How much auto insurance is necessary?

Updated: 9/14/2023
User Avatar

Wiki User

15y ago

Best Answer

The amount of necessary auto insurance to cover you depends on how much assets you have. If you are a homeowner with substantial savings, but have minimal coverage such as 15/30/5 you could be at risk and lose everything in an accident. You open yourself to a lawsuit. Most insurance professionals recommend 100/300/100 and then maybe an umbrella policy on top of that. If a person is at the lower end of the economic scale and is driving an older car, and operating on a tight budget, he could raise his deductible and get higher coverage and still be affordable. It's a tightrope between getting the coverage that you feel safe with and your budget. Good luck! David Albers

User Avatar

Wiki User

15y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How much auto insurance is necessary?
Write your answer...
Still have questions?
magnify glass
Related questions

In Washington state how much auto insurance is necessary?


How much auto insurance liability is necessary?

The limits vary by state. Where are you?

Is auto gap insurance necessary in Anchorage, AK?

Yes, auto gap insurance is necessary in Anchorage, AK

Is it necessary for a college student to have auto insurance coverage when they do not drive?

No, Auto Insurance is required to Operate a motor vehicle on public roads, If the College student does not drive, then it is not necessary to have auto insurance nor is it necessary for them to have a drivers license.

Is it necessary to have gap auto insurance in New York State?

In New York state it is necessary to have gap auto insurance. It is the seller's legal responsibility to include gap auto insurance in the cost of leasing the vehicle.

Why is commercial vehicle insurance necessary?

A commercial vehicle insurance is necessary to insure the parties involve in any auto accidents

How much is sr22 insurance?

Since Sr22 Insurance is actually just Auto Insurance. The answer is that it costs the same as an Auto Insurance policy would.

What is the cheapest auto insurance in Illinois?

All auto insurance are pretty much the same. I would think that depending on type of insurance you are getting, they are pretty much the same,

How much do insurance rates increase after claim?

How much increase auto insurance after claim

How much does it cost for auto insurance and in phoenix Arizona?

Call around your local auto insurance companies or do a search online...

How much did auto insurance cost in 1981?

In the year 1981, I paid $150 dollars a year for auto liability insurance.

Should you add a child to your auto insurance policy?

Not necessary- you only add/exclude drivers