There are a lot of older vehicles whose value is not high enough to make it worth carrying comprehensive and collision coverage, which is what actually covers the vehicle you're driving. However, as it is in almost every state, you are required to carry at least the state minimum liability auto insurance coverage to drive legally.
You may not understand the terms and the numbers when selecting the amount of liability coverage you wish to carry. This article is to help eliminate that confusion, and let you understand exactly what you need to know as far as coverage is concerned.
First of all what is liability auto insurance coverage?
Liability covers you if you're at fault in an accident in which you caused injuries and/or property damage to others as a result. The bodily injury part of liability coverage takes care of the injuries and the property damage coverage takes care of the property damage. Both pay up to the limits you choose to carry.
Understanding what the numbers mean with liability coverage
There are two ways a company may offer liability coverage. The most common way is split limits. Some companies also offer combined single limits liability coverage. Let me explain both.
Split Limits Coverage: With companies that offer split limits liability coverage, you will see those levels of coverage expressed in terms of three numbers. Common examples would be 25/50/25 (which Is Ohio's state minimum, 50/100/50, 100/300/100, 250/500/250. Let's break down what those numbers mean:
So for example, if you have 100/300/100 in liability coverage: $100,000 is the most this policy will pay for any one person's injury $300,000 is the maximum this policy will pay for all injuries, and $100,000 is the maximum this policy would pay for property damage.
Combined single limits coverage: With combined single limits coverage the body injury and the property damage are all combined together and the total amount that this policy will pay for Liability (both injuries and property damage) is expressed as one grand total. So if you have a liability policy with a combined single limit of 500, this means that your policy will pay up to a half million in total liability for body injury and property damage.
Other key points about state minimum liability coverage that you need to know:
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..