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What is the cost of Car Insurance Liability?

Liability insurance covers the injuries you cause to others and their property. Physical injury and property damage are often sold in packages. On your insurance card, these levels of coverage are expressed in three numbers: the limit (in thousands) of injury to a person, the limit for all injuries in an accident, and the level of liability for property damages.

What is the cost of Car Insurance Liability?
What is the cost of Car Insurance Liability?

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Every U.S. state requires minimum liability insurance for its drivers. According to CarInsuranceRates.com, as of publication Missouri has a minimum requirement of as low as 20/10/5, or $10,000 of body injury insurance per person, $20,000 for all injuries in the same accident and $5,000 for property damage.

North Carolina is the highest at 30/20/66. However, the minimum required level of liability insurance is not always enough to cover the full amount of the claim. A general rule of thumb is to guarantee physical injury insurance of at least $100,000 for a person’s injury.

Average liability insurance

The average spending on auto liability insurance ranges from $242 to $736 per year, with the overall national average of about $471. Florida ranks highest at $736 per year, and North Dakota ranks as the cheapest state with just $242 annually. According to the Insurance Information Institute, the average cost of a bodily injury liability claim is about $13,462 and the average property damage liability is $2,873.

Individual variations

Your results will be different. Before charging your personal insurance premium, the insurance company will also take into account personal information such as your current marital status, education level, and occupation. The car you drive will also be important and insurers will add or subtract the risk, which translates as the cost of insurance, based on criteria such as the vehicle’s overall safety rating and actual highway accident statistics. The average cost of liability insurance nationwide may be $471, but your personal expenses will definitely be different and may be half or twice the national average.

Full insurance average

Liability insurance does not cover the cost of repairing your own vehicle or claims related to other types of damages and losses. For these types of claims, you’ll also need collision and comprehensive coverage. The Insurance Information Institute report found that the average spend increased to $298 when adding bumps and $134 for the whole. When all of these insurance costs are combined into a full car insurance plan, the average cost for car insurance nationwide is calculated as $789 per year for a 47-year-old male driver who rides 10 miles per day.

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