Auto insurance carries many benefits for drivers. Many of us would be ill-prepared to cover an accident or some other mishap out of pocket. Auto insurance can cover accidents and other non-moving incidents, which benefits drivers. Drivers have various choices regarding auto insurance. Aside from liability coverage, drivers have options for car insurance. The L & S Agency Inc. team is committed to helping Buffalo, NY drivers explore their options.
What is Auto Liability Insurance?
Auto liability insurance covers damage or injuries that other drivers may sustain if you’re at fault for an accident. All states have preset limits that every driver must carry. New York requires all drivers to carry $10,000 in property damage coverage, $25,000 for bodily injury, and $50,000 for death. All accidents that involve two or more people require $50,000 for bodily injury and $100,000 for death. Auto liability coverage covers medical and property damage for at-fault accidents and injuries. In essence, auto liability coverage only provides for the other driver’s car, property, and injuries if you’re at fault for an accident. This form of insurance doesn’t cover your injuries or your property damage. However, all drivers are legally required to invest in auto liability insurance, but more insurance is required to cover your injuries and car.
My auto loan is paid in full. Should I reduce my coverage to liability only?
Maybe. If you own a late-model car and can’t afford to cover accidents and other unexpected incidents out of pocket, auto insurance is likely still a necessary investment. If your vehicle is worth less than the cost of your full-coverage policy, liability insurance is appropriate. Full coverage insurance isn’t a wise investment if your car is worth less than your comprehensive and collision policy. If you have questions about auto insurance, call us. We’re happy to help you explore your options.
