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#1
22 Jan 2004
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USA Insurance - how much liability
This is probably a daft 'how long is a piece of string' question - but how much liability insurance should I buy?
I'm pretty well resigned to buying 'liability only' insurance, having priced 6 months 'full cover' insurance at over $1700...... But how much liability? Choices range from $50k to $500k, with premiums being between $380 - $650. Given the tales I've read of multi-million dollar law suits in the USA, is even $500k enough??? What do US residents buy, as a rule? All advice appreciated - trip starts on 1st February..... Mike 
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Chasing money\'s no way to live 
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#2
22 Jan 2004
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Hi Mike-
The general rule on liability insurance here in the USA is to total all of your assets, in other words, your net worth. Your liability limit should equal or exceed your net worth. For example, if you have a $300k home, a $20k vehicle, and maybe another $50k of assets, you should probably get at least $400k of liability. However if you don't own a home, and have very little net worth, I would go for the minimum. Consider this also. If you are riding a bike, how much damage could you possibly do to the other party if involved in an accident? The odds are that you are going to be the one doing the suing, and not vice versa. -Dave
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Dave McMillan www.mototrekker.com http://www.horizonsunlimited.com/tstories/mcmillan/
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