By Husam Mohammed | February 13, 2020

What Auto Insurance Limits Should I Have?

Speaker 1: Hi, my name’s Houssan Mohammed with Insurance Medics here in sunny Fort Lauderdale. Today’s question is, “What auto insurance coverage limits should I have?” There are a lot of coverage limit options that are available to people, which makes matters even more confusing. For beginners, it depends on whether the car is leased or financed. If the car is leased or financed, then you absolutely have to have a coverage called comprehensive and collision, which essentially covers the car for any physical damage. Right? Then there’s the bodily injury limit, and depending on the state that you’re in, here in Florida, you can reject bodily injury altogether, or you can go as high as $250,000 or $500,000, and there are coverage limits in between.
Which one is going to be a good fit for you? Well, the short answer is your bodily injury limits should be adequate enough to cover whatever personal assets you had. If you are a high net worth individual or have assets, you should not be rejecting or have low bodily injury limits. You should be on the higher end of the spectrum and have $250,000 or $500,000 bodily injury limits with even an umbrella to go over that. The umbrella is a whole nother conversation that we’ll leave for another video. It is a complex question. Please give us a call. We’ll be happy to go over your personal situation and find out what is the right auto insurance coverage limits for you. Thank you.