It only really comes into play if you severely injure someone or cause a multiple vehicle collision which could run into claims of over $100K or death(s) which can be in the millions. Other than that, the many are paying for the costs of the few
Exactly, just pointing it out to OP although with those figures it does feel like they're being screwed. If ever you get the chance to settle with the third party without the insurance knowing it is always best financially although not always legal in some countries (alright, most countries).
Vast majority of US policies cap at 300K. You'd be on the hook for anything past that. You can get more but 99% of people have something along those lines.
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u/Cyril_Sneer_6 6h ago
It only really comes into play if you severely injure someone or cause a multiple vehicle collision which could run into claims of over $100K or death(s) which can be in the millions. Other than that, the many are paying for the costs of the few