from Rebuilding Place in the Urban Space by Richard Layman<\/p>\n
Washcycle mentions an insurance case in Alaska<\/a>, involving an accident between a pickup truck and a cyclist, where it was stipulated that the truck driver was at fault. The insurance policy limited liability to other parties to $100,000, even if the actual damages were much higher.<\/p>\n Every state’s minimum insurance requirements are dreadfully too low. In this case the motorist had $100,000 liability (not insignificant) but his own insurance company valued the damages to the cyclist to be $375,000 – $475,000.<\/p>\n And this from simply pulling in front of a cyclist.<\/p>\n What I get from this is: 2) Perhaps we should have a new liability insurance component that specifically covers damages to person(s) who are NOT motorists (and by virtue of not having several tons of steel protection suffer greater injury).<\/p>\n I would set a liability requirement for damages to non-motorists to be several multiples of the existing liability minimum limit.<\/p>\n Keeping in mind that a car – car collision at 25 MPH likely will not injure any of the occupants while a car – pedestrian collision certainly will). Actuaries could work out the correct multiple.<\/span><\/p>\n Crickey7 makes the key point:<\/p>\n … It’s truly risk-shifting to the victims and an example of moral hazard in that the irresponsible pay less in insurance premiums and get away with it.<\/span> from Rebuilding Place in the Urban Space by Richard Layman Washcycle mentions an insurance case in Alaska, involving an accident between a pickup truck and a cyclist, where it was stipulated that the truck driver was at fault. The insurance policy limited liability to other parties to $100,000, even if the actual damages were much … <\/p>\n
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1) Minimum liability insurance needs to be raised several orders of magnitude.<\/p>\n
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\nhttps:\/\/urbanplacesandspaces.blogspot.com\/2011\/08\/how-car-insurance-underprices-risk-to.html<\/a>oldId.20110825172520610<\/p>\n","protected":false},"excerpt":{"rendered":"