How Much is Liability Insurance?

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Many Voorhees drivers are looking for liability insurance coverage. How much does liability insurance cost and what are good liability insurance rates? The most common liability insurance policy cost is less than $100 a month. However, this number depends on the state you live in and the amount of coverage you choose. Learn more about liability insurance and more with thefinance team at Lexus of Cherry Hill today!

Liability Insurance Rates

So, how much is liability insurance? The amount you pay will depend on the type of coverage you get. The most common coverage Moorestown drivers and beyond tend to opt for is 100/300/50. This means the 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 is most common and liability insurance rates for this coverage usually range between $45 to $80 a month.

Liability Insurance Meaning and Coverage

What does liability insurance cover? This insurance coverage covers the cost of damage or injuries sustained in an accident caused by another driver. In this case, liability insurance would protect you if the accident were deemed your fault so you don’t have to pay the costs out of pocket. There are two different kinds of coverage provided by liability coverage:

  • Bodily Injury Liability: This kind of coverage protects you from paying the medical costs of injuries sustained by another driver in an accident. These medical costs include hospital stays, surgery, or pain and suffering. This kind of coverage also protects you in the case that you get sued by the other driver in Philadelphia. If you have to go to court, your lawyer and other legal fees will be covered. 
  • Property Damage Liability: This kind of coverage protects you from paying for the repair or replacement of damaged property that is someone else’s. This could be the other driver’s car, personal belongings, or anything else that was damaged in an accident. 

How Much Coverage Is Right for You?

The legal amount you’re required to have may differ from other out-of-state people you know since the rules vary by state. The more coverage you decide to get, then you’ll likely have a higher premium. However, the more coverage you get means you’ll be better prepared should you get in an accident.

Find the Best Rates with Lexus of Cherry Hill

After learning how much liability insurance is as well as what it covers, you can talk with our finance team to get the coverage you need. Interested in learning more car-buying tips and tricks or have any questions in the meantime? Contact our team!

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Lexus of Cherry Hill 39.92214, -74.95033.