I'm getting ready to call around for car insurance quotes -- it's been a long time since I've done that and our rates have been creeping up. I'm not sure if we have the coverage we need, though, so I thought I'd ask for others' opinions.
We own two vehicles outright. They are each worth about $5000 and $6000, but we do not yet have an emergency fund (I'm working on that -- I hope to have it up to $15,000 by the end of the year).
Our current coverage is:
liability-bodily injury: $250,000 each person & $500,000 each occurrence
property damage: $100,000
uninsured motorists: $250,000 each person & $500,000 each occurrence
underinsured motorists: $250,000 each person & $500,000 each occurrence
medical payments, each person: $10,000
collision, actual cash value less deductible: $500
comprehensive: actual cash value less deductible: $500
We also have an umbrella policy for $1,000,000.
A few years ago I was in an accident in which the other driver was completely at fault. She totaled both vehicles. So I'm apprehensive about dropping collision & comprehensive, at least until we have a big emergency fund. I would also consider raising the deductibles -- not sure why they're only $500.
We live outside of Milwaukee, WI, in a safe area, but my DH drives to a not-so-safe area for work. I'm a SAHM.
Thank you for sharing any thoughts/opinions!