How much auto liability insurance should we have on our two vehicles?

We have two vehicles, a 2018 Chrysler 300 that is owned and a 2020 Hyundai Santa Fe that is leased. Most of the cars in our neighborhood are late-model expensive cars. How much liability coverage is enough without being too much?

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Shannon Martin
Answered on Apr 26, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
“The amount of coverage that we carry on our policy is mainly situational, based on our circumstances. It will be different for everyone.
The amount of liability coverage that you carry should be enough to protect you in the event of a catastrophic accident. Whether you have significant assets or not, you do not want to be in a situation where your liability coverage limits are exhausted.
If you notice that the average car in your neighborhood has a cost of $100,000 or $200,000, then make sure your property damage liability on your policy is around that amount.
Many people elect to carry the coverage that they can afford, not the coverage that they need. Take a few moments to compare the cost of different coverage limits by getting car insurance quotes online. You can often increase your limits without paying too much more.”
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