Both the Basic and Moderate policy will cover the full cost for the total damage to the car as the 2 coverage limit is more than the loss payable.
What is coverage limit?
The coverage limit means the maximum amount that a policy can pay for a loss that occurred in relation to the vehicle insured,
Data given
Total loss amount = $1,500
Basic coverage limit = $15,000
Moderate coverage limit = $25,000
In conclusion, the Basic and Moderate policy will cover the full cost for the total damage to the car as the 2 coverage limit is more than the loss payable.
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