How much auto auto insurance do I need if I own a home and some other assests?

by admin on Apr.05, 2010, under finance

How much auto insurance do I need if I own a home and some other assests?

My auto insurance company told me that if I'm in an accident and I don't have enough auto insurance I can be sued and possibly lose my home. I never heard of anyone losing their home because of an auto accident. If I have a good driving record, how much insurance do I really need and can I really lose my home if I don't have enough? and how do you collect from someone who doesn't have any insurance? It seems stupid to carry uninsured insurance if I can sue someone for damages.

:Assests, Auto Accident, Auto Auto, Auto Insurance Company, Damages, Insurance, Stupid

8 Comments for this entry

lady gaga
April 5th, 2010 on 4:48 pm
Yes, you can sue someone. However, unlike you, they might not have any assets. You may not be able to collect from them if they do not have assets.You should have the total of all your assets (including the house) or $100,000, whichever is less, in property damage liability coverage.If the total of all your assets (including the house) is more than $300,000, then you should have $300,000 in bodily injury liability insurance AND have umbrella insurance with limits equal to the total of all your assets (including the house).If the total of all your assets (including the house) is $300,000 or less, then you should have bodily injury liablity insurance coverage equal to the total of all your assets (including the house).
lady gaga
April 5th, 2010 on 4:48 pm
In many cases an individual can be sued following an auto accident. This where your insurance plays a vital role for you. However, once the limits of your liability coverage are exhausted, you become personally liable for the remaining damages. If the remaining amount is minimal, then you would simply be able to pay them. On the other hand, an auto accident with an injury sustained by one or more occupants of the vehiicle in the US during 2007 resulted in over $375,000 in average insurance settlements. If you only have $100,000 in coverage, you would need to find a way to pay the remaining $275,000. The most valuable asset in most people's lives is their home, and so when you receive a bill for $275,000, there is not much choice.Like noted before, the person without insurance likely does not have any assets worth suing over when they have an accident with you…so the insurance company takes on the liability and will try to collect from that individual themselves saving you precious time and money.
selena gomez
April 5th, 2010 on 4:48 pm
As much as you can comfortably afford. If you were to have an accident with a bus and injured dozens of people they could take everything you own plus most of what you will earn the rest of your life.
justin bieber
April 5th, 2010 on 4:48 pm
Technically, that is true, but it sounds like they are trying to scare you into buying a more expensive policy. If they are trying to pressure you into spending more, I would look elsewhere.
lady gaga
April 5th, 2010 on 4:48 pm
Yes they can sue you when you dont have enough money to pay the bills caused by the accident,.. Largest Auto Insurance Information Source(s): http://www.AutoCarsInsurance.com
Vanessa Hudgens
April 5th, 2010 on 4:48 pm
It looks like a non easy cracking nut,looking around here http://www.InsuranceFreeTip.info/insurance-for-free.htm ,you may find something useful for you.
lady gaga
April 5th, 2010 on 4:48 pm
You are better of comparing different insurance companies to get the best rate. You can check out http://compare-car-insurance-rates.mobi if you want Source(s): http://compare-car-insurance-rates.mobi
justin bieber
April 5th, 2010 on 4:48 pm
Yes they can sue you when you dont have enough money to pay the accident you made. Source(s): http://www.AutoCarsInsurance.com