cycle-powered
Join Date: Mar 2002
Location: Munich Germany (formerly Portland OR, Texas)
Posts: 1,848
Bikes: '02 Specialized FSR, '03 RM Slayer, '99 Raleigh R700, '97 Norco hartail, '89 Stumpjumper
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well, i'm not an insurance expert... but i had this kind of coverage in the US and now in Germany too.
it's usually called personal liabilty or umbrella insurance and just for rough costs i whink you usually get something like 1 million to 2 million coverage for about $100 a year. of course you can buy more and if you have a high net worth you should (but then if you have enough money to have an accountant i should think it's part of his financial plan). maybe it's cheaper as an add-on to auto or homeowners, but i have always done mine separately (i think state farm in the US).
in law-suit crazy America i think anyone with any real assets (house or stocks or professional degree) who is a candiate to be sued should carry something - people look to sue the person and the company with the deepest pockets... (that's why they want to sue Velo b/c they probably have insurance that would pay more than just the cyclist involved) and i think the standard auto policies are not too high when you think about the possible costs of maybe paralyzing someone so that they can no longer do their current job and paying medical and lost wages for their entire lifetime...