Recently I was on the wrong end of an accident, getting hit by a car while riding my bike. In the ensuing months, it's become clear that the amount of the injury and damages might not be covered by insurance -- certainly not the other guy's, and my own "underinsured" policy might be stretched to the limit when all is said and done.
This has gotten me thinking: the guy who hit me is basically judgment-proof, because even if I were to get a judgment against him, he doesn't have any assets, so I wouldn't be able to collect. This is fine in my case because I don't actually want to sue him personally, and want to keep it all in the insurance company realm.
BUT... what about a mustachian who has amassed, and will continue to amass, a substantial amount of wealth? What if I were at fault in an accident and the person I injured DID want to sue me? I don't think I live from a fearful point of view, but for an extra handful of dollars a year, it might be well worth the peace of mind.
My current policy limits are 250,000/500,000 for bodily injury, and I'm thinking about doubling it.
Has anyone else thought about this? Any thoughts from the mustachian community?