Car insurance is 'interesting' in America.
So as I understand it, in the US, car insurance is primarily there to protect us being sued for damages. And even then, if the claim exceeds your liability insurance, you're still going to get taken to the cleaners.
Say for example you crash into a football player and break their legs and they are then unable to work. You could potentially be on the hook for the millions you just cost them. You can then optionally insure your own vehicle against damage from collisions, theft, fire, etc. Doing that seems to double/triple the price. Not saying this is good/bad/ugly, but it's certainly a difference! |
Re: Car insurance is 'interesting' in America.
Last time I insured a car in the UK was 1990, so I don't remember. Isn't the same liability danger present there? I mean if a high earning footballer ended up in a wheelchair...
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Re: Car insurance is 'interesting' in America.
Good question. I don't know. But it's not something I've ever had to (or known anyone to) think about in the UK.
It makes sense, if you're at fault and you ruin someones career, who else should have to pay for it? |
Re: Car insurance is 'interesting' in America.
I'll try to be selective who I crash into.... definitely avoiding football players from now on!!:eek:
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Re: Car insurance is 'interesting' in America.
Not sure why you think it is any different.
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Re: Car insurance is 'interesting' in America.
If there's a genuine claim against you you should pay, but the problem is that in the US there's a risk that you could lose your shirt as a result of a bogus claim against you. But if it happens it's not as bad as dying in an accident, just insure your car with a reasonable liability figure and don't worry about it.
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Re: Car insurance is 'interesting' in America.
Then there is Michigan with its 'no fault' insurance... I am not sure how this compares to other states.
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Re: Car insurance is 'interesting' in America.
Originally Posted by robin1234
(Post 11979951)
Last time I insured a car in the UK was 1990, so I don't remember. Isn't the same liability danger present there? I mean if a high earning footballer ended up in a wheelchair...
I would presume UK footballers (or their clubs) have their own insurance in case of numpties crashing into them. |
Re: Car insurance is 'interesting' in America.
Originally Posted by dbr84
(Post 11979923)
So as I understand it, in the US, car insurance is primarily there to protect us being sued for damages. And even then, if the claim exceeds your liability insurance, you're still going to get taken to the cleaners.
Say for example you crash into a football player and break their legs and they are then unable to work. You could potentially be on the hook for the millions you just cost them. You can then optionally insure your own vehicle against damage from collisions, theft, fire, etc. Doing that seems to double/triple the price. Not saying this is good/bad/ugly, but it's certainly a difference! |
Re: Car insurance is 'interesting' in America.
Originally Posted by dbr84
(Post 11979923)
So as I understand it, in the US, car insurance is primarily there to protect us being sued for damages. And even then, if the claim exceeds your liability insurance, you're still going to get taken to the cleaners.
Say for example you crash into a football player and break their legs and they are then unable to work. You could potentially be on the hook for the millions you just cost them. You can then optionally insure your own vehicle against damage from collisions, theft, fire, etc. Doing that seems to double/triple the price. Not saying this is good/bad/ugly, but it's certainly a difference! |
Re: Car insurance is 'interesting' in America.
Originally Posted by Ash UK/US
(Post 11980157)
Then there is Michigan with its 'no fault' insurance... I am not sure how this compares to other states.
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Re: Car insurance is 'interesting' in America.
Originally Posted by dbr84
(Post 11979923)
So as I understand it, in the US, car insurance is primarily there to protect us being sued for damages. ....
If you're a student, or living hand-to-mouth then basic car insurance is fine, but if you have savings and a nice house in the 'burbs then you should get an $1million umbrella, which is dirt cheap. If you also have a weekend beach house or a country villa then your umbrella should be correspondingly larger. |
Re: Car insurance is 'interesting' in America.
Also if you are earning $100k a year you may want a million to cover lost wages when you get sued and they garnish your wages for the next 10 to 20 years.
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Re: Car insurance is 'interesting' in America.
Originally Posted by dbr84
(Post 11979923)
So as I understand it, in the US, car insurance is primarily there to protect us being sued for damages. And even then, if the claim exceeds your liability insurance, you're still going to get taken to the cleaners.
Say for example you crash into a football player and break their legs and they are then unable to work. You could potentially be on the hook for the millions you just cost them. You can then optionally insure your own vehicle against damage from collisions, theft, fire, etc. Doing that seems to double/triple the price. Not saying this is good/bad/ugly, but it's certainly a difference! you dont understand it, talk to an insurance agent |
Re: Car insurance is 'interesting' in America.
Originally Posted by Pulaski
(Post 11980852)
Not really. If you also have a weekend beach house or a country villa then your umbrella should be correspondingly larger.
I just realize your post was more about increasing the coverage rather than the extra cost for having additional properties. Still not a lot of money. |
Re: Car insurance is 'interesting' in America.
Originally Posted by mrken30
(Post 11980919)
Not by much, I think I pay an extra $75 per year for each property or thereabouts.
I just realize your post was more about increasing the coverage rather than the extra cost for having additional properties. Still not a lot of money. And yes, upping your umbrella coverage is very cheap. Given the cost of umbrella coverage I wouldn't worry about being over-insured. |
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