An automobile insurance policy is designed to provide you with a level of protection against property, liability and medical costs if you are involved in an accident.
- Bodily Injury Liability- If you injure someone in an accident, this coverage pays their medial and rehabilitation expenses and any damages for which you are found liable. The minimum limit is $15,000/$30,000 where the former pays for injuries to one person and the latter represents the total available for one accident.
- Property Damage Liability- this coverage pays if you damage someone’s property in an accident and you are at fault
- Medical Benefits pays for the medical bills for you and other who are covered by your policy, regardless of fault with a minimum limit of $5,000.
- Choice: Limited or Full Tort- Limited tort coverage offers you the ability to recover all out-of-pocket medical and other expenses but not damages for pain and suffering. With full tort coverage, you retain unrestricted rights to bring suit against the negligent party.
- Optional: Underinsured Motorists Coverage pays for bodily injury caused by another driver whose coverage is insufficient to cover damages suffered.
- Optional: Uninsured Motorists Coverage pays when the at-fault driver can’t pay due to lack of insurance. This does not cover damage to property.
Selecting the correct liability limits is fundamental. 100/300/50 means you are covered for up to $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $50,000 in property damage per accident.
While it may lower your premium, reducing your liability limits to state minimums and dropping underinsured and uninsured motorists coverage could open you up to substantial risk. The bottom line: getting the coverage that is right for you takes expert assistance. And that’s where we can help.
Download our White Paper, “Insight: The Ins and Outs of Personal Automobile Insurance.”
Have a question? Get an answer. Download our White Paper, “Insight: The Ins and Outs of Personal Automobile Insurance.” Then learn more at ehd-ins.com or call us toll-free 1-800-544-7292. Our experienced insurance and risk management professionals would be happy to answer your questions, help you explore your options and develop a customized strategy for you and your organization.
Note: not intended to be exhaustive, nor construed as legal advice. Readers should contact legal counsel and/or an EHD insurance professional for appropriate advice. Original content source: © Zywave, Inc. All rights reserved.