What is the maximum payable for Uninsured/Unidentified Motorist Coverage?

Uninsured/Unidentified Motorist Coverage is designed to protect insured individuals from losses incurred when involved in an accident with a motorist who either does not have insurance or is not identifiable, such as in hit-and-run cases. The maximum payable amount under this coverage is typically established by the relevant insurance policy and regulations governing automobile insurance in the specific jurisdiction.

In many regions, the limit for Uninsured/Unidentified Motorist Coverage is commonly set at $200,000. This amount is significant as it provides a sufficient coverage ceiling for medical expenses, loss of income, and other damages resulting from an accident caused by an uninsured or unidentified driver.

The maximum amount serves to ensure that policyholders have adequate financial protection against potential losses from such unfortunate incidents. The specifics can vary by province or territory; thus, it's essential to reference the local insurance regulations and policy limits for precise information. In this scenario, $200,000 is recognized as the correct maximum limit for coverage, ensuring that individuals have a sufficiently robust safety net in the event of an uninsured or unidentified motorist incident.