First of all, limits are referred on your policy as bodily injury and property damage limits. Virginia state law requires a minimum of 25,000/50,000/20,000. As most of us know, most cars on the road today are worth more than the $20,000 property damage on a basic policy and should we cause an accident involving two vehicles, well you get the picture! Insurance is meant to protect us from what can be lost in a lawsuit, so the first thing to consider is the value of your assets (such as your home) and what could be lost should an accident occur. If you can absorb all the loss yourself, you may choose to carry the minimum limits, but if not, you may want to consider carrying higher limits and let the insurance company cover the loss for you. While it is true that carrying higher limits increase your premiums, the added satisfaction that your assets will be protected is the most rewarding.
