How much automobile liability insurance is enough – $1 or $2 millions?
Question by T E: How much automobile liability insurance is enough - or millions?
My insurance has "strongly recommend" that I should increase my automile liability insurance from $ 1 million to $ 2 million, although I have not involved in any accidents.
I wonder if that is because of the possible increase of accident compensation these days. Do you think that the increase of liability insurance is necessary?
Best answer:
Answer by David W
If you want $ 1 million coverage, you might consider a personal umbrella policy, which "overlies" both your auto and personal liability coverages. When I sold some of them in the 70s and 80s, the cost was less than $ 500 a year, and they cover some possible claims that the underlying policies don't, as I recall. Ask about one.
Know better? Leave your own answer in the comments!
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May 14th, 2011 - 21:36
I carry $ 300,000 plus an umbrella policy (as recommended above) to $ 1 million. I think this is probably sufficient.
May 14th, 2011 - 22:26
when you purchase insurance you are buying protection for your assets, your net worth, the value of your property and earning potential
so if you are a recent grad with an apartment and car just starting out you might not need as much coverage as a settled person who is well established in their job, owns a home, has a family. etc. (it’s based on what you are worth) and yes, accident compensation is higher these days
especially since everyone is sue happy