After the recent discussion on auto liability coverage I'm rethinking my coverage. What is the sweet spot and which ones may be a good idea to max out?

Insurance

Details: 2007 Ford Focus with 183k miles on it, KBB value is $1800 in good condition. Have 10k+ emergency fund so replacing it wouldn't be an issue. I've had the same coverage since I got the car and based on the recent discussion figured it'd be a good idea to take a closer look at it. This is what I currently have with Geico.

Bodily Injury Liability: $100,000/$300,000
Property Damage Liability: $50,000
Basic Personal Injury Protection: Basic Non-Deductible ($50,000)
Supplementary Uninsured Motorist: $100,000/$300,000
Comprehensive: $500 Ded. With Full Glass
Collision: $500 Ded.

I also have options for Optional Basic Economic Loss, Additional Personal Injury Protection, Residual Medical Payments, Emergency Road Service and Rental Reimbursement, but I don't carry any of those at the moment.

Considering the value of the car I was thinking of dropping comprehensive and collision while upping all the liability to the max which would actually lower my 6-month premium by $111.40. This would be the new coverage:

Bodily Injury Liability: $1MIL/$1MIL
Property Damage Liability: $500,000
Basic Personal Injury Protection: Basic Non-Deductible ($50,000)
Supplementary Uninsured Motorist: $500,000/$500,000

Is this excessive or do most agree it's a good idea to max liability coverage while dropping comprehensive and collision in this scenario?

Posted Feb 17, 2017, 2:41 AM UTC

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