Auto insurance limits

[Nick1911]

What do you consider acceptable for bodily injury/property damage limits for your auto insurance?  Why?

[MillCreek]

My $ 1 million personal lines umbrella policy requires that I have $ 300,000 liability on my auto and homeowners insurance, and $ 500,000 liability on my motorcycle insurance.  So, I have $ 300,000 liability limits on auto and home and $ 500,000 liability limits on my motorcycle.  Plus up to $ 1 million excess coverage through the umbrella policy.

I carry these sort of limits because I am a middle-aged professional with lots of assets (cash in the bank, retirement accounts, real and personal property, and future earnings) that could be seized to satisfy a liability judgement.  The fact that I do liability for a living colors my opinion on these matters.

[erictank]

I believe I'm at $500K/$250K now, after many years at 300/100 (VA minimum). Based on my wife's recommendation, who also spent many years working in liability (med-mal, mostly, but some auto and construction-defect).

[vaskidmark]

I believe I'm at $500K/$250K now, after many years at 300/100 (VA minimum). Based on my wife's recommendation, who also spent many years working in liability (med-mal, mostly, but some auto and construction-defect).

Retired with minimal assets that can be attached.  The arsenal has been pared down - still possibly too many for my current status but with prices not near what I'd like to get the few fremaining guns stay in the safe.

I carry the state minimums.

stay safe.

[Northwoods]

As alluded to previously, it depends on what you would stand to loose f you lost a lawsuit.  The more assets you have the more insurance you should have.  We have whatever State Farm is the minimum to keep our umbrella liability policy active.

[Azrael256]

My $ 1 million personal lines umbrella policy requires that I have $ 300,000 liability on my auto and homeowners insurance, and $ 500,000 liability on my motorcycle insurance.  So, I have $ 300,000 liability limits on auto and home and $ 500,000 liability limits on my motorcycle.  Plus up to $ 1 million excess coverage through the umbrella policy.

I have basically the same thing.  $500k auto, $300k home, and $1m excess umbrella over both.  The umbrella thing is a DEAL.  Under $20/mo add-on to my combo policy.  I also carry another $1m liability and $500k property for The Wife's home business separately.  All the comprehensive/collision stuff for house and car is full-replacement.

I'm 31, so I don't have huge assets.  Net, I'm in the hole (house note vs. savings).  A year-ish ago, I redid my policies and found that house, car, and umbrella ended up being less than I was paying for (probably adequate) house and car separately, so I added a mil for a net savings of $500/yr.  I don't have a whole lot to lose, but insurance is cheaper than losing what I do have.

[Chester32141]

I carry 1 mil/1 mil/1 mil ... costs me about $100 a year more that 100/300/100 so why not ... a lot of companies charge less for more assuming you're a better risk if you want higher coverage ... I'm w/ Auto Owners and spent 25 years as an agent for a variety of companies ... I also carry similar limits on our house liability ... much cheaper than an umbrella for us and much easier to obtain due to unusual circumstances.  On the house the difference of $300,000 or $1,000,000 is about $10/ yr. In the event of an accident, in this state the insurance company is required to defend me up to the limits of my policy ... that means a $1 million defense plus up to $1 million liability fund ...

[Chester32141]

One plus to low limits is that it's tough to find a lawyer to sue someone if they have low limits or no coverage ...

It's not how much you have to lose ... it's how much you'd like to not lose what you have ...