Automobile Liability Insurance is a type of insurance coverage that provides financial protection to the insured party in the event of an accident or damage caused by their vehicle. It is a mandatory form of insurance in many countries and states, as it ensures that the insured party can cover the costs of bodily injury or property damage they may cause to others while operating their automobile. This insurance typically includes two main components: bodily injury liability coverage, which pays for medical expenses, lost wages, and legal fees of the injured party, and property damage liability coverage, which covers the repair or replacement costs of damaged property. Automobile Liability Insurance helps protect both the insured party and the victims involved in an accident, providing peace of mind and financial security.
Automobile liability insurance is a type of insurance that provides financial protection to the insured in the event of a car accident where the insured is found to be at fault. This insurance covers the costs of bodily injury and property damage to the other party involved in the accident. It is a mandatory requirement in most jurisdictions for all drivers to have automobile liability insurance in order to legally operate a vehicle. The coverage limits and specific terms of automobile liability insurance can vary depending on the insurance policy and the laws of the state or country in which the insured resides.
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This glossary post was last updated: 29th March 2024.
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