If you’re gearing up to purchase a vehicle, and you’re trying to calculate your total monthly costs, you’ve probably wondered about local liability insurance rates. Although the answer to the question, “How much is liability insurance?” will vary depending on the amount of coverage you purchase, costs generally fall between $46 and $80 per month in Rumson and Colts Neck.
Liability insurance is a type of coverage which protects other drivers and pedestrians in the event of an accident that you cause. If you want to protect yourself and your own vehicle, you’ll need collision insurance, comprehensive coverage, and possibly GAP insurance, too! Learn more about your financing and insurance options to get a better sense of what you need.
Generally, liability insurance is split into two categories: Bodily Injury Liability and Property Damage Liability. Here’s what you should know about each:
Liability insurance is a legal requirement in New Jersey, as it is in most states. If you want to go above and beyond the minimum coverage limits, you’re more than welcome to do so. However, those who want to go above and beyond should expect to find a different answer to the question, “How much does liability insurance cost?”
If you choose to pay a higher liability insurance policy cost, you’ll be better protected in the event that you cause an accident. The more coverage you purchase, the lower the risk that you’ll have to pay out of pocket.
Need more help calculating your month-to-month costs? Take advantage of our payment calculator to get a better idea of what you’ll be spending.
Still preparing for your purchase? Find out how to finance a car the right way or learn more about options for drivers with no credit and bad credit! No matter where you’re coming from, Land Rover Monmouth has the tools to help you move forward.
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