Not really - if you’re involved in a bad auto accident you are going to be sued - ending up with a large judgement against you (because your insurance only covered $300k of a $1m judgement still leaves you on the hook for $700k) is a horrible outcome, rich or poor.
You want liability protection such that your assets (whether small or large) are unlikely to be impacted by a reasonably foreseeable outcome I.e. $300k of liability covers 55% of likely outcomes vs $3m covering 85%
You want liability protection such that your assets (whether small or large) are unlikely to be impacted by a reasonably foreseeable outcome I.e. $300k of liability covers 55% of likely outcomes vs $3m covering 85%