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this post was submitted on 27 Nov 2023
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No Stupid Questions
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No such thing. Ask away!
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I live in Canada and used to work as an adjuster and dated an American broker. There are many good insurers in the US, none of them advertise. Go to an honest broker and they'll tell you about those boring good ones.
The differences in our systems were astonishing. Those advertised insurers let you go around with basically no coverage. I can't believe your minimum third party liability amounts, especially considering the crazy medical costs in your country. It's just over a tenth of the minimum we allow in my province, and we have socialized health care and more robust social safety nets. A serious accident will ruin you for life if you take that cockney lizard's policy. He's a scam artist from the mean streets of London.
I don't know anything, and to avoid complications, what kinds of legal minimums does Canada require?
Here in BC we have a minimum of $200,000 liability insurance. We don't separate based on property or injury, 200k covers all. But only low income drivers stop at 200K, $3Million is the most common liability amount. If you end up accidentally crippling a kid, you will require every penny that 3million. We don't advertise our insurance at all. Insurers must have a reserve on hand to cover every single outstanding claim plus 10 million, I'm not sure what those numbers are in the US, it wouldn't surprise me if they were much more lax. The Insurance Act of BC is a beautiful piece of legislation with the insured's best interest in mind, not the insurer's shareholders.
The amount the company must maintain on hand depends on the state. In some states it's less than 1% of the policies written. Most of the time they only hold enough out of their premiums to cover an average of 2-3 years of claims.
The reason it's so low is because of federal disaster relief when something big happens. The insurance companies advocate for it to be called a federal disaster. Then the government steps in and foots part of the bill. The poor are usually left losing everything.
Thank you!