Up to how much will my auto liability insurance cover?
Question:
Answer:
Your insurance will cover a max of 40,000 for medical costs but only 15K max for damages to their cars. You are underinsured. Consider raising your limts to 50/100/50.
20= $20,000 per person bodily injury
40= $40,000 per accident total bodily injury
15= $15,000 property damage
So each of the other people can receive up to $20,000 each for their injuries but the total the insurance company will pay out is $40,000 per accident. So if the other two people have $20,000 or less each in medical bills, etc. you are ok from that standpoint. If, however, one or both of them have more than $20,000 in medical related expenses from the accident the insurance will still cut off at $20,000 and you are responsible for the rest.
The damages to property of others is limited to $15,000 dollars TOTAL. Once their combined repair bills reach this amount your liability insurance will pay no more and you are liable for the rest.
Your own vehicle will only be covered if you have collision coverage. That is the only coverage on your policy that will cover damage to your vehicle when an accident is your fault.
If it is truly a minor accident you will probably be ok. But if the other vehicles are late model vehicles and the damage is more than just a dent or two you may be underinsured.
I hope this helps.
20K per person, per occurrence, 40K max for each loss. Now the bad news -- a trip to the ER will run over six thousand dollars if the driver wasn't hurt. Two nights in the hospital will cost over ten grand and theraphy, x-rays, MRI's and surgery will hit 35K at the blink of an eye. Why are your limits so LOW? You have 15K in property damage?? Hell, a new Kia Rio costs more than that!! Heaven forbid you should sideswipe a motorhome and wipe out 70K dollars. If you get lucky both other cars can be repaired but pray the bills don't exceed 15K. Guess who has to pay any excess when you exceed your insurance limits? YOU. Forget bankruptcy -- judges don't always exclude these costs and it will still mean you lose everything you own. Trust me dude, insurance may seem like it cost a lot but it is truly a bargain when disaster strikes. I have 200K/500K/100K and I'm still nervous.
JUST WHAT THE ABOVE ANSWERS SAID IS CORRECT BUT ANYTHING OVER WHAT YOU ARE COVERED FOR WILL BE YOUR RESPONSIBILITY.
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