Thinking of cancelling your full coverage auto insurance policy and getting liability-only insurance to lower your monthly premium? If so, check out this great infographic (courtesy of LiabilityInsurance.org) - it describes what liability insurance is, its limits, and the types of coverage.
In almost every state, vehicle owners are required to at least have liability auto insurance. Liability auto insurance protects motorists when they’re at fault in an accident, whereas full coverage insurance (comprehensive or collision) protects the insured vehicle from losses. Purchasing the bare minimum of coverage required by law might work out to be cheaper on a monthly basis, but paying for collision damages to your vehicle could end up costing you more.
Click on the image below to view the full-sized version of this infographic:
