The requirement for pet insurance can be easily justified, and after a few regular visits to the vet, it is not difficult to understand why.
You might have wondered why people have health insurance and most pets don’t, when the medical costs seem practically the same! And yet, navigating through the underbrush of fine print i... Read more
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I often find that confusion lingers over the application and definition of two different types of Liability Limits, even among insurance salesmen with a great deal of experience. I often see agents advising buyers to avoid of Split Limits, as if there is something to fear after the deal is made.
In actuality, this fear scheme is unfounded. Either Split Limits or CSL Limits may or may not be the top choice, because it does not matter as much how they are exercised in a covered loss, but rather the overall dollar amount of the limit purchased. For lesson purposes, CSL or Combined Single Limits of either $50,000 or $100,000 apply to either Property Damage Liability or Bodily Injury Liability. In other words, the maximum covered amount an insurance company will pay for damages that are your fault is either $50,000 or $100,000 and it makes no difference whether it's a BI or PD loss. Liability losses you are covered for can be comprised of just bodily injury, just property damage, or a combination of the two. However, your maximum coverage limit depends on the amount of coverage you decided to purchase to begin with. Split Limits such as $100,000 bodily injury per person/$300,000 bodily injury per accident/$100,000 property damage means that the insurance company is obligated to pay up to $300,000 in bodily injury claims depending on how many persons are injured & the extent of their injuries AND up to $100,000 in property damage. For example: Let's suppose you have a choice between a $50,000 combined single limits or a policy that has split limits of $50,000 BI coverage per person, $50,000 BI coverage per accident, and $50,000 coverage in property damage. Suggestion: We recommend a minimum limit of $50,000 Property Damage by itself in case you knock heads with someone else's brand new SUV. My Preference is B because I would have $50K BI AND $50K PD, or a maximum of $100,000 protecting against loss versus $50k to protect against all potential Bodily injury or Property Damage loss in example A. If you are unsure or confused about any of this, be sure to contact your personal legal advisor or financial professional. The information and example I have provided above is simply meant to be used for common education purposes only.
There is a HUGE difference regarding Mexican Auto Insurance policies and the kinds of electronic policies found across the World Wide Web.
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