Auto Policy Cheat Sheet
Liability Limits - 250K/500K In this case 250K refers to the liability limit per person, and 500K refers to the policy limits per accident. This pays the “other guy” if you get in an accident and you are at fault. It can pay for his medical, loss of work, etc.
Property Damage - 100k after the Liability limits comes the property damage limit. This is the limit for damage to the “other guy’s” vehicle, it is a per accident limit. If 3 vehicles are in the same accident your property damage limit in this case would be 100k total.
Uninsured / Under-Insured Motorist - 250k/500k these limits are typically always the same as your liability limits, they kick in when someone who doesn’t have enough or any insurance causes an accident with you.
** 1 in 7 Minnesota drivers does not have auto insurance **
Personal Injury Protection (PIP) - 20k is the standard limit for PIP in Minnesota, you are allowed to stack. Stacking means combining your PIP on each car so if you insure 2 cars you would have 40k in personal Injury protection. Insurance that reimburses you for medical expenses that you or your passengers incur when in an accident, even if it is your fault.
Comprehensive - This coverage is for covered events like Hail, Falling Objects, Fire and Theft. Sometimes known as “Other than Collision”.
Collision - Coverage that pays for a repair to your vehicle if it is damaged in an accident with another vehicle or object.
Roadside Assistance / Towing - Normally covers specific roadside events, like changing a flat tire, fluid delivery, or towing to the nearest mechanic.
Loss of Use - Pays for a rental vehicle in the event of a covered loss.
Gap Insurance - Gap will cover you in the event that you owe more on your vehicle than it is worth. Gap insurance comes into play when there is a total loss.
** All coverage is specific to your policy, and each carrier has different coverage’s, see your policy for your protection**