How Much Car Insurance To Carry
Getting the right amount of car coverage can be a pretty delicate financial problem. Find out how much car insurance you should carry and get some quotes. They will help you find affordable auto insurance.
There are three main types of car insurance: vehicle, liability, and medical coverages. While you will have to carry the minimum as required by state law, you will also want to carefully consider the value of your car as well as additional coverages to protect yourself, your passengers, and your assets from accidents. When calculating how much coverage you should get, make sure you will be covered for an amount equal to the total amount of your assets. Additionally, if you lease or have a lien on your vehicle, your lender may require for you to carry both comprehensive and collision coverages. Keep in mind that these 2 policies are pretty expensive, but getting a high deductible will lower the premiums.
There are several types of coverage level you can purchase. The minimum level is just what your state requires to legally drive. However, the limits tend not to keep pace with the ever-increasing costs of car repair and medical bills. In some states, the minimum liability amount is only $5,000, which is only enough to repair some sensors and some minor dents. If your car is not that valuable, you should apply for a lower coverage level. This includes at least $25,000 for Property Damage, $50,000/$100,000 Bodily Injury, and $50,000/$100,000 for Under/Uninsured Motorists.
Most of policyholders opt for an average value for full coverage plans. This includes: $50,000 worth of Property Damage, $100,000/$300,000 Bodily Injury, and $250,000/$500,000 Under/Uninsured Motorist. What is up this level is considered high tier and it up to the policyholder to settle the upper limits.
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