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Is liability insurance enough for cars that are purchased by getting a loan?
Wiki User
∙ 14y ago
That all depends on which bank gives you the loan. Most banks require that you carry comprehensive and collision coverage and don't even care if you have liability. Others want both. Very rarely you will get a bank that wont' mind if you don't have comprehensive and collision.
Wiki User
∙ 14y ago
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What are reasons that one would need to purchase business liability insurance?
Business liability insurance protects a company's assets from a lawsuit. If a business is high risk or doesn't have enough capital to cover a lawsuit, they should have business liability insurance.
Why do people buy cheap liability car insurance instead of full coverage?
People buy cheap liability insurance if their vehicle is not nice enough or new enough to warrant full coverage. The cost of the insurance ends up being more than what they would get if they needed to make a claim.
If somebody has a 100K dollar net worth how much liability insurance do they need?
Amount of liability insuranceYou should get enough general liability insurance to cover your net worth or your perceived potential liabilities. If you're involved in high-risk activities, you might consider even more insurance.
If you hit someone and you have 102010 liability how will they recover?
If your liability insurance is not enough to cover the damages, you will probably be sued by person you hit or his representative for the rest of the damage.
Your truck was totaled and the person that hit you does not have enough insurance what should you do?
Sue him.A bit more:If the person who hit you doesn't have enough insurance to cover the damages to your vehicle, then your insurance should cover the balance of the costs if you have full coverage and not just liability insurance.
How much property damage is covered in liability car insurance?
That all depends on your insurance and how much damage they feel was done. If they don't cover it, or if you don't have enough insurance, they can file a law suit.
What is the minimum type of vehicle insurance required by law in Alberta?
In Alberta the minimum type of vehicle insurance is liability insurance, and you must have a minimum of $200,000. This covers both bodily injury and property damage, but if the claim is hgiher then this amount the insurance company will pay no more the $10,000 property damage. Remember that any damages over your liability amount will be your responsibility to pay, so it is best to ensure you have enough liability insurance for your needs. It is recommended to increase this liability amount to $500,000 or $1,000,000 for full protection.
Who pays if sued for more than liability coverage?
If the amount of liability insurance coverage isn't enough to pay for the damage, the insurance company will only have to pay the amount of the policy. For the rest of the amount, a personal lawsuit can be brought against the responsible party.
What is under insurance over insurance?
Under insurance is not carrying enough insurance to cover your assets in the even of a liability claim or not carrying enough insurance to satisfy your bank / lienholder. Over insurance is carrying more insurance than you need. This is more common with home insurance. For example, insuring a 1000 square foot house for 1,000,000, would be considered more insurance than you'd ever need.
Do you have to have full coverage on each vehicle you have or is it enough to have it on one and liability on the others and be fully covered?
You'll be fully covered only on the vehicles for which you choose to place full coverage insurance. The others will only be covered for liability losses if you only buy liability coverage for them.
What type of insurance do you need for a cleaning forclosed homes?
Liability insurace (in case you damage something or hurt someone) and, if you have enough employees, Worker's Compensation insurance to cover your workers that get hurt on the job.
You Must Have Liability Insurance?
Whether you are driving to work or driving on vacation, the law requires you to carry liability car insurance. The minimum amount of coverage you must carry is mandated by each state. Your coverage protects you in your home state as well as in any other state in which you may be traveling. Liability insurance is mandatory because it covers injury or property damage you may cause. If you get in to an accident that is your fault, your liability insurance will pay up to the full amount of your policy. Today, minimum requirements will usually not be enough if you are involved in a serious accident where someone is badly hurt. To protect yourself from being sued personally, you should buy a sufficient amount of automobile liability insurance.
