Third Party Liability - coverage amount

My cumpare is being sued 2.5 million ATM for minor bumping rear ending causing loose of job and income etc.......

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........

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.

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.

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.

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......

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.....

What do most ppl do?