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Automobile Insurance
Coverage:Understanding Liability and its Limits |
As you consider taking out
a policy of auto insurance, you will be faced with making
decisions about liability and liability limits within your
policy of auto insurance. Through this article, you will be
provided with some basic information about liability, liability
issues and liability limits contained within an auto insurance
policy.
Of course, if after reading this article you have more
questions, you will want to visit with your auto insurance
agent or with the insurance commissioner’s office in your
state.
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Liability Defined |
Generally speaking,
the most standard definition of liability is an obligation
to pay money to another person or party. In other words, in
a car insurance policy, liability coverage is a provision
that protects you in the event you end up in a car accident
because of your fault. If you have a legal obligation to make
a payment for damages or injury arising out of a car accident,
because of the liability coverage in your car insurance policy,
you car insurance company stands in your shoes and makes this
payment for damages or injuries that arise out of a car accident. |
Liability
Limits Defined |
When it comes to car insurance
coverage, the liability provisions within that car insurance
policy is not going to be unlimited. Rather, each policy of
insurance sets forth specific liability limits.
These liability limits are set forth for each occurrence
or accident and for each person who may be injured or suffer
property damage as a result of the accident. In addition,
there may be an overall liability limit associated with a
car insurance policy.
When you take out a policy of insurance, you will be asked
to make decisions about your liability coverage and liability
limits. In this regard, you will want to make certain that
you give a great deal of thought to the amount of liability
you will need under the terms and conditions of your car insurance
policy. You will want to make certain that you and your assets
appropriately are protected by having the proper level of
liability coverage within your car insurance policy. |
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Liability
Limits and the Costs of Your Auto Insurance Policy |
Generally speaking,
when it comes to the liability limits in your car insurance
policy, the higher the liability your car insurance company
assumes, the higher amount of money you will pay in car insurance
premiums.
On the other hand, you can lower the costs associated with
your car insurance by lowering the liability limits contained
in your car insurance policy. Of course, you do not want to
sacrifice having appropriate insurance coverage for the sole
sake of lowering the premiums you are paying on a car insurance
policy. Saving a bit of money on car insurance premiums is
not enough in and of itself to sacrifice appropriate liability
insurance coverage for you car and for yourself. |
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