How Much Does Liability Insurance Cost?

Liability insurance is a form of auto insurance that’s required in most states, covering bodily injuries and property damage that you as the driver may be responsible for. It’s a vital type of insurance that typically costs less than $100 a month on average, but there are some more components to the average liability insurance rates. Fortunately, the Biggers Chevrolet finance team is here to help! Read on for some key information about the liability insurance policy cost and coverage.

Liability Insurance Coverage

Before we dive into the details of liability insurance rates, let’s go over what liability insurance actually covers. As we discussed above, there are two main components to liability coverage: bodily injury and property damage. Each of these components have their own limits imposed by the state, but you can also set your own limits based on what you’re comfortable with. Here’s what most liability insurance covers in Schaumburg and Streamwood:

Bodily Injury

• Medical and hospital bills
• Any long-term nursing care that may be needed
• Funeral expenses in the event of a fatal accident
• Rehab
• Pain and suffering
• Lost earnings

Property Damage

• Repair expenses
• Necessary part replacement
• Vehicle damage
• General property damage (house, personal property, etc.)
• Pets

How Much Is Liability Insurance On Average?

So, now that we’ve gone over what it covers, how much is liability insurance? The cost is determined by a few key factors. The amount you have to pay each month depends on the type of coverage you get, but most drivers go with a 100/300/50 plan. With this plan, the insurer will pay up to $100,000 per person for bodily injuries, $300,000 per accident for bodily injuries, and $50,000 per accident for property damage. This typically translates to anywhere between $45 and $80 a month for the driver.

Learn More About Liability Insurance Policy Cost at Biggers Chevrolet

If you have any questions about liability coverage, don’t hesitate to contact our office! You can also stop by our dealership near Bartlett to chat with a member of our finance team in person, and we’ll be happy to help you. Be sure to check out our car buying tips for more advice on shopping for your next ride.