How Much is Liability Insurance?

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.

What is Liability Insurance and What Does it Cover?

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:

• Bodily Injury Liability covers harm to another driver or pedestrian. It helps to pay medical bills as well as other costs related to pain and suffering. In the state of New Jersey, drivers are required to purchase $15,000 worth of coverage per injured person, with a maximum payout of $30,000 per accident.
• Property Damage Liability protects the property of others. This includes the vehicles of drivers involved in the accident, but it may also include any other sort of property that was impacted by the collision. In New Jersey, you need to have at least $5,000 worth of property damage coverage.

How Much Coverage Should You Have?

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.

Learn More About Financing and Insurance with Land Rover Monmouth!

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.