Auto Insurance What is Liability Coverage: Cars Cover and Automotive Automobile Reviews

Auto Insurance: What is Liability Coverage?

Liability is one of the mandatory pieces of the personal auto insurance puzzle that makes up your overall cost. Because liability coverage is required in all states except New Hampshire* according to the Insurance Information
Institute, it’s important for drivers to understand what liability coverage is, what the state minimums are, how to read liability limit information on their car insurance declaration pages, and how they can save some money on selected liability coverage. Compulsory CoverageOn your car insurance declaration page compulsory coverage is separated from optional coverage. Compulsory coverage is mandatory, and consumers may not opt out of it this required liability coverage. What Does Liability Cover on My Auto Insurance?Liability coverage helps drivers protect their own assets. If you are ever at fault in an accident, liability coverage will cover the cost of expenses incurred by the other person or people involved in the accident. Types of Liability CoverageLiability coverage is not one lump amount on your car insurance declaration page, it’s broken down into basic parts: Bodily Injury Liability and Property Damage Liability. Bodily Injury Liability will cover the cost of medical expenses including emergency-related costs, loss of income compensation and funeral expenses. Property Damage Liability covers not only the cost of repairing a vehicle involved in an accident, but also the repair to fix damage to fences or homes and other standing structures including traffic signs.Mandatory MinimumsNot only is liability coverage required on most policies, each state also sets its own minimum and mandatory coverage limits. The mandatory minimums set forth by the states range from as low as $10,000, up to $50,000, with many states falling in the $20,000 to $25,000 mandatory minimum range, according to figures from the
Insurance Information Institute.Understanding the NumbersYour car insurance declaration page shows the split limit amounts for liability. The first amount is the minimum bodily liability limit per person. The second number is the maximum amount per accident.

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Auto Insurance: What is Liability Coverage?

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Automotive Automobile Reviews

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