What Does 100/300 Mean on an Insurance Policy? (2024)

FAQs

What Does 100/300 Mean on an Insurance Policy? ›

A car insurance policy with 100/300/100 means it covers up to $100,000 per person and $300,000 per accident for bodily injury liability and up to $100,000 per accident for property damage liability.

What Is 100/300 Insurance Coverage? According to MoneyGeek, a 100/300 auto insurance policy will cover $100,000 of bodily injury treatment costs for each injured person in an accident and $300,000 of bodily injury liability costs per accident.

100/300/100 coverage is a high level of protection, and it's typically more than what's required by state law. In most states, the minimum amount of auto liability insurance you must have is 25/50/25.

The third number is the property damage liability. A 100/300/50 insurance policy means your insurer will pay out a maximum of $50,000 to cover damage to another driver's vehicle or property.

Specifically, it means: - $100,000 of coverage for bodily injury per person involved in an accident. - $300,000 of coverage for bodily injury per accident, regardless of the number of people involved. - $50,000 of coverage for property damage per accident.

A car insurance policy with 100/300/100 means it covers up to $100,000 per person and $300,000 per accident for bodily injury liability and up to $100,000 per accident for property damage liability.

To determine how much coverage you need, take an inventory of your belongings, especially items with higher value like jewelry, electronics and collectibles. Once you understand what you have and its value, you can decide if the predetermined limits on your policy offer adequate coverage.

Ultimately, if the court ruling surpasses your policy limits, your insurance company becomes responsible for the full judgment, even the excess amount.

Which of the following explanations of a 100/300/100 auto liability policy is correct? The first 100 indicates a $100,000 per person limit for bodily injury (BI). The 300 indicates a $300,000 limit for bodily injury per accident, and the second 100 indicates a $100,000 limit in property damage (PD) coverage.

In insurance policies, it is typically written in this number format – 100/300/50. The first number, or 100, represents the maximum amount ($100,000) your insurance would pay for bodily injuries per person, per accident.

What are the 100 300 amounts for bodily injury liability insurance refer to the costs of insurance coverage? ›

The 100 allows that the policy will cover up to $100,000 of bodily injury per single person injured in an accident and the 300 means the policy will cover up to $300,000 total for bodily injuries per accident.

$50,000 in bodily injury liability coverage per person. 100/ $100,000 in bodily injury coverage per incident. 50. $50,000 in property damage liability per incident.

The Liability Insurance Formula

The first number refers to the policy's maximum bodily injury coverage per person, which in this case is 50, meaning $50,000. The 100 means the policy covers a maximum of $100,000 for bodily injury coverage per accident.

For example, if your net worth is $90,000, then a good car insurance policy for you might be structured as $50,000/$100,000/$50,000, giving you $100,000 in total bodily injury coverage per accident.

An example of employer contribution is a company paying 80% of the premium, with employees covering the remaining 20%. In a 100% coverage scenario, the employer bears the entire premium cost.

Insurance excess is the amount you have to pay towards the overall cost of an insurance claim. It's usually a pre-agreed amount. Your insurer will then contribute the rest – up to the limit of the cover. You'll see insurance excess on insurance products like travel, motor, home and health.