First, choose a reputable auto insurance carrier. Then, the best way to answer this question is to state that you should...of course, be guided by your budget constraints. However, you need to be realistic about the amount of potential liability to which you and your family could be exposed, particularly in the event of an at-fault accident.
With regard to needed collision and comprehensive coverage for each vehicle, you may or may not need coverage on each, based on the age of the vehicles and whether or not there are lien-holders.
Back to liability, using an example, think how much financial exposure could result from you or a family member rear-ending a a $40,000 vehicle, which is pushed into another vehicle, causing a total loss to the $40K car and significant damage to the other car. Additionally, two passengers in one vehicle claim serious injuries as a result of the accident for which you are liable.
You can quickly see that minimum or low liability limits could easily expose you to significant financial loss, in the event that the losses exceed your insurance liability coverage. How would you pay for the excess damages beyond your policy limits of liability?
I like to look at this question a little differently. There are basically three parts to your auto insurance policy. One part covers you if you hurt somebody (or something). A second part covers you and your family if someone hurts you and doesn't have any insurance or not enough to reimburse you for your injuries/suffering/lost earnings. A third part covers the car you may be driving should it be damaged.
How much coverage would you expect someone to have if they hurt you or a family member? That is a good guide for how much liability coverage you should consider. Your liability limit for others and uninsured/under-insured motorists limit for you should be consistent.
If someone or something damaged your car, would you want to be reimbursed? If so, your auto insurance should include comprehensive and collision coverage. Older fully paid car? Still may be worth several thousand dollars and well worth insuring. It's better to have a higher deductible than no coverage at all.
If your insurance coverage meets these tests, this may be the best insurance coverage for you. Then I like to consider insurers who will also provide my homeowner's /tenant's coverage through a respected local agent with reasonably competitive premiums.
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With regard to needed collision and comprehensive coverage for each vehicle, you may or may not need coverage on each, based on the age of the vehicles and whether or not there are lien-holders.
Back to liability, using an example, think how much financial exposure could result from you or a family member rear-ending a a $40,000 vehicle, which is pushed into another vehicle, causing a total loss to the $40K car and significant damage to the other car. Additionally, two passengers in one vehicle claim serious injuries as a result of the accident for which you are liable.
You can quickly see that minimum or low liability limits could easily expose you to significant financial loss, in the event that the losses exceed your insurance liability coverage. How would you pay for the excess damages beyond your policy limits of liability?
How much coverage would you expect someone to have if they hurt you or a family member? That is a good guide for how much liability coverage you should consider. Your liability limit for others and uninsured/under-insured motorists limit for you should be consistent.
If someone or something damaged your car, would you want to be reimbursed? If so, your auto insurance should include comprehensive and collision coverage. Older fully paid car? Still may be worth several thousand dollars and well worth insuring. It's better to have a higher deductible than no coverage at all.
If your insurance coverage meets these tests, this may be the best insurance coverage for you. Then I like to consider insurers who will also provide my homeowner's /tenant's coverage through a respected local agent with reasonably competitive premiums.