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Answer by Yakk for Why is net worth a recommended minimum for insurance coverage

The keys here is both that Bankruptcy is a thing, and you are going to fight much, much harder against a suit that goes after your assets than one that goes after your insurance coverage.The...

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Answer by jamesqf for Why is net worth a recommended minimum for insurance...

The other answers miss a fairly obvious point: insurance companies and insurance agents have a strong financial motivation to sell you the largest practical policy. If they can use fear to sell you $1...

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Answer by Loren Pechtel for Why is net worth a recommended minimum for...

In addition to what nanoman said, there's the factor that someone coming after you very well might choose to accept the policy limit with less of a fight rather than going after you in what's basically...

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Answer by Orange Coast- reinstate Monica for Why is net worth a recommended...

My auto insurance recommends taking out a policy with a liabilitylimit of at least my net worth.This is a bizarre recommendation for an auto policy. Maybe they are talking about an umbrella policy.E.g....

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Answer by nanoman for Why is net worth a recommended minimum for insurance...

I'm not aware of one's personal liability in an accident being in any way limited by personal assetsBut in effect it is, because of bankruptcy (debts well beyond your assets can be wiped out). The...

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Why is net worth a recommended minimum for insurance coverage

My auto insurance recommends taking out a policy with a liability limit of at least my net worth. This doesn't seem intuitive to me in that the less money you have, the more a big bill is going to hurt...

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