Auto insurance companies design their insurance policies like the more a car driver willing to pay, the more coverage the driver will get. But does the driver really need these coverage, What if the driver needs less coverage but is paying for unnecessary extra coverage. The auto insurance companies use two ways to express their coverage; single limit liability and combined single limit liability. Single limit liability is the new approach for car insurance liability coverage.
Under single limit liability, the insurance company will pay any flat amount of the coverage limit. If a driver buys an insurance policy for his car and single limit liability coverage for $300,000, the driver will get paid for any single accident including bodily injured and property damage. Also parties involved with the accident have to share in the limit of $300,000. Combined single limit or split limit liability divides the liability limit up to over three parts; one amount for bodily injury per person, one amount for bodily injured person for the accidents and one amount of the property damage. If a driver have $300,000 for entire policy and shows combined single split liability, the liability caps will be $100,000/$300,000/$100,000 where $100,000 for bodily injured per person, $300,000 for bodily injured in entire accident and $100,000 for property damage. Which liability will pay you more? First calculate the claims in both ways and see which liability gives higher advantage to you.
You shouldn't accept lower limits of liability because it has less coverage. If you find the cheapest car insurance in another auto insurance company and want to move to this company, apply at least one month before your current insurance policy runs out and start your new insurance policy from the day your existing policy runs out. In the mean time your agent will have time to check on your records and make a proper decision about cheaper car insurance unless if your agent find any conflict, your prices will go up. If your agent satisfies, you may get the cheapest auto insurance. If you want to find the cheapest car insurance, you should be aware of the insurance deductible because the higher the deductibles, the lower the chance that the insurance company has to pay you up.
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