When people talk about “full coverage” for car insurance in Connecticut, they’re often referring to a combination of coverages that help protect a vehicle. But, there’s really no such thing as “full coverage” for your car.
Many new clients that own a home and use the term “full coverage,” we find simply means that they carry comprehensive and collision with Auto Liablity Limits of 50/100/50 as the common limit, which here in Connecticut is higher than the state minimum limits of $25,000 per person and $50,000 per accident Bodily Injury. In FL by comparison it is only $10,000 / $20,000.
Your auto policy limits are unique to the policy you have and more importantly should be set at what you need. There are “Split Limit” and “Combined Single Limit” (CSL) options. Not all carriers provide the broader CSL option. “Per Person / Per Accident” is how the policy responds for Bodily Injury to another party. Property Damage is separate. The CSL allows the full limit to be used towards Bodily Injury and Property Damage loss.
Another benefit of maintaining increased limits on your own auto policy is that your Underinsured and Uninsured Motorist protection is higher which comes into play when more consumers are not carrying insurance or who have opted for State Minimums. Underinsured/Uninsured Motorist protection also follows you in another vehicle as a passenger and also as pedestrian or cyclist.
Remember the goal of any policy is to make a claim go away. If you have assets & attachable future earnings pay attention to the attorneys share in a claim settlement. 1/3rd of $100,000 is paid out in legal fees of $33,000, netting the person suing you “only” $66,000 from the insurance policy limits. You should be looking to protect yourself with coverage at $250,000 / $500,000 for liability limits or higher for asset protection.
Also, remember that a Personal Umbrella policy that provides additional level of protection and peace of mind for your asset protection. Liability is a required coverage in nearly every state, while comprehensive and collision (physical damage coverages) are optional, and often where “full coverage” is confused with “proper coverage.”
FAMILY OWNED AND OPERATED SINCE 1969 THE KEATING AGENCY IS YOUR TRUSTED CONNECTICUT INSURANCE AGENCY Whether it’s personal or commercial insurance, we’ve got you covered. Give our office a call today 860-521-1420