Split Limit on Auto Insurance
Most of us carry a split limit on our auto insurance and each state carries a minimum liability we must all adhere too.
For example, the state of Texas currently has a minimum of 20/40/15. Lets discuss this split limit in detail for the fact that most auto insurance holders do not truly understand the meaning.
The split limit of 20/40/15 in Texas means the following:
a) $20,000 is the most any one person will be paid for bodily injury in one accident
b) $40,000 is the most bodily injury liability paid as a result for any one accident, regardless of the number of bodily injury claims
c) $15,000 is the most property damage liability claims that will be paid out for any one accident
How much do new automobiles go by now days? Is it less than $15,000?
The answer to that question will often be no. Most of us will only take the minimum liability the state requires so we can get the cheapest premium there is. But in reality, you may end up paying a lot more in the future.
Example:
You are involved in an accident and you are at fault. The automobile you hit cannot be repaired and total damages are worth $30,000. You only carry the minimum liability of 20/40/15. At this point, your insurance will only pay the maximum amount that you selected of $15,000. The party of the other automobile that you hit can come after you personally and attempt to collect the other $15,000.
From this example, are you really saving money by selecting the state minimum?
Call you local insurance rep and ask how much more it will cost to increase only the property damage portion. It may not be as expensive as one thinks.
If you reside in the state of Texas and wish to get more information on your auto, home, or life insurance, please send an email to: Audelio.Cedillo@LibertyMutual.com Or give me a call at 281-392-4333 x59128
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