Liability Auto Insurance Limits
Liability car insurance limits points out the insurance policy for maximum yourauto insurance company will pay if you injure someone or damage someone else’s property in an accident.
This policy will be presented as “250/400/250″ which means the coverage available per person, per accident and for property damage.
What do the liability coverage numbers mean?
If your injure someone or damage someone else’s property in an accident, you will use your liability insurance. Liability insurance is shown in three numbers. For instance: 300/600/300.
The first two numbers refer to injury limits:
300: $300,000 maximum payment per person per accident.
600: $600,000 maximum payment per accident
The third number refers to the property damage limit:
300:$300,000 maximum payment per accident.
Liability Limits: Review your policy liability limits
– Are they below 100/300/100?: Many policyholders have increased their limits to 250/500/250 due to growing medical costs, vehicles values, property values and number of lawsuits.
Quick facts about auto Insurances:
– 50% of bodily injury claimants are represented by attorneys.
– $10,541 was the average bodily injury loss claimed in 2013.
Bodily injury will coverage:
– Medical bills
– Compensation for lost income
– Emergency aid at the scene of the accident
– Legal defense if sued
– Consideration for pain and suffering
Property Damage Coverage: will pay the actual cash value for Property, Car, House, Storefront; Structural Damage, Replacement/repair of vehicle; Replacement repair of stationary objects (example fences).
– Passengers in the policyholder’s car who are relatives (varies by state)
– Insured driver
– The policyholder’s car
If accident losses exceed your limits, you would have to pay the difference out of your own assets.
Tips: If you would like additional liability coverage, consider an umbrella policy. When added to an auto insurance or home insurance policy, umbrella coverage provides additional liability protection.
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