HALP!! First time car owner and trying to figure out the right insurance coverage limits to choose. For things like bodily injury liability, should I choose a limit that aligns w/ total worth of my assets? Also a new homeowner, so imagining a worst case scenario, if I were to injure someone in a my-fault accident, to what extent could they sue me?

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What is your goal - lots of coverage/protection, or keeping your premium relatively low while maintaining sufficient coverage?

If you want lower premiums, the easiest thing to do is increase your deductible. Lots of times the deductible is set at $500, but even an increase to $1000 can save a lot on your premiums without decreasing any other coverage.

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Following, my only reference is my extremely conservative parents policy

My goal is not to be underinsured—figured I will deal w/ premium and deductible after I figure out what coverage limits are most appropriate. For example, for last 6 months for bodily injury liability ive had 30K per person and 80K per occurrence. If I have a net worth of 365K, that’s probably too low, right?

No, you don’t need to factor your net worth into your car insurance.

There’s a difference between car insurance and being sued for damages. You’re really over thinking this. Google the parts of your insurance coverage, I think there’s also a really good YouTube video floating around of a lawyer explaining a car insurance bill. If you’re sued for punitive damages, etc. I don’t think your normal insurance covers that, outside of your insurance paying for immediate health care needs and property damage.

These questions are really open ended so they’r hard for anyone on the internet to answer. Like SM1 is saying- insurance coverage is really personal.

You can be underinsured but you can also be overinsured- there is a balance you’ll have to figure out. How much are you willing to spend on insurance? Does this limit cover your total net worth? Does this limit fit into your budget? What other forms of insurance do you have that would cover you in case of an accident? How often do you expect to use your insurance?

In terms of getting sued- this also depends. If you kill a family while drunk driving- you go to jail for a long time and lose everything. If you get into a fender bender, you pay your deductible.

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