Auto Insurance Policy Limits
When your damages come to more than the insurance policy limits you may have a problem.
Auto insurance policy limits. 50000 bodily injury liability per accident. However the limit is likely less underinsured motorists. 10000 personal injury protection 16. An insurance policy is a contract and the insurance company is not obligated to pay for injuries and harms you have caused that go beyond the insurance policy limits chosen by you as an insured.
One of the most common auto insurance policy structures for drivers in the us. Usually an attorney or public adjuster contacts the insurance company asking for policy limits. There are cases where the insurance company drops the ball and may face a potential bad faith lawsuit by its own insured for exposing them to an. All drivers in arkansas are required to have car insurance with minimum coverage of 25000 bodily injury and 50000 total coverage.
Car insurance coverage limits are maximum amounts of money that your car insurance will pay out if you make a claim. 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. 50000 uninsuredunderinsured motorist coverage per accident 14 25000 bodily injury or death per person. Because states regulations differ and because you may have unique circumstances you may need more or less coverage than.
In most cases bodily injury claims also meet or fall below the per person limits and additional expenses can be met with the per accident limits. Why insurers need to be careful responding to policy limits requests. 10000 property damage liability per accident 15 10000 property damage liability per accident. 100000 per person 300000 per accident.
Generally the other drivers insurance policy will handle your claim for compensation.