What is an appropriate coverage amount for my liability insurance?
February 14, 2023 | 40,00 EUR | answered by Ingo Gallenberg
Dear insurance lawyer,
My name is Fred Kaiser and I have a question regarding my liability insurance. I have been insured with the same insurance company for many years, and fortunately, I have not had any major claims so far. However, I am concerned whether the current insurance coverage is sufficient to adequately protect me in the event of a claim.
I have heard that liability insurance is one of the most important types of insurance, as it protects me from financial claims from third parties if I accidentally cause damage to persons or their property. However, I am unsure if the current insurance coverage meets my needs and if I am adequately protected in case of a claim.
My insurance company has offered me various options, but I am not sure which insurance coverage amount is suitable for me. I want to make sure that I am not underinsured and that I will not be left with the costs in the event of a claim.
Could you please help me and advise me on what would be an appropriate insurance coverage amount for my liability insurance? Are there specific criteria that I should consider in order to choose the right coverage amount? I would greatly appreciate your expertise and assistance in this matter.
Thank you in advance.
Sincerely,
Fred Kaiser
Dear Mr. Kaiser,
Thank you for your inquiry regarding your liability insurance. It is good that you are thinking about your protection and want to ensure that you are adequately covered in case of a loss. Liability insurance is indeed one of the most important insurances, as it protects you from financial claims from third parties if you accidentally cause damage to persons or their property.
To determine the appropriate insurance sum for your liability insurance, there are some criteria you should consider. First and foremost, it is important to take into account the value of your assets. The larger your assets are, the higher the insurance sum should be to ensure that you are adequately covered in case of a loss.
Furthermore, you should also consider your personal situation and life circumstances. For example, if you have children or own a house, this can also have an impact on the amount of insurance sum. It is important that you do not have to worry in case of a loss that the insurance sum is not sufficient to cover the claims.
It is advisable to seek advice from an insurance expert or a lawyer specializing in insurance law to make an informed decision. An expert can analyze your individual situation and help you determine the appropriate insurance sum for your liability insurance.
If you have any further questions or would like a more detailed consultation, I am at your disposal. Do not hesitate to contact me to discuss your concerns and ensure that you are optimally protected.
Sincerely,
Ingo Gallenberg
Lawyer specializing in insurance law
