How much liability coverage do you carry?

[J-hop]

Recent posts got me wondering what people think is an appropriate level of liability coverage these days. I’ve always carried 2 million. Was 2 million when I was young on my parents coverage and I continued that after as the price difference between 1 and 2 is not very much and 1 million will get eaten up really damn quickly if you hurt someone.

Probably stick to personal use vehicles for the poll, I know some companies require you to have 5 million if you use your vehicles for work.

[silvercivicsir]

One million for the Cars, but bought an extra " 1M umbrella" policy for the house that can be used for either for an extra $80 a year..

[ExtraSlow]

I think the cars and house are $2 million. the business carries $10 million.

[J-hop]

One million for the Cars, but bought an extra " 1M umbrella" policy for the house that can be used for either for an extra $80 a year..


Yea I have the same, 2 million total but one of that million comes from the umbrella

[NissanFanBoy]

I'm worried, is $1 million not enough?

[ExtraSlow]

It's fine for personal vehicles in Canada.

[J-hop]

I'm worried, is $1 million not enough?

Depends what happens and if a death is involved who dies. If you were to kill the sole provider for a family for example the family is entitled in most cases to the salary of that provider for the remainder of their working years (loss of dependency) . If you were to kill someone making 100k/year with 20 years of employment left the settlement could be for 2 million.

In 07’ there was a settlement for over 7.5 million in Alberta!!!

[NissanFanBoy]

Depends what happens and if a death is involved who dies. If you were to kill the sole provider for a family for example the family is entitled in most cases to the salary of that provider for the remainder of their working years (loss of dependency) . If you were to kill someone making 100k/year with 20 years of employment left the settlement could be for 2 million.

In 07’ there was a settlement for over 7.5 million in Alberta!!!

Well then $2 million isn't even enough then lol...that is fucked up...knock on wood, that doesn't ever happen to me. I just have the $1 million.

[jwslam]

I used to have 1mm. The difference was about $40/yr to go to 2mm.

One time I drove my personal car to CLAWR for work. They don't let you in unless you have 2mm.

[ExtraSlow]

When looking at those large settlements, you need to look at the guilty party's ability to pay as well. They aren't slapping some unemployed guy with 7.5m the same way they would for a rich dude.

Would they?

[J-hop]

When looking at those large settlements, you need to look at the guilty party's ability to pay as well. They aren't slapping some unemployed guy with 7.5m the same way they would for a rich dude.

Would they?

Yea I think you’re right. Over and above your liability coverage does get put against you personally and your assets though. So they could technically come after your house for example. Now what I don’t know is declaring bankruptcy an option? Would it just go away? When they decide on these settlements do the consider if it would make the guilty party homeless? Those answers I’m not sure of.


I used to have 1mm. The difference was about $40/yr to go to 2mm.

One time I drove my personal car to CLAWR for work. They don't let you in unless you have 2mm.

Yea I think when I checked my difference was about the same I figured I might as well for the price of a coffee a month

[swak]

I only have $1M liability. Should be more than enough.

A previous insurance company before I got on with Maskedbandit advised me to not go for $2M as it raised red flags to her that I wanted so much. Seemed odd to me, as I just didn't want my life ruined in the *knock on wood* unfortunate occurrence of needing to use it.

[Masked Bandit]

This is going to sound a bit odd considering I own a brokerage but about 75% of the vehicles on the road today still only carry $1,000,000 liability. The $2,000,000 limit isn't a terrible idea and it's gaining traction but some of the fear mongering in this industry is getting out of hand. Small time contractors needing $5,000,000 liability just to walk on to a government project? Come on already, when is enough enough? How about $10,000,000? Or maybe One BIIIIIIIIIIIIILLION DOLLARS...MUHHAHAHAHA! I suspect that within five years the $2,000,000 limit will be the majority but it's not there yet and the responses in this thread are not representative of the general public.

[J-hop]

This is going to sound a bit odd considering I own a brokerage but about 75% of the vehicles on the road today still only carry $1,000,000 liability. The $2,000,000 limit isn't a terrible idea and it's gaining traction but some of the fear mongering in this industry is getting out of hand. Small time contractors needing $5,000,000 liability just to walk on to a government project? Come on already, when is enough enough? How about $10,000,000? Or maybe One BIIIIIIIIIIIIILLION DOLLARS...MUHHAHAHAHA! I suspect that within five years the $2,000,000 limit will be the majority but it's not there yet and the responses in this thread are not representative of the general public.

Thanks for your input, I kinda wondered what the other side that gets to see claims thought on this matter.

I agree 5+ seems excessive. I never looked at what the jump from 2 to 5 was in terms of yearly payments but the jump from 1 to 2 is from my experience so small it’s worth it for twice the protection

[Xtrema]

I'm worried, is $1 million not enough?

How likely you will kill a doctor/lawyer in an accident? Then buy insurance accordingly.

Mom's friend killed a doctor in his late 30s on No.1. Sleeping at the wheel, head on.

Surviving wife sue and got a $4M settlement. Insurance paid $1M. He sold all possession to cover another $1.5M and declare bankruptcy.

[max_boost]

^
holy shit!

I drive defensive as heck so 1mill will do for me

[snowcat]

In California the minimum is 15,000.

If you got upsold from Alberta’s minimum you are a sucker! 2 million? You going to blow up a mall or something?

[gmc72]

$2 million for all vehicles, even my bike.

[Xtrema]

In California the minimum is 15,000.

If you got upsold from Alberta’s minimum you are a sucker! 2 million? You going to blow up a mall or something?

Low minimum is why people run from at fault accidents. And speaking of which, good job detaining that Mustang guy til the cops shows up.

[94boosted]

$2MM for the cars and house. Employer required it for the odd time I need to drive my personal vehicle.

[NissanFanBoy]

How is this possible in this country??? If you feel asleep at the wheel that's a fucking accident!!!! I can understand suing and winning against a drunk driver but even that is pushing it, maybe I'm clueless about law but I'd imagine you'd really have to prove without a doubt that a driver had an intent to go out and kill?

- - - Updated - - -


In California the minimum is 15,000.

If you got upsold from Alberta’s minimum you are a sucker! 2 million? You going to blow up a mall or something?

No but like someone said, killing a head of household or something like that, that has me worried.

[Sugarphreak]

...

[Xtrema]

maybe I'm clueless about law but I'd imagine you'd really have to prove without a doubt that a driver had an intent to go out and kill?

Criminal vs Civil.

Just like OJ isn't guilty for killing his wife and her lover, he is still convicted civilly and ordered to pay $30M.

A doctor at 40 will still have 30 years of practice left. Even at a conservative income of $150K/year without inflation adjustment, it's still $4.5M of income missed by that family if the doc is a GP.

God forbid if you killed a OBGYN or specialist, the judgement could be doubled to tripled.

Also food for thought consider how many people clear six digit salary in Alberta.



Was this in Canada?

No 1. near Golden if I recalled. Not specific on the section.

[ExtraSlow]

I didn't think civil penalties worked like that in Canada. But what do I know?

[Xtrema]

I didn't think civil penalties worked like that in Canada. But what do I know?

I'm sure it's more in the line of this:

https://thepersonalinjurylawyers.ca/british-columbia-wrongful-death-law/


A fatal injury or wrongful death claim in British Columbia, claims for loss of care, guidance, and companionship can be brought about by parents, grandparents, children, or spouses (including common law spouses).

• Claims for financial losses can also be made by these family members, including:
• Loss of financial support the deceased would have provided

....

The person’s relationship to the deceased and the facts of each particular case heavily determine the amount of compensation that can be given. Other evidence that must be provided to help support a wrongful death claim include the victims age, earning capacity, life expectancy, number of dependents, and overall health at the time of death.


Mom's friend is definitely at fault because he crossed the median. But the question is does how it was crossed matter? Should you say it's a deer instead of dozing off?

This was almost 20 years ago and they left town after declaring bankruptcy so really no detail other than why they had to sell their house.

From another site:


How Much Money Can You Get from a Wrongful Death Suit?
Wrongful death lawsuit settlement average amounts are based on a number of factors. In order to determine how much money you’ll receive from you case, you’ll need to assess many of the following factors:

The age and health of the victim at the time of his or her death
The victim’s “earning power,” professional status, and accomplishments
The victim’s character, intelligence, and other traits impacting earning ability
Whether the victim was a parent and, if so, if dependent children survive
Other factors determined by the court

In short, don't kill anyone with high earning power, accidentally or not.

[NissanFanBoy]

I'm sure it's more in the line of this:

https://thepersonalinjurylawyers.ca/british-columbia-wrongful-death-law/




Mom's friend is definitely at fault because he crossed the median. But the question is does how it was crossed matter? Should you say it's a deer instead of dozing off? Does it even matter?

Well that's what I was wondering, that is fucked up and if that can happen I guess we'd all have to start buying $5 million...

[J-hop]

In California the minimum is 15,000.

If you got upsold from Alberta’s minimum you are a sucker! 2 million? You going to blow up a mall or something?

Not to sound like an ass but didn’t you run into this exact problem because you didn’t carry enough medical insurance on a vacation to the states?


I didn't think civil penalties worked like that in Canada. But what do I know?

Google Alberta loss of dependency settlements. We don’t penalize (punitive) like they do in the US but we do make victims whole so to speak

[ExtraSlow]

Thanks for the education everyone!

[Xtrema]

Google Alberta loss of dependency settlements. We don’t penalize (punitive) like they do in the US but we do make victims whole so to speak

https://justice.alberta.ca/programs_services/law/Documents/FAA-Discussion-Paper-May-2012.pdf

Alright, we can kill Albertan doctors all we like. They are cheap.

Now I understand, the accident happened in Golden BC, so the Alberta cap doesn't apply. That's why there seems to be way more ambulance chaser billboards in BC.

[btimbit]

In California the minimum is 15,000.

If you got upsold from Alberta’s minimum you are a sucker! 2 million? You going to blow up a mall or something?

So now we wait for the gofundme for when you get in a at fault accident

[NissanFanBoy]

Just called TD today because of this thread, added $1 million umbrella..

[killramos]

Lol sounds like this thread is working out very wel for the insurance companies.