If you auto liability insurance is equal to your net worth would you ever need to pay out of pocket if sued?
Sunday, May 31st, 2009 at
1:00 am
Jerry Benson asked:
Lets say my net worth was $100,000. If my Bodily Injury Liability insurance was $100,000 would that mean I would never have to pay out of pocket if somebody sued me due to a car accident?
Lets say my net worth was $100,000. If my Bodily Injury Liability insurance was $100,000 would that mean I would never have to pay out of pocket if somebody sued me due to a car accident?
Could I be sued for more that I own and still be forced to pay out of pocket? Or can I only be sued for what I have and the auto insurance will pay all of it?
Tagged with: Auto Insurance • Bodily Injury Liability • Car Accident
Filed under: Auto Insurance
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Lets say you were negligent in a collision where a young mother or father of two or three kids died in the accident. You probably would be sued and a judgment rendered against you well in excess of your limits. Yes you would have to pay out of your pocket and if necessary, they could take almost everything you own. If severely injured, medical alone could eat up $100,000.00 and you would still be ******* eggs.Talk to your insurance agent about an umbrella policy.r
Your insurance covers, not limits, your liability.
If the liability exceeds the coverage, it comes out of your pocket,
or your hide.
If youv’e got $100K, pay the extra $50 a year, bump the liability
to $300K, and hope you never need to be happy you did it.