Am I Paying for Too Much Coverage?

[shmuey]

I've been paying for what I consider to be pretty high levels of coverage (and therefore higher premiums) since I first started driving. My dad basically told me to get what he had so that I was covered for anything. But now at 27 years old, and having shelled out thousands for coverage that I have rarely used (I was in 2 minor fender benders in which I was not at fault), am I just paying too much? I have very little assets, my car is paid in full (and maybe worth 8k?), and I rent my house. So is paying $570/ 6months too much for my Honda Accord? My coverage is as follows:

Bodily Injury (Each person/each accident)/Property Damage Liability: 100/300/100
Uninsured Motorist: 100/300
Uninsured Motorist Property: 100 (250 deductible)
PIP: $2500 Full

My premiums also include roadside (I figure it's much cheaper than AAA if I needed it) and 500 comprehensive/ 1000 collision deductibles.

Any thoughts guys? I'm starting grad school soon and need to find ways to pay for it ;-)

 

[AdvisorsIns]

I would say my average auto policy is $1,200 per year. I write my business plan based on that figure. I would say you are paying a fair rate. I would not lower you coverage. If you have good medical insurance you could consider dropping the med pay. Or lower it to 1k. Call an independent agent in your area and let them shop it across 3 or 4 preferred carriers.

 

[F150]

I've been paying for what I consider to be pretty high levels of coverage (and therefore higher premiums) since I first started driving. My dad basically told me to get what he had so that I was covered for anything. But now at 27 years old, and having shelled out thousands for coverage that I have rarely used (I was in 2 minor fender benders in which I was not at fault), am I just paying too much? I have very little assets, my car is paid in full (and maybe worth 8k?), and I rent my house. So is paying $570/ 6months too much for my Honda Accord? My coverage is as follows:

Bodily Injury (Each person/each accident)/Property Damage Liability: 100/300/100
Uninsured Motorist: 100/300
Uninsured Motorist Property: 100 (250 deductible)
PIP: $2500 Full

My premiums also include roadside (I figure it's much cheaper than AAA if I needed it) and 500 comprehensive/ 1000 collision deductibles.

Any thoughts guys? I'm starting grad school soon and need to find ways to pay for it ;-)

Funny, you think you got too much coverage, yet most of us here will tell you, what you have is probally the minimum the majority of us would tell you to get....

Check the next level down and you most likely find it only saves $10 a month or so, not worth getting lower limits