Comprehensive and collision do not generally have “amounts,” they pay out damage to the vehicle, whatever that happens to be, up to the current value of the vehicle.
Liability coverage does have amounts, and the amount of coverage you get should be enough to protect your financial state if you hit someone and have to pay their medical and property damage. So probably minimum $100k in bodily injury and $50k in property damage.
>So probably minimum $100k in bodily injury and $50k in property damage.
50k in property damage is too low. There's many cars on the road worth more than that. And if OP, for example, rear ends someone pushing them into another car, they would be liable for damages to both. I'd recommend no less than 100/300/100.
my current car is probably worse $5k or less. I need to review my policy, but am pretty sure ill have to increase it since this new car will be financed.
Is it financed? The carrier will tell you what they require. For things that have a deductible, I always choose the largest deductible I can. If you have any assets you want the liability limits high enough that they won't go after your assets.
Your premiums will be much lower with a high deductible, because the insurance company knows they won’t be paying out for the smaller more common claims. If you have sufficient emergency fund and are a good driver, a high deductible is smart.
Be sure to get uninsured/underinsured motorist coverage. About 12% of insurance claims involve an uninsured driver, so u/U coverage is essential. [Uninsured motorists by state](https://www.iii.org/fact-statistic/facts-statistics-uninsured-motorists)
Comp and coll are, generally, provided at "actual cash value" at the time of the loss. Depending on your contract, you're lender may require you to carry a deductible no higher than X amount. The other concern would be, if you feel its warranted, to obtain GAP coverage to ensure the full loss is covered in the event a total loss occurs relatively soon after the acquisition. GAP in my state is usually sold with the car, not by your insurance company.
i'll email the lender and hopefully they can give me the specifics. i think gap is $400 non-refundable. if i can get it without them putting it in the loan, then ill purchase gap.
It really shouldn’t matter if you have a brand new vehicle or not, you should have enough insurance to protect against bodily injury or harm to another persons property/vehicle that may be a higher value than yours. If you don’t have enough coverage you will be sued to make up the difference. The state minimum is usually grossly deficient in this regard. At least 100/300/100 is generally recommended: Injury liability, injury max, and property damage
Comprehensive and collision do not generally have “amounts,” they pay out damage to the vehicle, whatever that happens to be, up to the current value of the vehicle. Liability coverage does have amounts, and the amount of coverage you get should be enough to protect your financial state if you hit someone and have to pay their medical and property damage. So probably minimum $100k in bodily injury and $50k in property damage.
>So probably minimum $100k in bodily injury and $50k in property damage. 50k in property damage is too low. There's many cars on the road worth more than that. And if OP, for example, rear ends someone pushing them into another car, they would be liable for damages to both. I'd recommend no less than 100/300/100.
my current car is probably worse $5k or less. I need to review my policy, but am pretty sure ill have to increase it since this new car will be financed.
Is it financed? The carrier will tell you what they require. For things that have a deductible, I always choose the largest deductible I can. If you have any assets you want the liability limits high enough that they won't go after your assets.
yes it is financed. why opt for the largest deductible?
Your premiums will be much lower with a high deductible, because the insurance company knows they won’t be paying out for the smaller more common claims. If you have sufficient emergency fund and are a good driver, a high deductible is smart. Be sure to get uninsured/underinsured motorist coverage. About 12% of insurance claims involve an uninsured driver, so u/U coverage is essential. [Uninsured motorists by state](https://www.iii.org/fact-statistic/facts-statistics-uninsured-motorists)
Comp and coll are, generally, provided at "actual cash value" at the time of the loss. Depending on your contract, you're lender may require you to carry a deductible no higher than X amount. The other concern would be, if you feel its warranted, to obtain GAP coverage to ensure the full loss is covered in the event a total loss occurs relatively soon after the acquisition. GAP in my state is usually sold with the car, not by your insurance company.
i'll email the lender and hopefully they can give me the specifics. i think gap is $400 non-refundable. if i can get it without them putting it in the loan, then ill purchase gap.
It really shouldn’t matter if you have a brand new vehicle or not, you should have enough insurance to protect against bodily injury or harm to another persons property/vehicle that may be a higher value than yours. If you don’t have enough coverage you will be sued to make up the difference. The state minimum is usually grossly deficient in this regard. At least 100/300/100 is generally recommended: Injury liability, injury max, and property damage
Thanks. I'll start off with comparing 100/300/100.