30/60/10 Do You Know What These Numbers Mean?

What do those numbers mean?  

They are liability insurance numbers.  

MN Auto Insurance Requirements Are 30/60/10

  1. The first number 30 or $30,000 is the bodily injury liability maximum coverage for one individual who’s injured in an auto accident.
  2. The second number 60 or $60,000 is the maximum amount of bodily injury liability coverage per accident.
  3. The third number 10 or $10,000 represents the maximum amount of property damage liability, and it’s per vehicle.

Did you know what they mean?

One of the most common mistakes made when purchasing insurance is choosing the lowest liability limits.

Here’s why…

Average day in MN 2015

  • 205 crashes
  • 1 Death and 82 Injuries
  • Average daily cost in MN $4,858,135
  • Per accident average cost $23,698

22% of the time driver distraction is contributing factor in teen driving crashes

 

Car Insurance

 

 

 

 

 

 

 

Auto Insurance

Cost of Motor Vehicle Crashes in 2015

  • 411 Deaths @$1,512,000/Death
  • 1,127 Severe Injuries @ $88,500/Crash
  • 7,251 Moderate Injuries @ $25,600/Crash
  • 21,603 Minor Injuries @ $21,000/Crash
  • 98,276 PDO Crashes @ $4,200/Crash

Driving your vehicle represents the largest possible source of a lawsuit and it’s always best to consider these things before an accident.

So, are your limits high enough?

People falsely assume having the state minimum liability limits of 30/60/10 is the least expensive or is all they can afford….Believe it or not many times it’s less expensive to carry higher limits – not only because of the obvious of having enough coverage if you are in an accident but, having higher limits can give you better rates by being placed in a better rating tier. It could cost less to have better insurance!

How much should you have?

You will want to consider your current earnings, your future earnings,  your wealth.

Your limits should be the same level. Your liability limits should be the same for each insurance policy.  If you are insuring a million dollar net worth and have 30/60/10 for your autos or a boat trying to predict where a loss is likely to occur is foolish. However, people make this mistake all the time.

The thing is having higher auto and home insurance liability limits not only protests you it could lead to better rates too!  One of the rating factors underwriters use for quoting is your current liability limits. Carrying the higher limits will generally get you better quotes.

If responsible for an accident, you may have to pay for…

  • Car Damage
  • Loss of Use
  • Towing
  • Car Rental
  • Damage to Personal Property
  • Damage to Business Property
  • Environmental Cleanup

  • Modification to a Home
  • Pain & Suffering
  • Towing
  • Loss of Essentials Services
  • Attorney Fees
  • Loss of Wages
  • Medical Bills

Call your agents and have them run some quotes for you with having higher prior limits and without.  Find out how much you need and what the cost is to protect yourself.  Higher liability limits are one of the few bargains available in insurance.  You’ll be surprised how affordable it can be to raise your limits. Plus, rest easier knowing your covered well.