What's the max liability claim you've faced ?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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What is the amount of largest liability claim you faced (auto or otherwise) ?

<50k
13
100%
50-100k
0
No votes
100-200k
0
No votes
200-300k
0
No votes
300-500k
0
No votes
500k - 1M
0
No votes
1M-2M
0
No votes
2M - 3M
0
No votes
3M - 5M
0
No votes
>5M
0
No votes
 
Total votes: 13

Topic Author
rex
Posts: 72
Joined: Sun Nov 04, 2012 2:58 am

What's the max liability claim you've faced ?

Post by rex »

Thanks to all who contributed to a related post regarding the typical umbrella boggleheads carry:
http://www.bogleheads.org/forum/viewtop ... 2&t=106274

This is a followup post to get some more perspective on the issue - what is the biggest auto liability claim (or other liability claim) you've had to deal with ? How did you pay for it ? This'll put some solid numbers behind the coverage we bogleheads need to carry. Please exclude IRS liens and child support claims when voting.

---------------

EDIT: Changing the title to reflect that we're interested in ANY type of liability claim, not just auto.
Last edited by rex on Sun Dec 02, 2012 9:10 pm, edited 1 time in total.
Grt2bOutdoors
Posts: 25617
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Location: New York

Re: What's the max auto liability claim you've faced ?

Post by Grt2bOutdoors »

Zero. Accidents happen, however usually fault is not 100% unless you are deviating from required performance - like texting/holding a cell phone in your hand and talking while driving, being inebriated or under influence of narcotics/prescription drugs. Your question relates to dollar liability, but if you are operating a motor vehicle and it results in serious injury and/or death, your max auto liability claim will likely include incarceration time.
Someone I knew of growing up decided to operate a car while abusing prescription drugs, hit two people - one died at the scene, the other is missing limbs and suffered serious internal injuries - the driver is going to do "time". I would say that is the maximum auto liability claim you will ever face.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
sport
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Location: Cleveland, OH

Re: What's the max auto liability claim you've faced ?

Post by sport »

Many years ago I caused a small auto accident. Apparently it was vehicle damage only. My insurance company took care of the damages to the other party and I never even was told how much was involved.
Call_Me_Op
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Location: Milky Way

Re: What's the max auto liability claim you've faced ?

Post by Call_Me_Op »

I think this poll would be more valuable if it were not limited to auto.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
Topic Author
rex
Posts: 72
Joined: Sun Nov 04, 2012 2:58 am

Re: What's the max auto liability claim you've faced ?

Post by rex »

yes absolutely - please DONOT restrict your liability claims to just auto as Op mentioned.
Call_Me_Op
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Location: Milky Way

Re: What's the max auto liability claim you've faced ?

Post by Call_Me_Op »

rex,

You may want to modify the thread title to reflect this.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
Topic Author
rex
Posts: 72
Joined: Sun Nov 04, 2012 2:58 am

Re: What's the max liability claim you've faced ?

Post by rex »

Thansk Op - I've changed the title of the post
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Dale_G
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Joined: Tue Feb 20, 2007 4:43 pm
Location: Central Florida - on the grown up side of 85

Re: What's the max liability claim you've faced ?

Post by Dale_G »

I chose less than $50,000, but in my case it means less than $50 for the guy's bumper I scratched in 1961. We didn't know anything about whiplash in those days. Today it might be a $50,000 claim, but you would still need to get on your hands and knees to see the scratch.

Dale
Volatility is my friend
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