What amount of auto insurance coverage do I need if I don't have any assets but my parents do?

I'm going to be financing a 2016 Chevy Bolt and I'm not sure what type of insurance coverage to get. I don't have any assets but my parents do. I'm worried that if I don't get high enough coverage that my parents' assets could be affected. What is the best coverage to get?

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Emily Maracle
Answered on Apr 30, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
“Outside of the minimum car insurance required by states, you have the ability to choose the best car insurance coverage for you. While you may not have any assets currently, you want to make sure that you’re protecting your future net worth as well.
It’s often said that a good starting point comprises bodily injury liability limits of $100,000/$300,000 and property damage liability limits of $100,000.
Whether you go higher or lower is dependent on your own personal finances and comfort. Look at your budget and see how much you can afford to spend on car insurance every month. With that amount, see what the highest level of coverage you can afford is.
You can also shop around to see which company can provide you with the highest coverage limits within your budget. “
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