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What are the Risks to Having Only Liability Car Insurance?

2/13/2020

 
Because having only liability coverage on a car insurance plan can lower the cost of your premiums dramatically, many people consider purchasing only that.  However, if you have a loan on your vehicle, liability only is usually not an option.  Your lender may require proof of insurance to protect their asset. (The Bank wants to make sure it can get its money back if the vehicle is wrecked.)
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Having only liability on your vehicle does have some risks.  Liability only means your insurance will only cover the costs for the other cars in the event you cause an accident.  You will have to pay to repair or replace your vehicle on your own.  The policy may also limit what the insurance company will pay the other driver and that means you may have to pay out of pocket to fix the other driver’s vehicle and any damage caused in the accident.

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 Liability insurance does cover personal injury for injured parties up to the limits of your policy.  Each policy is different so you will need to read your policy closely.  Again, you are on your own for any medical bills you incur as the result of the accident you caused.

Another thing to consider if you only have liability on your car is that you won’t have comprehensive damage repair.  Comprehensive damage includes weather damage, such as hail or flood, or a rock hitting your windshield.  If you have only liability and hit a deer, you will be responsible for fixing your car.  When deciding whether to go with liability only, you need to consider the cost of repairing your vehicle out of pocket.
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When it’s time to purchase or update your car insurance, liability only may seem like a great deal since it is so much cheaper.  If your car is only worth a small amount of money, or if you have a large savings, liability may be the way to go.  However, if you can’t afford to replace your car or pay for repairs, it may be worth it to pay the extra each month and keep more insurance coverage on your vehicle.

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