1. 1805 POINTS
    Samuel Smith
    Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
    If your auto is not financed you are only required to carry "collision and liability". However, if that car is financed the financing institution is ging to require Comprehensive, collision, and liability. also, if that car is worth a few dimes more than you can pull out of your pocket each Monday morning yuo would be well advised to carry full coverage because as you know in 1957 we could have purchased that brand new Chevrolet for $4000 and today you will need $20,000.
    Answered on November 26, 2013
  2. 130 POINTS
    Brad McKinney
    Sales Representative, Liberty Mutual Insurance, Eugene, Oregon
    Minimum coverage is applied different in every State. In Oregon you are required to carry Liability coverage with a minimum bodily injury/property damage limit at $25,000/$50,000/$20000. This is the minimum coverage to drive legally in the State of Oregon. Your lienholder might have other requirements to protect their investment, and require you to carry comprehensive and collision coverage as well.

    I always ask clients if you carry the minimum coverage of $25,000 and injure someone in an auto accident. Would you be able to pay the difference if they sue you for $100,000. If the answer is no, then you should consider increasing your liability limits. In the State of Oregon you can not file bankruptcy on a judgement from and accident and the difference is normaly paid through wage garnishments and judgements. Its well worth the extra money for the extra protection.
    Answered on November 28, 2013
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