Liability car insurance is meant to protect your vehicle and other third parties in the event you get into a wreck with someone else, but what if you cause damage to your own car? Liability coverage will cover some of those losses and the cost of repairs to your own vehicle. When liability coverage applies to medical bills and property damages of others involved in an accident as a result of your fault, it doesn't cover the expenses of the individual who caused the crash. This is why most auto insurance policies include collision or both: medical and property.
Liability car insurance can be very costly to purchase, so it is important to understand how much coverage you really need. If you are not insured and hit another person or a piece of property, you could face serious legal issues, so you need to make sure you have adequate insurance. Most liability coverage limits cover a minimum of replacement cost of your vehicle, but not any other personal property.
You also need to calculate how much liability coverage you need. Some liability policies do not include bodily injury coverage. If you are at fault for another person being hurt or killed because of your own negligence, this type of coverage can help you recoup your losses. Bodily injury coverage pays medical costs for a party injured in an accident as a result of your negligence, including pain and suffering, lost wages and any other financial loss. Property damage coverage, on the other hand, covers damages done to your vehicle by another individual's negligence.
Collision coverage is designed to pay for damages to your vehicle as a result of a wreck, as well as for repair and rehabilitation costs. It does not pay for any losses you incur because of a crash that occurred because you were at fault. Collision coverage, along with other liability coverage plans, will only pay for losses you incur as a direct result of another individual's fault.
Medical payments coverage is designed to pay for the medical expenses of anyone who is injured or killed in an accident because of your fault. Although medical expenses are often covered by the medical insurance you obtain, it is not always sufficient. Therefore, you need to find a policy that provides comprehensive coverage in this area. Whether your injuries or deaths are the result of a wreck, a medical payments policy pays to fix your vehicle or pay for your medical bills for a specified period of time.
Personal property coverage is typically used to cover personal property lost or damaged in an accident as the result of your fault. In order to qualify, your car must be owned by the company that issued it or that rented it, or leased it.
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