50/100/50 insurance is an insurance coverage that can protect you in case you are involved in an accident. It is a type of liability insurance that has two parts. The first part is the property damage coverage. This will help you if you are hit by an object or an animal while on your property. If there is an injury caused to you by such thing, then the property damage insurance will help you in paying the medical expenses and other damages that have resulted from the accident. The other part of the coverage is the bodily injury coverage which will help you in paying the medical expenses and other injuries to people that have been injured on your premises.
So if the property damage coverage of the policy covers the whole cost, then it would pay for the medical expenses and the legal expenses incurred, as well as the other damages. But as the result of an accident, you might have suffered some physical injuries. And in this case, the bodily injury liability part of the coverage would also come into action. Under such situation, the insurance company would pay for the medical expenses, for the pain and suffering of the patient and other related expenses. In the worst scenario, the policy would also cover the lost wages of the employee and the cost of the rental accommodations of the people who have suffered the injuries.
So under the bodily injury part of the coverage, you can expect the insurance company to pay for the funeral expenses, for the lost wages of the workers and the costs of the other family members who are working for the construction company. As for the property damage part of the coverage, if the cost of the damages equals the amount of the premiums that you paid for the policy, then you can claim full reimbursement from the company. With regards to the legal expenses, you can get up to fifty thousand dollars in the case of a lawsuit.
As far as the liability is concerned, the general rule is that the property damage liability should not exceed the total amount of the liability insurances of fifty thousand dollars. You can find details about the minimum coverage on the company’s website their is cheap liability insurance also but doesn’t cover as much. However, it is advisable to check whether you have reached the limit before investing your money in such a policy. If you feel that you have reached the limit and that you still need to get additional protection, then you can go for the two additional types of coverage. The first one is known as the uninsured motorist protection and the second is the underinsured or uninsured motorist protection.
50/100/50 insurance Benefits
These two coverage types will help you if you have been hit by an uninsured driver or an over-insured driver. For the uninsured motorist protection, the minimum coverage will suffice. Under the collision coverage, the insurance company will pay for the damages that you suffer due to collisions with other vehicles. The main thing here is that the damages should be less than the minimum coverage provided.
If you have reached the limit of your bare minimum insurance coverage, then the next step would be the comprehensive coverage. This type of coverage will cover the complete damages of the vehicle. There are times when this coverage is required even when you have reached the limits of bare minimum coverage. So, it is advisable to check this coverage before investing your money in a policy. However, you will still be covered for the damages resulting from any kind of theft or vandalism, which occurred before the accident occurred.