How Much is Liability Insurance?

closeup of a car key and a car insurance policy

How much is liability insurance? The National Association of Insurance Commissioners, or NAIC, has most recently calculated the national average cost of liability insurance per driver, annually, to be $538.73. There are a variety of factors that ultimately determine what your exact liability insurance rates will be— from where you live in Darien, to how you decide to structure your policy coverage and what your driving record is— so the following guide will detail those factors for you.

Should you have more questions about liability insurance or other car financing questions, contact our finance team today.

What Factors Determine Liability Insurance Rates?

As previously mentioned, liability insurance rates vary based on a long list of factors that an agent will consider when determining your monthly costs. Familiarize yourself with the list of things below that will have an impact on your liability insurance rate:

  • Vehicle type
  • Your location
  • Your credit score
  • Your driving record
  • Your net worth
  • Your age
  • The type of policy structure you choose

How Much Does Liability Insurance Cost?

As a refresher, liability insurance covers both bodily injury and property damage costs incurred by the other party in an accident in which you are found at fault. Because of this two-pronged type of coverage, there are multiple ways to structure your liability insurance policy. You can opt for split limit coverage of those elements, or a single limit. Individual limits mean you’ll set separate limits for the following three things: bodily injury per person, total bodily injury in the accident, and property damage. A single limit is one total sum spread across the costs of the accident, agnostic of what category they fall into.

Minimum coverage limits are typically mandated by the state, but maximums are determined by your agent based on what you want and the aforementioned list of factors. For example, you’ll often see split limit liability insurance policies structured like 100/300/50, meaning maximum coverage of:

  • $100,000 bodily injury per person
  • $300,000 total bodily injury in accident
  • $50,000 property damages

So, the answer to the question, “How much is liability insurance?” will depend on the coverage you select! To get the minimum coverage limits for %%di_state%%, call the financing team at Land Rover Darien.

Learn More From the Darien Finance Team

If you have more questions regarding car insurance or overall finance, contact our knowledgeable finance team today. If you’re interested in buying a new Land Rover or Range Rover vehicle from Land Rover Darien, we’re also standing by to help. In the meantime, to get a head start on the process, you can apply for financing online.

Not sure if you should buy or lease a new Land Rover to drive through the streets of Greenwich and New Canaan? Browse our additional car-buying tips or start by learning the ins and outs of refinancing auto loans.

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