<u>The minimum coverage that you must have for Property Damage Liability is $10,000.
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Further explanation:
Auto insurance:
Auto insurance refers to the insurance policy on the vehicle owners to recover the cost in case of an auto accident. The insurer pays the annual premium and the insurance company pays for any vehicle damage. The requirements of auto insurance vary from state to state. Following requirements are carried out by each state uniformly:
- Bodily injury liability
- Property damage liability
The property damage liability refers to the damages that another vehicle or property has to bear in an auto accident. Examples of property damage liability include the following:
- Repair of another party’s vehicle.
- Fixing the damages to another party’s businesses and houses.
- Legal expenses incurred for property damage claim.
- Loss of income due to the business closure on account of property damages.
- Other recurring expenses.
Although, each state has its own minimum claim for the property damage coverage. The minimum amount that is set by the Department of Highway Safety and Motor Vehicles is $10,000.
Thus, the minimum coverage that you must have for Property Damage Liability is $10,000.
Learn more:
- Learn more about consumer protection law brainly.com/question/1862829
- Learn more about the laws related to the sole proprietor brainly.com/question/5742225
- Learn more about the property damage law brainly.com/question/4725726
Answer details:
Grade: Senior School
Subject: Business Law
Chapter: Federal Law
Keywords: following, correct, minimum, coverage, Property Damage, Liability.
