Can you have a general liability policy and then just the cheapest bare minimum car insurance you can get?

I've heard of people that have a huge general liability insurnance, but don't have car insurance.
Is that general liability policy enough?
Or do those people just have the cheapest cheap car insurance possible?

We were discussing how people can afford to own multiple cars in my business class the other day and someone mentioned that people that have 3 or more cars typically have a general liabilty policy for themselves, and then just have the state minimums on the cars. And maybe collision/comprehensive/replacement coverage if it is a nice car.

Almost sounds right, but I don't know.

 

Why not call some insurance companies and ask...

 

As long as you outright own the car, just having liability is fine. But if it's A nice car, I highly recommend collision and comp.

 

I'm starting that process. Allstate wants you to have their car insurance if you have a general liability policy, and to have $1mil general liability policy, they force you to have 300K/100K car insurance, which at that point, defeats the purpose.

I don't mean just liability through the car insurance, I mean a separate general liability policy all together.

For me, I'm trying to figure out if it is affordable to own a 2003 F150, a 1990 300zx and a 1991 240sx and a 2007 Kawi ZX10r.

 

The 90zx and the 91sx should be considered antiques now since they are 20+ years old. Don't they have special insurance for cars over 20+ years old?

 

to get an antique plate, it is either 25 years old, or 30 years old, depending on certain factors.
and I'm pretty sure you are limited to the mileage and things like that.
But, that is also on my list of things to check out.


there has to be a decent way to own multiple vehicles. Seems too much like throwing money away to have a regular policy. know what I mean

 

I was going to answer this, but it sounds like you figured it out on your own. If you want an umbrella policy, you will have to have high limits on your auto/boat...etc. It is designed as secondary insurance to pick up where your auto/boat/home left off. It is not meant as a replacement.

Generally you want to balance your assets against your liabilities to see if you need an umbrella policy. It is recommended for those with a high net worth.

I will take a stab in the dark that 99% of TR would not need a 1 million dollar policy. There is another thread right below this where a kid wants to have the bare minimum state mandated $10,000 coverage and is bitching about that. Nothing wrong with that if you have low net worth or little assets. Anyone with a decent job, maybe a home and a family needs to protect themselves. Make sure you have uninsured motorist. It will protect you incase you are hit by uninsured or underinsured.

Consider upping your limits if you fall into that catagory. Its actually very reasonable to bump up your coverage to 100/300k

Insurance is a neccessary evil. I know all about it. I have muliple cars, a boat, a business, and a home.