Raise your coverage on car insurance

[Xtrema]

Most people I know are buying coverage on $1M and $2M coverage was available starting a few years back.

Back then, I was saying to myself, what the heck do I need $2M coverage for? $1M should be enough. And that's my line of thinking until someone my friend know got into an accident which he was at fault.

He was asleep at the wheel and kill somone else in another vehicle on the highway. The victim happens to be a professional (doctor, lawyer etc) and his wife sued. The court awarded the victim over $2M in damages.

Being insurance only covers $1M, the guy at fault now gotta sell everything to cover the other $1M+ (he can only afford 3/4) and have to declare bankrupcy.

I won't say he doesn't deserve it since he's old and driving while exhausted. But this got me thinking that $1M liability coverage may not be enough anymore in today's inflated market. How many people can pay out $1M+ with ease?

So this post work as a reminder and a question, how many people here buys more than $1M in liabilty in ther vehicle insurance policy? I'm just curious.

[TrevorK]

You could easily get screwed over with only 1M.

What happens if you hit a minivan with 2 kids and permenantly injure them?

[Khyron]

So if you get the 2 mil liability and they sue and win for 3, you're still fucked.

Khyron

[Xtrema]

Originally posted by Khyron
So if you get the 2 mil liability and they sue and win for 3, you're still fucked.

Khyron

That is a good perspective to look at it, I guess.

[Z_Fan]

I like the point of view which Khyron has stated.

The reason being that no matter how much insurance you have, you will not ever have enough to cover all potential cases. So no matter what, you can still wind up completely screwed.

[Weapon_R]

Cases in Canada of large awards like that are very rare. Looking at past cases, the awards given for fatalities or other injuries are quite low, far less than the 1million dollar coverage.

[QuasarCav]

What is you hit a tour bus full of surgeons and lawyers.

100M liability wont help you. I think it's people with 250K and 500K liability that should be worried.

[awd]

Originally posted by Khyron
So if you get the 2 mil liability and they sue and win for 3, you're still fucked.

Khyron

My thoughts exactly, it would be impossible to forsee how much a potential lawsuit would be.

I will stick with 1 Million.

[HillBilly]

No fault insurance in Saskatchewan kicks all ass.

sue all you want.... not coming out of my pocket...directly.?

[Skylinelover]

Originally posted by Stealth R/T
No fault insurance in Saskatchewan kicks all ass.

sue all you want.... not coming out of my pocket...directly.?

Person driving drunk speeding. Hits poles, totals truck. Guess what? Saskatchwen goverment gives him like 800 a month.

[max_boost]

Seriously, considering I never drink, always sober, always well rested (minimum of 8 hours sleep), always drink coffee, calm and safe driver, in other words, I'm always alert, I don't know how I would ever get myself into a wreck causing more than $2million in damages.

[googe]

id be pretty screwed. mine is only at 200k. dont get hit by me if you wanna win the insurance lottery...

[Zero102]

I did some reading on this a while back, and I can't remember the source of this, but it goes roughly like this:

The odds of being involved in a case in which the settlement awarded is over 1 million are about the same as the odds of winning the lottery in your lifetime. So if you're involved in a case that settles that high, go buy a lottery ticket.

It's very rare that a judgement of over $1 million is actually upheld after it's awared, and it's even rarer that they are awarded.

I carry $1 million coverage, and I don't think I'll be switching.

I feel like less than 500,000 is pushing your luck.

[TomTom]

I was in Calgary for almost $250 or 300 a month I cant remember, but that was for a 95 prelude srv, than i changed to a 97 integra and it stayed the same than I got a 95 pathfinder SE 4x4 and than I moved to Brooks Alberta and they said it wouuld move down because I moved out of Calgary because it was out of the major city, so it dropped to like 168$/month with $1million plpd +$250 ductible on comprensive and limited glass, than I had a not stopping for a red light and and ended up giving me a yellow light licket and i didnt fight it so i got 2 demerits

got the new one in the mail and im at $158/month

[FiveFreshFish]

I've had $2M coverage for ages. The incremental premium from $1M to $2M isn't very much.

[Texas]

Yeah, they can sue for as much as they want....but ultimately if you cant generate the remaining amount... too bad.

















In the US on the other hand.... I've never seen such rediculous claims go through...

[Khyron]

Originally posted by max_boost
always drink coffee

Just FYI, the AB gov Mission Possible program we have to take for work considers coffee an impairment. Well, caffeine specifically.

Khyron