Third Party Liability - how much?

[CobsGalore]

A lot of insurers ask you if you need either 1 million or 3 million third liability cover, and I never know which one to go for - can anyone explain this to me?

Will I ever need 3m, or will 1m be enough???

 

[ivandenisovich10]

I can't explain it, but I thought it was best to have 10 million? But I might be getting confused

 

[CobsGalore]

Pet Plan only give the choice of either 1m or 3m and Amtrust don't give options and just give you 1m cover.

How much damage would your horse have to cause for 3 million? If you are just a happy hacker and don't go out competing or anything, will 1 million be enough??

 

[Capriole]

I have 10 million, I dont personally think 1 million is enough, no. Even a happy hacker could cause a huge multi-vehicle pile up on the roads, heaven forbid, and the costs could potentially be enormous.

 

[CobsGalore]

Yes that is true - which insurance company are you with to provide this level of cover? I can't seem to find anyone who does more than 3 million.

 

[Capriole]

I use BHS (Gold cover) for my 3rd party.
I dont have the PL cover on regular insurance. Lots of people decline the PL on their insurance policies and use the BHS (or others) instead.

 

[CobsGalore]

Brilliant, thanks