Liability only auto insurance is a type of auto insurance that covers only third-party liability expenses. It does not cover any expenses related to your own car or injuries to you or the passengers in your car. Liability only auto insurance is the most basic type of auto insurance you can get and is usually the least expensive. It may be a good choice for those who are on a tight budget and can’t afford more comprehensive coverage.
How Does Liability Only Auto Insurance Work?
When you purchase liability only auto insurance, you are only covered for the damages you cause to someone else’s vehicle or property, as well as for any medical expenses related to injuries caused by you. If you cause an accident, your insurance company will pay for the damages you have caused to someone else up to the limits of your policy. It will not pay for any damages to your own car, nor will it cover your medical expenses.
What Are The Benefits Of Liability Only Auto Insurance?
The main benefit of liability only auto insurance is the cost savings. It is typically the least expensive type of auto insurance, so it is a great choice for those on a tight budget. Additionally, it is the most basic type of auto insurance, so you only need to purchase the minimum required by law. This means you don’t have to worry about buying more than you need.
What Are The Disadvantages Of Liability Only Auto Insurance?
The main disadvantage of liability only auto insurance is that it does not provide any coverage for damages to your own car or for your medical expenses. This means that if you cause an accident and your car is damaged, you will have to pay for the repairs out of your own pocket. Additionally, if you are injured in an accident, your medical bills won’t be covered either. This can lead to very expensive medical bills that you may not be prepared to pay.
Do I Need Liability Only Auto Insurance?
For most people, liability only auto insurance is the minimum amount of auto insurance they need. It is legally required in most states and is the least expensive type of auto insurance. However, if you have a newer car or valuable assets that you want to protect, you may want to consider purchasing more comprehensive coverage. This will provide you with more protection in the event of an accident.
How Much Does Liability Only Auto Insurance Cost?
The cost of liability only auto insurance depends on a variety of factors, such as your age, driving record, and the make and model of your car. Generally, the cost is lower than more comprehensive coverage and can be a great option for those on a tight budget. It is important to shop around and compare rates from different insurance companies to make sure you are getting the best deal.
Where Can I Get Liability Only Auto Insurance?
You can purchase liability only auto insurance from any insurance company that offers auto insurance. It is important to compare rates from different companies to make sure you are getting the best deal. Additionally, you can speak to an independent insurance agent who can help you shop around and find the best policy for your needs.
Conclusion
Liability only auto insurance is a great option for those on a tight budget. It is the least expensive type of auto insurance and is the minimum amount of coverage required by law. However, it does not provide any coverage for damages to your own car or for your medical expenses, so it is important to consider whether or not more comprehensive coverage is right for you.