Car Insurance questions

[patman]

Hi all,

 

I got my new 2011 Edge this weekend and I updated my policy with Progressive. I had a 1999 Rodeo before which I did not have collision insurance on because I figured if I got into an accident then my car would be totaled anyways since it was only worth like $1,000. However, since I have the new 2011 car, I want to make sure I have the proper coverage if somebody rear ends me or dents my door in the parking lot or if a tree falls on it, etc. I'd prefer not to get the most expensive coverage but obviously I want to make sure it's adequate. Any suggestions? Here's what I have right now -

 

Body Injury/Property Damage - 250/500/100

Uninsured motorist bodily & property - 250/500/100

Medical expenses - none (don't need it since I have good health insurance, right?)

 

Do I need the following -

 

Income loss

Other than collision

Collision

[akirby]

You absolutely need collision - that's what pays to fix your car if you have an accident. Without it, if you total your $35K Edge then you just lost $35K. There are 3 parts to auto insurance:

 

Collision - pays for damage to your vehicle if it's your fault

Comprehensive - pays for damage not caused by driving (stolen, hit by a tree, etc.)

Liability - pays for damage caused by you to other vehicles, people or property

 

For liability consider what would happen if you crashed into an expensive building or a Ferrari dealer's car lot. You want the most coverage you can stand financially.

You always want collision unless you'd be paying more in premiums than the car is actually worth (won't be a problem on your new Edge for a long time).

And you need comprehensive.

 

The only big variable is the deductible - get the highest one you can afford or the highest one allowed (if you financed it then the leinholder may have a limit). Mine is $1K. The higher the deductible the lower your premium.

 

And if you have it financed you are required to have full coverage anyway.