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April 4, 2018

Liability Insurance: Bodily Injury and Property Damage Coverag

Liability insurance on a wooden table with glasses.

What is Vehicle Liability Insurance?

Vehicle liability insurance has two components which make up the core of your vehicle insurance coverage. These two components; bodily injury coverage property damage coverage are always included together.

This basic insurance coverage covers injuries to other people or damages to their property if you are at fault in an accident.

Who Needs Liability Insurance?

Liability insurance coverage should be carried by any person driving a vehicle and is required by law in all states except New Hampshire where there are no mandatory car insurance laws. Truckers for-hire, must carry vehicle liability coverage to obtain a license. Each state has different required minimums. It is important for you to know your state’s minimum requirements to ensure you are carrying the correct amounts.

Gordon’s Insurance Agency knows the state minimums. We will ensure you meet your state’s minimum requirement on vehicle liability insurance coverage. In Florida, the minimum state’s requirement is $10,000 for bodily injury coverage and $10,000 for property damage coverage. Keep in mind that these state minimums will be unlikely enough to cover the majority of injuries and damage.

All vehicles you own must have both bodily injury and property damage coverage and all must be in the same amounts.

General Liability Insurance

General liability insurance coverage protects you against being liable for injuries or accidents that happen either in your home; such as someone slipping in your driveway or in someone else’s home; such as you breaking a statue belonging to the homeowner.

Bodily Injury Liability Coverage

If you cause an accident, the bodily injury portion of your liability insurance will cover the cost of all medical bills, rehabilitation, long-term care, lost earnings, pain and suffering, and even funeral expenses up to the limits you have selected.

Property Damage Liability Coverage

If you cause an accident, the property damage portion of your liability insurance will pay to repair damages to another person’s vehicle, lamp posts, house, and even their pet up to the limits you selected.

If you are sued due to causing an accident, liability insurance will pay for the cost of your legal defense.

Vehicle Liability Insurance Limits

When shopping for liability insurance, it is important to know that you will be required to select limits. These limits will determine the maximum amount your insurance company will pay if you need coverage.

These limits can be split or combined into a single limit.

Split Limits: What the numbers mean. In this scenario, we will use 10/20/10 as required in the state of Florida and assume you are the cause of the accident;

  • The 1st number is the maximum bodily injury payment per person. $10,000 would be the most your insurance company would pay each person injured in an accident.
  • The 2nd number is the maximum bodily injury payment your insurance company would pay for all people injured in an accident. $20,000 would be the most your insurance company would pay for all people injured in the accident.
  • The 3rd number in the maximum total property damage your insurance company would pay for all property. In this case, $10,000 is the most your insurance company would pay for all property damaged in a single accident.
  • Your property damage insurance limits cannot exceed your bodily injury insurance per person it you choose to split your limits.

Combined Limit

A combined limit means there is a grand total maximum that an insurance company will pay for all injuries and property damage that result from a single accident you were the cause of.

Insurance Agent Boca Raton

This is the home of Florida’s Insurance Professionals. We are a multi-lines independent agency that provides insurance solutions for both personal and commercial lines. Combining decades of relationship building with motivated licensed insurance agents to provide coverage options for all of your insurance needs.
Our team of agents relies on our education, integrity, experience, and attention to detail to properly assess each opportunity and to offer the optimal solutions for all of our clients. We are dedicated to matching the right product to every situation, always at the best price available.
Call us at 561-988-3330 or visit us at.
 
The Gordon Agency
2101 NW Corporate Blvd Ste. 211
Boca Raton, FL 33431
(561) 988-3330

 

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