Insurance Coverage

What is the name of your state? NJ

I am currently carrying the maximum liability insurance of 250K and thinking about dropping it to the minimum. I am a college graduate student and currently living with my parents. If I get into an accident that creates damages of more than my liability coverage, can they go after my parent's insurance and assets?

I have no assets except my car and they don't claime me on their tax forms.

Can they garnish my future salary?

unless you are acting as an agent, servant or employee of your parents, they should not have any liability for your actions just because you are living with them....that said, keep in mind that liability insurance provides much more than just coverage for claims made against you in the case of an accident...amongst other things, that insurance coverage provides you with uninsured and underinsured motorist benefits, which, if you were injured due to someone elses negligence and that person did not have insurance or had minimal insurance, would compensate you for your damages....i would think long and hard before dropping your liability limits to the minimum, moreover, i think youll find that by doing so you really wont be saving that much money on the policy to make it worthwile....at a minimum, i believe that everyone should have limits of at least 100k.

harris c. legome, esq.

[tammy8]

Plus the difference in the smaller limits are usually within a couple of dollars a month. Personally it is worth a couple of extra bucks a month to have piece of mind.