Liability Car Insurance- What Does It Cover?

Do you have Liability Insurance for all the vehicles you own? 

Having auto insurance is mandatory in almost all the states in the US (except three), but there is no rule mandating you to have Liability Insurance included in the policy. Although, Liability Insurance is one of the first things a car owner looks for–depending on in which state you reside–some people might not see it as a priority. This post is to make you aware of the importance of Liability Car Insurance. I have also shared the expenses that a Liability Car Insurance covers.

What Is Liability Car Insurance?

Liability Car Insurance is one of the coverages a standard Auto Insurance has to offer. Some insurance companies also offer specific Liability Insurance for car owners. This policy focuses solely on two aspects of insurance 1) Bodily injury liability coverage and 2) Property damage liability coverage.

Bear in mind that this insurance policy only covers losses incurred by other people (and their property) involved in the accident. This policy does not cover the medical expenses or physical damages incurred by the policy holder’s vehicle. This is a key difference between this policy and a standard auto insurance policy. Let’s talk about the two types of coverage a Liability Car Insurance by a major insurance provider offers.

What Does a Liability Car Insurance Cover?

1) Bodily Injury Liability Coverage

The insurance company will take care of all the medical expenses of people involved in a road accident caused by you. Except for the driver and the passengers sitting in the car owned by the policyholder, the insurance will take care of looses incurred by everyone.

2) Property Damage Liability Coverage

Similar to the Bodily injury liability coverage, Property Damage Liability Coverage is there to pay for the damages sustained by a real estate property or the vehicle of other drivers. You can also get sued by a bystander if the accident (caused by you) incurs damage to the items they are carrying (like luggage, or physical goods).

Is It Worth Getting a Liability Car Insurance?

Barring three states, it is mandatory by law for a vehicle owner to have an auto insurance policy. Does every vehicle owner has insurance? The simple answer is no. There are plenty of vehicle owners in the US who drive without having any kind of insurance. Maybe they are young, jobless, poor, or plain irresponsible, but the point of sharing this fact is, it is possible to save money by driving without having insurance.  

Having said that, a Liability Car Insurance is a minimum a car owner should have in his/her glove box. Even if you are willing to incur losses to your vehicle and injuries to yourself, you cannot take a risk by causing damage to someone else. If you do not produce Liability Car Insurance papers from your glove box, they will most certainly sue you. Hence, you shouldn’t mind paying a monthly premium to your insurance company. It is worth purchasing a Liability Car Insurance.

Credible Review- An Easy Way to Refinance Your Student Loans

Finance loan

With the student loan interest rates going up every year, a lot of students are willing to hire a private debt refinancing company to take care of their situation. Instead of paying a high-interest rate on several of your student loans, you can now pay a single monthly payment with a lower interest rate. Refinancing allows you to pay a lower monthly payment than you were paying before.

You don’t have to pay a consulting or refinancing fee. It’s totally free. Even students with fixed-rate federal student loans are opting to refinance. In this post, I have reviewed a refinancing company known as Credible. Credible is becoming popular among students as it allows them to pick a lender offering the lowest interest rates.

About the Creator of Credible

credible

Credible is a San Francisco, California-based company that allows borrowers to choose from multiple lenders. The company was founded in the year 2012 by Stephen Dash.

How Does Credible Work?

Credible helps students and graduates refinance their student loans by allowing them to compare prequalified student loan refinancing rates from up to 10 lenders. I know it seems too good to be true but Credible gives you the best rate guarantee. If you find a lesser rate someplace else, Credible will give you $200. 

This is how Credible works. First, you are required to fill out a quick form to gain access to the list of low-rate lenders. Don’t worry, your information will not be shared with them. This is just to familiarize you with the available lenders. Credible takes the guesswork out of hunting for a low-interest rate lender.

Next, choose the lender that suits your needs. The lenders are presented to you based on your credit score. Lastly, provide your loan details. The easy import tool will help you add the loan details. After this point, the information will be sent to your chosen lender. You will hear from Credible in a day. 

What I Like About Credible

The whole “form filling” and “adding the loan” process does not take more than half an hour. Also, at any point, if I feel like this service is not meant for me, I can cancel the process and Credible claims not to store my personal information. I like the fact that I have nothing to lose but everything to gain. 

What I Don’t Like About Credible

The customer service could be improved. Credible gets you in touch with lenders offering the lowest interest rates but it fails to help people put when they come with issues. The customer service department is not as good as their flagship service.

My Recommendation

Credible is should be the go-to student loan refinancing company who wish to get a significant amount reduced from their monthly payments. Most lenders prefer candidates with a higher credit score. With Credible, those with an average credit score stand a chance to get the refinancing approved. Although I cannot guarantee the same for the ones with poor credit history.

Pricing

Credible is free of cost service. For compensation, they rely on their vetted lenders.