Financial Information
Car liability insurance in US: The max. amount for bi & pd very low. Who pays when loss of income is millions?
Question : Car liability insurance in US: The max. amount for bi & pd very low. Who pays when loss of income is millions?
I am puzzled – in Germany my car liability insurance sum is more than 10 million. But during my research about US car liability maximums I have not seen more than 500,000.
Assumed I injure someone who is earning more than 100,000 per year so badly that s/he cannot work anymore. Car insurance does not cover that income loss. I cannot pay for the damage. Who takes how care of this financial problem? Or is everybody in the US insured against disability?
liability car insurance
Best answer:
Answer by Gothic Bug
Well that person can sue you for it, but If you don’t have it there really isn’t much they can do about it.
Most people who want more than $ 500,000 in coverage will get an umbrella policy. These usually range from $ 1,000,000- $ 10,000,000 in liability coverage and would cover not only auto liability, they also cover the home, boat, motorcycle, and some cases business liabilities as well.