TL, DR - we have good health insurance but live in a state with lots of uninsured motorists. We are currently paying about $600 (per year) for 25,000/50,000 coverage. I'd like to drop it. What do you think?
If you've got more time and are willing to double check my thinking, here's our whole auto insurance picture. I'm 40, DW is 36, clean driving records.
Cars are a 1999 Ford Explorer Sport (no comp or collision) and a 2009 Corolla (currently w/ comp and collision).
Current Coverage Thoughts
Bodily Injury 100,000/300,000 keep - most of ~500K stash is in retirement accounts which are protected in FL
Property Liability 100,000 keep
PIP Insured and Relative 10,000 (500 deduct) raise deductible to 1000 (highest) - 10000 is the state minimum. (saving ~$60 per year)
Stacked Unins. Mot. 25,000/50,000 drop - we have good health insurance (savings ~$600 per year)
Comprensive (Corolla) 500 deduct drop - can afford replacement car (savings~$80 per year)
Collision (Corolla) 500 deduct drop - can afford replacement car (savings ~$150 per year)
I hesitate to drop comp / collision on the Corolla because they are so cheap. Also, my folks recent had an accident that wasn't their fault, and since they didn't have this coverage, their insurance company didn't help them get the other insurance company to pay to replace the car (so they got a lawyer). Still, if our plan is to replace the car ourselves (with something in the 5-6000 range) it's not such a big deal. And I thought about raising the comp / coll deductibles to 2500, but then I'm halfway to a replacement car. Clearly, though, the big issue is Uninsured Motorist Coverage.
The GEICO quote replicating our current coverage is $2100. If I make the changes above, it's $1280.
Grateful for any thoughts, and please don't hesitate to ask questions.
Thanks!