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Minimum self-insurance requirements. California. $35,000 cash deposit or surety bond. Connecticut. $50,000 cash or its equivalent for first vehicle, $60,000 for the second vehicle, $65,000 for the ...
Insurance requirements vary between financial institutions and each state. Minimum deductibles and liability limits (required by some leasing companies) would be outlined in the loan contract. Failure to carry the required coverages may lead to the lienholder purchasing insurance and adding the cost to the monthly payments or repossession of ...
State law requires all Colorado drivers to carry a minimum of: $25,000 in bodily injury liability coverage per person. $50,000 in bodily injury liability coverage per accident. $15,000 in property ...
Because New Jersey is a no-fault state, drivers are required to carry personal injury protection (PIP) insurance. The minimum amount of required PIP insurance in New Jersey is $15,000 per person ...
The regulations for vehicle insurance differ with each of the 50 US states and other territories, with each U.S. state having its own mandatory minimum coverage requirements (see separate main article). 48 U.S. states and the District of Columbia require drivers to have insurance coverage for both bodily injury and property damage, with New ...
Insurance, generally, is a contract in which the insurer agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). [2]
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