How much automobile liability insurance is ample - $1 or $2 millions?
My insurance has "strongly recommend" that I should increase my automile liability insurance from $1 million to $2 million, although I have not involved within any accidents.
I wonder if that is because of the possible increase of calamity compensation these days. Do you think that the increase of liability insurance is vital?
Answers:
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 within 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 hark back to. Ask about one.
when you purchase insurance you are buying protection for your assets, your lattice worth, the value of your property and earning potential
so if you are a recent grad next to an apartment and car just starting out you might not necessitate as much coverage as a settled person who is well established surrounded by their job, owns a home, has a relatives. etc. (it's based on what you are worth) and yes, accident compensation is better these days
especially since everyone is sue happy Source(s): ret agt
I carry $300,000 plus an umbrella policy (as recommended above) to $1 million. I think this is probably sufficient.
Related Questions:
I wonder if that is because of the possible increase of calamity compensation these days. Do you think that the increase of liability insurance is vital?
Answers:
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 within 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 hark back to. Ask about one.
when you purchase insurance you are buying protection for your assets, your lattice worth, the value of your property and earning potential
so if you are a recent grad next to an apartment and car just starting out you might not necessitate as much coverage as a settled person who is well established surrounded by their job, owns a home, has a relatives. etc. (it's based on what you are worth) and yes, accident compensation is better these days
especially since everyone is sue happy Source(s): ret agt
I carry $300,000 plus an umbrella policy (as recommended above) to $1 million. I think this is probably sufficient.
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