What Type Of Auto Insurance Coverage Do I Need?
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaAt a minimum carry the auto liability insurance required to operate your car in your state. If you can, carry enough liability insurance to protect you and your assets in the event of a collision. If your lender requires physical damage insurance, you will need to have that coverage as well. If you have significant assets consider an umbrella policy to raise the limits of liability to multiple millions in the event of a catastrophic crash.Answered on May 12, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Most states, if not all, have laws on the books that require at lease a specified minimum amount of Liability and uninsured motorist coverage (UMC) in order to register a care for use on public roads and highways. That as I say will be the rock bottom minimum. If however, you are purchasing a new car, your finance company will also require you to carry both Comprehensive and Collision physical damage coverage . If you lease, they will further require you to carry a higher level of Liability and uninsured motorist protection. If you are a property owner of have a higher net worth, you should consider higher liability and UMC anyway. Talk about other optional coverage that may be available with your Insurance Professional.Answered on May 12, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat's a great question! Your State will have some rules as to exactly what the minimum coverage that you will need to carry; Your bank will expect some more coverage if you are getting the car financed. Your best bet is to contact a local agent, and have them walk you through exactly what you need to have, and what will fit you best. Thank you for asking!Answered on May 13, 2014flag this answer
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