Liability Insurance- auto

[jacobmu]

What does everyone have for vehicle liability insurance? My auto insurance renewal is due and the broker is suggesting $1million is not enough these days and says 2 million is the new normal. Is this a money grab for the insurance company or are they right? Thanks for any opinions.

[chasingtail]

Whats the difference in price? If your not worth much then they can't take much from you.

[hal53]

What does everyone have for vehicle liability insurance? My auto insurance renewal is due and the broker is suggesting $1million is not enough these days and says 2 million is the new normal. Is this a money grab for the insurance company or are they right? Thanks for any opinions.
he is correct...ignore the post below yours, unless you enjoy living in a refrigerator box...SHEESH!!!!

[jacobmu]

About $150/vehicle/year.

[chasingtail]

I personally wouldn't pay the extra, million should still be enough.

[hal53]

I personally wouldn't pay the extra, million should still be enough.
until you're in the wrong...and get sued for 2 mil and lose the case....other than that, you're correct...guess they will just make up the difference from your future earnings....make sure your refrigerator box is from one of those big side by sides.....more room....

[Ken07AOVette]

I am the only driver, only ever carry 1 mil, never had an accident I was at fault, never will.

[hockey1099]

i do personal injury law and i recommend everyone to get 2mil. It only takes 1 mistake to cause someone a brain injury. If you do and you only have a million in insurance i guarntee you someone like me will take your house, your cars and everything else you have. Plus ill garnishee your wages for as long as you work in canada. I still might do that at 2 million but its far less likely.

[alacringa]

$2 mil is the new norm. Depends on a variety of things, though. The school that I used to work at, required parents to have $2 mil in liability as a minimum, if they were driving students (other than their own children) to school events. I know that some other organizations have similar policies. If you have involvement in organizations where you might be driving people, you may need the $2 mil.

[chasingtail]

until you're in the wrong...and get sued for 2 mil and lose the case....other than that, you're correct...guess they will just make up the difference from your future earnings....make sure your refrigerator box is from one of those big side by sides.....more room....

Or get sued for 3 million or 5 million how about 10 million. Funny how the new norm is 2 million, just doubled all of the sudden, why not 1.4 miliion.

TO the OP look at an umbrella policy if you have several vehicals.

[Redfrog]

i do personal injury law and i recommend everyone to get 2mil. It only takes 1 mistake to cause someone a brain injury. If you do and you only have a million in insurance i guarntee you someone like me will take your house, your cars and everything else you have. Plus ill garnishee your wages for as long as you work in canada. I still might do that at 2 million but its far less likely.

Ahah! Some info please?

How many successful personal injury suits are there in Canada in a year? How many get settled before they actually go to court? How many are for more than 1 million dollars.

Just a ball park guess would be great. Thanks

[leeaspell]

I got 5 million coverage and 100,000 non owned trailer coverage

[Ken07AOVette]

i do personal injury law and i recommend everyone to get 2mil. It only takes 1 mistake to cause someone a brain injury. If you do and you only have a million in insurance i guarntee you someone like me will take your house, your cars and everything else you have. Plus ill garnishee your wages for as long as you work in canada. I still might do that at 2 million but its far less likely.

But what is $2 mil, if someone like you decides to sue for $25 mil? Why not $200 mil?

I can check statutes and cases if I dig, but what are the guidelines regarding BIS now?

[Emo]

I wouldn't of guessed that you would need 2 million in Canada... I know if you drive your vehicle to the USA you should increase the coverage since lawsuits are all the rage down there.

[tullfan]

I think wage garnishment is capped at 20-30 percent, no biggie. I doubt you could take my house and make me homeless, or my cars, and not able to work. Accidents are what they are, accidents. If push came to shove,I'll just put my new car in my parents/gf/spouse/grandparents, insert whom ever's name you want .
Scaring people into spending more money isn't right. like other posts, so you got 2 mil and get sued for 5, might as well have 1 mil and get sued for 3 mil.
I'm just sayin.

Tullfan

[Ken07AOVette]

And then there are the 'other' drivers out there, no insurance, no drivers license, stolen car, any excuse possible for the insurance company to not pay used anyway,

And we worry about how many million we carry?

[rwm1273]

i do personal injury law and i recommend everyone to get 2mil. It only takes 1 mistake to cause someone a brain injury. If you do and you only have a million in insurance i guarntee you someone like me will take your house, your cars and everything else you have. Plus ill garnishee your wages for as long as you work in canada. I still might do that at 2 million but its far less likely.

You wouldn't do it to me.

[Emo]

I would assume as well if you caused an accident bad enough that someone is suing you for one, two, three million dollars you would probably be in your own world of hurt and that would be the last of your problems.

[MountainTi]

2 million is the norm. I have had 5 million on my truck for three years now as it was a requirement for working for exxon and shell. It only increased my insurance by $25 or so a year jumping from 2 to 5. I am thru wawanesa so got lucky, a lot of other guys I know increased a lot more than that. It is getting to the point that most oil companies are a 5 million requirement

[DarkAisling]

Funny how the new norm is 2 million, just doubled all of the sudden, why not 1.4 miliion.

Based on the sizes of the claims being awarded for the last 15-20 years, I've been carrying 2-million since 2001. Even ten years ago 1-million in liability coverage wasn't necessarily enough to cover one's butt.

[The Elkster]

My feeling is like others here. If standard liability is 1mill they'll sue for 2mill. If liability is 2 mill they'll sue for 3-4mill and your still ????in the end. Good for lawyers and thats about it.

[Okotokian]

About $150/vehicle/year.

Think you're getting hosed on the price

I've had 2 million for years. Funny this thread came up now. I was just thinking this morning that perhaps I should re-examine and raise it further. Think about it... you cause an accident and put some guy earning $100,000 a year into a wheelchair... you think a million's gonna cover it??????

[Okotokian]

I think wage garnishment is capped at 20-30 percent, no biggie. I doubt you could take my house and make me homeless, or my cars, and not able to work. Accidents are what they are, accidents. If push came to shove,I'll just put my new car in my parents/gf/spouse/grandparents, insert whom ever's name you want .
Scaring people into spending more money isn't right. like other posts, so you got 2 mil and get sued for 5, might as well have 1 mil and get sued for 3 mil.
I'm just sayin.

Tullfan

LOL That's the attitude!!! You just ruined someone's life but heck, you can find some ways to avoid responsibility. Good for you! ;)

I'm just sayin'

[chasingtail]

Here's how I look at it, if your worth a lot of money, get at least 2 million, if you have very little assets and live pay check to pay check 1 million is more than enough.

[tullfan]

I was going on the premise that I didn't cause the accident. I should have stated that, but moved on before I realized I should have clarified it.
Being responsible for the accident through negligence on my part would be terrible, hopefully insurance would cover it, mabey,mabey not. Ruining someone's life and being blase about it wasn't the intent. I guess it comes down to they can only get so much before there's nothing left to get. Didn't mean to come off *****ish.
Tullfan