Could someone analyze my current auto coverage?

Question

Hello friends,

Could you please analyze my current auto coverage, and advise if a specific coverage need to increase, or decrease or no value of keeping. I drive cautiously and never exceeding 60mph on any highway. For the past 10 years of my driving record, I have never had a speeding ticket, nor car accident. I am just trying to save $$ on my auto coverage.

Currently I have:

Bodily Injury Liability: $50,000/$100,000

Property Damage Liability: $50,000

Basic Personal Injury Protection: $200 Deductibe

Residual Medical Payments: $10,000

Supplementary Uninsured Motorist: $50,000/$100,000

Emergency Road Service Covered

Thank you so much!

Brian

Answer 1

Brian, you are seriously underinsured!  Are you aware of medical costs today?  If you seriously injure a family of four, the $100,000 bodily injury coverage could be used up the first day in the ER and surgical suites!

As for property damage liability, there are lots of cars today that you might total that cost way more than that!

Lastly, if YOU get injured (say an uninsured driver rear-ends you), your $10,000 in medical payments would be used up just in the trip to the ER and initial evaluation/treatment there.

Bottom line, if you are seriously injured by someone else, or you cause serious injury to others, you and they are SCREWED!  For example, they will sue you and take 1/3 of your income for the rest of your life!

Additionally, you should get an "Umbrella Policy", of at least $1 million coverage, above and beyond your general auto insurance.  These policies are cheap (less than $200 per year) and help protect you from devastating lawsuits that garnish 1/3 of your lifetime income to pay for harm you may do to others.

Answer 2

That seems ok to me -- but what happened to your comprehensive and collision deductable??

Answer 3

Those all seem like adequate coverages to me. Maybe you could think of dropping the liability limits to 15/30/15 but it really would only save you a couple of dollars per month and it's much better to have the higher liability limits and be safe, than to have to get in an accident and no have enough coverages. The medical payments seem a bit high to me. If you have your own personal medical insurance I would drop that down to 1,000 instead of the 10,000. Other than that your coverages seem great.

Answer 4

to get a more accurate pricing i would price around. try checking with different car insurance providers.  

get a free online quote here.

http://www.autoinsurancepros.net

Answer 5

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