Bodily Injury And Property Damage Liability Coverage – Written by AJ Dellinger Written by AJ DellingerArrow Right Contributor, Personal Finance AJ Dellinger is a contributing writer for . AJ writes about auto and home loans. AJ Dellinger
Edited by Jessa Claeys Edited by Jessa ClaeysArrow Right Editor, Insurance Jessa Claeys is an insurance editor for , covering auto, home and life insurance. She has over six years of experience writing, editing and leading teams of content creators dedicated to helping others secure a healthy financial future. Her work has been published by several publications focused on insurance, personal finance, and investing, including Jerry, BiggerPockets, 401(k) Specialist, BP Wealth, and more. Connect with Jessa Claeys on LinkedIn Linkedin Jessa Claeys
Bodily Injury And Property Damage Liability Coverage
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Liability, Bodily Injury, & Property Damage
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The property damage liability part of an auto insurance policy is what pays for the damage a driver causes to another person’s property in an accident. In this context, “property” could include cars, houses, storefronts, or stationary objects. It is important to understand the level of coverage provided by your insurance and choose a car insurance policy that provides sufficient coverage in the event of an accident. Here’s what you should know about property damage liability.
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Costs will continue to rise until 2022. Shop around for a better rate before you renew your current policy.
Property Damage Liability: How It Works
Property damage liability is the part of an auto insurance policy that helps pay to repair damage to another person’s vehicle or property. The coverage does not pay for damage to your own vehicle if you are at fault for the accident. However, if you are involved in an accident and are determined to be responsible for it, you may be able to file a claim with property damage liability coverage to pay for another person’s damaged vehicle, property, or even structures.
With liability insurance for an auto policy, part of that coverage pays for property damage suffered by others. If you cause an accident and damage someone else’s property, your insurance company will pay on your behalf up to the coverage limit shown on your insurance policy’s declarations page.
Most states offer split coverage limits, while others also offer single limit combined liability insurance policies. With split limits, there is a limit per person and per accident that the insurance will pay. For example, a split limit policy listed as 100/300/50 means you have liability coverage up to:
In this example, the most your auto insurer would pay is $50,000 for property damage you cause in an accident. Any amount owed over your coverage limit would be your responsibility to pay out of pocket.
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With a single combined limit, you have one amount to help pay all the liability you are responsible for in an at-fault accident. For example, a combined single limit of $300,000 means you have up to $300,000 that your auto insurer will pay for the entire accident, including bodily injury and property damage.
Property damage liability covers another person’s property if you cause damage, meaning you are held at fault for the accident. It covers property such as cars, houses, fences, mailboxes and business storefronts. It also covers public property, such as light poles or road signs, that could be damaged in an accident.
This type of coverage can also cover your legal fees if you are involved in a major property damage claim and need to go to court. If you crash into a business storefront and have to close for repairs, your auto insurance company may also cover the owner’s lost income.
Keep in mind that property damage liability coverage does not cover your losses, such as vehicle damage or medical bills. It specifically covers other people’s property. If your vehicle is damaged in an accident or if you need medical treatment, optional types of coverage, such as comprehensive collision and medical payments coverage, can help you cover the costs.
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Experts recommend reviewing your auto policy to see what types of coverage are listed. If the coverage you want doesn’t exist, contact your insurance agent to add it before an accident occurs. You can compare quotes from multiple insurers to find the insurance that offers the best coverage for your needs at a price you can afford.
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