Understanding Liability Coverage Numbers
If you examine your car insurance liability coverage, particularly the declarations page, you'll often encounter numbers such as 100/300. These figures indicate the extent of liability coverage an individual or company possesses that could be applied in a car accident.
We frequently observe these types of numbers in Ohio car accident cases.
Deciphering Car Insurance Figures
The first number in the sequence represents the maximum payment amount allocated per person involved in an accident. The second number signifies the maximum total payment amount per occurrence, or per car accident.
Applying Liability Coverage Limits
Using the example of 100/300, if four individuals are injured in an accident, the highest amount any single person could receive from the insurance carrier would be $100,000.00. However, the total payout from the carrier for all combined claims could not exceed $300,000.00.
If the damages in a case surpass the available liability coverage amounts, there are typically two solutions:
- The first, and most straightforward, is to utilize underinsured motorist coverage.
- The second, and more challenging, is to pursue the at-fault party personally for the excess amount.
It is highly recommended that individuals consult with their insurance agent to discuss if and how much underinsured or uninsured motorist coverage he or she is carrying.
Single Limit Liability Coverage
Some insurance companies provide single limit liability coverage. This means the carrier's responsibility would not exceed the policy limits, but there is no per-person limitation within that total.
