Will $100,000 of property damage liability cover me if I hit a Ferrari?
I was wondering how much property damage liability I should get. If I get $100,000 worth of coverage and I hit a Ferrari worth $150,000, do I have to pay the difference?
“Yes, you would be on the hook for the extra $50,000, and you would probably face a lawsuit unless you had that cash on hand.
If you live in a neighborhood with many luxury cars, you would be smart to go for $500,000 worth of property damage liability coverage.
It shouldn’t cost all that more per month, and you’ll be protecting yourself. It’s a no-brainer.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Should I rebuild my house after a tornado?
"I lost my whole house in a tornado and all my belongings are gone. Is it better to rebuild the house or to take the total loss and move on? "
Apr 05, 2021
Can I keep my insurance payout instead of rebuilding my house?
A tornado destroyed my house; there's really nothing left to fix. I only have $24,000 left on the mortgage and I don't feel like rebuilding from the ground up. Can I use the money from my insurance claim to pay off the mortgage and keep whatever cash is left over?
Apr 05, 2021