What is a Policy Limit?
A policy limit is the agreed amount that may be paid out after an insured loss to you or a third-party. For example, while the minimum third-party liability for car insurance is in the thousands of dollars, it’s often recommended to have up to $2 million in liability. The $2 million is your car insurance policy limit.
If you’re unsure what policy limits you need, contact one of our brokers in Lethbridge.