What is Liability insurance for and do I need it?
Greg
Rockport,TX.
Greg,
Liability coverage limits (that’s for the damage you do to others) are written as three numbers, such as 20/40/10. That translates to $20,000 in bodily injury coverage per person, $40,000 in bodily injury coverage per accident and $10,000 in property-damage coverage per accident.
Liability coverage is essential. States require certain levels of minimum liability insurance because that’s the coverage that pays for damage you do to others, including bodily injury and property damage. It also pays for your legal bills if you cause an accident.
Excellent Question.