My auto insurance company is recommending I increase my liability coverage from 300 thousand to 500 thousand per accident due to todays high medical costs. Anyone else getting this recommendation? Im curious to hear what others set their liability limits to for financial protections.
What are your thoughts?
Ok thanks everyone. So if im allowed to get an umbrella policy for say 1 million, then it doesn’t matter if i have a liability limit of 300 thousand because ill be coveted for 1 million regardless and it might be cheaper?
Unless one of the requirements of the umbrella is that you have more than 300K coverage. While my umbrella is a bargain I did have to adjust my auto policy upwards.
Interesting. @rjratnip so even with the minimum liability coverage allowed by law you are still covered for anything as long as its under the amount of your umbrella policy?
Yes. I don’t know if this is a state by state thing or not. But at least in Washington State, I can have the minimum liability amounts for everything (auto, boat, house, etc.) and I’m covered to the max of the umbrella policy. It’s basically the whole point of having an umbrella in first place. It’s a lot cheaper than having to max out the liability amounts of everything individually.
I have $250K/person, $500K/accident for bodily injury. I also have a $1 million umbrella policy. My agent doesn’t hesitate to try to upsell me but he’s never mentioned going higher on injury limits.
Yes, I just checked and I’d need the 500 thousand limit to get an umbrella with my current insurance company. I’ll probably pull the trigger on this increase; I’m not quite rich enough to need the umbrella but it sounds like a good thing to have for some more piece of mind down the road.
A blood relative who’s a veteran and a USAA member can sponsor you for membership. If you have a family member who’s a veteran, ask them to take a look at USAA.