Question about liability insurance
I fully own my car and have liability insurance for it. If I were to be in an accident deemed my fault (not sure how that applies since I live in a no-fault state), would I still retain ownership of my vehicle, or could my insurance company take it?
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In a no-fault state, liability insurance mainly covers damages to others if you are at fault in an accident. Since you own your car outright, your insurance company doesn’t take ownership of your vehicle just because you were at fault in an accident. You would still own your car, but your insurance may pay for the damages caused to the other party involved in the accident.
However, if the accident leads to significant damage to your vehicle or if it is deemed a total loss, your insurance company may assess the damages and provide you with a payout based on the car’s value, which you can then use to repair or replace your vehicle. It’s always a good idea to check your specific policy details and contact your insurance agent for clarification on how your coverage works in accident scenarios.