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Scams upon Scams (lemmy.dbzer0.com)
submitted 11 months ago by to c/whitepeopletwitter@sh.itjust.works
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[–] 2 points 11 months ago (2 children)

It doesn't really matter either way. If you have 50k cash or a 50k insurance limit. The other party can settle for 50k or they can try to get more through sueing you. If they get a judgement for more than 50k (likely after years) then you have to pay, but if you don't have a million dollars, they aren't getting it anyway. From there they can agree to a payment plan or try to garnish wages or place line.

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  • [–] 2 points 11 months ago (1 child)

    Sounds wild to me. In UK the third party liability insurance limit is usually in the millions.

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  • [–] 3 points 11 months ago

    It's the difference between minimums and maximums. In most American states you have to have $50,000 worth of liability insurance to legally drive, which covers the majority of financial consequences for accidents.

    That being said, now that cheap cars are $35,000 brand new, it might be a smart thing if you're an American driver to have $100,000 or $125,000 worth of liability insurance to keep yourself from going bankrupt.

    The extra $100 a year for that coverage would totally be worth it if you ever have to use it.

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