Viewing a single comment thread. View all comments

Werewolfdad t1_je74ceg wrote

> Right now we own all three of our vehicles, no loans. Two are worth about $25k and the other is worth maybe $5k. Do I really need liability for $300k?

The value of your cars doesn’t matter for liability.

If you cause $300k in property damage, do you want to be responsible for a portion of it?

For hazard insurance, the replacement cost is a good number.

For liability insurance, however much you’d get sued for that was necessitate bankruptcy

I have maximum car liability insurance plus a $1mm umbrella policy.

6

joecarst OP t1_je78lf5 wrote

Do you know what the umbrella policy does? Like when would that get used?

1

Werewolfdad t1_je78y4t wrote

> Do you know what the umbrella policy does? Like when would that get used?

It pays for most civil liability (above and beyond what my home and auto policies cover)

3