I'm confused about the Liability auto insurance. Some online resources appear to say that you must have as much liability insurance as the total value of all your assets, whereas others just say to have as much as possible.
Say, in the event that your total assets are at or below X, will having the liability insurance at X for "each accident" protect all of your assets, or, if the accident is severe enough and X will not be sufficient, are you on the hook for all of your assets to cover the rest? (I'm most interested in the jurisdiction being Texas or California.)
Basically, does having the liability insurance protect as much of your assets as the insurance is for, or is it instead simply the first line of defence against a claim?