How Much Insurance Coverage Do You Need?

[Bogart]

I have a 2013 Tahoe of which I still owe about 28k. I am 35 years old and have never had an accident. I have the following coverage listed below. I am just wondering if I am paying for more than I really need.

Bodily Injury - 100k/300k
Property Damage - 100k
Personal Injury - 10k
Uninsured Motorist Bodily Injury - 100k/300k

Uninsured Motorist Property Damage - 100k/250 ded
Comprehensive - 250 ded
Collision - 500 ded

I pay about $527 every 6 months through Geico.

 

[95escahoe]

I have a 2013 Tahoe of which I still owe about 28k. I am 35 years old and have never had an accident. I have the following coverage listed below. I am just wondering if I am paying for more than I really need.

Bodily Injury - 100k/300k
Property Damage - 100k
Personal Injury - 10k
Uninsured Motorist Bodily Injury - 100k/300k

Uninsured Motorist Property Damage - 100k/250 ded
Comprehensive - 250 ded
Collision - 500 ded

I pay about $527 every 6 months through Geico.

Its always better to have higher coverage limits incase anything happens dont want to get sued if you dont have enough coverage, I have more then I need too but its better to have more then not enough imo

Sent from my HTC One X using Tapatalk 2

 

[Sheriff]

I pay about $527 every 6 months through Geico.

Wow! I pay $2.000/year for 8 vehicles. Which includes a Tahoe and a Suburban. But I do carry a $1,000 deductible.

 

[Donnie Yukonie]

I pay Full coverage on the Cruz for about 120 a month
and $12 dollars a month for the Yukon liability lol

 

[Stresst]

You need to carry as much insurance coverage as you can afford!

A quick story, back in the late 90's I wanted a Lexus but didnt have the credit for a $50K car only being out of high school a few years. So my father leased me a GS400, I was listed as the co-signer. (I needed to insure it under him in order to afford the insurance (and lease payment) the insured has to be the primary in NY).
One day I lent the car to my little brother and he was involved in a major accident when an effen off duty NYPD detective broad sided him and nearly lost his life. They fudged the report and said he made a left turn from right hand lane. Long story short we got sued for 4+ million dollars, all we had was 100/300K, insurance paid out 100K and we were left with one major problem. 250K in lawyers and wound up settling for 400K+!!! Our lives will never be the same........

You may think this is a unique circumstance but there are thousands of multimillion dollar payouts each year!! Get as much insurance as you can, you will not be sorry!

On another note I have my truck insured under my someone else who is 58 years old, no accidents or tickets in 12+ years. For my 10 Escalade and her 06 Acura RL we are paying 3200! Another great benefit of living in NY!!! FML

---------- Post added at 10:11 PM ---------- Previous post was at 10:08 PM ----------

Wow! I pay $2.000/year for 8 vehicles. Which includes a Tahoe and a Suburban. But I do carry a $1,000 deductible.

What state Steve? I am so jealous!! My Escalade is $9xx.oo for 6 months!!!

 

[noob]

I have less coverage than you and I pay 4400 a year with only two cars... Then again where I live we have some of the nations highest car insurance rates. Might have something to do with drive through alcohol places and bars not having to close....

 

[felixgun]

I pay 1400 every six months for both my vehicles through progressive. Gotta have good insurance!

 

[Ta_hoe]

Jesus....I pay 6xx something every year thru AAA

 

[felixgun]

I have to have a lot of coverage for my avalanche bc I use it for work but get 750/month car allowance to pay for note/insurance.

 

[Stresst]

One more thing, the best thing is to take an hour or two and submit quotes to every insurance company online. What I found is there is no cheapest insurance company! Say you quote 10 company's State Farm may be the cheapest but then you get a new car you quote the same 10 again another will be cheapest. Matter of fact I quoted nearly everyone I can think of last nite and I got Geico for $2100! While Amica who my sister found to be the cheapest quoted me $7100!!!! WTF? Are they nuts?

 

[08TZ71]

wow, I pay roughly 130 a month for my Mustang and Tahoe combined through USAA. I guess it pays to be Military

 

[Sheriff]

What state Steve? I am so jealous!! My Escalade is $9xx.oo for 6 months!!!

Virginia.

 

[Sheriff]

While Amica who my sister found to be the cheapest quoted me $7100!!!! WTF? Are they nuts?

No, they aren't the nuts.

The people who actually agree to it and pay the $7,100 are the nuts.

 

[fiatdale]

You also get what you pay for. Companies like progressive, geico, usaa, nationwide, they'll use aftermarket parts when you get into a wreck, not oem parts. State Farm is by far the best insurance company out there when it comes to accidents. Next in line I would say Allstate, and liberty mutual. They will use factory parts no matter what (some may use used parts, but they must be factory, all oem). I deal with this stuff every day as I do collision repair.

 

[Sheriff]

The collision center where I have my vehicles repaired (when needed) only uses OEM parts. Erie Insurance, my carrier, has never had a problem with this. At 60 years old, and in the last 20 years I have probably paid in $35,000 to $40,000 in home and auto insurance premiums and filed claims on perhaps $10,000 total. They are still ahead of the game. This is why I get preferred rates I suppose?

 

[Gzes]

I rock liability. I'm not gonna crash every day and If I crash it won't be that bad I can probably just buy the parts to fix myself. Of course if your paying off a new car you have to get full coverage. Atleast over here

 

[felixgun]

You also get what you pay for. Companies like progressive, geico, usaa, nationwide, they'll use aftermarket parts when you get into a wreck, not oem parts. State Farm is by far the best insurance company out there when it comes to accidents. Next in line I would say Allstate, and liberty mutual. They will use factory parts no matter what (some may use used parts, but they must be factory, all oem). I deal with this stuff every day as I do collision repair.

My family (mom/dad/sis) was kicked off State Farm for too many wrecks so we were forced to switch :/

 

[fiatdale]

The collision center where I have my vehicles repaired (when needed) only uses OEM parts. Erie Insurance, my carrier, has never had a problem with this. At 60 years old, and in the last 20 years I have probably paid in $35,000 to $40,000 in home and auto insurance premiums and filed claims on perhaps $10,000 total. They are still ahead of the game. This is why I get preferred rates I suppose?

I used to have Erie Insurance when I lived in NY, it was in their policy to use OEM parts new or used, but most of the ones you see on television (Geico, Progressive, Nationwide), who will insure just about anyone will put aftermarket on. In our shop, if the insurance company figures enough money, we will put OEM on instead of Aftermarket, or figure new OEM vs used, if they figure enough money, but sometimes its just not there. Companies like State Farm for example, (only shady small body shops do this, not ones with good reputations) they figure only OEM parts no matter the age of the vehicle. So if the shop figured a used hood and bumper where State Farm figures new, they will get in big trouble. It does happen, and who loses? You do because its your vehicle with ****** parts on it.

Another example, Safeco will put new OEM parts for vehicles 2 years old and newer. Once your vehicle hits the 2 year mark, they will put aftermarket, and they never figure much money for parts so getting OEM is near impossible.

Make sure you READ the policies before you sign up. Nobody looks at them until they end up in a wreck, then they will fight with the body shop. Its you that signed up for this, (most times) the body shop is not doing anything wrong.

 

[twing0]

You need to carry as much insurance coverage as you can afford!

This is a good advice. Would a comprehensive auto insurance enough or do I need more added insurance plans so that I don't have to worry about unexpected things that might happen in the long run?

 

[Stresst]

I rock liability. I'm not gonna crash every day and If I crash it won't be that bad I can probably just buy the parts to fix myself. Of course if your paying off a new car you have to get full coverage. Atleast over here

Over the years I had only liability on a few cars but if I buy a car for a pretty penny it will have full coverage! It comes down to basic mathematics and luck! lol

But if your truck was totaled, stolen or happedned to catch on fire tomorrow do you have the cash to replace it? I dont! Thats why I have the coverage I have.....