what does the liability model of 100/300/50 mean for auto insurance?
The liability model of 100/300/50 refers to the amount of coverage provided by an auto insurance policy for bodily injury and property damage.
- The first number (100) represents the maximum amount in thousands of dollars that the insurance company will pay for bodily injury per person injured in an accident.
- The second number (300) represents the maximum amount in thousands of dollars that the insurance company will pay total for bodily injury for all persons injured in an accident.
- The third number (50) represents the maximum amount in thousands of dollars that the insurance company will pay for property damage in an accident.
In summary, with a 100/300/50 liability model, the insurance company will pay up to $100,000 for bodily injury per person, up to $300,000 total for bodily injury for all persons injured, and up to $50,000 for property damage in the event of an accident. It is important to note that these amounts may vary depending on the coverage selected by the policyholder.