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How much auto insurance coverage is enough?
There's nothing exciting, interesting or thrilling about insuring one's car and many of you will definitely agree with that. And taking into account the place you live in it can either be a small piece or a big chunk of your family budget.
The most frequently asked question about vehicle insurance is probably the one about the amount of coverage that should be included. Any professional insurance agent will recommend you getting as much coverage as you can pay for. And while this advice doesn't lack in common sense it's practical application is not very different from a realtor's advice to buy as much living space as you can afford. Logical but quite useless since you don't get a precise amount recommended for purchase. You have to consider a series of factors in order to make the right decision. First of all you have to learn the local minimum amount of coverage required in your state. Then you have to research what's that minimum is used for. And in the end you have to analyze what are your exact insurance needs.
What's the state minimum in the area you live?
The best source to learn state minimum requirements is your state insurance department. Another good source are numerous sites where you can get auto insurance quotes online - they usually post these minimums for your convenience.
State minimums are usually expressed in the following form - 20/40/10, where 20 refers to bodily injury liability for a single person ($20,000), 40 - to bodily injury for the whole accident ($40,000) and 10 stands for $10,000 for property damage.
Is the state minimum enough?
It's not very hard to determine whether your state minimums are enough to have adequate and cheap auto insurance. Just analyze the medical and repair costs in your area and see if the amounts of basic coverage are enough to cover the costs without requiring you to pay anything out of pocket. In most cases minimum amounts are not enough but it's not a rule a thumb. If you live in an area with low repair and medical costs it might be just the right sum to carry with your auto insurance policy.
Is there anything else I would need?
There are many types of coverage that don't make part of the state requirement list you can buy additionally from your provider. On one hand you will pay a higher premium if buying additional coverage with your policy and that's definitely not a way to get cheap auto insurance. On the other hand, you may need a particular type of coverage if the risk of having that very damage is high in your area. Say you live in a place where floods are common. You would want to buy flood coverage for your vehicle as it doesn't make part of the standard coverage package.
What are your insurance needs?
This is probably the most important aspect of any insurance procedure. You have to determine what the item of your insurance is and what you really want to protect. Is the exterior of your car really important? Or you are worried about its contents? What about theft? Try to think about the things most important to you in your car and insure namely those things. It's the most effective way to get just the right amount if insurance coverage you need.
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How much auto insurance coverage is enough?
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