I've always had the highest liability coverage availabe from the insurance company but I'm trying to save some $ now. I'm trying to figure out the least liability coverage that would cover my a$$ and not a penny more. I don't have many assets, if it matters.

Thanks!

 

My advice would be to talk to an insurance agent and maybe an attorney.

 

if you are young, and especially starting out, minimum requirements would be 100,000 / 300,000... if you are in an accident, costs can add up real quick... just me $.02...

regards...

 

mins. in mass are probably 50/150/50. if you don't own a house or any other tangible assets, then those levels MIGHT be good enough. talk to your agent (as stated previously) and let them give you advice.

btw- i don't think that your premiums are going to go down all that much, but you'd need to check with your agent.

 

[QUOTE]Originally posted by Ace10
[B]mins. in mass are probably 50/150/50.

 

you changed the ENTIRE policy to save a substantial amount of money, not just the liability portion. the poster is asking just about liability.

comprehensive and collission amount to almost 70% of the premium on my S. the remainder is uninsured, liability and mandatory car rental coverage. there isn't a huge opportunity to save $$, at least in my case.

 

Thanks guys, I appreciate the input. I will definitely be talking with my agent, I just like to get myself educated in advance.

Ace10: I think you are right about the 70%.

OhioRacer: That's a good idea about raising the deductable. Normally I go for the least amount but for a while I'd like to reduce the monthly insurance payments. I think there's also a cap on that.

I guess what I'm trying to figure out is if I don't have any tangible assets and I go for the minimum liability, what will happen if there ever comes a time when I'm held liable for more than that minimum? Considering I don't have any assets, what can the other party do? I guess this becomes more of a legal question but I know we have some lawyers here too. I love this board!