C
Casey G
Guest
100 per accident per person for medical bills/up to 300k/100 property damage for the other car
Or should I lower the liability?
Or should I lower the liability?
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L
Lucy
Guest
NO;;;;;;;;
100/300 is maximum of $100k per person or up to $300K per accident.
ie; if there are 10 people injured in an accident, the most the insurance will pay is $300k divided up by the 10 people based on their injuries.
ie;
1; $3k; ER, no other treatment.
2; 10K; ER, 2 months of physical therapy.
3; no injuries; nothing
4; $50k broken leg, foot, surgery, lost wages, physical therapy.
5; 6; 7; minor injuries, pay $1k each
8; 2K; chiro treatment only
9; no injuries nothing
10; $100k; brain injury, spinal cord injuiy, never will walk again, will need further medical treatment for the rest of their life.
That is the scary part, since they can pay no more than $100k per person, but the medical bills will not even cover the $100k, so guess what, they will go after you for any asset you have.
ie; equity in a house, savings etc.
So even though the total is less than $300k, they pay based on injury and the amount of your insurance.
Now 100K property damage.
This can be just as scary. The most common accident is a rear end accident. When you rear end someone, it is always your fault regardless of the reason.
The most they will pay for PD (property damage) is $100k per accident.
say for instance, you rear end 1 person, who is then pushed into someone else, then somenone else. then is more common then you may realize.
The cost of autos is high. Say each of these vehicles are BMW's, mercedes, high end cadilacs etc. If the cost to repair or replace exceeds $100K, guess what, you will be responsible for the difference.
Just because you have a 2005 Jeep Liberty or a 1970 ford escort, never, and i repeat never lower you liability coverage, since if you have only the minimum and you have been found at fault for an accident, they will go after you;;;;;;;;;;;;to pay the difference. Insurance companies only the maximum on your policy that is owed.
The only time you might want to lower your coverage would be for your Jeeps collision and/or comprehensive coverage. This pays for the damage to "your" car only;;;;;;;As long as you have a loan on the jeep, you must have collision and/or comprehensive. If your Jeep is paid for, or take off if the value of your vehicle is less than your premium for those coverages only.
I used to have 100/300/100 on my auto, till i became a claim adjuster and saw so many times, that this maybe not enough. I then increased it to 250/500/250 just in case. the difference in premium was about $20 per year.
Also, make sure you have uninsured and underinsured coverage on your vehicle, since you would be amazed how many people dont have insurance, or not enough.
100/300 is maximum of $100k per person or up to $300K per accident.
ie; if there are 10 people injured in an accident, the most the insurance will pay is $300k divided up by the 10 people based on their injuries.
ie;
1; $3k; ER, no other treatment.
2; 10K; ER, 2 months of physical therapy.
3; no injuries; nothing
4; $50k broken leg, foot, surgery, lost wages, physical therapy.
5; 6; 7; minor injuries, pay $1k each
8; 2K; chiro treatment only
9; no injuries nothing
10; $100k; brain injury, spinal cord injuiy, never will walk again, will need further medical treatment for the rest of their life.
That is the scary part, since they can pay no more than $100k per person, but the medical bills will not even cover the $100k, so guess what, they will go after you for any asset you have.
ie; equity in a house, savings etc.
So even though the total is less than $300k, they pay based on injury and the amount of your insurance.
Now 100K property damage.
This can be just as scary. The most common accident is a rear end accident. When you rear end someone, it is always your fault regardless of the reason.
The most they will pay for PD (property damage) is $100k per accident.
say for instance, you rear end 1 person, who is then pushed into someone else, then somenone else. then is more common then you may realize.
The cost of autos is high. Say each of these vehicles are BMW's, mercedes, high end cadilacs etc. If the cost to repair or replace exceeds $100K, guess what, you will be responsible for the difference.
Just because you have a 2005 Jeep Liberty or a 1970 ford escort, never, and i repeat never lower you liability coverage, since if you have only the minimum and you have been found at fault for an accident, they will go after you;;;;;;;;;;;;to pay the difference. Insurance companies only the maximum on your policy that is owed.
The only time you might want to lower your coverage would be for your Jeeps collision and/or comprehensive coverage. This pays for the damage to "your" car only;;;;;;;As long as you have a loan on the jeep, you must have collision and/or comprehensive. If your Jeep is paid for, or take off if the value of your vehicle is less than your premium for those coverages only.
I used to have 100/300/100 on my auto, till i became a claim adjuster and saw so many times, that this maybe not enough. I then increased it to 250/500/250 just in case. the difference in premium was about $20 per year.
Also, make sure you have uninsured and underinsured coverage on your vehicle, since you would be amazed how many people dont have insurance, or not enough.
W
whitney F
Guest
No way! That is really good coverage to have, especially if you are in a bad accident - medical payments are very expensive! If you carry the lower limits lets say 50/100/50 and you crash into somebody and cause $75,000 in injuries to one person you will be responsible for paying the other $25,000 to them. They can garnish your wages to get that money too.
W
whitney F
Guest
No way! That is really good coverage to have, especially if you are in a bad accident - medical payments are very expensive! If you carry the lower limits lets say 50/100/50 and you crash into somebody and cause $75,000 in injuries to one person you will be responsible for paying the other $25,000 to them. They can garnish your wages to get that money too.