As has been stated, lawyers are lazy and will only pursue a case with someone who has insurance.
Isn't it true that your house, car, retirement, pensions are not up for grab, AKA OJ?
So I wonder if having all this extra insurance actually makes it definite that you'll be sued.
The guy that has no insurance is that safest of all, that's why they push uninsured Motorist insurance.
Now there's a concept, let me buy insurance for everyone else and myself, because others don't have insurance?
Granted if you have tons of other "assets" then that could be a concern, but not likely.
Laws vary by state therefore one needs to consult an attorney and or a good financial adviser before making any assumptions.
I’m not a lawyer nor do I even play one on TV but have tried to get some understanding of financial liabilities due to my aviation activities.
It seems like a primary residence and a car are safe from just about any judgment. Pensions and social security are safe in just about every state, if not every state.
Most states consider 401Ks to be the same as pensions. On the other hand, IRAs are considered like pensions in some states but it appears like in other states that money could be ripe for picking by a lawyer in a lawsuit. Again, it’s a matter of state law and the laws vary by state.
And a car might be safe but I doubt that a collection of cars is safe, so you might get to keep one but have to sell the rest to settle a judgment.
I’ve started seeing a financial advisor and he asked for my insurance information, and mentioned umbrella coverage.
I’m sure when he finishes his review he’ll tell me I need to get that. He’ll probably also tell me I need nursing home insurance and pilot insurance. When all is said and done my whole paycheck soon will probably go to pay insurance bills.
