What kind of insurance should I carry/Do I have enough insurance?
AND THE ANSWER IS
The answer to both of those questions is: as much as you can afford. It also depends on what you are trying to accomplish. By that I mean: What are you trying to protect? Yourself? Others? Your assets?
So what do I recommend? Earlier I said to purchase as much as you can afford, but that varies greatly from person to person. A young person starting their life with little or no assets and money might not be able to afford more than the state minimum. But remember, if you are making payments on a car, you will likely be required by the bank to purchase comprehensive, collision and gap coverage insurance. This protects the bank’s asset, your car.
Someone with a home, business, or other major assets will need to purchase more than the minimum limits. Oftentimes I see policies in the 100/300/100 range for people, and oftentimes a 250/500 policy with a one-million-dollar umbrella above that. It is pretty rare for an individual to carry a single-limits policy because they normally only come as a one-million-dollar single-limits policy.