Most people are safe drivers, but even safe drivers can have a medical event while driving and be determined negligent and therefore responsible for the accident.
The property most often damaged by a vehicle is another vehicle. If your policy provides $100,000 of Property Damage Liability coverage and you total a $170,000 Land Rover, a $234,000 Bentley, several $30,000 vehicles in one accident, a moving van filled with priceless art or just someone’s household contents a house or building, your insurance company will pay out $100,000 coverage limit. The insurance company covering the other person’s vehicle, art collection or building will take the $100,000 from your insurance company and expect you to pay the balance due – how would you pay the $134,000 due after your insurance company pays $100,000 for that totaled Bentley?
The cost to increase auto Property Damage Liability is minimal compared to the benefit provided, we recommend increasing your limit to the highest limit available.
The other option is combing Bodily Injury and Property Damage Liability in a Combined Single Limit (CSL) of say $1,000,000 that way there’s a total of $1,000,000 available in the event of an accident with no Sub-limit for how much of the $1,000,000 is available for injuries or property damage.
Don’t risk a lot to save a little; increase your automobile Property Damage Liability coverage. Contact us with questions!