How Much is Liability Insurance?

Do you find yourself wondering, “How much is liability insurance?” Liability insurance rates usually depend on the policy that you choose. The legal requirements in Troy and the rest of Ohio are that insurance must cover at least $25,000 for injury/death of one person, $50,000 for injury/death of two or more people, and $25,000 for property damage in an accident.

That’s why the most common liability insurance to get is the 100/300/50 limits. That means the insurer will pay up to $100,000 for injuries per person, $300,000 for injuries per accident, and $50,000 for property damage per accident. Generally, a liability insurance policy costs from $46 a month to $80 a month, but it all depends on the state and the amount of coverage you choose. Keep reading to learn more, or contact us with any questions.

What Does Liability Insurance Cover? What is Liability Insurance?

If you are in an accident in Dayton and are responsible for it, liability insurance covers the cost of damage or injuries to the other driver. Here is what we mean more specifically:

• Bodily Injury Liability – This insurance covers bodily harm to the other driver in an accident you caused. Having this insurance means the other person’s medical bills, pain and suffering, etc, are all covered. If you were to get sued, your defense and court costs would also be covered.
• Property Damage Liability – This insurance covers the damage to the other person’s property and the loss of use of that property. This means the damage done will be covered.

What is the Right Amount of Coverage?

Legally, the amount of liability insurance you’re required to have varies from state to state. In Ohio, your insurance must cover at least $25,000 for injury/death of one person, $50,000 for injury/death of two or more people, and $25,000 for property damage in an accident.

If you were to buy additional coverage, you’d have a higher premium, but in the case of an accident, you’d be better off. Keep in mind, whatever your insurance doesn’t cover, you have to pay. Since accidents can be very costly, when you ask “how much does liability insurance cost?” also ask, “how much would it cost to not have it?” 

That’s why the 100/300/50 limit is the most common. Always consider how much you can afford, then get covered.

Come to Dave Arbogast and Get Covered

Still asking, “but how much is liability insurance for me?” Learn more by visiting our finance center, and feel free to check out our other car buying tips! Our team is happy to help you decide on a coverage plan that works best for you and your new vehicle. Contact us today and get on the roads of Vandalia as soon as possible!