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
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
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
, years of driving experience, where you live,
the model of car you're insuring and the other coverages you
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
Century - $1,725
Changing the limits to the ones required by the leasing company
of 100/300/50 the annual rates went up to:
- Esurance - $1,615
Century - $1,851
The difference in cost was $158 with Esurance and $126 with 21
Century. With both insurers, you doubled your bodily injury
coverage for less than $200 a year.
What would be shocking to your wallet would be if you were
coming from a policy where you just had basic liability coverage,
and you raised your liability limits to 100/300/50 as well as added
collision and comprehensive coverage.
Using the same person and car as above, we ran the rates using
coverage of only 10/20/10 for liability, mandatory Florida PIP of
$10,000, and dropped collision or comprehensive. The yearly
rates came back as:
- Esurance - $1,036
Century - $902.
Thus, if you were changing from this low coverage to 100/300/50
and adding comprehensive and collision it would cost $579 more a
year with Esurance and $949 with 21
Century. If you weren't expecting that type of jump, the leased car
would probably be unaffordable. (See "Low, low payments - on the
Besides liability levels of 100/300/50, your leasing company
will require collision and comprehensive on your policy and may
even dictate what deductible amount you chose.
If gap insurance or lease/loan coverage is not included in your
leasing agreement, then it's a wise idea to purchase it on your own
if you owe more on the car than what its actual cash value would be
if it were totaled out.
As you can plainly see, the cost of car insurance can vary
greatly depending upon not only what coverages you choose but also
what auto insurance provider you pick. We always recommend,
whether your car is leased, financed or owned, that you shop around
to make sure you are getting the cheapest car insurance rates
possible. (See "12 ways to double-check your savings")