How Much Coverage Is Needed For Auto Insurance?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Insurance assumes some of the risk in an auto accident.  You need to decide how much risk you can afford.  If you have assets that you don’t want to lose, accept the highest liability limits that you can afford to protect you during a lawsuit arising from an accident.  If you would be unable to replace your vehicle with available cash, take physical damage coverage so that your automobile will be repaired if damaged.  The amount of the deductible will be a reflection of how much you can afford to handle yourself.  In this process you are sliding financial responsibility to an insurance company because you are unwilling or unable to meet those responsibilities yourself.
    Answered on April 25, 2014
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