Forum User Asking About Auto Insurance Coverage Amounts

Insurance Forum Auto Insurance
1

Hallo…

I’m trying to figure out if I have the right amount of coverage for my auto insurance, and I’m not sure if I’ve got enough or should add more.
Here’s the deal: I only have one car, and I’m the only one driving it. It’s pretty old, so I don’t want collision or comprehensive coverage. If it gets wrecked, I’ll just buy another one. My main focus is protecting myself from liability, lawsuits, and covering any damage I might cause to other people’s stuff.
Here’s what I’ve got right now:

  • Umbrella policy: $1 million
  • Bodily injury liability: $500k per person / $1 million per accident
  • Property damage liability: $150k per accident * Uninsured motorist bodily injury: $500k per person / $1 million per accident
  • Medical payments: $5k per accident
    I know nobody can see the future, but how do I figure out if these coverage amounts are good enough for me? Do these numbers seem low, typical, or high to you?

Best Wishes…

2

The amount of protection you desire :face_with_raised_eyebrow:, your financial condition, and state regulations are all significant considerations when figuring out how much vehicle insurance coverage you need.

3
  1. Liability Insurance: This is typically required by law and covers damages and injuries you cause to others. Common minimum limits are:
4

Regardless of responsibility, this covers medical costs for you and your passengers. States have different levels of coverage.

5

You may want to think about getting extra coverage, such as gap insurance, roadside assistance, or rental reimbursement, depending on your needs.

6

These protect your vehicle from harm caused by theft, accidents, and natural catastrophes :thinking:. These are often necessary if you lease or finance your vehicle