How do Policy Limits on Auto Insurance Work?
Insurance Policy
When we handle personal injury cases we have the opportunity to review insurance policies for our clients. Sometimes our clients wonder if they have the right coverage. To better understand if you have the coverage you need, it is important to understand policy limits.
What is a Policy Limit?
A policy limit is what your insurance company will sell to you. For example, in the State of Maryland, the minimum amount is 30,000 dollars per person and 60,000 dollars per accident. That means if you have this policy limit, the insurance company will only pay 30,000 per person and will not pay more then 60,000 dollars no matter how many people were injured during the accident.
What should my policy cover?
We recommend speaking with your insurance agency to make sure you have a policy limit that will protect you. You should have your policy limits set so that your insurance will protect the assets you have in your home. You do not want to become personally liable if you are ever the cause of an accident.
For example, Mark personally has a $250,000 policy with a million dollar umbrella. This will vary depending on your personal circumstances. We recommend discussing these details with your insurance agent to determine what policy limits are appropriate for you.
At Davis, Upton & Palumbo LLC, our attorneys and staff will handle all communication with the insurance company. We will negotiate your best settlement with the insurance companies and will vigorously litigate those claims, which cannot be reasonably settled. If you want to learn more about or Personal Injury services click here or contact us today!
These videos are for general information only and are not intended to address your specific legal situation or offer legal advice. Viewing these videos does not create an attorney/client relationship.
