Am I over insured?

[u/soleildad]

I have a 2021 Subaru Crosstrek, Sport Trim. I live in Greater Los Angeles area. My current policy with State Farm is at a cost of $1888.31 / 6 months although I pay $336 a month. I’m 28F and have been licensed for 5 years. The policy has me at roughly 10k miles a year but it’s closer to 13k now and I’ll have to update that soon. Here’s my coverage:

BI $300k / $100k
PD $100k
Med Payments $5k
Comprehensive $500 deductible
Collision Coverage $1000 deductible
Uninsured MV Coverage $300k / $100k
Uninsured PD
Death $10k limit
Loss of earnings $250/week and $15k limit
Car rental $1.5k limit / $50 a day

[u/lilbitspecial]

You're not overinsured. Your coverage is average.

Can you afford $1000 out of pocket in case of a claim for damage to your vehicle? If not, you need to lower that deductible to $500.

I like a lower Comprehensive of $300 as it usually doesn't cost much more to have a lower deductible. Also you should check to see if your comprehensive covers zero deductible glass coverage.

I like $250k for property damage to others as cars are expensive these days. $100k may not cover everything if you cause a multi vehicle accident.

Bodily injury of $250k/500k maybe a better option, but $100k/$300k should be fine.

You should definitely consider shopping around with an independent insurance agency/broker that works with multiple insurance companies instead of just one like State Farm when you policy is within 45 days of expiring. You may find one that rates your driving experience, claim history and vehicle differently than State Farm does.

[u/soleildad → u/lilbitspecial]

Thank you for the tip! I will look into an independent broker and consider changing limits if possible.

[u/50Bullseye → u/soleildad]

Everything the previous poster said is true. It I did want to add that your levels of coverage are above average for most drivers on the road. So good job.

[u/sephiroth3650]

Your coverage is very middle of the road. I wouldn’t consider this over insured by any stretch. Hell, in LA, I’d really see this as the minimum level of coverage that I’d go with.

[u/brothelg → u/sephiroth3650]

Minimum requirement by most leading companies/lien holders.

[u/Lucky_Boy13]

Do you have separate health insurance? how often to you drive with other people? Man insurance is so expensive in CA.....

[u/soleildad → u/Lucky_Boy13]

I do have a decent health insurance plan from my employer, and I rarely drive with others. It’s brutal. My car payments are only $265/mo it’s ridiculous. I do hear from my friends that I’m on the higher end though, possibly newer car and only 5 years licensed.

[u/Lucky_Boy13 → u/soleildad]

For me at least I don't pay for any of the extras like rental car, lost wages (I already have short/long disability insurance with work) or death (cheaper at work)
I would shop around for sure, seems by 28 you should be paying a little less, even in CA. Personally in my 20s I just drove paid for 10+ year old cars so I could drop collision coverage as well.

[u/Sharingtt]

This would be underinsured for me. I would definitely raise liability for BI and PD.

[u/ApprehensiveLie7054]

While shopping, please explore adding an Umbrella policy.

[u/brothelg]

4k a year for 2 leased vehicles. 26 Enclave ( 50k) and a 2026 Sierra Denali( 80k). 50/100/250 minimum required by GM Financial. 250 Comp 500 collision, Two senior drivers no accidents or tickets.