Block Insurance Blog

What You Need to Know About Insurance Liability Limits [Video]

Posted by Block Insurance on April 30, 2019

Ohio is one of the least expensive states to insure your vehicle - ranking 38th for average expenditures in a study by the Insurance Information Institute.

But that doesn’t mean you should settle for lower limits and less coverage. Hear from Dan Zwiebel, insurance advisor at Block Insurance, on why you should consider higher liability limits on your auto insurance policy.

What Are Liability Limits?

In the most basic terms, liability limits pay sums for which you are liable because of injury or damage you cause in an accident. There are typically two types of liability limits on a standard auto policy: Bodily injury and property damage.

The higher the limit, the more protection you have, says Zwiebel.

“At Block Insurance, we have a certain minimum liability limit we like to see,” he said. “In Ohio, the state minimum policy is way too low. We like to start with higher limits, depending on the assets you need to protect. More coverage is always better.”

Liability limits outline the amount an insurance company will pay on your behalf. If it’s $500,000, for example, the insurance company will pay any amount up to that - but no more.

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What Should I Know About Liability Limits?

Get your frequently asked questions answered in this video:

How Much Do Higher Liability Limits Cost?

Your personal situation and the assets you need to protect determine how much higher limits will cost. With a clean record, you could pay less than $50 each year for a few cars and a home.

These limits come in two types:

  • A combined single limit, which covers both bodily injury and property damage with one amount
  • A split limit, which covers bodily injury and property damage separately for each accident

“Liability is the most important item in the auto policy. Everybody wants to cover comprehensive and collision, but more important is liability - a lawsuit,” said Zwiebel.

Zwiebel also advised thinking about liability limits with a long-thinking approach: “With one bad accident, you could lose everything you’ve worked for your entire life.”

Who Can I Talk to About Higher Liability Limits?

Every person’s situation is different. That’s why it’s important to talk to an insurance professional who understands your needs and can guide you to a solution that balances budget and protection.

At Block Insurance, we’ve been serving the Waynesfield and Wapakoneta, Ohio, communities since 1945. Contact us today to get a quote for an insurance policy that’s right for you.

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Category: Auto Insurance

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