How much liability car insurance do I need?

[ps99472_IHB]

I insure up to the max allowed by my Ameriprise auto insurance for bodily injury liability (250K/500K). Do I really need that much coverage? I own a house with about $100K in equity. If I seriously injure somebody in a car accident can claims ever go that high? Or would it just go that high because I have lots of coverage?

 

[WINEX_IHB]

I've maxed out the limit of liability on my Allstate policy. It doesn't cost much more to max out the limits than it does to go with the state of California minimum requirements. Given the high cost of medical care and lawyers, it's more than worth it for the few extra $.

 

[qwerty_IHB]

i would always recommend to people who have any sort of net worth to get an umbrella policy to have additional coverage to protect their assets.

 

[Adam_IHB]

Yes, I second qwerty, the minimum amount required to qualify for an umbrella policy.

 

[buylowsellhigh_IHB]

Basically the lawyers will find out everything, including your coverage, your property, your companies, etc and conveniently find an amount to sue you for. I think you can put the home in some sort of trust to protect it? There are plenty of asset protection books/services out there. If you move your assets to a location out of reach BEFORE things happe, it is not illegal. Just dont give them a place to look and they wont look.