One of the most important decision youll make when purchasing auto insurance is what kind of liability limits you should have. Your liability coverage pays for any bodily injury or property damage caused by you, your family or friends while driving your car. Having a high enough limit will ensure that your assets and earning potential are covered in the event that youre involved in a big accident. How much you need depends on what kind of assets you have since you can be sued if you cause a major accident. State minimums are rarely appropriate and can leave you vulnerable. Your limits normally look like this: 50/100/50. This means that the most your policy will pay out is $50k per person that you injure up to a maximum of $100k total bodily injury per accident and up to $50k in total property damage per accident. Should anything cost more than those limits, you could potentially be sued for the rest. Make sure to talk to your agent about your limits to make sure youre not left vulnerable. In most cases, increasing your limits costs much less than you think.
Posted on: Mon, 19 May 2014 20:14:25 +0000
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