Also, remember, the uninsured motorist coverage protects you and your family if you are injured in an accident caused by an uninsured motorist. While you likely have health insurance, lost wages and and pain and suffering would be covered under your own policy.

Do you have an umbrella policy? Umbrella coverage is inexpensive and protects you above the coverage limits of your auto and homeowner's policies. Some umbrella policies require that you have certain coverage limits, so you might want to check on that as well.

If you are at fault for an accident and you lack sufficient coverage, the injured party can go after all of your assets.

It is far easier to have a car deemed totaled these days than in the past and medical costs are actually costs, not something reduced by what insurance pays. Add to that lost wages for a potentially high income earner and pain and suffering and even a minor accident can hit well beyond six figures in damages. You would be crazy to reduce your coverage.

Anonymous wrote:

Anonymous wrote:Do you have any assets like a house, savings accounts, etc? If so I wouldn't drop the level of coverage.

This is OP. I do own my home and have other assets (401k, savings, 529, rental prop, etc).

Would you mind sharing the reasoning why I shouldn't drop my level of coverage?

New pp here. Insurance companies like to have more coverage for home owners so you won’t lose your house if you are sued for an at fault accident.

Anonymous wrote:Do you have any assets like a house, savings accounts, etc? If so I wouldn't drop the level of coverage.

This is OP. I do own my home and have other assets (401k, savings, 529, rental prop, etc).

Would you mind sharing the reasoning why I shouldn't drop my level of coverage?

I would not.

Do you have any assets like a house, savings accounts, etc? If so I wouldn't drop the level of coverage.

I currently have the following for bodily injury liability:
$250k for each person
$500k for each accident

$100k for property damage

Uninsured motorist:
$250k for each person
$500k for each accident

$50k for property damage

I drive less than 10k miles a year, just back and forth to the metro, so no real risk of getting into a bad accident. I drive a 2007 Rav4 so I don't mind dings and dents.

Would you move to $100k/$300k coverage to reduce your premium?

I'm not sure why my coverage is set at $250/$500k and I feel like my insurance people want me to keep my coverage high so they make more money.

Thank you for reading and for your advice.