Personal Finance (Not Investing) • Adding Wife to Car Ins

I currently have Geico, and I drive a 15 year old toyota I paid cash for that has under 50k miles on it. My current coverage is as follows:

Bodily Injury Liability each person/each occurrence: 100,000/300,000

Property damage liability: 100,000

Full PIP primary: Option E 250,000 $250 deductible

Uninsured & Underinsured motorists each person/each occurrence: 100,000/300,000

Underinsured motorist property damage: 100,000

I currently pay about $63 a month

My questions are: Firstly I was told that I should bump up my liability coverage to 500k, as our household net worth is probably 400k. I was told not to worry about a 1m umbrella right now as I am not worth enough to have it, but that once our household NW goes above 500k it would be wise. Is this a good idea?

I want to add my spouse onto my policy with the same coverage I have (but bump her liability to 500k as well). She has a 12 year old dodge charger with 55k miles on it. Paid 17k cash for it a few years ago.

Is the coverage I have w Geico listed above sufficient, or do we need more or less? Want to know what I am missing

Statistics: Posted by BizarroJerry — Fri Jan 26, 2024 8:51 am — Replies 0 — Views 39

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