Below are your State minimums for auto insurance. If you are an employee with an established job, have a home, savings and/or assets you would like to protect, get more than your State's minimum.
Unless you are flat broke, you should consider at least
$50,000 in bodily injury liability for one person injured in an accident, $100,000 for all people injured in an accident and $50,000 property damage liability (50/100/50). This should cover most cars on the road today.
If you have no assets and are flat broke, don't over insure yourself. However, you will be responsible for any damages you are at fault for over your policy limits. In my opinion, you should have the same amount of uninsured (UM) and underinsured motorist (UIM) coverage as your liability limits. UM & UIM cover lost income up to the policy limits if you can't work due to an auto accident.
For someone older, more established with property, we would recommend at least 100,000 in bodily injury liability per person and $300,000 in bodily injury liability per accident. If you are wealthy (or at least financially independent) those limits could easily go to $500,000 and you might also consider a personal umbrella policy ($1,000,000+).
Even if you have a good health insurance plan, consider buying PIP, since your employment may end due to a bad accident or your coverage otherwise lapse or get canceled. Some personal injury plans will even pay for lost wages and child care.
Consider having a minimal amount of Uninsured motorist (UM) because if the other driver takes off after an accident, you'll have some coverage.
Get underinsured motorists (UIM) coverage since most drivers (mistakenly) carry the state minimum for auto coverage.
Don't get high limits of collision coverage (Pays to repair your vehicle) if your car is only worth several thousand dollars.
Don't forget GAP Insurance. It is a must have if you are leasing or make a small down payment on a new vehicle. it covers the difference between your loan amount and what the insurer is will to pay you
Colorado, Florida, Maryland, Michigan, Minnesota, New Jersey, and New York require personal injury protection (PIP - medical payments coverage). Uninsured motorist coverage is mandatory in Connecticut, the District of Columbia, Illinois, Kansas, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, North Dakota, Oregon, Rhode Island, South Carolina, South Dakota, Vermont, Virginia, West Virginia and Wisconsin.
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