What Does Liability Mean on Your Car Insurance?

Liability insurance is very important and most state auto insurance laws require that an individual maintain at least liability insurance on their automobile. What it does is protect you against costs that are associated with the damage and injury of another in an automobile accident in which you may be deemed at fault.

There are two parts to the policy. There is property damage liability and bodily injury liability. It is pretty easy to guess that property damage liability is going to protect you against any cost and damage that is associated with damaging another person’s physical property and that bodily injury liability is going to protect you against the personal injury inflicted on someone else as a result of the accident.

Usually, there are some numbers that a person may see on their policy. These numbers usually look like this: 50/100/25. Now what this means is that the policy is split up into three different amounts each policy can be different depending on what the individual chose when they opened the policy. In this case, 50/100/25 means that the insurance will pay for the bodily injury of an individual in an amount up to $50,000, will pay for the bodily injury costs on everyone in a vehicle in an amount up to $100,000, and will pay property damage costs up to $25,000.

Every vehicle requires its own level of liability insurance depending on what state you are located in. It is important to know what your state’s auto insurance requirements are so that you have an idea of what you would have to pay in your insurance premium.

The cost

Liability insurance is cheaper than full coverage insurance that also includes damages from theft, natural disaster, and vandalism. Liability only covers costs associated with an accident so that you do not lose your hard earned assets in a lawsuit. There are have been cases in which a person has been sued for more that what they have in coverage, but the liability insurance does lessen the blow. However, a person can pay for different levels of liability insurance to ensure that they will not be “taken for everything they’ve got.” Not having enough insurance can still have a heavy impact on a person’s life when an accident occurs.

No one intends on hurting another and they usually do not purposely engage in an auto accident because there is so much trouble involved, including the possible loss of the vehicle. That is why it is important to carefully assess how much car insurance you think you will need. Liability insurance is rather affordable. Some states have a minimum requirement of 20/40/10, but you could carry something such as a 50/100/50 if you think you need it. The cost is still not going to be much.

Just remember…

Don’t forget that if you set your limits too low you could be setting yourself up for financial disaster even though you have insurance. This is to be considered carefully. It is easy to make the decision to save money by paying the lowest premium possible, but paying the lowest premium possible could later result in the loss of your assets. It is also important to remember that liability just covers bodily injury and property damage. If a tree falls on your home during a wind storm, it is then time to assess your options. However, liability insurance will protect you from those nasty lawsuits that may come your way as a result of an accident. That in itself makes it more than worth the money because you have the peace of mind that most or all your assets are protected.

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Excuses to Not Have Insurance

Have you ever wondered what goes through the minds of individuals who have a car but no car insurance? Do you ever let someone else drive your car? Have you ever wondered while driving if the person next to you has car Insurance? I think about it all the time. The truth is that there’s no real way to ever know who has insurance and who doesn’t have insurance until something drastic happens. I want to talk about some of the myths that I have heard either in person, on the radio driving or in court. Yes, I said court. You would be surprised of the responses someone gives a judge regarding not having car insurance.

One of the top excuses to not have car insurance is the mindset of not getting caught. If you have been in the car with someone without insurance you can normally tell by the way they’re driving. They are constantly looking in the mirrors, slowing down to avoid attention when they see a police car. As a car owner you should know that most states require drivers to have the states minimums for bodily injury and liability coverage to drive legally.

Another excuse is that their car is a piece of junk so no insurance is needed. Well, rather you think your car is junk or not they realize it or not the car gets you from one place to another. So, protecting your car is worth it. After all, working hard to purchase the car should give you the desire to preserve it? Just imagine your life without it. At the same time all vehicles require insurance no matter the condition.

You might hear someone say I have my own medical insurance and that should be enough to protect me if I get hurt. Personal insurance and car insurance are separate entities. If you think about it most people take out the bare amount of coverage on their jobs due to price. Do you realize when you’re in a car accident there are other cost involved? Will your work insurance pay for the ambulance expenses? These expenses can add up if there’s more than one car involved in the collision and it’s your fault. If you know you have the bare amount of coverage go ahead and get a quote for insurance that offers medical. That will give you one less thing to worry about.

I will never get sued is another saying people think is a reason to not have coverage for their cars. We live in a lawsuit happy society. People will sue you over the smallest of things and win because the either know the law or have a great lawyer. I learned from a popular movie that with the legal system that it’s not about what the crime is but rather what you can prove.

I got luck on my side. I can tell you right now that luck has nothing to do with someone wanting to steal, vandalized, or damaged your car. What happens if a storm comes and damages the car? Who pays for it? Can you afford to pay out-of-pocket expenses? Don’t risk the losses.

Geico Car Insurance – Is It Really the Cheapest?

I love the Geico gecko. The animation is really quite amazing and the voice is absolutely perfect. But is that enough of a reason to buy their car insurance? It shouldn’t be – not if cost is one of your primary concerns. There’s a better way for you to save a bundle on your car coverage without buying it from an animated reptile.

In fact, there are several simple things you can do that will reduce the price of your monthly premium by as much as 40% over what you are currently paying. Let’s start with a few simple ones first and then I’ll tell you what you can do to cut the cost of your coverage a whopping 30% or more in one fell swoop.

First, understand that it costs a lot of money for your company to print and mail you a bill every month. It may not seem like it, but it costs your company several dollars to send you that monthly statement. If you pay your premium automatically every month, directly from your checking or savings account, you save your company the expense of mailing you a bill they’ll gladly pass most of that savings along to you.

Parking your car on a street or even in your driveway at night exposes it to the possibility of theft, break-in and vandalism. You can save money each and every month if you simply park in a garage at night.

Women pay less for their car coverage than men do. If you are married you can take advantage of this fact by simply listing the wife as the primary driver on each vehicle and the husband as the secondary driver.

You pay a fortune for every rush hour mile that you drive back and forth to work every month. Cut those miles in half and you’ll save a small fortune on your monthly insurance premium. How can you do that? Simple. Join a carpool at work. Joining a carpool with just one other driver cuts your rush hour commute in half every month – not to mention the good you’ll be doing for the environment.

Increasing your deductible always lowers your premium. Just be certain that you don’t agree to pay a higher deductible than you can really afford.

The biggest way to save money on your car insurance – by far! – is to simply buy your policy online. Simply buying your policy online will save you as much as 30% instantly. Just be sure that you are buying from an online source that offers you a true choice of companies and prices.

Does a Driving Record Affect a Person’s Ability to Rent a Car?

People who do not rent cars often from rental car companies are not always aware of how their driving record will affect their ability to rent a car, or if it will matter at all. When renting a car, it is a good idea to check with the rental car company to inquire about any disclosures or specific rules they may have about your ability to rent a car and your driving record. Some rental car companies will check with the Motor Vehicle Department to ask for a copy of your driving record. In order for them to do this, you often must submit a written form of permission for them to gain access to this information.

Rental car companies each have their own regulations and requirements that must be met in order for a person to rent a car. Some rental car companies will check a person’s driving record the first time a person rents a car from them. After the first time, if the car is returned in good condition and there were no collisions or fender benders in which the car renter was responsible, the driving record is generally not checked again by the same company unless a significant amount of time has passed before the next time the person rents a car from the company.

If you have a less than stable and perfect driving record, it is possible that you may be charged a higher fee for renting a car. Some car rental companies specialize in renting cars to drivers who have had accidents and speeding tickets in the past. Drinking and driving offenses are not always overlooked by car rental companies; and depending on the offense and how long it has been since it occurred, this could prevent you from being able to rent a car, even if you do have a valid driver’s license.

You may also face the possibility of not being given the option for insurance on the rental car and will be required to pay for the rental car insurance if your record of driving has been an unstable one. Speeding tickets, drinking and driving, collisions, reckless driving tickets, and fender benders all put a negative smear on your driving record. While these tickets and offenses may not necessarily prevent you from being able to rent a car, it can make it more expensive to do so.

Taking a driving class will help to put positive marks on your driving record and this can make all future car rentals and auto insurance prices more affordable for you. Researching several different auto rental companies and making price comparisons for high risk drivers can help you to find the best deals. You may simply need to put down a larger deposit than someone who has a good driving record. These deposits are refundable if there are no accidents while you rented the vehicle and if you return the vehicle in the same condition that it was rented.

Cheap Car Insurance

Every state in the United States requires you to buy car insurance before you set out on that state’s roads. However, every state also makes a form of it available to its drivers so that as many people as possible can afford to legally drive a car.

The type of insurance we’re talking about is simple, basic liability insurance.

A minimum liability policy is generally designated by three numbers. For example, your state’s basic liability policy could be called a 20/40/20 policy.

[These numbers have simply been chosen to illustrate how a basic liability policy works and are in no way intended to reflect the minimum amount of insurance which your state will require you to purchase in order to legally drive a vehicle. Check with a local car insurance agent or with your state’s department of auto insurance to find out what the minimum liability insurance is in your state.]

To illustrate, we will assume that you are purchasing a 20/40/20 policy. What this means is that your insurance will pay up to $20,000 in medical costs for any one individual who is hurt in an accident with your vehicle, with a maximum cap of $40,000 on the medical bills it will pay to all injured victims of the same accident, regardless of how many there are or what the extent of their injuries are. The final “20” in the above example refers to the maximum amount ($20,000) that the insurance will pay for property damage. Property damage includes the repair or replacement of the other vehicle in an accident.

There are a couple of things you need to keep in mind when it comes to buying the cheapest car insurance you can find.

First, the cheapest insurance may not be enough to cover all of the medical expenses or to cover all of the property damage resulting from an accident. If your cheap liability insurance doesn’t cover the actual medical or property damages that result from an accident, you could be held personally responsible for making up the difference out of your own pocket.

This could mean that you would be forced to liquidate any stocks or bonds you own, and it could even result in you losing your home or having your wages attached.

Secondly, a cheap liability policy doesn’t pay a penny toward your medical expenses and it won’t pay for the repair of your vehicle at all.

If your vehicle is being financed then your lender will require that you purchase additional car insurance, including collision and comprehensive coverage, which will repair your vehicle if it is in an accident, stolen, or damaged by natural causes. But even if you own your vehicle outright you still must decide if the cheapest insurance is right for you, your situation and your budget.

If so, then the cheapest place you are going to find basic liability insurance is online. If you truly want to insure that you are getting the best deal possible then you will not stop after comparing prices at just one website – you will take the extra time to compare prices on at least 3 different price comparison sites.

This is the only way that you can feel sure you are seeing the prices from every company that offers low-cost car insurance in your state. Once you have reviewed the price that every company is charging for the basic minimum liability insurance in your state, all you have to do is pick the lowest price you’ve found.

That’s it. Just remember to take the time to make price comparisons on at least 3 different websites and you should have no trouble lowering the cost of your car insurance to the rock-bottom minimum required for you to legally drive in your state.