auto insurance

auto insurance consists of required and optional coverages as outlined below. From there you have to decide the amount of coverage. Then you can shop for premiums by clicking on the links for quotes.

The first two coverages below are required:

1. Bodily Injury Liability: Coverage for you or someone else who is injured.

2. Property Liability Coverage: Coverage for if you damage the other person’s car or some other person’s property.

The next three are optional:

1. Collision Insurance: Usually a good idea for more expensive cars. Coverage is provided no matter who is at fault, the insured or the other driver(s). Coverage for car related accidents.

2. Comprehensive Coverage: This is also something to consider if you drive an expensive car. Coverage is provided for things such as if a rock dings your windshield. Coverage for non-car related accidents.

3. Replacement Cost Coverage: Insurance will pay you to be able and go buy the same car, rather than the depreciated value of your car.

Each state has minimum requirements of coverage but it is recommended that you pay a bit extra for more coverage, especially if you have a large amount of assets.

Recommended amounts:

100,000 for bodily injury coverage.

300,000 limit for each accident

50,000 for property damage coverage

Better yet:

250,000 for bodily injury coverage.

500,000 limit for each accident

100,000 for property damage coverage

For even further coverage, to protect yourself if you have at least a million in assets:

Umbrella Liability Coverage—provided by your home insurance company. Gives you 1 million dollars protection.

Your state’s minimum may be as follows:

30,000 for bodily injury coverage