Agent, Rural Mutual Insurance Co., Union Grove, WI
That really depends on you. How much are you worth is a good point to start? I typically recommend no less than 100/300 coverage to any prospect. Remember if you are involved in an accident; the insurance company is only obligated to pay up to the limits that you carry if it is a covered loss. If the amount of damage surpases that limit then you are responsible for the rest. Contact your local agent they are best equiped to help you determine a coverage level that will work with your budget and coverage concerns.
Account Executive, Samuelson Insurance Agency, Portage, IN
That is a great question! The only problem is that only you can answer it!
This is always a tough one for an insurance agent to answer. Doing so can subject the agent to a potential E&O claim.
When I have clients ask that question I respond by saying, "How large is the claim or accident going to be?" I say this because there is no way of knowing what the future holds. My advice is always for them to purchase an amount that they are comfortable with and that they can afford. At the same time, I am happy to show them some data and scenarios of what some other claims have ended up being.
There is also the factor of what the clients risk exposure is. If they have a pool or dogs in a populated residential area, they may have a greater exposure than the someone who lives in a rural setting. Again, it really comes down to what the client is comfortable with after sitting down with their agent to determine their risk exposures.
Get as much as you can afford. If you injure someone or several someones, there is infinite possibility for damages. The more coverage you have the less likely you will be paying out of pocket. We recommend that our insureds get umbrella coverage above and beyond their auto liability.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
That depends in part on you, your car and your financial exposure. If you have a new or newer car that is financed or leased, the finance company will require that you have both Comprehensive and Collision coverage to protect it from physical loss or damage. State laws will require that you carry liability coverage, which protects your financial exposure should you cause an accident, but again, if the car is leased, the leasing company will require higher limits.
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This is always a tough one for an insurance agent to answer. Doing so can subject the agent to a potential E&O claim.
When I have clients ask that question I respond by saying, "How large is the claim or accident going to be?" I say this because there is no way of knowing what the future holds. My advice is always for them to purchase an amount that they are comfortable with and that they can afford. At the same time, I am happy to show them some data and scenarios of what some other claims have ended up being.
There is also the factor of what the clients risk exposure is. If they have a pool or dogs in a populated residential area, they may have a greater exposure than the someone who lives in a rural setting. Again, it really comes down to what the client is comfortable with after sitting down with their agent to determine their risk exposures.