Liability insurance Pays for injuries to the other party and damages to the other vehicle resulting from an accident you caused. Your policy must pay at least $, for each injured person, up to a total of $, per accident, and $, for property damage per accident..Auto Insurance Glossary of Terms. You will see three numbers when you are buying liability coverage. They represent in the $ thousands your liability limits for per person bodily injury, bodily injury for all persons injured in any one accident, and property damage liability..Do you know what an SR Form is? What about PIP or No Fault? Find out the definition of important insurance terms..Our guide to insurance terms and definitions will help you understand what you re buying when you shop for insurance..
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