Cheap Liability Insurance
Reader’s Question:
How can I obtain cheap liability insurance?
Vic
Philadelphia, PA
Cheap liability insurance shouldn’t be too hard to find as it is the state’s minimum required coverage for car insurance. The limits for liability insurance per accident in this state are $15,000 for the injuries or death of a single person, $30,000 for the injuries or death of more than one person, and $5,000 for any property damage. These are fairly low limits as liability insurance goes and sticking to them is one way of making sure you get cheap liability insurance.
Deciding how much liability coverage you’re going to get needs a careful examination of your situation. Liability insurance essentially protects your assets by covering the medical and repair damages of the other driver involved in an accident you caused. With liability insurance you don’t have to pay out of your own pocket. So it is essential to figure out the net worth of your assets. Some providers, for example, automatically set bodily injury at $100,000. If you think your net worth is only around $50,000, then buying that much coverage would be pointless. The same thing goes for property damage liability. How often do you think are you going to ram into somebody else’s home? Cheap liability insurance is easy to obtain, just make sure you stick to purchasing only what you really need.