Not remotely overinsured.Statistically speaking I'm guessing that driving is likely the most dangerous activity the average American engages in in a day-to-day basis, but I'm also thinking that $500,000 coverage limits = over insured.
If you kill someone, would that be $500,000 in damage? Because that's not exactly a rarity.
What if you cause someone a traumatic brain injury? Would that be $500,000 in damage?
The reality is that if you cause a very serious accident, your victims will not be adequately compensated by any normal amount of insurance. However, you can provide them a settlement that is big enough to persuade them not to gamble on a lawsuit. I'd say $1M is the minimum to achieve that, and depending on the circumstances, it might not be enough.
Statistics: Posted by eigenperson — Thu Mar 28, 2024 1:41 pm — Replies 5 — Views 110