Auto Insurance Liability Coverage Definition

There are three key numbers to look out for with liability insurance. Auto liability insurance coverage helps cover the costs of the other drivers property and bodily injuries if youre found at fault in an accident. Bodily injury liability coverage and property damage.
auto insurance liability coverage definition

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Auto insurance liability coverage definition. Bodily injury liability which covers medical costs funeral expenses lost income and pain and suffering of people injured. When youre in an auto accident and are deemed to be the party at fault liability car insurance or liability coverage as its also known pays the other parties in the accident when theyre hurt. Auto liability coverage comes in two forms. Automobile liability insurance only covers injuries or.

For example in a state like ohio the minimum coverage requirements are 25000 per person injured with a maximum of 50000 for people injured in an accident. Coverage for injuries per person total injury coverage per accident and coverage of property damage per accident. Auto liability insurance is a type of car insurance coverage thats required by law in most states. Financial protection for a driver who while operating a vehicle harms someone else or their property.

Liability insurance is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice injury or negligence. Bodily injury liability bi pays up to your policy limits for injuries or death that you the policyholder or other drivers covered by your car insurance policy are found responsible for after a motor vehicle accident. There are two kinds of liability coverage. The auto liability coverage definition may sound simple enough but heres a real life example.

Liability coverage also pays for the damage to someone elses property when it is damaged in an accident for which the insured is. If you cause a car accident in other words if you are liable for the accident liability coverage helps pay for the other persons expenses. Youre at a four way stop a few blocks from your house. Liability insurance also called third party insurance is a part of the general insurance system of risk financing to protect the purchaser the insured from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.

Since personal liability coverage comes with most primary residential insurance policies as part of the package people tend to focus more on the value of their building condo or contents and take the liability portion for granted. Policy terms vary but typically bodily injury liability coverage will pay up to your policy limits for. Auto liability insurance covers the damage to other vehicles and injuries to other people that result from an accident caused by the insured individual. Liability coverage is probably the most understated coverage when it comes to the insurance purchase.

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