replace in a day if u junk it, this way u get some cash out of ur car or can get it fixed asap threw insurance

[03CVLX]

I'm running 500/500/500. And my rates are still really reasonable. Also covered under my parents umbrella policy as long as im still staying here.

[Dr.Buick]

You can NEVER have too much. I am one of thoes sue happy people, that when I broke both my legs and hands I MAXED out her INS and my under kicked in. Better to be over than under