How much auto insurance is enough?

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asked Aug 17, 2019 in Insurance/Registration by circkleb78 (300 points)
How much auto insurance is enough?

1 Answer

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answered Aug 17, 2019 by Christeen (70,120 points)
When you have a car that you own outright and it's paid for and has depreciated enough over the years then full coverage insurance is not worth it.

You still have to pay a deductible and part of the expenses to cover the cost of any damage to the car even with full coverage and you pay more out of pocket for the full coverage insurance.

When you finance a car you have to have full coverage auto insurance on it until the car is paid for and then you can drop the auto insurance to just regular liability insurance.

I only carry full coverage auto insurance when the car is financed but when it's paid off I then drop the auto insurance down to just liability auto insurance which is enough.

If you're carrying just liability auto insurance on your vehicle then the liability auto insurance should be high enough to protect your assets in the event of an accident.

The recommend lowest limit for auto insurance coverage is between $100,000.00/$300,000.00 but for some people that may not be enough and you might want to get higher auto insurance coverage.

I carry the minimum liability auto insurance coverage which is more than enough for me.

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