How much 3 party liability insurance do you carry on your Ferrari or other cars?

Beyond the traditional reason to carry 3rd party liability insurance ( possibility of injuring someone by accident in a motor vehicle accident), I am intrigued about what limits fellow F-chatters carry.

Primarily - due to the "profiling" that likely takes place when an incident might take place with a Ferrari or other high end mark.. i.e. not all - but some less than honest people might think they have hit the jackpot because of the make of the car you drive... Someone's less likely to think they hit any jackpot if you're driving a new Hyundai Genesis that might cost more that a 328 but it's the perception.


QUESTIONS:
Does this influence you to carry different amounts of 3rd party liability insurance on your Ferraris or other high end cars out of fear of being targeted - in the event of some sort of an accident?

Please state the amount of 3rd party liability you carry and the province you insure in.

ME:

Amount: I used to carry 1 million, but upped to 2 million in 3rd party liability a few years back

Province: BC

Thanks

 

Is the umbrella policy under your home insurance ? -- and does this give you 2+5 = total of 7 mill coverage ?

also, are you in BC ? because our only choice for mandatory insurance is ICBC, and they only offer a max of 5 mill

 

You are right -- accidents can be very expensive.. I wonder how much more expensive they are made because of a less than honest person's perception of a high end car's involvement, and their opportunity that may afford them.

P.S. that's a nice X1/9 in your profile pic.. I always liked those

 

Good points...you never know what could happen! Wow $165/year! that's amazing!

 

This is probably solid advice -- Im going to call my home insurance broker to find out about an umbrella policy.

I just wonder what would happen if there were 21 insurance companies involved in a claim -- the auto insurance covering you to say $2 mill and the umbrella policy taking over to $10 million...Would that set up an environment where you'd have 2 parties fighting each other not to cover you ?

 

I thought that ICBC offered up to 10 million 3rd party, no ?

Also, I just spoke with an autoplan broker, and they told me that if you have 4 cars, and you have a 2million 3rd party liability policy on each one, then you are carrying 4X2= 8 million liability policy, and that you could invoke all of these policies for coverage, even if an incident or accident only involved one of them.

Anyone know if this is true ?

 

I just noticed I wrote " 21 insurance companies" I meant 2 insurance companies.

I think that's a wise move to use the same company for both -- the only problem with where I live in British Columbia is that we have to buy our basic car insurance from the government, and there are caps on how much 3rd party one can buy.

So we end up having to deal with a second company if we want more coverage by default...thereby raising the possibility of a dispute between companies in the event of a claim.