Suze Orman mentioned something really critical: make sure you are fully and adequately covered in your auto insurance policy. I usually keep a liability coverage of $500,000, plus another $1,000,000 from an umbrella insurance. Call me risk averse but this brings a lot of peace of mind.

In auto-insurance-speak, a typical minimum coverage policy might be expressed as 30/50/20. This means you have $30,000 worth of bodily injury coverage for each person, with a $50,000 limit per accident, and then $20,000 in coverage for property damage. I don’t care if that’s good enough to meet your state’s requirements. Your goal should be to truly protect yourself in the event of a serious accident. I recommend aiming for a policy with 250/500/100 coverage. What you want to avoid is having someone sue you and come after your personal assets—such as your home—to settle an insurance claim. Putting all your finances at risk to avoid paying a more expensive premium today is not the right approach. You want to truly be insured, not just “sorta� insured.

And a special note about the medical coverage options in auto insurance. I advise you to be extra cautious about turning down or skimping on this coverage just because you have a good health insurance policy. That may be great for you, but remember that you need to insure everyone who’s in your car.