Those lines are drawn incorrectly, the first three bullet points are grouped as a personal insurance policy and the CSL limit is a personal/commercial, but they are equivalent. Also, you do not add them together.
They just signify the type of coverage, but you wouldn’t have both on one policy.
Correct, even if you do 100/300/50 which is extremely low limit by the way. Volvo is stating that you need $1,000 deductible maximum per comp/coll in order to satisfy the terms of their contract.
What’s likely to happen here is if Volvo gets word of you being under insured, they will take out a separate insurance policy on the vehicle and bill you for it.
I had a bank do that to me once when my insurance wasn’t processed correctly on a vehicle
Do you have Volvo listed as the payee/lienholder? They likely just haven’t caught it, mllcb42 is right - they will back charge you for what you didn’t provide.