My wife and I are recent convertors to Mustachianism. Only debt is Student Loan which will be 100% paid upon sale of my monstrous truck. (Just purchased a Hyundai Touring, and shopping for a bike). Very little cash assets, maybe $15,000 (and rising). Both steady earners approx. $60,000 total take-home (and rising). My wife and I are married 1 year and have just moved into the home we built from the ground up. Home value approx $500,000, no mortgage.
Upon insuring my new-used 2009 Hyundai, my insurance company (USAA) told me I should up my coverage to cover liability against our home. I'd like to keep my auto insurance premium to a minimum while still covering our ass(ets). How much coverage do we really need?
As best I understand my policy, here are the numbers...
Liability $300,00/accident - $100,000/person
Property Damage $50,000/accident
Personal Injury $10,000 with $1,000 deductible
Uninsured Moto Bodily Injury $300,000/accident - $100,000/person
Underinsured Moto Bodily Injury $300,000/accident - $100,000/person
Comprehensive Loss $500 deductable
Collision Loss $1000 deductable
Premium $412.38/6 months = $68.73/month
My wife's car is similar to mine and similarly insured.
What changes/considerations should we make for our coverage? Thanks all you like-minded folk!