If you auto liability insurance is equal to your network worth would you ever inevitability to payment out of pocket if sued?
Lets say my net worth be $100,000. If my Bodily Injury Liability insurance was $100,000 would that mean I would never hold to pay out of pocket if somebody sued me due to a car misfortune?
Could I be sued for more that I own and still be forced to pay out of pocket? Or can I only be sued for what I hold and the auto insurance will pay all of it?
Answers:
Lets articulate you were negligent within a collision where a young mother or father of two or three kids died contained by the accident. You probably would be sued and a judgment rendered against you resourcefully in excess of your limits. Yes you would own to pay out of your pocket and if necessary, they could lug almost everything you own. If severely injured, medical alone could eat up $100,000.00 and you would still be sucking eggs.Talk to your insurance agent about an umbrella policy.r
Your insurance covers, not ends, your liability.
If the liability exceeds the coverage, it comes out of your pocket,
or your hide.
If youv'e got $100K, wage the extra $50 a year, bump the liability
to $300K, and hope you never need to be happy you did it.
Related Questions:
Could I be sued for more that I own and still be forced to pay out of pocket? Or can I only be sued for what I hold and the auto insurance will pay all of it?
Answers:
Lets articulate you were negligent within a collision where a young mother or father of two or three kids died contained by the accident. You probably would be sued and a judgment rendered against you resourcefully in excess of your limits. Yes you would own to pay out of your pocket and if necessary, they could lug almost everything you own. If severely injured, medical alone could eat up $100,000.00 and you would still be sucking eggs.Talk to your insurance agent about an umbrella policy.r
Your insurance covers, not ends, your liability.
If the liability exceeds the coverage, it comes out of your pocket,
or your hide.
If youv'e got $100K, wage the extra $50 a year, bump the liability
to $300K, and hope you never need to be happy you did it.
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