{"id":2279,"date":"2010-12-21T15:14:54","date_gmt":"2010-12-21T21:14:54","guid":{"rendered":"http:\/\/bgs.com\/?p=2279"},"modified":"2010-12-21T15:14:54","modified_gmt":"2010-12-21T21:14:54","slug":"car-insurance-what-do-the-numbers-mean-and-what-is-full-coverage-any-way","status":"publish","type":"post","link":"https:\/\/www.bgs.com\/blog\/2010\/12\/21\/car-insurance-what-do-the-numbers-mean-and-what-is-full-coverage-any-way\/","title":{"rendered":"Car Insurance: What Do The Numbers Mean and What is "Full Coverage" Any Way?"},"content":{"rendered":"

People often purchase car insurance early in life and seldom revisit their insurance coverage with their agents. People often ask me, \u201cHow much coverage do I have?\u201d or \u201cWhat do the numbers mean?\u201d
\nMany are confident they have adequate insurance because they purchased \u201cfull coverage,\u201d but what does that really mean?<\/p>\n

\n

\"Car<\/a><\/p>\n

\n

What do the Numbers Mean?<\/strong>
\nMinnesota law regulates car insurance policies issued in Minnesota and sets various minimum coverages and types of mandatory as well as permissive coverages. If you look at your insurance card or declarations page from your insurer, you may see numbers such as: $100,000\/$300,000\/$50,000, P20A, 100,000\/$300,000 UM\/UIM (or U\/W). So what do these numbers mean? Insurance coverages generally fall into three categories: liability; personal injury protection \u201cPIP\u201d or no fault; and uninsured\/under insured motorist coverage.
\nLiability<\/strong>
\nLiability coverage protects you from lawsuits<\/a> against you or an insured under your policy for car crashes for which you\/they are legally responsible. In the above example, the most the insurance company would pay on your behalf is $100,000 per person for bodily injuries they suffer; $300,000 total for everyone injured in any one collision and $50,000 in property damage (including cars, roadside light poles, etc.). (You can and should consider higher coverages).
\nPIP or No-Fault<\/strong>
\nThis is the coverage that exists to compensate you or other insureds (family members residing with you) under your policy for injuries you\/they suffer in a collision regardless of fault. P20A or a something similar code signifies the minimum amount of no-fault coverage. Each injured person would be entitled to be reimbursed for up to $20,000 of lost wages or other economic loss benefits including replacement services and obtain payment for up to $20,000 for medical expenses that you incur treating injuries suffered in the collision. There are also coverages available in the unfortunate case of death to an insured. Unfortunately, the statute only mandates $2,500 in funeral loss benefits, which is seldom adequate. Again, you should seriously consider buying higher levels of coverage and\/or stacking.
\n
\nUninsured\/Underinsured Motorist Coverages<\/strong>
\nThis is another mandatory coverage that exists to protect you or others insured under your policy from injuries you\/they suffer as the result of a driver who has no insurance or not enough insurance to fully compensate for the injuries. This is referred to as \u201cUM\u201d and \u201cUIM\u201d coverages respectively. In the above example, one injured person would be entitled to up to $100,000 in coverage for personal injuries suffered as a result of an uninsured\/underinsured motorist and $300,000 would be the total available to all people injured in insured vehicle during one collision. The UM\/UIM coverage on the car involved in the collision is the primary applicable insurance policy. There may be other insurance available under certain circumstances.
\nWhat is \u201cFull Coverage\u201d?<\/strong>
\nThis typically has little or nothing to do with coverage for any injuries caused by a collision. Rather it commonly refers to collision, glass, or repairs to fix your own car if it\u2019s involved in a collision. This would also include whatever insurance deductible that would apply to you getting your car fixed. Thus, having \u201cfull coverage\u201d really doesn\u2019t mean anything in terms of protecting you or your loved ones from any personal injuries that they may suffer. Please contact BGS<\/a>\u00a0if you have any questions about your auto insurance coverage or any of the above information.<\/p>\n","protected":false},"excerpt":{"rendered":"

People often purchase car insurance early in life and seldom revisit their insurance coverage with their agents. People often ask me, \u201cHow much coverage do I have?\u201d or \u201cWhat do the numbers mean?\u201d Many are confident they have adequate insurance because they purchased \u201cfull coverage,\u201d but what does that really mean? What do the Numbers Mean? Minnesota law regulates car insurance policies issued in Minnesota and sets various minimum coverages and types of mandatory as well as permissive coverages. If you look at your insurance card or declarations page from your insurer, you may see numbers such as: $100,000\/$300,000\/$50,000, P20A, 100,000\/$300,000 UM\/UIM (or U\/W). So what do these numbers mean? Insurance coverages generally fall into three categories: liability; personal injury protection \u201cPIP\u201d or no fault; and uninsured\/under insured motorist coverage. Liability Liability coverage protects you from lawsuits against you or an insured under your policy for car crashes for which you\/they are legally responsible. In the above example, the most the insurance company would pay on your behalf is $100,000 per person for bodily injuries they suffer; $300,000 total for everyone injured in any one collision and $50,000 in property damage (including cars, roadside light poles, etc.). (You can and should consider higher coverages). PIP or No-Fault This is the coverage that exists…<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"coauthors":[],"yoast_head":"\nCar Insurance: What Do The Numbers Mean and What is "Full Coverage" Any Way? - Barna, Guzy & Steffen, LTD.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bgs.com\/blog\/2010\/12\/21\/car-insurance-what-do-the-numbers-mean-and-what-is-full-coverage-any-way\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car Insurance: What Do The Numbers Mean and What is "Full Coverage" Any Way? - Barna, Guzy & Steffen, LTD.\" \/>\n<meta property=\"og:description\" content=\"People often purchase car insurance early in life and seldom revisit their insurance coverage with their agents. People often ask me, \u201cHow much coverage do I have?\u201d or \u201cWhat do the numbers mean?\u201d Many are confident they have adequate insurance because they purchased \u201cfull coverage,\u201d but what does that really mean? What do the Numbers Mean? Minnesota law regulates car insurance policies issued in Minnesota and sets various minimum coverages and types of mandatory as well as permissive coverages. If you look at your insurance card or declarations page from your insurer, you may see numbers such as: $100,000\/$300,000\/$50,000, P20A, 100,000\/$300,000 UM\/UIM (or U\/W). So what do these numbers mean? Insurance coverages generally fall into three categories: liability; personal injury protection \u201cPIP\u201d or no fault; and uninsured\/under insured motorist coverage. Liability Liability coverage protects you from lawsuits against you or an insured under your policy for car crashes for which you\/they are legally responsible. In the above example, the most the insurance company would pay on your behalf is $100,000 per person for bodily injuries they suffer; $300,000 total for everyone injured in any one collision and $50,000 in property damage (including cars, roadside light poles, etc.). (You can and should consider higher coverages). PIP or No-Fault This is the coverage that exists...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bgs.com\/blog\/2010\/12\/21\/car-insurance-what-do-the-numbers-mean-and-what-is-full-coverage-any-way\/\" \/>\n<meta property=\"og:site_name\" content=\"Barna, Guzy & Steffen, LTD.\" \/>\n<meta property=\"article:published_time\" content=\"2010-12-21T21:14:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bgs.com\/wp-content\/uploads\/Car-Accidents.png\" \/>\n<meta name=\"author\" content=\"John T. 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People often ask me, \u201cHow much coverage do I have?\u201d or \u201cWhat do the numbers mean?\u201d Many are confident they have adequate insurance because they purchased \u201cfull coverage,\u201d but what does that really mean? What do the Numbers Mean? Minnesota law regulates car insurance policies issued in Minnesota and sets various minimum coverages and types of mandatory as well as permissive coverages. If you look at your insurance card or declarations page from your insurer, you may see numbers such as: $100,000\/$300,000\/$50,000, P20A, 100,000\/$300,000 UM\/UIM (or U\/W). So what do these numbers mean? Insurance coverages generally fall into three categories: liability; personal injury protection \u201cPIP\u201d or no fault; and uninsured\/under insured motorist coverage. Liability Liability coverage protects you from lawsuits against you or an insured under your policy for car crashes for which you\/they are legally responsible. In the above example, the most the insurance company would pay on your behalf is $100,000 per person for bodily injuries they suffer; $300,000 total for everyone injured in any one collision and $50,000 in property damage (including cars, roadside light poles, etc.). (You can and should consider higher coverages). PIP or No-Fault This is the coverage that exists...","og_url":"https:\/\/www.bgs.com\/blog\/2010\/12\/21\/car-insurance-what-do-the-numbers-mean-and-what-is-full-coverage-any-way\/","og_site_name":"Barna, Guzy & Steffen, LTD.","article_published_time":"2010-12-21T21:14:54+00:00","og_image":[{"url":"https:\/\/bgs.com\/wp-content\/uploads\/Car-Accidents.png"}],"author":"John T. Buchman","twitter_card":"summary_large_image","twitter_misc":{"Written by":"John T. 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