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How much liability coverage do you think I need if I don't have a lot of assets?
Is 25/50/10 enough liability coverage for someone without many assets? Should I increase it?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It is a common misconception that you do not need higher
liability coverage
limits if you do not have many assets. You can still be liable for damages in excess of your assets.For example, let say you don’t own your home and you have only $1,000 in your savings account. Then you cause an accident and total someone’s vehicle that has a value of $55,000.
Your insurance will only pay $10,000 in property damage. The rest will come from your pocket and future earnings in life.
You might be surprised by how little your premium will change if you increase your liability coverage limits. Most claims, excluding more catastrophic accidents, would be sufficiently covered with liability limits of 100/300/50.”
View full answer
- Gregory R.
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