200 000 liability question

[toothpicker]

Hey guys I understand that getting $200 000 liability insurance is a dumb move but I wanted to get quoted on it anyways. Can insurance companies in Ontario legally not provide $200 000 liablity coverage? When I asked I was told that `we do not offer anything lower than 1 mil `

I do understand that it might be up to them whether they want offer that service or not. Also if anyone knows of any company that does provide 200 000 liablity without too much hasstle.

Please answer the question and not give reasons why its not a good idea to go with $200 000 liability.

Thanks!

[Two50noob]

Hey guys I understand that getting $200 000 liability insurance is a dumb move but I wanted to get quoted on it anyways. Can insurance companies in Ontario legally not provide $200 000 liablity coverage? When I asked I was told that `we do not offer anything lower than 1 mil `

I do understand that it might be up to them whether they want offer that service or not. Also if anyone knows of any company that does provide 200 000 liablity without too much hasstle.

Please answer the question and not give reasons why its not a good idea to go with $200 000 liability.

Thanks!

Has to min 1 mill in Ontario i do believe. But will get one of the insurance experts chime in and will just gloat if im correct and edit this post so it looks like i was right if im wrong.

[invictus43]

Has to min 1 mill in Ontario i do believe. But will get one of the insurance experts chime in and will just gloat if im correct and edit this post so it looks like i was right if im wrong.

Haha! QFT..

The minimum is $200k. Insurers are now advising you up your liability to $2 million FWIW..

[OpenGambit]

The minimum gear = helmet.

doesn't mean it is wise.

[toothpicker]

The minimum gear = helmet.

doesn't mean it is wise.

Definately not wise I agree with you there but even with that I dont understand why we need laws to babysit us.

Anyone willing to take a shot at answering the original question?

[invictus43]

Definately not wise I agree with you there but even with that I dont understand why we need laws to babysit us.

Anyone willing to take a shot at answering the original question?

I answered your question: $200,000 liability is the minimum. An insurance company can offer anything they want. Facility will give you $200,000 if you choose them as an option.

[nakkers]

It's one of those things that brokers and insurers don't even consider. If you force them to look into it, they will. Generally, the premium difference is less than $100 for the year so, they typically won't look at a quote with $200k liability.

You're just getting a lazy response because anyone asking for such a low coverage is probably a risk they don't want and they are hoping you move on to someone else.

JMO of course.

[OpenGambit]

Definately not wise I agree with you there but even with that I dont understand why we need laws to babysit us.

Anyone willing to take a shot at answering the original question?

Its not babying.

If you crashed into me I guarantee your life is over if you have 200k liability, better get your bankruptcy filing ready.

[toothpicker]

Its not babying.

If you crashed into me I guarantee your life is over if you have 200k liability, better get your bankruptcy filing ready.

You are likely correct but I wanted to explore why the option of 200k wasnt available from my company.

Thank you nakkers for your insight!

[nakkers]

OK. My expert just corrected me. There is a huge difference in premium from 200k to 1 million. However, most brokers or insurance companies wont quote for 200k unless specifically directed to do so. 2 million is getting to be standard and 1 million is considered basic.


My apologies for providing incorrect information about the difference in premium charged. But, as far as my wife is concerned, 200k is still possible but, they don't see any policies with it any more.

[toothpicker]

OK. My expert just corrected me. There is a nuge difference in premium from 200k to 1 million. However, most brokers or insurance companies wont quote for 200k unless specifically directed to do so. 2 million is getting to be standard and 1 million is considered basic.


My apologies for providing incorrect information about the difference in premium charged. But, as far as my wife is concerned, 200k is still possible but, they don't see any policies with it any more.

You were helpful nakkers, thanks.

If anyone is interested it was a 7.77% difference for my policy.

[Platinum Cycle]

To The OP, here's why you don't want $200 000 liabiity.

Consider this scenario.

You are riding your bike with your daughter, or other loved one on the back. You crash and your daughter is now a quadraplegic. She sues you (your insurance company). Your insurance company pays your daughter $200 000. That's enough to buy her one wheel chair and an elevator in your house.

For the rest of your daughters life she will need all kinds of assistive devices, therapy etc... but she won't get it. Sadly your choice to only buy $200 000 in liability limits is the reason.

Forgive me for the grime example, but it hits home I'm sure.

[Sushii]

To The OP, here's why you don't want $200 000 liabiity.

Consider this scenario.

You are riding your bike with your daughter, or other loved one on the back. You crash and your daughter is now a quadraplegic. She sues you (your insurance company). Your insurance company pays your daughter $200 000. That's enough to buy her one wheel chair and an elevator in your house.

For the rest of your daughters life she will need all kinds of assistive devices, therapy etc... but she won't get it. Sadly your choice to only buy $200 000 in liability limits is the reason.

Forgive me for the grime example, but it hits home I'm sure.

She gets 200k from the insurance company but wouldn't the remainder be paid out by the dad? Say it was 250k Insurance pays 200k and the rest is on you, so you have to pay 50k out of your own pocket. Now if it was 800k you would have to pay the remainder of 600k...

[invictus43]

She gets 200k from the insurance company but wouldn't the remainder be paid out by the dad? Say it was 250k Insurance pays 200k and the rest is on you, so you have to pay 50k out of your own pocket. Now if it was 800k you would have to pay the remainder of 600k...

Yup. It's a gamble..a risk. What are the odds that, while riding a motorcycle, you will do something that will cause you to be sued for over $200k? Or a million? Or $2 million? Can it happen? Sure..but what are the odds? Every person can decide for themselves what risk they're willing to accept.

[Sushii]

Yup. It's a gamble..a risk. What are the odds that, while riding a motorcycle, you will do something that will cause you to be sued for over $200k? Or a million? Or $2 million? Can it happen? Sure..but what are the odds? Every person can decide for themselves what risk they're willing to accept.

Medical bills can easily cost that much.

[VifferFun]

OK. My expert just corrected me. There is a huge difference in premium from 200k to 1 million. However, most brokers or insurance companies wont quote for 200k unless specifically directed to do so. 2 million is getting to be standard and 1 million is considered basic.


My apologies for providing incorrect information about the difference in premium charged. But, as far as my wife is concerned, 200k is still possible but, they don't see any policies with it any more.

I don't know of any insurance company that doesn't offer a $200K rate. If the company has filed the $200K rate with the regulator and you meet their eligibility criteria, then the company should quote you with this level of coverage if you ask for it. It's not a smart move to purchase minimum coverage though.

I suggest that people get $2M coverage (and this is what I purchase myself). The difference in premium between $200K and $1M coverage is minimal. Generally, it costs about 10% more on your Bodily Injury premium to increase from a $200K limit to a $1M limit. If you have a bike and car(s), I suggest that you purchase regular $1M limits on your vehicles, and then purchase an umbrella policy that will increase the limits of all your vehicles to $2M.

[油井緋色]

Medical bills can easily cost that much.

I find that very funny because we live in Canada.

I had a pretty serious TBI (look it up) that involved hospital stay for a month, hearing treatment after (I refused hearing aids, I'll get optical implants first lol), and lots of pain killers. Total cost of the operation and stay? Nothing. Only bill I got was ambulance and tears from my parents. Oh, I also refused to get painkillers after leaving the hospital (didn't want parents to pay for them).

Maybe if people weren't such babies and Toronto's citizens stopped scamming insurance companies we wouldn't have super sport bikes cost 3000+ from everywhere but StateFarm. Then again, even if the scamming stopped, I'm sure people are going to continue suing everyone.

[Sushii]

I find that very funny because we live in Canada.

I had a pretty serious TBI (look it up) that involved hospital stay for a month, hearing treatment after (I refused hearing aids, I'll get optical implants first lol), and lots of pain killers. Total cost of the operation and stay? Nothing. Only bill I got was ambulance and tears from my parents. Oh, I also refused to get painkillers after leaving the hospital (didn't want parents to pay for them).

Maybe if people weren't such babies and Toronto's citizens stopped scamming insurance companies we wouldn't have super sport bikes cost 3000+ from everywhere but StateFarm. Then again, even if the scamming stopped, I'm sure people are going to continue suing everyone.

What if the person needed therapy? What if they needed a wheelchair? Or they needed to get a special vehicle to get around because of the injuries? I would still put those under medical bills.

[Aleks Hara]

For me personally, getting 200k liability is similar to getting liability only coverage on a 2012 Porsche you just paid cash for. No one can stop you from doing it, but as responsible insurance people, we have to do our job and offer sound advice. What I've done in these rare scenarios is type up a very clear letter for the client to sign and acknowledge they FULLY understand the implications of their decision, and that there's absolutely NO confusion or misunderstanding as to what's going on. The last thing I want as a broker is a client putting through a large claim and then accusing me of not explaining things properly.

[Robert_Smalls08]

Not worth the minor savings....