Was trying to determine what is the best coverage to get for my cars. Here is what I found:
- Buy standard 100/300/100 coverage, which pays for bodily injury up to $100,000 per person and $300,000 per accident, and property damage up to $100,000.
- If you have a high net worth,
- boost it to 250/500/100.
- also take a look at a separate umbrella policy to insure against a lawsuit seeking an amount beyond the auto policy's limits.
- Protect yourself by buying uninsured/underinsured motorist protection with the same limits as your liability coverage
- You can probably cancel your collision and/or comprehensive coverage when the annual cost equals or exceeds 10 percent of your car's book value
- Make sure your insurer knows about your reduced driving habits. Lower mileage normally equals lower premiums.
- If you qualify, ask to be included in the top-tier customer group, which typically have the best premiums.
In Colorado, as of June 2011, the minimum coverage that you are expected to carry is: 25/50/15.
A good reference document is the “CONSUMER’S GUIDE TO AUTO INSURANCE” from DORA: http://www.dora.state.co.us/insurance/pb/supporting%20documents/autoins04.pdf