How Much is Liability Insurance?

If you’re in need of a budget-friendly entry to the world of car insurance, or you’re looking to decrease your current coverage to save money, you may be asking yourself, “how much is liability insurance?” Generally speaking, liability insurance rates depend on the policy you choose for your Richmond commuter. The most common liability insurance policy is the 100/300/50 limits setup. This setup means that your chosen insurer will pay up to $100,000 for injuries per person, $300,000 for injuries per accident, and $50,000 for property damage per accident.

This coverage is typically the cheapest form of state-approved insurance policies, and the average liability insurance policy cost is anywhere from $50 to $120 per month depending on the state and additional coverages chosen. Keep reading to learn more about liability insurance rates—and don’t hesitate to reach out to us if you have any questions! We’re here to help!

What is Liability Insurance, and What Does it Cover?

Liability insurance, by definition, is coverage that pays the other White Rock driver for injuries or damages in the event of an accident that the insured is responsible for. So, what does liability insurance cover in the event of such an accident? That can be broken down into two types: Bodily Injury Liability and Property Damage Liability.

Bodily Injury Liability covers any type of bodily harm to the other driver in the event that you cause an accident and the other party is physically injured. Having this type of insurance means that the other party’s medical bills, as well as compensation for pain and suffering, are all covered. It also covers you financially if you are under suit by the other party. Property Damage Liability can be thought of the same way as Bodily Injury Liability, only it covers damages to property, rather than people.

How Much Coverage Should You Have?

The legal amount of coverage you’re required to have as a driver varies from state to state. If you decide to get additional coverage, you’ll be better off in the case of a damage-causing accident—but you’ll also pay a higher insurance premium. It’s always better to have as much coverage as you can feasibly afford, as accidents can be very costly, especially if you’re the one at fault. How much does liability insurance cost per month? A lot less than an accident out of pocket, that’s for certain.

Our Finance Department Can Help With Insurance, Too!

So, how much does liability insurance cost? Now you know! Did you also know that the Surrey local team that you already depend on to help you secure the smartest financing for your new car can also help you decide on the best insurance policy for your situation? You can call our finance centre at 604-581-7662. Or you’re welcome to make the quick trip from Langley to see us in person! While you’re here, take a moment to explore your financing options and leasing options!