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No, you do not need 100/300 insurance unless you live in Florida and are required to file an FR-44. Although no other state laws require drivers to buy 100/300 insurance, a policy that pays up to $100,000 in bodily injury liability coverage per person and $300,000 per accident can still be a good investment.
Bodily injury liability insurance pays for injuries you cause to others in a car accident, and it’s required in nearly every state. However, most states mandate limits ranging from 25/50 to 50/100, and a few states require even less.
Given that you can be held personally responsible for injury-related costs that exceed your bodily injury liability coverage, 100/300 insurance is usually recommended for the average driver. But it’s also a general rule of thumb to buy at least enough liability coverage to equal your assets. So, if you have a particularly high net worth, you may want to buy more liability coverage than 100/300.
To learn more, check out WalletHub’s complete guide to liability car insurance.
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Do I need full coverage?
You need full coverage if your car is leased or financed. Full coverage car insurance is not required by law, but lenders and lessors generally want it, and it is a good idea to maintain full coverage if you cannot afford to repair or replace your car in the event of a total loss.
How to Decide if You Need Full Coverage
You should consider your car’s value and your location when deciding if...
read full answerWhat is a 100/300 policy?
A 100/300 policy is an insurance policy that includes bodily injury liability coverage limits of $100,000 per person and $300,000 per accident. A 100/300 policy is generally recommended for drivers who can afford it, since it offers more protection against serious accidents than the insurance required by most states.
It’s important to note that the 100/300 insurance notation does not include property damage liability insurance, which is required in nearly every state in order to pay for property...
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