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If I have little net worth, what type of car insurance should I buy?
I currently have a net worth of only a few thousand dollars, and I don't have much in savings. What type of insurance should I buy?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“While it might be tempting to purchase the state-minimum insurance, don’t do it. It may not cover all of the other driver’s expenses, leaving you to foot the bill.
But you can find
cheap car insurance
that provides an adequate amount of coverage if you shop around. Aim for liability coverage
limits of at least 50/100/50, and preferably 100/300/100. This will better protect you from any out-of-pocket expenses if you’re in an at-fault accident.”View full answer
- Gregory R.
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