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The uninsured motorist coverage and underinsured motorist coverage options are structured similarly to liability, but pay for your damages if someone hits you and doesn’t have any insurance or ...
A split limit liability coverage policy splits the coverages into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver's vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
But what does this mean, and how does liability coverage work? Example of how minimum coverage limits are written. If you see 30/60/15 on your policy, you have the following:
For example, minimum bodily injury liability coverage requirements range from $30,000 in Arizona [44] to $100,000 in Alaska and Maine, [45] while minimum property damage liability requirements range from $5,000 to $25,000 in most states.
Liability coverage. Liability coverage is the backbone of your policy and is required by law in most states — except in New Hampshire, which may make an exception if you can prove that you have ...
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