How much coverage should I get on my new car? Here is my stat: early 20s, single, with no assets. I'm currently with AAA and the premium is $2,250/year.
Limited Tort
Bodily Injury: 15/30
Property Damage: 25
Uninsured Motorist: No Coverage (I'll definitely get coverage here)
Underinsured Motorist: No coverage (Will get covered here also)
Medical Exp. Benefit: $5K
Work Loss Benefit: No coverage
Funeral Exp. Benefit: No coverage
Accidental Death Benefit: No coverage
Collision: $500 deductible
What kind of coverage does the majority have on this board? I am not looking to go all out, just enough to cover major incident. thanks
I go with max liability. It would be a bummer to be 20 and looking at paying out a claim over the REST OF YOUR LIFE. And typically extra liability coverage is pretty cheap.
WRT property damage, name how many cars you can hit and go over $25K in damages? WRT bodily injury, how far does $25K go in a hospital today?
Also shop around, many insurance companies offer online quotes. With a little effort you can save money. I just recently changed insurance companies, upped my coverage and I am paying $300 less a year. My friends and I have found that Ameriprise offers great rates (They used to be called American Express Assurance). Another B'fester checked it out based on my recommedantion but in his case he got a even better rate from Progressive.
i just did what u told me too and asked for quotes from progressive as well as ameriprise. the difference was about $800 more than what i am paying now with AAA. thanks for the input, being young sux for insurance :thumbdwn:
Think about raising that deductible to $1,000 on collision and comprehensive since you said you are looking for coverage for major incidents. It saves on premiums and I personally would never put in a claim under $1,000 because that will have a negative impact on your premiums going forward.
i just did what u told me too and asked for quotes from progressive as well as ameriprise. the difference was about $800 more than what i am paying now with AAA. thanks for the input, being young sux for insurance :thumbdwn:
Sorry to hear that. Please note that many insurance companies also base their rates on your credit rating. So having little credit history may push the rates up with those companies.
And how!! Don't get too excited about the supposed premium reductions at age 25 and 30. They didn't materialize for me, even without many speeding tickets and no claims.... :thumbdwn:
I go with max liability. It would be a bummer to be 20 and looking at paying out a claim over the REST OF YOUR LIFE. And typically extra liability coverage is pretty cheap.
WRT property damage, name how many cars you can hit and go over $25K in damages? WRT bodily injury, how far does $25K go in a hospital today?
:stupid: ..I'd never go lower than 50k on property damage and would be real uncomfortable w/ less than 100/300 on bodily injury, which shouldn't increase your premiums too much. Try to up your deductibles instead to keep the rates down... my $.02
Looks fairly similar to mine, though DEFINITELY get Uninsured/Underinsured Motorist protection.
Even in states where insurance is required (like Florida, where I live), many people don't, especially those that like to make the stupid decision to drive drunk at night.
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