How Much Auto Insurance Do You Carry?

[Brazen]

Don't you get insurance comparison sites over there where you can specify what coverage you need and get the best deal? I even compare the comparison sites. Then phone up my favourite and get an even better deal.

Does US car insurance also cover medical liability?

[KRonn]

I'd have to check my policy but I'm not at home now. A while ago I raised the liability limits to at least the 300k level, and may have some higher, don't remember. As others are saying, it's not hard for huge liability amounts to accrue.

[Grey Fox]

Canada's insurance system is much different  and then Quebec's is probably different from that too

but I have 1 million civil liability(that's the minimun) & 500$ deductibles on damages to the cars from collisions & another 500$ from non-collisions damage/stolen for each of my cars.

It's ~800$/year.

[Darth Wagtaros]

100/300 for liability.  Should boost it at some point.

[DGuller]

How much is the car worth?  How much would comprehensive and collision add to your premiums?  Did you check Geico or Progressive?

Car is worth 7-9.  State Farm was asking $10/month for comp and $26/month for collision.

Checked Geico and Progressive, they were nowhere close to the price i ended up getting.

In my opinion, whether it was good move or bad move to leave off comprehensive and collision coverages depends entirely on your level of risk aversion.  Auto insurance is pretty competitive, so I would not try to out-analyze my insurance company.  If some coverage costs you money, it's probably because there is a chance for you to have a claim on that coverage.

[Admiral Yi]

If by a chance you mean probability>0, then of course.

Anyone know the answer to my question: if a guy whacks me, does his liability pay for the damage to my car?

[MadBurgerMaker]

Everything I have on there:

50,000/100,000 Bodily injury
50,000 Property

50k/100k uninsured motorist bodily injury
25k personal injury protection
10,000 medical payments

$100 deductible or whatever its called that I pay in comprehensive
$250 in collision

25k in uninsured motorist damage (if some dick with no insurance damages my car) - $250 out of my pocket, I need to increase this coverage amount
Accident forgiveness
Rental reimbursement that will get me a clown car of some sort
Free towing

E:  Changed that to 50k just now.

[DGuller]

If by a chance you mean probability>0, then of course.

Anyone know the answer to my question: if a guy whacks me, does his liability pay for the damage to my car?

Yes, if it's his fault.  But you'll have to deal with his insurance company.

[Scipio]

If by a chance you mean probability>0, then of course.

Anyone know the answer to my question: if a guy whacks me, does his liability pay for the damage to my car?

It's complicated, but basically, yes, less deductible. I'd recommend uninsured motorist coverage and comprehensive, but I am super risk averse.

[DGuller]

If by a chance you mean probability>0, then of course.

Anyone know the answer to my question: if a guy whacks me, does his liability pay for the damage to my car?

It's complicated, but basically, yes, less deductible. I'd recommend uninsured motorist coverage and comprehensive, but I am super risk averse.

No, not less deductible.  The other guy's liability coverage pays in full.  Liability coverage does not have a deductible.

[crazy canuck]

I think you guys are hoping that if you cause an accident there will only be one person injured by your negligent act and that you wont be causing any long term injury.  I look at it as buying insurance for the horrible hypothetical.  I have 5M in liability.

[Baron von Schtinkenbutt]

30/60/25 (Texas state minimum) plus $2.5k personal injury, 30/60/25 uninsured motorist, , and collision/comprehensive with $500 deductables.  All for the bargain price of $1360/year.

I think you guys are hoping that if you cause an accident there will only be one person injured by your negligent act and that you wont be causing any long term injury.  I look at it as buying insurance for the horrible hypothetical.  I have 5M in liability.

As DGuller said relative to collision/comprehensive, it depends on your risk aversion.  My rate of negligible acts is so small and of such a nature that my chances of causing a horrible accident are vanishingly small, and thus I do not see the cost as worth it.  I did an online estimate for raising my liability to 500/500/500 (that was the maximum the calculator would let me go) and it would add $300/year to my insurance.  I'm not even worth $500k right now.  Below a certain point insuring yourself for more than you are worth does not make financial sense.

[alfred russel]

30/60/25 (Texas state minimum) plus $2.5k personal injury, 30/60/25 uninsured motorist, , and collision/comprehensive with $500 deductables.  All for the bargain price of $1360/year.

I think you guys are hoping that if you cause an accident there will only be one person injured by your negligent act and that you wont be causing any long term injury.  I look at it as buying insurance for the horrible hypothetical.  I have 5M in liability.

As DGuller said relative to collision/comprehensive, it depends on your risk aversion.  My rate of negligible acts is so small and of such a nature that my chances of causing a horrible accident are vanishingly small, and thus I do not see the cost as worth it.  I did an online estimate for raising my liability to 500/500/500 (that was the maximum the calculator would let me go) and it would add $300/year to my insurance.  I'm not even worth $500k right now.  Below a certain point insuring yourself for more than you are worth does not make financial sense.

If you have $300k, it could still be worth insuring more than $300k. Say you cause $400k in damages.

Personally, I don't know how much insurance coverage I have. I thought about it a few years ago when I renewed, and now I just keep carrying forward the same. I assume I had good judgment back then (or at least no worse than I have now).

[Barrister]

Something's very different about Canada and the US.

You guys are all talking about liability coverage well under the minimum permissible by law here in Canada.  Moldy's online calculator though won't go above $500k, while CC and I are carrying multi-million liability.  And finally I specifically remember that upping the liability amount above a million really didn't cost all that much.

[Baron von Schtinkenbutt]

If you have $300k, it could still be worth insuring more than $300k. Say you cause $400k in damages.

That is why I said "below a certain point".  That case would probably make sense.  If you only had $50k in seizable assets, probably not.