I’m getting a 2020 Mazda3 and I obviously want good coverage for any accidents. I’ve never been in one. I only had not at fault minor collision. I live with parents so my only “asset” is my car.
Bodily Injury Liability (BI)
$250,000/$500,000
Property Damage Liability (PD)
$50,000
Medical Payments (MED)
$10,000
Uninsured Motorist BI
$250,000/$500,000
Underinsured Motorist
$250,000/$500,000
Purchased Claim Forgiveness
Not Included
Comprehensive (Excluding Collision)
$500 deductible
Collision (COLL)
$500 deductible
Uninsured Motorist Property Damage
$15,000/$250 deductible
Emergency Road Service (ERS)
Included
Rental Reimbursement (RR)
Not Included
Posted by lotus_mitosis
3 Comments
If you’re old enough to get a rental car, I’d seriously consider adding rental reimbursement to your policy. That coverage typically cost less than $50 a year. I’d also maybe up your property damage coverage too. Otherwise I think you made some really good choices.
Depends on your situation. What do you have to protect, both current assets and future income for at least the next decade? $250K/$500K is usually plenty as far as BI goes, but $50K really doesn’t go far for PD these days – hit any kind of high-end vehicle and the loss can easily exceed $50K, and just about any multi-vehicle accident has the potential for a six-figure PD loss.
Good for you for maxing out UM/UIM (based on your liability limits) and getting decent med-pay limits.
UM-PD is a bit duplicative since you have collision, but if it’s cheap, I wouldn’t sweat it.
I would see what the impact of raising deductibles to $1K or even $2K is on premium, and then decide whether that reduction is worth potentially being on the hook for a higher deductible.
I would absolutely cancel roadside assistance and get AAA instead – an insurance roadside assistance call will count against you as a claim, and AAA is under $100 for the year. If it’s included at no cost, keep it, but it’s far better to us AAA than to use the carrier’s roadside assistance.
If you have access to another car should yours be in the shop for a few weeks, then you don’t really need rental reimbursement. But if having to rent a car while yours in being fixed would be a hardship, consider adding it.
And if you are financing the car, consider GAP unless you are confident you are not upside-down on the loan at any point.
Increase the property damage to 100K. If you don’t have another car to drive if yours is involved in an accident you should also add rental reimbursement.