Hi Mike-
The general rule on liability insurance here in the USA is to total all of your assets, in other words, your net worth. Your liability limit should equal or exceed your net worth. For example, if you have a $300k home, a $20k vehicle, and maybe another $50k of assets, you should probably get at least $400k of liability. However if you don't own a home, and have very little net worth, I would go for the minimum.
Consider this also. If you are riding a bike, how much damage could you possibly do to the other party if involved in an accident? The odds are that you are going to be the one doing the suing, and not vice versa.
-Dave
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