5 ms·
Damn, those numbers are wild. In Canada, my insurance company won’t provide less than $1m liability insurance, and the gov’t requires a minimum of $200k in cove
by fnbr 6y ago
Damn, those numbers are wild. In Canada, my insurance company won’t provide less than $1m liability insurance, and the gov’t requires a minimum of $200k in coverage.
- Scoundreller 6y agoI’m unsure if anyone in the US actually has policies that go so low either. The minimums might get thrown around a lot to convince you to help sell you under-insured insurance coverage. But you always do need to worry about completely uninsured motorists. Depending on your province, it’s gotten a lot harder to claim much for soft injuries or even income replacement if you’re injured in an MVA.
- xrikcus 6y agoI was confused about this for a long time. In the UK liability coverage seems to be intended to pay for the harm, so my last UK insurance had 12M GBP of cover if I remember correctly (and after that limits were removed I believe). In the US it is intended to cover your net worth so if you are sued you don't lose anything so when I first moved here and opted for $1Mn they told me I was over insured.