I always advise getting at least 100/300 liability coverage bare minimum. If you can afford the marginal amount of an umbrella policy to 1m, this is always good in the event someone you hit is seriously injured, paralyzed or killed.
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This simple answer is get as much insurance as you can afford. You may only own a car right now, but you will make more money down the road and you will own more things, thus the risk of losing more will go up. Plus, accidents happen, no matter how careful we try to be. I'm sure we all want any of our accident victims to receive compensation for injuries that we may unfortunately cause them. Compare rates from different insurance companies for at least 100K/300K per accident. Also, look into sufficient uninsured motorist coverage. There are plenty of uninsured drivers on the road.
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As much as you can reasonably afford. $100,000/$300,000 bodily injury liability plus equal uninsured motorist coverage is a good starting point. Check into an "umbrella" policy,i.e., excess liability coverage, and you will find it is reasonably priced. Safe driving!
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You aren't protecting what you own. You're protecting what you hope to one day own. Liability coverage is cheap. It is unlikely that 300/500k policy with the same underinsurance limits, will cost you more than 600 dollars extra.
Purely a judgment call on your part. As a college student, presumably you're looking forward to a decent paying job in the future. A judgment against you as a result of some "accidents happen" incident in your college days could remain viable for a number of years (e.g. 10 years in CA), and linger well past the time the accident happens. So, I guess what I'm saying is that you shouldn't base your insurance buying decisions on what you have now. But, I agree with other counsel that a good rule of thumb is that most accidents can be covered by a 100/300 policy.
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I agree with as much as you can afford. $100-$300,000 probably is sufficient.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Alabama. Responses are based solely on Alabama law unless stated otherwise.
You should purchase as much as you can afford, within reason. I suggest you sit down with an independent insurance broker and discuss your living and financial situation. The accident you have today could take 4 or 5 years to reach a verdict and another 2 years on appeal. The judgments are good for a number of years. 8 to 10 years is often the case and the judgment can be renewed for an additional period of 8 to 10 years in many jurisdictions. So, the accident you have today could still be a financial burden to you at age 47 when you are married, are trying to save money and make a six-figure salary or better. The fact that you are poor today is not the way to look at this situation. Speak with an independent insurance broker.
Lots (as much as you can afford). If you have an accident today and get sued, the injured party has two years to sue, and the judgment could come many years after. By then you may have a lot of assets and earn a lot. I think 100,000/300,000 is the bare minimum. If you can up that, do it (and even get a personal umbrella). The rates for added liability are usually small. Also be sure you carry Uninsured motorists coverage, as who will pay your bills if you were for example paralyzed for life?
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