There's something here I really, really am not getting, which makes me wonder... I don't mean for this to sound insulting or anything (it's probably me who's wrong) but... are you sure this isn't a US-v.-Europe difference in what "M" signifies, when abbreviating a large number?
Sixty MILLION dollars US just strikes me as an absurd amount of car insurance, even if an underwriter were willing to sell it to you and the price were affordable. A very badly performed "drifting" session in a Porsche sales lot wouldn't run up a bill of more than a few million. Maybe if you went racing on an air force base and took out a new jet fighter or something...
Usually you insure yourself for a maximum credible loss when that is calculable (e.g., a full replacement policy on a house and contents). Where the loss could vary widely, you insure for some amount that gets the fat part of the distribution of losses and likelihoods without running the premiums up too high (car insurance is usually an example). Well, actually, you probably buy one of several standard products instead of calculating a customized amount, but the same philosophy is behind it.
Sixty THOUSAND of liability would be pretty reasonable as a legal-minimum, standard, what you get if you don't ask for anything special liability policy for a private car. It's less than I like to carry, but much more useful than the pitifully low minimum insurance in most US States.*
It also strikes me as being in proportion to your three-figure premium (buttuming a country with socialized health care for all, and perhaps laws and culture that make civil litigation less of a factor).
What a Great New LawHi! Ad absurdum per aspera No, it's really 50 million euros (50,000,000.00 EUR), which is even a little more than US$ 60 million these days. Total one new S-clbutt Mercedes and...
If you really are covered for $60M, as in sixty with six zeroes, I'd sure like to understand why that's considered necessary (and how you get it so cheaply).
Cheers, --Joe
What a Great New Law!! 2322I'm starting to get the impression that there really is no sensible comparison to be made -- plainly the social and legal and economic context of the insurance is too...
* A great many people, estimated at 20-25% of drivers in some states and more than 50% in some impoverished areas, can't or won't purchase even that token policy. The cost of car insurance, and the means of enforcing its purchase, is a great area of social controversy in the US.
