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What do policy limits of 200/300/100 on an auto insurance policy mean? What policy does Florida's financial responsibility law require? What are 4 ways I can reduce my automobile insurance premiums?


A

Insurance policy limits written as 200/300/100 typically are for bodily injury and property damage liability. This means the limits for bodily injury would be $200,000 per person for injuries you caused to the other party, with a top limit of $300,000 for all injuries sustained in that once incident. The final 100 stands for a $100,000 limit for coverage of property damage that you caused to another party in one accident.

The Florida Financial Responsibility Law requires that any person at fault in a crash resulting in bodily injury and property damage to others must have in effect of the crash full liability insurance coverage. This coverage needs to include minimum limits of 10/20/10 and personal injury protection (PIP) limits of $10,000 per person per crash. Even though 10/20 BI is not required in Florida.

There are many ways in which to reduce your insurance costs. One way is to comparison shop for the best rates available. A second way is to request higher deductibles on your collision and comprehensive coverage. A third is to keep your driving record clean of tickets and accident free. Finally, you can reduce your insurance rates by asking for discounts for things such as have multiple cars on a policy, taking a defensive driving course or having anti-theft devices installed.


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