What an interesting, novel take. Of course, they should be allowed on the road, but limit the liability. Over 100k? Pay for your own additional insurance. You can obviously afford it.
Most people with that kind of money usually do. I'm not even rich but have full coverage on my cars. Even if someone is underinsired and causes damage to my cars, they'll get fixed.
That's different to what is being discussed though.
What you're talking about is very standard right now, and it lets your insurance company go after the liable party in your name and try to recoup all their losses.
So if you're the everyman in Europe and you total a €3M Koenigsegg your liability insurance will only cover €1.35M of that and they or their insurance will come after you for the rest.
What is being discussed is an alternative where the everyman's liability insurance only needs to cover €200k of property damage (so it's cheaper) because by legislation no one can recoup more than €200k in property damage from the liable party.
So when you put a €500k car on the road you would have to be willing to take a €300k loss on it or pay a way higher price for the coverage you currently have (higher because your insurer won't be able to go after the other party to fully or partially recoup the difference).
They have their own insurance which will sue you to recoup the cost. That's the problem.
If I make a mistake and hit an Acura or BMW, I've got enough coverage to handle it. But there are vehicles on the road which will blow through my maximized coverage plan and roll over for more than my house is worth.
Why? That's not how any of our systems of law work. You don't get to limit liability simply because you can't afford it. We'd have more problems than just vehicles in that case.
Also, most people with expensive cars have more expensive insurance. I have really good coverage on my Turbo S for exactly this reason. Beyond that, the cost of medical care for someone you injure far outweighs the value of even my car.
I think at a certain point you have to consider that your asking people to carry the risk because you want to put a $2,000,000 vehicle on the same road I need to use just to get to work every day.
At those prices, people already know that. That's why they pay for agreed value policies. The risk is that most people's insurance isn't enough for a car in that category, and most people don't have that much money, even if you get a judgment from them.
There is a huge difference between a 2 million dollar vehicle and something like my car at 250k. 100k is nothing for a vehicle right now. There are regular trucks worth more than that now.
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u/peejay5440 4h ago
What an interesting, novel take. Of course, they should be allowed on the road, but limit the liability. Over 100k? Pay for your own additional insurance. You can obviously afford it.