09/08/2022
We always want to make sure our clients are covered for their individual and special situations but generally we recommend liability coverage on auto policies to be 100/300/100 or more. The following paragraph was found on moneygeek.com and explains what that means very well. Call us if you want us to review your policy or household, to get a quote or any other insurance need 913-586-0020.
FROM MONEYGEEK.com
"What Coverage Amount Is Best and What Does 100/300/100 Mean?
It’s a good recommendation if you have coverage levels of 100/300/100, but what does that mean, exactly?
100 — The first number in your liability coverage is the maximum amount your insurance company will pay for bodily injury claims for an individual person. In this instance, the 100 represents $100,000 in coverage.
300 — The second number in your liability coverage is the maximum amount your insurance company will pay for bodily injury claims for a total accident. This does not supersede your per person maximum, however. So if you hit someone and they need $126,000 in medical care, you will be responsible for the extra $26,000 above your $100,000 per person limit, even though you have a per accident maximum of $300,000.
100 — The third number in your liability coverage is the maximum amount your insurance company will pay for property damage claims in an at-fault accident. In this instance, the 100 represents $100,000 in coverage.
If you can’t afford a minimum of 100/300/100 in liability coverage, you might still want to choose the highest amount of coverage you can afford. If 50/100/50 is the highest you can go, you might want to choose that instead of defaulting to the state minimums. Conversely, if you can afford more than 100/300/100 and your insurance company offers it, you could take the higher levels of coverage. There are some expensive cars on the road, and the average personal injury settlement in a car accident is $52,900. Having higher levels of insurance is an important part of protecting yourself financially."