How much auto liability do you folks carry?

[Rmcky]

Geeze, with a 19yo in the household, my auto insurance is a killer and getting worse by the minute. I've tried to cut my costs everyway I can and am running out of options. I already have a $250 comprehensive deductible on all 3 vehicles, so that's like none at all. Windshields are on me and so many other things involved with theft are either not covered at all or severely limited. I carry a $1000 collision deductible on all the cars, as well, which almost seems like not much coverage there, either.

I don't carry all the extra baggage, like uninsured motorist or towing, so about the only option I have left is to consider lowering our liability coverage. I think I presently carry $100,000, $300,00 per accident, with $50,000 property damage, and, perhaps something like $1500 medical payments.

To me, I've even wondered if that was adequet, but since this is where my greatest cost is, it appears to be the only option left.

I know it varies from state to state and also from person to person, but I was wondering what most of you feel is adequet for your particular situation.

I feel like we are a fairly average middle class family. Our home is paid for, as well as our vehicles, but we don't have much cash on hand. Like most folks, we seem to spend it as fast as we get it. My wife does have about 150K in her 401K, but I think that's protected from tort judgements???

Anyway, I was just wondering what you folks figured was necessary and why, without going into any personal details that shouldn't be shared. Also, any good money saving advice would be greatly appreciated!

Thanks, Rick

[brandon184]

I just have basic plate coverage which is mandatory for this province.. Provides $200,000 CAD third-party liability. $700 CAD deductible.

[The Real Bingo]

Depending on how new the car(s) is/are, I would rid myself of the collision. I have a 17 year old car, and still the insurance for me covered for three cars (16 y/o) is triple what it was, without collision. Also, theft could be done away with depending on what your area is like.

[Pexster]

Insurance? What is this thing of which you speak?

Seriously, ours is similar, but with $100k property and $5k medical. As The Real Bingo noted, dropping collision can save some, but I'm guessing the bulk of your premium is for the Bodily Injury liability. See if one of the "no commissioned agent" companies like 21st Century has a better rate. Other than that, you'll have to ditch the 19-year old. Sorry!

[Ed_S]

Rick, my son's 20, so I feel your pain, old buddy. I'm guessing you're in the same boat as we are - too many cars for anyone to be rated as "part-time driver", right?

Jeff's car - which is his, title & all - is on it's own policy in his name. Our premiums remained unaffected on the other vehicles. Another advantage is that, over time, he's earned discounts of his own. He's down to $108 monthly. He works & he pays for it - I hope this has helped influence him to be a good driver.

I'd hoped to lower his limits - since it's in his name, and he owns nothing but the car, what can he be sued for?? Won't work, though. Since he lives at home we could still be held liable, so he carries the same 100/300/100 limit we do. He has comprehensive coverage, but NOT collision - this also helps influence, since he knows that to wreck it means to lose the Mustang or pay dearly to fix it!!

IMO, lowering the liability limits is a bad idea - leaves you open to too much trouble! With a low limit, if something happens the ins co will simply write that 50K check & they're done, leaving you to defend yourself. But with a $300K limit, they'll often fight a suit, even if it's for a greater amount. You stand a better chance of settling w/o loosing your butt!!
Hopefully, neither you nor I ever have to put this to the test, though.

[Gomer]

What kind of car is your kid (19yo) driving?

Amen Ed_S! Don't drop your liability. When you said we own our house. You can't afford to do that. Seems your son will have to carry his own weight
I could be much cheaper to have him get his own policy and you and your wives get exclusions. If you and the bride have good driving records you may be able to land cheaper ins with a less expensive but much more restricted (as to the kinds of driving records they insure).
That's what I did with my son when he was 17. He got his own and I kept him off of mine, it was cheaper to give him an old Toyota for his car.
BTW you have your home owners tied in right? That usually gets a discount. That said the stricter companies usually have home owner too..
Or have you got a led foot?

I will not put a car on the road with anything less than 100/300/50.

I don't carry all the extra baggage, like uninsured motorist...

You are a brave person. Again, my car's wheels not even hit pavement without uninsured motorist coverage. BTW, it is required in FL.

At age 23, I am floating around $1300/year for this level of coverage (without collision).

TRB is correct. Drop collision if you have an older car. For example, it is not like I can't replace my 1997 Sable wagon for $4000 or less, so collision seems like a waste to me.

[gjimene2]

This is the coverage for my no owners insurance.
BI $20,020 EACH PERSON - $40,020 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY - $15,020 EACH ACCIDENT

[The Real Bingo]

Yeah Rob. The car I drive, I'd be lucky to get $500 for it, so why spend that much covering the collison on it? Seems pretty pointless. Also theft isnt that rampant around here, so I dont think there is a need to carry that [although I dont know if I have theft or not [its a waste if I do]]

I'm not looking forward to actually having to pay this junk either.

Oh, and if your kid took a driver ed course he should probably get some sort of discount.