Liability insurance helps cover the costs of injuries and property damage that you are held responsible for after an accident.
What is liability insurance?
Liability insurance helps cover the costs of injuries and property damage that you are held responsible for after an accident. Without liability insurance, you’re responsible for paying out of pocket generally extraordinarily expensive charges or risk being sued. It’s important to note that LI only covers damages and injuries sustained by others during your accident-- not those sustained by yourself.
You’ll probably come across numbers such as 25/50/25, 50/100/50, 100/300/100, 250/500/500 etc. when choosing your policy-- but what do they mean?
The numbers reflect your coverage amount, in thousands, for three core liability coverage areas. This determines how much your insurance will cover in the event of an accident. For example, if you choose 50/100/50, then you will have $50,000 for injury available per person, $100,000 total for the accident, and $50,000 allotted for property damage.
There are a lot of factors that go into determining your coverage. Here are just a few to help you get started:
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