Auto Insurance Limits
Car insurance coverage limits are maximum amounts of money that your car insurance will pay out if you make a claim.
Auto insurance limits. These minimum requirements for each state can be found at the state insurance commissioners website we have included them here for your easy reference just scroll down to your state and check it out. Insurance experts generally recommended that you purchase 100300 limits of bodily injury liability meaning 100000 for one person in an accident and 300000 for all people injured in one. Many auto policies stop at a maximum of 300000 or 500000 per accident for liability coverage. Auto liability coverage limits are mandated by state law.
Depending on the state some of these coverage types may be required some may be optional and some may be unavailable. Each state sets minimum limits drivers must purchase. A limit is the highest amount your insurer will pay for a claim that your insurance policy covers. 100000 per person 300000 per accident.
What is an insurance limit. Think of these as the basicsor coverage you cant. Keep in mind though that this is just a starting point and you may. The basics of auto insurance coverage limits below is a list of the different types of auto insurance coverage and some thoughts about coverage limits for each one.
State minimum insurance requirements are the car insurance requirements for each state by law for their residents. Automobile liability insurance only covers injuries or. Liability for bodily injury the minimum coverage for bodily injury varies by state and may be as low as 10000 per person or 20000 per accident. Because states regulations differ and because you may have unique circumstances you may need more or less coverage than.
Financial protection for a driver who while operating a vehicle harms someone else or their property. For example if the limit on your collision coverage is 20000 that is the most that your policy would pay out for damages to your vehicle after a collision. If you injure someone with your car you could be sued for a lot of money. However the limit is likely less underinsured motorists.
In lieu of auto insurance individuals can either 1 deposit 10000 in cash stocks or bonds with the state treasurer who will issue a receipt or 2 obtain a motor vehicle liability bond equal to the state minimum limits. The amount of. Three of the most important types of auto insurance you can have are liability comprehensive and collision coverage. Types of auto insurance coverage basic extended and premium basic coverage.