While there are six main coverage's in an auto insurance policy, there are numerous options to consider for each coverage.

How much insurance do you need?

Bodily Injury Liability - You can buy the minimum required by law, say $12,500 per person, $25,000 per accident. Or you can buy limits as high as $500,000, even $1 million. Remember that someone you hit can sue you for everything you have.

Tip. If you have a home, own stocks and have a decent income, you should probably buy, at minimum, limits of $100,000 per person, $300,000 per accident. If you have more than $300,000 in assets, you should buy higher limits or an umbrella policy. Consult with your professional agent about this!

Many auto insurance companies now sell what are called combined single limit (CSL) coverage's, which have no per-person limit. If you buy, say, $300,000 CSL, that means your policy will pay a maximum of $300,000. All of that could go to one person, if needed.

Some companies include property damage liability in the CSL, which means that if you total someone's antique car, your policy could pay up to $300,000 for property damage. CSL coverage costs more than traditional limits, but it can be worth it if you have any significant assets.

Property Damage Liability - Several years ago, $25,000 was considered the maximum most people needed for this coverage. Not anymore. There's a lot of $50,000, $60,000, even $70,000 cars and sport utility vehicles on the road these days.

Tip. Because of the increasing number of expensive cars on the road today, you should seriously consider at least $50,000 of coverage, assuming you don't have CSL coverage; $100,000 might be preferred.

Collision - Consider how much you can afford to pay to have your car fixed if you have an accident. Auto policies have several deductible options.

Note. The deductible is the part you pay before the insurance kicks in. You can buy deductibles of $100, $250, $500, even $1,000. Obviously, the lower the deductible, the more this coverage will cost.

Unless you're planning to have a lot of accidents, it's probably a good idea to have a deductible of at least a couple of hundred dollars. (By the way, the deductible does not apply if you are hit by someone else and that person's insurance is used to pay for your car's damages.)

Comprehensive - Like collision, there's a deductible with comprehensive, although it is often lower. For example, if you have a $250 deductible for collision, your comprehensive deductible will be, say, $100.

Note. While collision and comprehensive will pay for the damage or loss to your car, neither coverage will pay for everything on or in your vehicle. Most policies exclude things like CB radios, two-way radios, cell phones and CDs.

Further, if you add special features to pickups, vans or SUVS, these things probably will be excluded as well. In fact, it's a good idea for you to talk to your insurance agent about any high-tech equipment or special features you have added to your vehicle.

Many, perhaps even most, of these features aren't covered in the standard policy. It is possible, however, to obtain special coverage for the high-tech equipment or special features in your vehicle. Your agent can advise you of the options.

Medical Payments - Some people elect not to buy this coverage because they believe their health insurance is enough in this regard. That's true - to an extent.

Medical payments coverage provides protection for passengers in your vehicle for medical expenses incurred. In some states, medical payments coverage is not relevant. These are states that have so-called no-fault auto insurance systems. Basically, regardless of who's at fault, your insurance company pays for damage to your car and/or injuries you incur. Personal injury protection is included as part of your coverage. Ohio is excluded from the no-fault system so most people choose to purchase medical payments coverage.

Uninsured/Underinsured Motorist - For most people, it's a good idea to have the same limits for UM/UIM as they have for bodily injury liability. But remember, UM/UIM coverage is for you. It pays for your injuries and, in some policies, damage to your car if the person at fault in an accident with you cannot. Since you based your liability limit on what you have to lose, you should do the same with UM/UIM.