The property damage liability coverage in your auto insurance policy pays for damages to the other person’s property, if you cause an accident. Typically, this damage would be to another car. However, this coverage would also include damage to property such as fences or buildings.
In Ohio, you are required to carry at least $25,000 in property damage coverage. This means that you will be liable to pay any damages over $25,000 that you might cause. When you consider that the average new car price is over $33,000, it is easy to understand why you should carry more than the state minimum. What most people don’t realize is increasing the property damage coverage on your policy is one of the least expensive upgrades available to your policy.
For example, I recently doubled an individual’s property damage liability from $50,000 to $100,000. This increase only added $3 onto their total six month premium. Considering the amount of coverage gained, I think that is a very wise investment of $3.
At Goggin Insurance, we strive to provide you with sound policy advice. We want all of our clients and potential clients to understand all of their options, so they can make informed decisions. If you would like to discuss the property damage liability on your auto policy, or any other insurance questions; feel free to contact us at (844) GOGGIN-1 or email us at email@example.com.