Comments on: How much automobile liability insurance is enough – $1 or $2 millions?

By: Loollea

Loollea — Sun, 06 Sep 2009 18:59:09 +0000

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

By: windowphobe

windowphobe — Fri, 04 Sep 2009 13:01:58 +0000

I carry $300,000 plus an umbrella policy (as recommended above) to $1 million. I think this is probably sufficient.

By: David W

David W — Wed, 02 Sep 2009 20:15:58 +0000

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.