umbrella insurance or not ? (property, financial, costs, job)

[Dad01]

Hi
I have only one possession a SUV car and nothing else no boat no RV no house no timeshare etc

I have some liquid assets I want to protect bonds stocks cash

I was debating whether I should get umbrella insurance or just increase the liability limits on my car insurance to a maximum

as really I'm only likely to hurt someone with my car and have no other posessions and liabilities

what are your thoughts ?

[MrRational]

Originally Posted by Dad01

I was debating whether I should get umbrella insurance or...

Have you priced it (most often attached to a property policy)?
Do you have enough in assets to warrant protection?

[jrkliny]

An umbrella policy covers way more than just liability coverage on car insurance.

[Dad01]

Originally Posted by MrRational

Have you priced it (most often attached to a property policy)?
Do you have enough in assets to warrant protection?

the ones I looked at was 1 million policy

my assets are below that so I was thinking that should be enough

[Dad01]

Originally Posted by jrkliny

An umbrella policy covers way more than just liability coverage on car insurance.

Like what else will it cover ?

I have malpractice insurance with my job so I dont think I need any coverage there

[MrRational]

Originally Posted by Dad01

the ones I looked at was 1 million policy

According to the Insurance Information Institute, a $1 million umbrella policy typically costs
between $150 to $300 a year. Each incremental $1 million dollars of personal liability insurance...

my assets are below that so I was thinking that should be enough

https://www.financialsamurai.com/how...-does-it-cost/

[Dad01]

^^^ thank you very much I'll review it right now

[damba]

Unless you are a high net worth individual, I don’t see how you would need it.

Find a better auto insurance policy. That may be easier, more targeted for your potential needs. YMMV

[Hoonose]

An umbrella can also protect and pay you for others damages to you, if they are insufficiently covered or insured.

Like if a lowly insured driver tries to kill you.

[USNRET04]

Let's say you have kids that do something really stupid and you are sued. Would this type of policy protect you?