If you look into car insurance liability coverage, and specifically the declarations page, you will often see numbers like 100/300. These numbers tell you just how much liability coverage a person or company has that could apply in an accident. We routinely see these types of numbers in Ohio car accident cases.
What do these Insurance Numbers Really Mean?
The first number represents the max payment amount per person in an accident. The second number indicates the maximum payment amount per occurrence, or accident.
So, in the example above, if there are four people injured in an accident, the most any person could receive from the carrier would be $100,000.00. However, the most the carrier would pay out on all claims combined could not exceed $300,000.00. If damages in the case exceed the liability coverage amounts, there are two typical solutions. The first, and easiest, is to tap into underinsured motorist coverage. The second, and more difficult, is to pursue the liable party personally for the excess.
It is highly recommended that individuals consult with their insurance agent to discuss if and how much underinsured/uninsured motorist coverage he or she is carrying.
What does Your Insurance Company Suggest?
Some insurance companies offer single limit liability coverage. This means that the carrier would not be on the hook for more than the limits of the policy, but there is no per person limitation.
McKenzie & Snyder LLP represents injured persons in the Greater Cincinnati and Dayton areas.
Written by Andrew Tobergte