Number of states mandating automobile insurance
As an example, if you were to lose control of your car and run into your neighbor's house, property damage insurance would cover your liability.Likewise, if you were to rear-end someone's car due to no fault of their own, property damage insurance would also cover that incident. It's up to each state to determine the minimum amount of PD insurance each driver is required to carry.When your vehicle is damaged from crashing into someone or by a fallen branch above your driveway, physical damage car insurance is what you need to have your insurer to pay auto repair costs.
These numbers, also known as 'split limits' indicate the maximum amount that your carrier will pay out for bodily injury coverage for one individual, bodily injury coverage for all people involved in the accident, and property damage respectively.
Most states typically require BI limits of ,000; this can range significantly, from the lowest of ,000 per person in Florida to the highest requirement of ,000 per person in Alaska.
What works for you should be based on an assessment of what assets you have at risk and your budget.
Liability auto insurance is actually the combination of two types of coverage: Bodily Injury (BI) and Property Damage (PD).
The first pays for expenses that result from injuries sustained an accident while the latter serves to compensate for damaged property.
Both Collision and comprehensive fall into the "physical damage" category of car insurance incidents.