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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Shopping for Auto Insurance

As a careful insurance consumer, you should remember certain suggestions when you buy auto insurance (see Exhibit 21.5).

A figure shows the tips for buying an auto insurance.

Exhibit 21.5 Tips for Buying Auto Insurance

Carry Adequate Liability Insurance

The most important rule in purchasing auto insurance is to carry adequate liability insurance. If you carry minimum limits to satisfy the state’s financial or compulsory insurance law, such as $25,000/$50,000/$25,000, you are seriously underinsured. Even if you carry higher limits of $100,000/$300,000/$50,000, you are still underinsured if a bad accident occurs and you are at fault. A negligent ...

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