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]

This quote is hidden because you are ignoring this member. Show Quote

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]

This quote is hidden because you are ignoring this member. Show Quote

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]

This quote is hidden because you are ignoring this member. Show Quote

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]

This quote is hidden because you are ignoring this member. Show Quote

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.

This quote is hidden because you are ignoring this member. Show Quote

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 quote is hidden because you are ignoring this member. Show Quote

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]

This quote is hidden because you are ignoring this member. Show Quote

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]

This quote is hidden because you are ignoring this member. Show Quote

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.