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Re: "absolute-minimal-required-by-law coverage" Posted by Bill Homer [Email] (#3427) [Profile/Gallery] (more from Bill Homer) on Sun, 5 May 2013 12:22:13 In Reply to: Insurance and minimal coverage. Anyone do this?, bender [Profile/Gallery] , Sat, 4 May 2013 20:17:30 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I'm sure insurance law is different in Canada than in the US, so this may or may not apply to you. In Illinois (auto insurance is regulated by each state), "minimum" liability insurance is:
$20,000 - injury or death of one person in an accident
$40,000 - injury or death of more than one person in an accident
$15,000 - damage to property of another person
If you are at fault in a collision, you can quickly outstrip the coverage provided by a minimal policy; a visit to an ER in the US starts at $1000 for something very minor, and most new cars are worth more than $15,000 if you hit one.
I understand your desire to stop collision insurance on an older car (I no longer carry this on my 9000), but you probably to have more than the absolute minimum for liability. After your coverage is used up, the injured party can come after your assets for restitution.
posted by 108.71.134...
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