THE FALLS INSURANCE CENTER, INC.
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Liability
Liability coverage is the foundation of any auto insurance policy, and
is required in most states. If you are at fault in an accident, your
liability insurance will pay for the bodily injury and property damage
expenses caused to third parties in the accident, including legal
bills. Bodily injury expenses include medical bills and lost wages.
Property damage expenses pay for the repair or replacement of things
you wrecked. The third party may also decide to sue you in order to
collect "pain and suffering" damages.
Insurance types usually refer to liability coverage limits as a series of three numbers. For example, your agent might say that your policy carries liability limits of 20/40/10. That stands for $20,000 in bodily injury coverage per person, $40,000 in bodily injury coverage per accident, and $10,000 in property damage coverage per accident.