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Please forgive me- I am very clueless when it comes to this...
I was previously leasing a car. I was required to carry 100,000 person/300,000 accident. I have now purchased a car- not a lease. Should I lower my insurance? Rather, is it safe to do so? And if so, to what?
I don't want to waste money if it is necessary.
TIA
Are you making payments? If so, you need full coverage with comp and collision. Are you a homeowner or do you have significant assets? If so, keep your liability coverage where it is or even consider raising it.
Please forgive me- I am very clueless when it comes to this...
I was previously leasing a car. I was required to carry 100,000 person/300,000 accident. I have now purchased a car- not a lease. Should I lower my insurance? Rather, is it safe to do so? And if so, to what?
I don't want to waste money if it is necessary.
TIA
Have you compared rates, Jaynarie?
I bet you're gonna be surprised at how little your premium drops when you lower your liability. Usually not worth the risk considering the costs involved with a simple accident nowadays.
To answer your question . . . NO, leave it as is or maybe raise it after you've compared rates.
Please keep the current coverage you have. Anything less would be foolish. Think of how easily it would be for any of us to be involved in an accident with a fatality involved. Better safe than sorry, because the other insurance company will come after you big time. I am an automobile insurance underwriter, with insurance training, and would never recommend the low limits that many policies are written for.
Remember that @ $100,000/300,000 you are not insuring your car. You are insuring your assets. If you have money in a bank, own a house or stocks it could all be at risk if your insurance policy does not cover expenses in an at fault accident. Keep the coverage unless your car is the only thing you own.
I would keep your policy at what it is at if not raise it, and I am speaking from experience. I recently had an accident (not my fault, but we can't find the other driver) and it is being covered under my comprehensive. I didn't realize that I only had 5K of med-pay coverage, so I'm going to be out of pocket on a lot of medical bills. That amount had been "pre-filled" in when I signed up for my policy online and I didn't realize that "bodily injury" meant other people, not me. Totally my fault for not learning more about my policy, but it did teach me a lesson and I would never lower my coverage. I recently upped my policy as high as I could, signed up for an umbrella policy, and signed up for Aflac as well (though I realize some of this may be overkill and I may drop the Aflac). At any rate, I would hate for anyone to ever go through what I did or be waiting on medical bills as I am now. I know everyone thinks "it could never happen to me" but it is always a possibility we need to be prepared for.
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