Car Insurance—is 100/300 still the standard?
Username or Email Address
Do you already have an account?
Forgot your password?
  • Log in or Sign up

    Welcome to VWvortex - The Volkswagen Enthusiast Website.
    You're currently browsing VWvortex site as a guest. Please sign up or sign in and take part in the conversation. VWvortex has over 750,000+ registered users discussing a wide variety of Volkswagen related topics. Take a minute to sign up to enjoy all the features of VWvortex.
    The Car Lounge
    Page 1 of 2 12 LastLast
    Results 1 to 25 of 32
    1. #1
      Senior Member Sporin's Avatar
      Join Date
      Feb 17th, 1999
      Location
      Vermont, USA
      Posts
      27,300

      Car Insurance—is 100/300 still the standard?

      So I'm adding the Miata to my insurance policy (Progressive) and I see I've got 100/300 across the board. Seems to be the standard, right? Any reason to add more? Or carry less?

      Curious what TCL/TFL recommends these days.


    2. #2
      Member
      Join Date
      Apr 24th, 2013
      Location
      New England
      Posts
      278
      That’s what I have (in Western Massachusetts) with $500 (vanishing) deductibles, and $250k property damage coverage. I think this should be plenty.

    3. #3
      Member Power5's Avatar
      Join Date
      Jun 19th, 2001
      Location
      Cincinnati, Ohio
      Posts
      8,077
      Carry as much as your budget allows. Car insurance is about the only thing I say that about. A small fender bender could turn into a disaster under some circumstances.

      Say you bump into a car and the impact makes that driver lift off the brake. They roll in front of a big rig and the occupants die. A $1000 fender bender just turned into a life changing event.

      I am at 100/300 though.

    4. #4
      Junior Member blooze's Avatar
      Join Date
      Nov 29th, 2015
      Location
      KY
      Posts
      40
      I'd be willing to bet that the majority of American drivers with insurance are covered at state minimums making state minimums the standard. I believe here it is 25/50.

      100/300 is the standard for drivers that may give a sh*t and want to CYA in case of an accident. Think you'll do more then $100k in one wreck in damage or get sued (injure someone) for more then $300k? Get more. With as disposable and expensive as cars are getting, I could see the $100k side going up. On the flip side, disposable (safer) cars may reduce liability from injuries leaving the $300k a safe number to stay at.

      I am at 100/300.

    5. #5
      Member Unilateral Phase Detractor's Avatar
      Join Date
      Aug 23rd, 2005
      Location
      Columbus, Ohio
      Posts
      11,869
      Quote Originally Posted by Power5 View Post
      Carry as much as your budget allows. Car insurance is about the only thing I say that about. A small fender bender could turn into a disaster under some circumstances.

      Say you bump into a car and the impact makes that driver lift off the brake. They roll in front of a big rig and the occupants die. A $1000 fender bender just turned into a life changing event.

      I am at 100/300 though.
      This. It's often a very small premium increase to go up to 300/500 and if you ever hit an exotic car it'll absolutely be worth it. Not to mention medical costs continue to soar, so even a relatively minor accident can rack up huge bills.

    6. #6
      Geriatric Member Hostile's Avatar
      Join Date
      Nov 18th, 2001
      Location
      Near Rabbit5GTI
      Posts
      35,369
      Quote Originally Posted by Power5 View Post
      Carry as much as your budget allows. Car insurance is about the only thing I say that about. A small fender bender could turn into a disaster under some circumstances.

      Say you bump into a car and the impact makes that driver lift off the brake. They roll in front of a big rig and the occupants die. A $1000 fender bender just turned into a life changing event.
      If you're really worried about scenarios like that you should be carrying an $1M+ umbrella policy to protect your assets. When I talked to my State Farm rep about it the premiums are pretty insignificant compared to the coverage I already carry for 2 cars and home.

    7. #7
      One big factor to consider is your personal assets. If you have a negative or near-zero net worth, you probably don't need nearly as much insurance as someone worth millions. Most personal injury attorneys will just settle for policy limits if they think the defendant is judgment proof. But if they figure out you have significant assets, they will come after them. Which reminds me that I need to look into upping my limits- they've been the same since I was a poor student.

      The biggest thing to worry about is not hitting an exotic car, but causing a life-changing injury. The cost of a Ferrari is chump change compared to lifetime care for a quadriplegic. A friend of mine once spent a month in the ICU after a brain aneurysm. She blew through a couple million dollars in medical expenses in a matter of weeks- and she's had several surgeries since then and will incur significant medical expenses for the rest of her life. A really bad car accident could result in multiple people in that condition.
      Last edited by Nealric; 06-15-2017 at 02:05 PM.

    8. #8
      Member Cabin Pics's Avatar
      Join Date
      Mar 19th, 2008
      Location
      In The Woods
      Posts
      5,169
      I carry $1,000 deductibles, and as soon as the car is paid for I only carry liability. If the accident is bad enough that I actually need to file a claim instead of paying a little bit of cash to fix it, then I have no problem paying for it at that time.

      Then again, my circumstances may be different than many of yours. I very rarely make a claim on insurance as I have access to a great body shop. The few claims that have ever been made involving a vehicle of mine have been on the other party's policy, so they pay out.
      Instagram - efrie004

    9. #9
      Member
      Join Date
      Apr 24th, 2013
      Location
      New England
      Posts
      278
      Yeah, it’s good to remember that (here in MA at least) 100/300 limits apply only to bodily injury caused by an uninsured car, bodily injury you cause to others, and (if you sign up) bodily injury caused by an underinsured car.

      There are separate property damage limits, which would cover you if you were to ram someone’s Lamborghini and it gets totaled. Those I have set at 250k for my own policy, just for added peace of mind—cars can get expensive quick, and 100k in damage is (almost too) easily done. For bodily injury I think 100/300 is enough for me, it feels like a decent balance between feeling secure and what I am willing to pay for it.

    10. #10
      Member Power5's Avatar
      Join Date
      Jun 19th, 2001
      Location
      Cincinnati, Ohio
      Posts
      8,077
      I am not too worried about it, only having 2 at fault collisions as a teenager when first minted as a driver. My speed awards make the increase in coverage much more than "insignificant".

    11. #11
      Senior Member dunhamjr's Avatar
      Join Date
      May 21st, 2002
      Location
      Kent, WA
      Posts
      25,312
      i have 100/300.
      deductibles a little higher than some might do to bring down the premiums, but i have the cash needed to cover them... so thats my choice.

      the levels you pick are very personalized though.
      and if you have umbrella coverage, you auto levels should go up to the umbrella start... not past, thats a waste.
      epitome
      Mr. Money Mustache

      2.0 TDI "BHW" engine partout - @tdiclub @vwvortex

    12. #12
      Member Smigelski's Avatar
      Join Date
      Dec 9th, 2008
      Location
      Annapolis, MD
      Posts
      7,542
      Also, don't forget there is such a thing as Umbrella Insurance. It has a deductible of ~300k and has policy limits of up to 1 or 2 million dollars. It covers car insurance claims, home insurance claims, and pretty much whatever else you've got. The only stipulation is that you have $300k limits on your regular policies (home/car) so that those policies can cover the deductible on your Umbrella insurance claim.

      And Umbrella Insurance is relatively cheap, too.

    13. #13
      Member SchnellFowVay's Avatar
      Join Date
      May 20th, 2001
      Location
      Las Vegas, NV
      Posts
      13,365
      It all depends on how much you have to lose.

      I carry $1 Million CSL, plus an addition $1 Million of umbrella coverage (and I will likely up it to $2 Million of Umbrella Coverage).

      $100k/$300k might not even cover an accident with a valuable Mercedes Benz. The difference will come out of your own pocket.

    14. #14
      Member Ark6's Avatar
      Join Date
      Dec 14th, 2007
      Location
      Brisbane ,CA
      Posts
      3,528
      Quote Originally Posted by Power5 View Post
      Carry as much as your budget allows. Car insurance is about the only thing I say that about. A small fender bender could turn into a disaster under some circumstances.

      Say you bump into a car and the impact makes that driver lift off the brake. They roll in front of a big rig and the occupants die. A $1000 fender bender just turned into a life changing event.

      I am at 100/300 though.
      Those kind of freak collisions are rare. Especially now with how safe cars are.
      The amount you should cover should be based on how much you have to lose and not the maximum you can afford. A good insurer will fight for you at court regardless of your coverage limits, I learned this the hard way at 17, thankfully nothing came out of it. Court costs can be very high too.

      It wouldn't make much sense for a student driving a beater to get 100/300, but at the flip side 100/300 probably isn't enough for a decent small business owner or someone doing very well in their career field.

    15. #15
      Member Ark6's Avatar
      Join Date
      Dec 14th, 2007
      Location
      Brisbane ,CA
      Posts
      3,528
      Quote Originally Posted by SchnellFowVay View Post
      It all depends on how much you have to lose.
      $100k/$300k might not even cover an accident with a valuable Mercedes Benz. The difference will come out of your own pocket.
      Just based on the demographics and average age buyers of those kind of cars, you're looking at a very high medical lawsuit if you manage to total the other party's car.

    16. #16
      Senior Member Sporin's Avatar
      Join Date
      Feb 17th, 1999
      Location
      Vermont, USA
      Posts
      27,300
      My wife and I are ticket free and have just one accident claim on our total record, so our insurance is cheap at the 100/300 level (with small deductibles). But that's going to change dramatically when my son gets his driver's permit in 6 months.

      Growing up, we were welfare-poor, and I wasn't allowed to get my license until I moved out of the house because my parents couldn't afford the cost bump. Luckily my kid has it better but I'm cringing at the thought already after decades of cheap insurance rates. 😫

    17. #17
      Quote Originally Posted by Sporin View Post
      My wife and I are ticket free and have just one accident claim on our total record, so our insurance is cheap at the 100/300 level (with small deductibles). But that's going to change dramatically when my son gets his driver's permit in 6 months.

      Growing up, we were welfare-poor, and I wasn't allowed to get my license until I moved out of the house because my parents couldn't afford the cost bump. Luckily my kid has it better but I'm cringing at the thought already after decades of cheap insurance rates. 😫
      If your insurance company is smart, the rate hike will be tapered. If not, there are quite a few companies that would be happy to offer you new business discounts to get your business after adding a young driver.

    18. #18
      Quote Originally Posted by Unilateral Phase Detractor View Post
      This. It's often a very small premium increase to go up to 300/500 and if you ever hit an exotic car it'll absolutely be worth it. Not to mention medical costs continue to soar, so even a relatively minor accident can rack up huge bills.

      This. The cost of additional liability is so small relative to other things I would bump it to cover your asset level plus a bit. Don't forget uninsured coverage as well.
      Touareg Hybrids are pretty nice, and the warm fuzzies I felt while driving the hybrid was actually the fingers of all of the German tax payers trying to reach into my wallet to get their money back. (Brendan@bwalkauto)

      Quote Originally Posted by Wellington P Funk View Post
      Simpleton? I think you've both got me mixed up with someone else.

    19. #19
      Member mack73's Avatar
      Join Date
      Jan 2nd, 2002
      Location
      Seattle
      Posts
      11,478
      Quote Originally Posted by Hostile View Post
      If you're really worried about scenarios like that you should be carrying an $1M+ umbrella policy to protect your assets. When I talked to my State Farm rep about it the premiums are pretty insignificant compared to the coverage I already carry for 2 cars and home.
      This. I've got a 2 mil umbrella on top of 100/300
      '08 LR3 HSE: The Daily/Off-Roader
      '12 A6 3.0T: The Wife's Fast Ride

    20. #20
      Member davewg's Avatar
      Join Date
      Jul 30th, 2001
      Location
      NJ near Philly - for the steaks!
      Posts
      1,726
      I'm a little outside the norm it looks like

      250/500 with an umbrella policy.
      Family Garage:
      2016 Dodge Durango Citadel AWD - mine
      2014 Dodge Durango Limited AWD - wife's
      2004 Acura TSX - for the kids to learn on and drive
      1967 Chevrolet Corvette <-- Father in Law's classic. We're just the caretaker/owners

    21. #21
      Member 2.0T_Convert's Avatar
      Join Date
      Mar 23rd, 2009
      Location
      Jerzey
      Posts
      19,119
      100/300 should the minimum.
      Last edited by 2.0T_Convert; 06-15-2017 at 04:54 PM.
      Sent from my tablet while sipping weak drinks over fancy brunch with a view

    22. #22
      Member
      Join Date
      Jun 26th, 2016
      Location
      Valdosta, GA
      Posts
      182
      Quote Originally Posted by Hostile View Post
      If you're really worried about scenarios like that you should be carrying an $1M+ umbrella policy to protect your assets. When I talked to my State Farm rep about it the premiums are pretty insignificant compared to the coverage I already carry for 2 cars and home.
      This, this and this.

    23. #23
      Member
      Join Date
      Nov 8th, 2002
      Location
      Whitefish, MT
      Posts
      9,974
      Quote Originally Posted by SchnellFowVay View Post
      It all depends on how much you have to lose.

      I carry $1 Million CSL, plus an addition $1 Million of umbrella coverage (and I will likely up it to $2 Million of Umbrella Coverage).

      $100k/$300k might not even cover an accident with a valuable Mercedes Benz. The difference will come out of your own pocket.

      Quote Originally Posted by Ark6 View Post
      Those kind of freak collisions are rare. Especially now with how safe cars are.
      The amount you should cover should be based on how much you have to lose and not the maximum you can afford. A good insurer will fight for you at court regardless of your coverage limits, I learned this the hard way at 17, thankfully nothing came out of it. Court costs can be very high too.

      It wouldn't make much sense for a student driving a beater to get 100/300, but at the flip side 100/300 probably isn't enough for a decent small business owner or someone doing very well in their career field.

      It's amazing how something minor can blow up into a huge claim.

      Hit a utility pole with a transformer on it? Affects 5000 homes and all have a power surge.
      $250k claim in a hurry.


      Quote Originally Posted by Sporin View Post
      My wife and I are ticket free and have just one accident claim on our total record, so our insurance is cheap at the 100/300 level (with small deductibles). But that's going to change dramatically when my son gets his driver's permit in 6 months.

      Growing up, we were welfare-poor, and I wasn't allowed to get my license until I moved out of the house because my parents couldn't afford the cost bump. Luckily my kid has it better but I'm cringing at the thought already after decades of cheap insurance rates. 😫
      You could be financially liable for your son's accident while he is a minor. Scary stuff.

      IIRC you own a home, both you and your wife work. You have a lot to protect.
      I'd go with something like Schnell recommended.
      $500k CSL at a minimum if $1mil is to expensive.

      Note: 250/500 typically costs about the same as $500k CSL. The CSL provides better coverage.

    24. #24
      Senior Member Sporin's Avatar
      Join Date
      Feb 17th, 1999
      Location
      Vermont, USA
      Posts
      27,300
      I'm definitely going to look into an umbrella policy as well, appreciate all the advice.

    25. #25
      Quote Originally Posted by Hostile View Post
      If you're really worried about scenarios like that you should be carrying an $1M+ umbrella policy to protect your assets. When I talked to my State Farm rep about it the premiums are pretty insignificant compared to the coverage I already carry for 2 cars and home.
      Since moving to the US in 2008 from Ireland, I was shocked that people here can actually select the level of coverage they need. It's not like you're ever going to know what you need! I have max'd out the insurance and carry an umbrella too. If you are unfortunate enough to get into an accident which is bad enough you'll tap out of your coverage in no time, and lose everything. For the minor additional monthly cost, it's not worth the risk to mess around with lower coverage IMO.

    Page 1 of 2 12 LastLast