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Car Insurance Tips: What is Liability Coverage?

Liability Coverage: Who Needs it and Why it is ImportantLiability coverage in terms of auto insurance covers damage to property and persons caused by the insured. Liability coverage is the most important thing to consider when purchasing car insurance; in the event of an accident liability coverage will protect you financially, from both lawsuits and damages. This article will take a look at how much liability coverage you should get, what it protects you from, why you need it, and who needs it most.

How much liability coverage should you get?

Liability coverage covers you in the event that you are at fault in a car accident that caused damage to property or to another person. Liability coverage is important because it protects the insured in the event of a lawsuit; basically it protects against the person injured or owner of the damaged property from going after your assets (home, vehicles, stocks, etc). Liability coverage is very important, therefore when considering purchasing car insurance high liability coverage is best. Coverage over $250k is best, but if you have a lot of assets to lose in the event of an accident then consider doing a 1+ million liability coverage policy.

What does liability coverage protect me from?

Liability coverage protects the insured from lawsuits and personal damage fees in the event of an accident in terms of property and harm to another person. If you were at fault in an accident and the damages were thought to be worth $500,000, and you have liability coverage for only $250,000 you would be responsible for the remaining $250,000. Where does that remaining $250,000 come from? The remaining amount of money could come from your assets including but not limited to: house, additional vehicles, stocks, savings, and any additional assets.

Why do I need liability coverage?

Everyone should have a high liability coverage policy in the event of a serious accident. No one intends on having a serious accident, but they do happen. In the event of a bad accident you do not want to be paying out of pocket for high medical and property bills. Lawsuits for these types of claims can be outrageously high, and would bankrupt most individuals.

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Car Insurance Tips: What is Liability Coverage?
Car Insurance Tips: What is Liability Coverage?

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