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What Does Liability Mean On Your Car Insurance?
from:Liability insurance is very important and most state auto
insurance laws require that an individual maintain at least
liability insurance on their automobile. What it does is protect
you against costs that are associated with the damage and injury
of another in an automobile accident in which you may be deemed
at fault.
There are two parts to the policy. There is property damage
liability and bodily injury liability. It is pretty easy to
guess that property damage liability is going to protect you
against any cost and damage that is associated with damaging
another person's physical property and that bodily injury
liability is going to protect you against the personal injury
inflicted on someone else as a result of the accident.
Usually, there are some numbers that a person may see on their
policy. These numbers usually look like this: 50/100/25. Now
what this means is that the policy is split up into three
different amounts each policy can be different depending on what
the individual chose when they opened the policy. In this case,
50/100/25 means that the insurance will pay for the bodily
injury of an individual in an amount up to $50,000, will pay for
the bodily injury costs on everyone in a vehicle in an amount up
to $100,000, and will pay property damage costs up to $25,000.
Every vehicle requires its own level of liability insurance
depending on what state you are located in. It is important to
know what your state's auto insurance requirements are so that
you have an idea of what you would have to pay in your insurance
premium.
The cost
Liability insurance is cheaper than full coverage insurance that
also includes damages from theft, natural disaster, and
vandalism. Liability only covers costs associated with an
accident so that you do not lose your hard earned assets in a
lawsuit. There are have been cases in which a person has been
sued for more that what they have in coverage, but the liability
insurance does lessen the blow. However, a person can pay for
different levels of liability insurance to ensure that they will
not be "taken for everything they've got." Not having enough
insurance can still have a heavy impact on a person's life when
an accident occurs.
No one intends on hurting another and they usually do not
purposely engage in an auto accident because there is so much
trouble involved, including the possible loss of the vehicle.
That is why it is important to carefully assess how much
insurance you think you will need. Liability is rather
affordable. Some states have a minimum requirement of 20/40/10,
but you could carry something such as a 50/100/50 if you think
you need it. The cost is still not going to be much.
Just remember...
Don't forget that if you set your limits too low you could be
setting yourself up for financial disaster even though you have
car insurance. This is to be considered carefully. It is easy to
make the decision to save money by paying the lowest premium
possible, but paying the lowest premium possible could later
result in the loss of your assets. It is also important to
remember that liability just covers bodily injury and property
damage. If a tree falls on your home during a wind storm, it is
then time to assess your options. However, liability insurance
will protect you from those nasty lawsuits that may come your
way as a result of an accident. That in itself makes it more
than worth the money because you have the peace of mind that
most or all your assets are protected.
About the author: Amy Nutt
Protecting Canadians and their assets, we offer car insurance quote, home, travel and auto insurance.
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