Inquiry Regarding Liability Insurance
I fully own my car and have liability insurance on it. If I’m involved in an accident that is deemed to be my fault (though I’m uncertain how this applies in a no-fault state), will I still retain ownership of my vehicle, or could the insurance company take it?
Question: Can I contest backdated car insurance payments if the company informed me about them only after I terminated my…
Excel Solutions Website Not Loading Hi everyone, I’m trying to prepare for my exam, but the Excel solutions website isn’t…
Mental Health Claim Inquiry Hello everyone, I was recently involved in a minor car accident where I was sideswiped, resulting…
In a no-fault state, liability insurance primarily covers damages to other parties involved in an accident for which you are at fault, rather than covering your own vehicle. Since you own your car outright, you would still retain ownership of it even if you were found to be at fault in an accident.
However, if the accident results in significant damage to your vehicle and you do not have collision coverage, you’ll be responsible for covering the repair costs yourself. If you do have collision coverage, your insurance company may assess the damage and pay for repairs, but you would still own the vehicle unless it’s deemed a total loss (in which case the insurance company would pay you the actual cash value of the car). Always check the specifics of your policy, as terms can vary.