What is the maximum liability coverage for Extended Third Party Liability for private passenger/light commercial vehicles?

The maximum liability coverage for Extended Third Party Liability for private passenger and light commercial vehicles is indeed set at $5 million. This type of coverage is designed to protect drivers against claims made by third parties for bodily injury and property damage resulting from an accident in which the insured is found liable. Given the escalating costs associated with personal injuries and damages, having a liability limit of $5 million reflects the need to provide adequate protection for drivers in the face of potentially significant claims from third parties.

Choosing the right level of liability coverage is essential for ensuring sufficient financial protection. While other amounts might seem higher, they are not typically recognized as the standard maximum limit for this type of coverage in most insurance policies within the specific context of private passengers and light commercial vehicles.