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Factors to consider when determining how much car insurance you need.

1. Assets: When having a high net worth, you might want to increase your coverage limits. If you cause an accident, the other driver can go after you in court to obtain money beyond what your insurance company pays.

2. Finances: You should always consider how much you can afford to pay per month.

3. Location: If you live in an urban area, you’re more likely to be in an accident and you should consider taking a higher coverage. If you park on the street instead of in a garage, you may be more susceptible to theft therefore should consider comprehensive coverage.

4. The type of vehicle: If you have a new vehicle, it may be worthwhile to get collision coverage to pay for damage to your car in an accident and comprehensive coverage to pay for damage to your car due to other reasons.

Benefits of higher auto insurance limits

Getting higher limits may cost you more upfront but can save you money in the event of an accident.

When to consider lower limits

• The main purpose of an insurance company is protecting your properties against damage and risks. If you don’t own any property at all and your car is old you can consider keeping your coverage closer to the lower limit allowed in your state.

• You might also consider cutting out certain coverages, such as collision or comprehensive coverages since the monthly premiums may cost you more than the one you will be paid in an event of an accident.

• Lower limits may also be appropriate if you don’t drive much or live in an area with low population density.

Auto insurance exclusions

An auto insurance exclusion is anything that is specifically not covered by your car insurance policy. Some of the auto insurance exclusion includes:

• Fraud: This is intentional damage and it’s typically excluded in any car insurance policy.

• Certain vehicles: Some vehicles, such as those you regularly use but aren’t listed on your policy, may be excluded.

• Vehicle types, such as motorcycles, will likely not be covered under a car insurance policy. You’ll need a motorcycle endorsement for that.

• Certain uses of your vehicle: For example, drag racing is another auto exclusion that your car insurance company might write into your policy. In this case, your car insurance company would not cover you if you are injured while drag racing.

• Catastrophes: Damages caused by specific catastrophic events, such as nuclear exposure, will generally be excluded under your policy.

• Custom equipment: Without a custom parts and equipment endorsement, your custom equipment is unlikely to be covered.

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