Posted on Friday, 15th January 2010 by jkibler
Read this and quickly learn what liability auto insurance is and do I really need it and how much does it cost and can I save money.
Every state that I know of requires anyone who drives a motor vehicle to carry this liability insurance, which is the foundation of automobile insurance. However, there are a couple of states, which do not require liability insurance but even if your state does not require this insurance it is a good idea to have it.
What exactly is liability insurance?
The definition of liability insurance means that if you cause an accident or if it is determined that the accident has been your fault, your insurance company will pay for any damages, either property or bodily and provide attorneys to represent you should there be legal action.
However liability insurance will not pay for your car’s damage or your injuries or your property damage. It only pays when you cause damage to other people.
Liability insurance will also pay for an ambulance if it is needed, and loss of income and if necessary funeral expenses and other miscellaneous expenses, that you may have caused by your actions.
When it comes to liability insurance not all states have the same requirements but all states to have their own minimum requirements and it would be to your advantage to find out what these are before you buy insurance.
Another thing to take into consideration is the fact if you do cause a major accident your liability insurance in all probabilities will not cover the full amount of the damages. If you have considerable net worth you can expect a major lawsuit coming in your direction within just a couple weeks of the accident. Therefore it would be to your advantage to also carry a personal liability insurance policy in the amount of $1 million.
The two policies together would keep you adequately protect.
Jimmy says, you can pay insurance premiums for years and get nothing back for your money, but if you do have an accident you will sure be happy that you have insurance. If you have an accident and you do not have the insurance, in all probabilities you will have legal and financial problems for years to come.
Whoa Jimmy?
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Tags: Car insurance
Posted in Saving Money On Car Insurance | Comments (24)
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