Re: Car Insurance Thread
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Yeah, that another one of the problems, the insurance knows the exact coverage people are required to have, so that is expensive, but adding more to it really doesnt add much more in cost, so I generally get better than the minimum, as I believe my benefits are double the minimum and it made my yearly premium go up like 10% or so.
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The minimum coverage in most states is pretty low. If you have a decent amount of assets you should look into an umbrella policy. I think in my state I am only required to have like $50K in coverage for bodily injury. So if I really hurt someone in a car accident that $50K is going to be gone quickly in medical bills. Then I become personally liable. That is where the umbrella policy kicks in and covers me an additional $1M. It is an umbrella in that it is over my auto and homeowners policies.
Granted I had to up my coverage beyond the state minimums in order to get the umbrella, but the peace of mind is worth it if you have assets that you want to protect.
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