Is Transitioning to Liability Insurance the Right Choice for Me? (A 28-Year-Old’s Perspective)
Considering a Policy Change to Save Costs
As a 28-year-old resident of Washington State, I’m currently paying approximately $479 for six months of comprehensive auto insurance through Progressive. However, my premium is set to increase to about $568 during my next renewal.
My driving history is clean—no tickets, accidents, or claims in recent years. I am married and often operate my 2012 Honda Civic, which is fully paid off with 115,000 miles on the odometer. The vehicle is valued at roughly $8,000.
Current Insurance Coverage Details
My existing policy provides full coverage, with liability limits set at $300,000 total, including $100,000 per person. I also have around $281,000 in semi-liquid assets, which should be sufficient to cover most unforeseen incidents.
Looking Ahead: Cost Savings and Decision Making
I am contemplating switching from full coverage to a liability-only policy, which could potentially save me around $150 on my semi-annual premium—though I need to confirm precise figures. My goal is to finalize this decision by tomorrow, as I am discussing it with my wife.
Questions and Considerations
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Would opting for liability insurance be a financially sound decision given my assets and driving history?
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Are there any risks I should be mindful of before making this switch?
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What specific coverage limits would you recommend for someone in my situation?
Your insights and advice would be greatly appreciated as I navigate this decision. Thank you in advance for your guidance!
