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Auto Liability Insurance Coverage

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T

thsmol

Guest
Is there a good "rule-of-thumb" on how much auto liability insurance coverage a person should purchase to be adequately covered but yet not be insurance poor?
 


I AM ALWAYS LIABLE

Senior Member
thsmol said:
Is there a good "rule-of-thumb" on how much auto liability insurance coverage a person should purchase to be adequately covered but yet not be insurance poor?
My response:

It all depends on how much you want to protect yourself, and what you have that needs protecting, like a house, a business, your gold coins, or whatever.

If you're talking about auto insurance, it also depends on the population of the city or town you live in. For example, if you lived in Los Angeles, or New York, I would purchase the maximum amount of coverage my insurance company has to offer, and then I would buy an "Umbrella Policy" from another company in increments of One Million Dollars for liability. The Umbrella would pick up where my main policy leaves off.

It also depends upon whether or not you have a strong fear of judgments in the event you maime or kill an entire family.

If you don't have enough coverage, just remember that judgments are good for up to 20 years. That's one hell of a "monkey" on your back.

IAAL
 

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