Auto insurance combines several different types of coverage into one policy. New York State requires that you have certain coverages. So what type of coverage do you need? Although everyone's situation is different, the following chart might help you find the coverages you should consider.
Split Limit: Split limits restrict the maximum amount that a policy will pay for a specific type of loss, such as property damage and bodily injury. A split limit auto insurance policy, for example, might pay $25,000 per person and $50,000 per accident in bodily injury benefits, and $10,000 in property damage per accident. By contrast, a single limit policy might pay up to $60,000 for all property damage and bodily injury resulting from a single accident. Although the total amount of coverage is the same, the single limit policy is more flexible, because it does not cap the amount that can be paid for any type of loss.
Single Limit: A policy with a single limit of liability pays up to a single maximum amount for any type of liability loss. By contrast, a policy with split limits pays different maximum amounts for bodily injury and property damage.
NOTE: difference between split limits and single limits below.
Trying to figure out for yourself what coverages you may need can be very difficult. Choose one of our independent insurance agents near you today! They will sit down with you and figure out what coverages best fit your needs.
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