Liability Insurance Coverage
Every driver has an accident, even the best of them. It’s not fair for someone else to have to pay the price of your mistake. It is for this reason that all drivers are required to carry liability insurance. Liability coverage consists of two parts, bodily injury coverage, and property damage coverage. Maybe you have heard of bodily injury liability coverage, but what exactly is it?
Suppose you’re driving to work when you collide with another car carrying three people. Sadly, each of them is injured. That is the purpose of bodily injury liability coverage. If the injured individuals sue you, your insurance covers several vital aspects. The first is your legal defense. Secondly, if you’re found responsible for damages up to the policy limit, you will also be covered. You should also be aware of this. Your net worth may be at risk if you’re found liable for an accident. Generally, the more assets you have, the more coverage you will need.
Consider getting an umbrella policy from Fincrew to increase liability protection. The second side to liability insurance coverage is Property damage liability coverage.
Consider this scenario: you are heading to the store, but you accidentally rear-end a stopped car on your way. There are no injuries, but the other vehicle is damaged. That is what property damage liability coverage provides – some key benefits include:
– There are two types of damages: first, to the other person’s car, up to your policy limit if you’re responsible for the accident, and second, to your legal defense.
– There are limits on the expenses your liability policy will cover. You will choose these limits when you purchase your insurance. They’re usually expressed as three numbers.
The first number is the limit for bodily injury coverage per person. The second number is the limit for bodily injury coverage per accident, and the last number is the limit for property damage. Be sure to get adequate coverage when you set these limits. If you are to blame for an accident, you will want to be sure you’re able to pay for the damage you cause.
The truth is, liability insurance isn’t just for others. You are also protected because if you didn’t have an insurance policy to cover these kinds of expenses, you would have to come up with the money independently, which could jeopardize your savings, your car, or even the equity in your home.
How much liability insurance do you need?
You should buy the maximum coverage you can afford. It will significantly protect your assets. If the worst should happen, make sure you have the resources to compensate others for their injuries.
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Liability Insurance Coverage
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