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Am I carrying too much coverage on my auto policy?
"Would I ever really need 250/500/100 coverage? The dealer signed me up for my current auto insurance policy and I am paying about $175 per month. I decided to shop for a lower rate and realized the limits he chose for me are extremely high compared to what most people carry."
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This is a great question! Yes, the limits you are currently carrying are higher than average. The recommended limits for most people are 100/300/50 because this is affordable and will cover you for most accidents. But it might not fully cover you for all accidents.
No one wants to think that they can cause a catastrophic accident, but it happens. The average cost for a new car is around $37,800. You currently are carrying $100k for
property damage
. If you cause an accident that totals two cars, you are most likely fully covered. If you have the average limit of $50k, you would have to pay around $25,000 out of pocket. Property damage also covers things like:
- stop signs
- street lights
- fences
- houses
The cost of health care is always on the rise, so having more than the average
bodily injury liability
insurance coverage is a good idea as well.” View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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