How much liability insurance is really needed if you have an estate value of $500,000 or more?
If you are at fault for an accident and the medical bills from the injuries or property damage that you cause exceed your limits of liability, you are responsible for the remaining damage, which might put your personal assets at risk. Obviously you will need to carry enough insurance to prevent unnecessary risk to all you have worked for.
You should be able to purchase limits of liability at $500,000 on your motorcycle policy (be sure that you are covered for both bodily injury and property damage), and additionally you should consider the purchase of an umbrella policy to cover any covered loss exceeding $500,000. Additionally an umbrella policy may have internal requirements that you carry specified limits of liability on all of your vehicles (automobile or motorcycle) which must be exhausted before the umbrella kicks in and pays out.
Always consult with a licensed insurance agent to be certain that the insurance limits are sufficient for your particular station in life.
Leslie Kay’s, Inc.