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Liability Insurance

Liability car insurance is the most common form of coverage that motorists must obtain. Currently, forty seven states within the country require their motorists to carry some minimum form of this insurance. The monetary amounts of liability coverage you are required to maintain vary by state. You can contact your local Department of Motor Vehicles to determine what the required amounts are around you. It is your job to ensure that you have the proper amounts of coverage as failure to comply with the law could result in dire consequences. You could have to pay a fine, or even worse, you could have your license revoked.  

What liability insurance does is assist you by covering the medical expenses and property damage required costs to another party's vehicle if you are involved in a collision for which you are at fault. Liability insurance is separated into two sections, namely bodily injury protection and property damage protection.  The maximum amount of money your insurance company will pay is limited by the terms dictated in your policy. For example, if your coverage limits are set at 25/50/15, this means your insurance company will provide a maximum amount of $25,000 per person for another party's medical bills, with $50,000 be the highest amount they will pay for all parties involved in the accident. The 15 stands for $15,000 that will be the maximum amount of money your insurance provider will pay towards property damage repair costs. If there is a balance left over from the other parties' bills pertaining to the accident, you will be responsible for the remainder of the balance. 

It is important for you to know that liability insurance will not assist you with any expenses you may incur from your collision. While it may be the minimum amount of coverage required by your state, it may not be practical for all situations. If you need more protection from your insurance provider, you may want to take the time to investigate other forms of coverage that might benefit you. Collision insurance and comprehensive insurance will likely be the next places to look as they do pertain to your vehicle, not another driver's. These are often not practical for older vehicles, but they can be beneficial in the event of an accident.

As with any insurance, there will be a deductible associated with your liability insurance. The monetary value of this deductible will have to be paid for the coverage to kick in, and the amount is set when you sign a contract with a carrier. You need to make sure you have that set aside before an accident occurs so that you can receive the coverage you need. To lower your monthly premiums, you can opt to raise that deductible. However, that will mean that there will be more money to pay during the accident, so just be sure to allot for the deductible if you go that route. As long as you have the money set aside for said deductible, your insurance company will pay for damage on the other party's vehicle.




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