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The liability limits vary from state minimum coverage up to 250/500/100. Rates include bodily injury liability per person and per accident, and property damage liability, respectively.
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.
A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver's vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.
Understanding your car insurance liability limits. Almost every state in the U.S. requires you to have liability coverage. This essential coverage pays for injuries or damage sustained by the ...
For liability coverage, most insurance professionals advise that you purchase limits higher than state minimum levels to protect yourself against financial strain in the event of an at-fault accident.
Minimum self-insurance requirements. California. $35,000 cash deposit or surety bond. Connecticut. $50,000 cash or its equivalent for first vehicle, $60,000 for the second vehicle, $65,000 for the ...
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