The state regulators and insurance companies usually advise drivers to buy the coverage they can easily afford for financial security. Those who are young and have no assets to protect can do without much liability coverage because suing them would be useless for the other side. However, if you have savings and you also own a home, then you should get enough liability insurance that can easily cover their value and allow you to sleep soundly every night.
The liability coverage on an auto insurance policy varies by company. The average maximum limits are $100,000 for property damage, $250,000 for bodily injuries of each person, and $500,000 for each accident.
If you require more liability insurance then you can always consider buying umbrella insurance also known as excess liability insurance. Umbrella insurance can come in real handy when the costs tops the liability limits on your vehicle or home insurance policy.
The best thing about adding liability coverage is it doesn’t cost that much. According to the Insurance Information Institute, $1 million umbrella policy can cost about $150 to $300 per year. If you add a second million then it will be another $75 and $50 in case of a third.
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