Do I have the right levels of auto insurance coverage?

[rh71]

I listed the premiums below beside car 1 and car 2. I'm wondering if I have any excessive coverage because we all have medical insurance for ourselves and homeowners may cover some things as well. I left out comprehensive and collision as they are at their sweet spot already. The figures are for 12 months and after comp/collision we are paying $1756/yr for 2 cars.

Bodily Injury
$100,000 per person
$300,000 per occurrence
car1: $154.00
car2: $172.00

Property Damage
$300,000
car1: $164.00
car2: $217.00

Medical Payments
$1,000
car1: $1.00
car2: $1.00

Supplementary Uninsured/Underinsured Motorist
$100,000/300,000
car1: $24.00
car2: $33.00

Personal Injury Protection
No Deductible
$50,000
car1: $172.00
car2: $190.00

Do any of the big 3 typically decrease by a lot if I drop to the next tier down?

 

[jaedaliu]

Talk to your insurance agent, and shop around.

Prices change greatly depending on where you live.

 

[alkemyst]

Usually you want your insurance liability to reflect your income. If you are under insured they can sue against your home.

Homeowner's insurance doesn't always protect you in an auto accident.

Usually the difference between 10/25 and 100/300 is not much, the comp/collision is where the big costs are. I think I am only carrying $2k in PIP though...medical insurance will kick in after that.

 

[z1ggy]

Like stated above, a part should be based on home ownership. If you own a home, you'll want liability to be at least the 100/300.

 

[highland145]

Usually you want your insurance liability to reflect your income. If you are under insured they can sue against your home.

Homeowner's insurance doesn't always protect you in an auto accident.

Usually the difference between 10/25 and 100/300 is not much, the comp/collision is where the big costs are. I think I am only carrying $2k in PIP though...medical insurance will kick in after that.

This. My CPAs kid caused a 5 car wreck. The $100K wasn't near enough and the victims are going after their personal assets.

I have an additional $1M umbrella personally and on the business. IIRC they're ~$300/yr.

 

[Apple Of Sodom]

I have a $3M umbrella policy that covers me for many things. If you have assets there is a chance someone wants them. I had to max my auto policy to get it, but it is worth the peace of mind. It covers more than just automobile accidents too. Ask your insurance carrier about umbrealla policies.

 

[NutBucket]

I have maxed auto coverage and a $1M umbrella. Having assets puts a big bullseye on your back. Thanks useless lawyers....