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Why should you consider more – rather than less — liability insurance?
While most states require drivers to carry basic liability insurance, which offers the minimum coverage limits required by law, it’s a good idea to purchase higher coverage limits than your state requires.
Why? Let’s say you were distracted while backing out of a parking space and you didn’t see a car behind you that happened to be driving by. And then you hit that car, slightly injuring the driver and her passenger.
After an investigation, you’re determined to be “at fault” for the accident. Your auto liability coverage will pay for the damage to the car you hit as well as for the medical bills (and other costs) from the injuries sustained by the driver and the passenger, including pain and suffering, and lost wages.
If the damages you cause exceed the liability limits you have chosen, you could find yourself personally liable for all of the costs that exceed the amount your insurance policy can pay. If you’re unable to pay those bills, it could result in garnished wages, liens against your assets and even court fees.
To fully understand the difference between minimum liability coverage and the amount of coverage you may actually need, contact a State Farm agent.