Just playing with the numbers on my auto policy.
State minimum 15/30/5 cost $12.50 per month while 300/500/100 cost $18 per month.
Why would anyone only carry state minimums?
@Dustink wrote:Just playing with the numbers on my auto policy.
State minimum 15/30/5 cost $12.50 per month while 300/500/100 cost $18 per month.
Why would anyone only carry state minimums?
if they had a beater car.
Isn't 15/30/5 the liability amounts for the other person/property? In this regard it doesn't matter if you have a beater or a Ferrari. If you hit someone else your insurance will cover you up to the limits of your policy, then its on you to pay the difference. $5k damage to a car is nothing, get more coverage...
@awal wrote:
Isn't 15/30/5 the liability amounts for the other person/property? In this regard it doesn't matter if you have a beater or a Ferrari. If you hit someone else your insurance will cover you up to the limits of your policy, then its on you to pay the difference. $5k damage to a car is nothing, get more coverage...
Yeah, that is what I am saying. California minimum is $15k per person, $30k total, and $5k for property damage. A low speed accident could easily exceed those coverages.
So many people have no idea and they just ask for the minimum. In my case, it is only a few more dollars per month to get good coverage.
I was not saying that I carry 15/30/5, I just ran a quote out of curiousity. I think the least anyone should carry would be 50/100/50 and that is only if they have minimum assets and income. I have to carry 300/500/100 to keep another policy I have in place. It provides peace of mind that if I were to harm somebody in an accident, they would be financially provided for. (Although, I would not tell them my coverages as that could lead to fraud. They can assume I have state minimums. If their verifiable accident related expenses were high, it would be good to know they were covered.)
Those are some super low limits I didn't even know they could get that low. That would be scary to have, that wouldn't even cover my rims if they got dinged.
