A Liability Insurance is much known as “third party insurance”. This insurance is a part of a general insurance system that can protect you when you accidentally damage someone else’s property, or you have caused untoward injuries while you were using your vehicle. There are two components of liability insurance: the “bodily injury liability and property damage liability. These two are the ones you need to have when you are signing up for a Liability Insurance because they’re the ones which are on top reasons or causie of an accident. Liability insurance may help you with the finances that need to be pay when it’s been legally proven that you are one who caused this kind of accident. Having a Liability Insurance can help you with this kind of matters.