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Auto>General Auto

What do the limits of insurance mean?

Anonymous

∙ 20y ago

Updated: 9/11/2023

The limit is the maximum amount of $$ the company will pay for each component arising out of a claim.

Wiki User

∙ 20y ago

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Related Questions

What does basic coverage mean in auto insurance?

That usually means you have the state required liability limits and nothing more.

What do building limits mean in insurance?

This is a term used with respect to property insurance, such as homeowners policies. It refers to the maximum amount that the insurer will pay for the repair or rebuilding of the structure. The corollary is "contents limits" which refers to the maximum that the insurer will pay for the contents of the house or other structure. Sometimes, the contents limits have sub-limits such that only a stated amount will be paid for a stated category of items, such as electronics.

What are Globe Life insurance coverage limits?

Globe Life's insurance coverage limits depends on the type of policy you hold. Some life insurance, depending on the policy and person can cover upwards of $5 million!

Is Life Insurance Company of the Southwest FDIC insured?

FDIC only insures bank deposits. Insurance company obligations are insured to certain limits by state insurance guarantee boards. If you contact your state insurance department, they can provide you with the limits of that state's coverage.

What is inheritance tax limits?

Inheritance tax limits are basically limits of tax that the company has to pay from the inheritance of the dead. This would then regulate the inheritance rate from the life insurance.

How much auto insurance liability is necessary?

The limits vary by state. Where are you?

How do you find out for sure whether the other driver had insurance and what their limits are?

Ask them

Is there a statute of limitations to file a claim for auto theft in Arizona?

There is no law or statute of limitations for filing insurance claims. The limits are set by the insurance policy, so read yours and see what the time limits are.

If my son wrecked his car into his dads house and there is over 25000 damage would their home owners insurance sue me for the amount required over the 15000 in liability limits my auto insurance cover?

Assuming you and our sons' father do not live together, the homeowners insurance will probably try to subrogate their losses by going after you or your auto insurance. What you have to look at is your property damage coverage. In the state of California the minimum liability limits are 15/30/5. The 5 stands for $5000, which is the most, your auto insurance will cover. Your limits may be different. Assuming you and our sons' father do not live together, the homeowners insurance will probably try to subrogate their losses by going after you or your auto insurance. What you have to look at is your property damage coverage. In the state of California the minimum liability limits are 15/30/5. The 5 stands for $5000, which is the most, your auto insurance will cover. Your limits may be different.

Can a contractor force their subcontractor to raise their car insurance premium?

I think you mean can a general contracto force their subcontractor to raise their car insurance coverage limits. Some people choose to buy insurance with very low limits which do not provide a lot of protection. If you work for someone like a general contractor they can require you have a certain level of insurance. The reason they might do this is because they may have insurance that starts at a certain dollar limit. For example You buy insurance which covers damage cause if you car hits someone up to $25,000. The contractor may have insurance that starts at $50,000. This means that you would need insurance that covers up to $50,000 and the the contractors insurance would start paying after $50,000. Premium is the money you pay to purchase a policy. If you increase your coverage limits from say $25,000 to $50,000 it will of course increase your premium cost.

What is the time limits for filing insurance claims to a commercial carrier?

There is no time limit

Does insurance cover car damages while driving out of state?

Yes. Your insurance adjusts to the higher or your liability limits or the minimum limits for the state that you drive into. Be aware that all U.S. insurance will cover you in Canada as well but not in Mexico. When you cross the border into Mexico your insurance does not. If you move to another state you are required to notify your insurance company and if you don't it could be a cause for denying your coverage.

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