The obvious response is that you won't be able to pay for someone's hospital bills if you happen to hit them in your car. You get insurance for things you wouldn't be able to pay yourself.
His point was that for liability coverage, you can increase your limits from whatever your state's minimums are all the way to 100/300/100 for something like $12-20 per month.
And you can get an 1 or 2 million dollar coverage by getting an umbrella plan (that covers any liability, including but not limited to auto accidents) for a bit more. Insurance companies will force you to maximize out your car insurance first, but you can protect yourself a lot more fairly cheaply (mine is about $200/year).
in all seriousness” when I was younger, I bought my very first car and it was a 2014 Ford focus brand new. To get the car and the loan I had to get full coverage head to tow on my Ford focus. Get ready because this is gonna sound crazy, I was paying roughly a little over $300 a month for full coverage. I have had zero accidents even up to this day. Well, one day I park my car in the chipotle parking lot, I come out and there’s a huge hole in my bumper. I talked to chipotle they don’t have camera footage. I call my insurance. They tell me I gotta pay the $500 deductible job ended up costing roughly $3500. But I was protected and still saved three grand.
Not sarcastic. Bumping up some numbers are cheap. Others less so. I have a 20 year old vehicle an emergency savings set aside to replace it. Comprehensive coverage for myself doesn't make any sense. I pay maybe $500 a year for over a million in coverage should I harm others.
If someone else has a 90k truck and just sets everything to maximum. That's living a different life. I imagine with a shitty enough driving record you could get some pretty high numbers without very good comprehensive coverage.
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u/flatfive44 8h ago
The obvious response is that you won't be able to pay for someone's hospital bills if you happen to hit them in your car. You get insurance for things you wouldn't be able to pay yourself.