[wazoox]

The egregious part is the limited insurance coverage ($1M from the rental company and $300K from the renter). This probably wouldn't happen in Europe.

[legulere]

Don't know about the rest of Europe, but here in Germany we also have limited insurance coverage.

By law the minimum for person damage is 7.5 million €, for property damage 1.12 million €. Usual sums are 50 or 100 million €.

So in the end it's very unlikely for something like that to happen in Germany.