Each vehicle should have the exact same limit of LIABILITY coverage. Comprehensive and Collision Coverage's can vary as much as you wish. Coverage can be purchased as split or combined single limit for the Liability Section of a Policy.
If the limit is split it usually follows one of these formats;
15/30/5, 15/30/10, 25/50/25, 50/100/25, 50/100/50, 100/300/25, 100/300/50, 250/500/100.
Each of these numbers are units of a thousand dollars, so the first one reads $15,000 / $30,000 / $5,000. Limits are usually abbreviated like this by insurance brokers.
The first of the three numbers means how much the insurance company might pay out to ONE PERSON.
The second number indicates the TOTAL BODILY INJURY FOR ALL PEOPLE IN THE ACCIDENT.
The third number indicates the amount of PROPERTY DAMAGE the company might pay in an accident. Property is anything other than people. Several examples are vehicles owned by others, livestock, tools, clothing, etc. |
