Author Topic: Please help me with auto insurance review  (Read 652 times)

MountainTown

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Please help me with auto insurance review
« on: March 17, 2019, 10:58:41 AM »
Can I get some advice on the coverage amounts here? Too little/too low? Any opportunities for savings?

Net worth: $370,000
Of that, $65k in cash(down payment/emergency fund)

2 cars.
2013 Nissan Rogue
2003 Toyota Corolla

Toyota: Liability only.
Rogue: Liability and comprehensive/collision

Liability portion:

Bodily Injury $300,000/500,000  $130.80
Property Damage $100,000   $86.20
Medical payments None
Uninsured motorist $50,000/100,000 $43.40


Comprehensive/Collision portion


Comp $500 DED $46.40
Collision $1,500 $59.80
ERS $5.70(plus 9.30 on toyota)

TOTALS

                               Policy Coverage          Vehicle Coverage   Total
2003 TOYOTA COROLLA   $135.50      $9.30                         $144.80
2013 NISSAN ROGUE    $124.90      $111.90                         $236.80

144.80 + 236.80 =381.60

I'm guessing ERS is going to be the biggest targeted discount. I travel a lot for work and this has been a convenience I happily pay for...especially on that older car we have had a couple issues and sometimes just flat tires where it was pretty convenient to pay $20 a year and have someone else take care of it. When I am out of town I am not able to help me

RWD

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Re: Please help me with auto insurance review
« Reply #1 on: March 17, 2019, 11:12:11 AM »
Seems reasonable to me.

MountainTown

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Re: Please help me with auto insurance review
« Reply #2 on: March 17, 2019, 02:39:56 PM »
Thanks...any opportunities to save money? Or would I be increasing risk too much?

Another Reader

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Re: Please help me with auto insurance review
« Reply #3 on: March 17, 2019, 03:37:26 PM »
I don't see much to save here.  However, the low liability amount concerns me.  You could easily face a million dollar judgement if you hit someone and they are killed or severely injured.  In your shoes, I would spend a little more to raise the liability to at least $1,000,000.

terran

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Re: Please help me with auto insurance review
« Reply #4 on: March 17, 2019, 04:23:50 PM »
I don't see much to save here.  However, the low liability amount concerns me.  You could easily face a million dollar judgement if you hit someone and they are killed or severely injured.  In your shoes, I would spend a little more to raise the liability to at least $1,000,000.

I was thinking something similar, although I'd probably go with umbrella insurance which also covers other potential sources of liability. You pay have to somewhat increase the auto liability too as the umbrella insurance will require some level of auto liability coverage (depends on the company).

MountainTown

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Re: Please help me with auto insurance review
« Reply #5 on: March 18, 2019, 11:26:24 PM »
Thanks for the replies. I had read some advice somewhere that generally speaking you may not need to increase liabilities to a million until you had a NW of a million. Is that not true? I understand income can impact it too but I didn't think it would so  significantly.