Automotive

Third Party Liability - coverage amount

  • Last Updated:
  • Aug 12th, 2017 1:56 pm
[OP]
Deal Addict
Jun 20, 2011
2081 posts
1034 upvotes
VANCOUVER

Third Party Liability - coverage amount

Given the choice of coverage for 1, 2, 3, or 5 million. What would you pick or what do you have. 5 million is overkill?
8 replies
Deal Guru
User avatar
Dec 2, 2008
12428 posts
2148 upvotes
GTA
My cumpare is being sued 2.5 million ATM for minor bumping rear ending causing loose of job and income etc.......
Deal Guru
User avatar
Dec 2, 2008
12428 posts
2148 upvotes
GTA
R u
Able to pay out of pocket if they sue above??
Good idea to always buy more, but we have 1 mil and I don't think 2 mil is a bad idea with the current inflation.
U got to factor in the small additional cost of higher coverage for situations with people that will sue you for money........

Having bigger won't hurt except u got to pay more........
Deal Expert
Aug 2, 2001
18118 posts
9175 upvotes
You potentially need large amounts of liability for collisions that cause permanent injury (not death) or for collisions involving a large number of people (bus). I do not think it is a likely occurrence, but insurance is not always about what is likely. Insurance is sometimes about peace of mind that for a small yearly amount you will be covered in case something terrible happens.

So is $5,000,000 overkill? Yes, of course. But does that level of insurance help you feel better? That's up to you - and that's what determines if it is worth it.
[OP]
Deal Addict
Jun 20, 2011
2081 posts
1034 upvotes
VANCOUVER
Thanks guys. Between 2 Mil and 5 Mil is not all that much of a diff. $1970 for 2 million and $2100 for 5 million for the year. 3 million is $2000. I'm in BC incase anyone was wondering since I believe our rates are waay different from out east.
Newbie
Jul 30, 2017
91 posts
60 upvotes
qaz393 wrote: My cumpare is being sued 2.5 million ATM for minor bumping rear ending causing loose of job and income etc.......
BS. Your "cumpare" wouldn't know the exact details. Insurance takes care of that, I know first hand.
Deal Guru
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Dec 2, 2008
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FKEezy wrote: BS. Your "cumpare" wouldn't know the exact details. Insurance takes care of that, I know first hand.
Bs. U don't know my cumpare. He lightly tapped a guy and now in a lawsuit for 2.5 million. Yes it's a scam but the person that got hit are not moral and love to scam the system. Has he bought increased at 3 million he wouldn't need to worry......
Deal Guru
User avatar
Dec 2, 2008
12428 posts
2148 upvotes
GTA
FKEezy wrote: BS. Your "cumpare" wouldn't know the exact details. Insurance takes care of that, I know first hand.
So u have been sued above ur liability? Please explain.....

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