I'm currently deep in the stages to keep or switch my current basic (Auto/Renters) insurance needs. I went onto consumer reports to find their recommendations on top carriers and have looked into: Amica, USAA (don't qualify), State Farm, Geico, Progressive, and a local independent rep. I'd like your advice when it comes to levels of coverage.
Current coverage w/ State Farm for 12 years with zero at fault incidents and no points on licence in 5+ years.
I'm looking into getting the below coverage. Items you may want to take into consideration: my medical coverage from work does not cover auto accidents (If you don't know for sure you should call your provider), no major assets, 28y/o with under $100k net worth, car is worth $2,500, I have enough liquid assets to buy another car if needed.
Auto looking at getting:
-250/500k bodily and uninsured coverage
-100k property
-$5000 medical payment
-No comprehensive
-$500 deductible collision (most carriers i've looked into require either collision or comprehensive to get roadside coverage. I chose collision because it seems more likely to happen than comprehensive)
-Yes on emergency roadside (comparing rates to AAA this seems much cheaper)
Renters looking at getting:
-enough to cover 100% of stuff
-300k of personal liability
-Going with a company that offers Full Replacement (Geico, Amica, independent rep) and not Actual Cash Value (State Farm)
Umbrella policy
-Not looking into coverage
What do you think of this level of coverage?
Curveball: This may be a terrible idea but... What if you went with the state minimums and bare bones Auto policy but got an umbrella policy of 1M so in the event of a lawsuit that is your security?