Question
What does the liability model 100/300/50 mean for auto insurance?
Answers
GPT-4o mini
The liability model 100/300/50 refers to the limits of liability coverage offered by an auto insurance policy. Specifically, these numbers indicate the maximum amounts the insurance company will pay for different types of claims in the event of an accident. Here's what each number means:
1. **100**: This is the maximum amount the insurance will pay for bodily injury liability per person injured in an accident. In this case, the limit is $100,000.
2. **300**: This is the maximum amount the insurance will pay for total bodily injury liability per accident, regardless of the number of people injured. Here, the limit is $300,000, meaning that if multiple people are injured in one accident, the total payout cannot exceed this amount.
3. **50**: This is the maximum amount the insurance will pay for property damage liability per accident. In this case, the limit is $50,000, which covers the damage to other people's property resulting from an accident you are responsible for.
In summary, under a 100/300/50 policy, the coverage includes:
- Up to $100,000 for bodily injury to one person,
- Up to $300,000 for total bodily injury in a single accident, and
- Up to $50,000 for property damage in a single accident.
These limits are important because they determine the maximum financial protection you have against claims made by other parties if you are found to be at fault in an accident.
1. **100**: This is the maximum amount the insurance will pay for bodily injury liability per person injured in an accident. In this case, the limit is $100,000.
2. **300**: This is the maximum amount the insurance will pay for total bodily injury liability per accident, regardless of the number of people injured. Here, the limit is $300,000, meaning that if multiple people are injured in one accident, the total payout cannot exceed this amount.
3. **50**: This is the maximum amount the insurance will pay for property damage liability per accident. In this case, the limit is $50,000, which covers the damage to other people's property resulting from an accident you are responsible for.
In summary, under a 100/300/50 policy, the coverage includes:
- Up to $100,000 for bodily injury to one person,
- Up to $300,000 for total bodily injury in a single accident, and
- Up to $50,000 for property damage in a single accident.
These limits are important because they determine the maximum financial protection you have against claims made by other parties if you are found to be at fault in an accident.