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How does split coverage work?
Split Limit Liability coverage divides the coverage limits up over 3 areas–one amount for bodily injury per person, one amount for bodily injury for the accident and one limit for property damage for the incident.
What is split limit coverage?
Split-limit car insurance is defined as a policy that divides liability coverage into three separate limits for bodily injury per person, bodily injury per accident, and property damage per accident. Insurance companies often write these limits as three separate numbers.
What is split coverage?
A split limit liability policy is a car insurance policy that breaks your liability coverage down into three parts: your bodily injury liability limit per person, your bodily injury liability limit per accident, and your property damage liability coverage per accident.
What is the difference between single limit and split limit coverage?
Combined single limit coverage is the maximum dollar amount an insurer will pay for all claims resulting from one occurrence. On the other hand, split limit provides separate maximum dollar amounts an insurer will pay for bodily injury and property damage.
What does combined limit mean?
Key Takeaways. Combined single limits are a provision of an insurance policy that limits the coverage for all components of a claim to a single dollar amount. A combined single limit policy has a maximum dollar amount that covers any combination of injuries or property damage in an incident.
What is a split limit liability policy?
Split Limit Liability coverage divides the coverage limits up over 3 areas–one amount for bodily injury per person, one amount for bodily injury for the accident and one limit for property damage for the incident.
What is meant by limit of coverage?
A limit is the highest amount your insurer will pay for a claim that your insurance policy covers. Think of it this way: It's like filling up a fishbowl. If you file a covered claim, your insurance policy will pay up to a certain amount. You're responsible for any expenses that exceed the limit.
What are auto split limits?
Split Limits — Many auto insurance policies use the split limits approach, which combines the per person and the per occurrence approach. With split limits, three separate dollar amounts apply to each accident. The first limit is a per person limit: the maximum amount that will be paid to any one injured person.