Liability insurance

[Falconer]

Hi,
my dear Mother just told me that I should buy liability insurance. It is a very common thing to do in Germany and costs about 60 euros per year. Now I am not sure that it is needed. She recons it is in case I cause an accident as a pedestrian or break something very valuable.

I live in the UAE now and have not been able to even find a provider for this kind of insurance. The only ones who include this are home insurances and I do not own a property.

Do you guys think it is even worth getting such an insurance?

[dragoncar]

For the US, I'd say yes, but if you can't even find a provider then you definitely aren't going to get a competitive rate.  In that case, I'm learning towards forgetting about it for now.

[Falconer]

I think you are right. I will leave it for now, and when I get my own property I will be able to just make sure it is part of my home insurance.

[unpolloloco]

It's called an "umbrella" policy in the US.  Not sure about Germany/UAE.

Definitely worth having something if you can find it.  However, if you have renters insurance, you probably have some coverage already.

[electriceagle]

I know nothing about the UAE, but in the US, home and renters insurance typically come with liability.

Liability insurance is also available as business insurance.

[BlueMR2]

Do you guys think it is even worth getting such an insurance?

If you can find it for a reasonable price and can live with the restrictions, it's not a bad idea.  Nowadays you can be sued for millions for the silliest little things.

I'd wanted to get it myself, but between the high cost and all restrictions (which made it pretty much pointless for me), it's not a good fit.

[William]

MMM is not a fan of many types of insurance.  Germans seem to be though.

I say do not get the insurance.  I've been biking everywhere in my town for over a year and never been concerned about ME causing an accident that damaged property.

You do live in the USE though where a scratch on a Lambo could cost $1k to repair... :)