Doubling Your Limits Doesn't Double Your Rates
Question: I just leased a vehicle and have to carry liability of 100/300/50. I currently have limits of only 50/100/50, so I'm wondering if this change will make my policy premium go up by a lot of money.
Answer: We won't kid you, You're getting more coverage, so you will pay more. But doubling your car insurance liability limits will not double your rates.
How much will it cost? We can't tell you an exact amount because your car insurance rates are determined using many different risk factors that include personal information we don't have. The best way to get an accurate quote is to comparison shop here, or by calling an agent to run some numbers.
Let's clarify first what these liability numbers mean. In coverage of 100/300/50, the first number is the amount of bodily injury liability coverage for anyone you injure; the second number is the total bodily injury coverage available if you injure more than one person; and the third number is the property damage liability coverage available to repair or replace a car or property that you hit.Those limits affect the premiums you pay, but so do things like your driving record, years of driving experience, where you live, the model of car you're insuring and the other coverages you choose. We can give you a general example of how much more it will cost to raise your limits. Using the ZIP code of 32750 (Longwood, Fla.) that you gave us, we ran quotes for a 35-year-old male who has a clean driving record and is insuring a BMW 328I. Beyond the liability limits mentioned below, he also included state required personal injury protection (PIP) of $10,000 and collision and comprehensive coverages, each with a $500 deductible. The rates for carrying your current limits of 50/100/50 liability coverages came back with annual premium quotes of:
- Esurance - $1,457
- 21st Century - $1,725
- Esurance - $1,615
- 21st Century - $1,851
- Esurance - $1,036
- 21st Century - $902.
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