Bodily Injury And Property Damage Liability Insurance – The next two main parts of the policy are bodily injury and property damage. These are the different parts of that section of the liability insurance.
Medical bills, doctor visits, rehabilitation and prescription drugs that someone would incur after an injury or accident. Transport to hospital, ambulance, or helivac maybe, all those different things. Also, loss of wages, and disability income if they become incapacitated, and cannot work or work in the same field. All these things fall under the category of physical injury. It is expensive to be admitted to hospital and you can run into a lot of expenses quickly. So you have to make sure you get adequate coverage.
Bodily Injury And Property Damage Liability Insurance
The second part is property damage. Car, truck, trailer, tree, building, house, fence, the contents inside a building or inside the car. These different things are going to fall under property damage.
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It’s hard to find a vehicle that will be under $50,000 anymore. Inflation is rising and many newer cars are very expensive. If you only have a few $1,000 in property damage limits, you can quickly run out of limits if you were in an accident with another vehicle.
These limits are there to protect you, they are there to protect you financially, and to provide you with legal counsel if you need it. If you need to save money, don’t save it here. Limits of liability from one level to the next are usually very negligible in terms of cost. Try not to save there, there are much smarter areas where you can save money, like your comprehensive and your collision deductible, or maybe eliminate medical payments, or maybe some of the other hiding places.
There are many different options if you need to do that but make sure you remember, these are for your safety. The third thing I want you to consider is to remember that your liability limits are the highest limit you will have. Anything over that is your responsibility. So make sure you have enough limits that justify the risks you have and protect your assets but it has to fit into your budget.
We will be happy to look at your insurance in any of the states of Louisiana, Texas, Arkansas, and Mississippi.
Would You Rather Pay $18 Or $10,000 After A Car Crash?
Are you ready to save time, aggravation and money? The Reed Insurance team is here and ready to make the process as painless as possible. We look forward to meeting you! Written by AJ Dellinger Written by AJ DellingerArrow Correct Contributor, Personal Finance AJ Dellinger is a contributing writer for . AJ writes about auto loans and real estate. AJ Dellinger
Edited by Jessa Claeys Edited by Jessa ClaeysArrow Correct Editor, Insurance Jessa Claeys is an insurance editor for auto, home and life insurance. She has over six years of experience writing, editing and leading teams of content creators dedicated to helping others achieve a healthy financial future. Her work has been published by numerous publications focused on insurance, personal finance and investment, including Jerry, BiggerPockets, 401(k) Specialist, BP Wealth and more. Connect with Jessa Claeys on LinkedIn Linkedin Jessa Claeys
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Infographic: Types Of Auto Coverage
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Auto Insurance Coverage And Legal Requirements
The property damage liability portion of a car insurance policy is what pays for damage a driver causes to another person’s property in an accident. In this context, “property” could include cars, homes, storefronts or stationary objects. It is important to understand the level of coverage your insurance provides and choose a car insurance policy that provides enough coverage in case of an accident. Here’s what you should know about property damage liability.
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Costs will continue to rise through 2022. Shop around for a better rate before you renew your current policy.
Property damage liability is the part of a car insurance policy that helps pay to repair damage caused to another person’s vehicle or property. The insurance does not pay for damage to your own vehicle if you are at fault for the accident. However, if you are in an accident and determined to do so
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