My husband and I are researching new rates. We have looked into Geico and are almost ready to buy the policy. We currently have 25/50,000 liability limits, but since we own our house and can afford a little more, we’re looking into increasing our liability to 100/300,000. Is that OK? Or, should we increase the limits to 250/500,000? It seems unnecessary to increase it THAT high.

 

  • Mustanger 9:06 am on March 10, 2010

    I carry 100/300,000 and have for many years. That is plenty but anything less is hanging your fanny out in the wind in the event of an accident. If you don’t have anything it may be O.K. but if you have a house or other property they can come after then you need enough insurance to cover you.

  • la428282 9:06 am on March 10, 2010

    As an adjuster its amazing how many people have EXTREMELY low limits. (How on earth do people think they are safe from being sued with only 10k in property damage! cars cost like 20k nowadays!)

    But yes, i think you are more then fine at 100/300. It is very unlikely that anyone would try to sue you for anything more then that regardless of their injury.

  • Joseph V 9:06 am on March 10, 2010

    HOW MUCH ARE YOU WILLING TO LOOSE? I would go with a MINIMUM 100/300 liability with uninsured AND underinsured. If you have good health ins. the go with the minimum medical coverage on yourself.

  • mbrcatz17 9:06 am on March 10, 2010

    Yeah, well, that’s where having an AGENT comes in to play. They’ll be familiar with your state laws, and can ask you super personal questions like, annual salaries and assets you need to protect.

    But with Geico, you ARE your own agent, so good luck with that.

  • jusaskn 9:06 am on March 10, 2010

    Your coverage should equal your assets. For example, since you own your home I would recommend that your limits match the value/equity of your home because that’s what you can be sued for. If your home is worth $100,000. then go with 100/300. If your home is worth 1 million, then get 250/500 and purchase an umbrella policy for $1,000,000. If you own nothing, get the state minimum. Don’t forget to increase the uninsured motorists limit to at least 30/60 or 100/300 – this pays your own lost wages, medical bills and pain and suffering if someone with no insurance hits you!

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