Based on the above liability insurance, if you are involved in an accident and it is determined to be your fault, the above minimum liability insurance will pay for the bodily injury and damages to the other party in the accident. In this situation, the above liability insurance does not pay for your injuries or damages.
If you need insurance that also pays for your bodily injury and damages, you need to get a type of insurance that is called comprehensive and collision insurance, which is not part of the requirement of California's financial responsibility. Comprehensive and collision insurance are much more expensive than liability insurance.
Also, it is important to note that if you are ever involved in a serious accident that is determined to be your fault, especially with a pedestrian or a fast-moving vehicle, the injury and damages can be substantially above the minimum California requirements. In many cases, the cost of injury, death and long-term pain and suffering and attorneys’ fees can even run into the millions.
The insurance is only going to cover the above minimum coverage and you (if you are over 18) or your parents or guardian (if you are under 18) are going to be liable for this hefty cost.
Thus, it is really important for you to be careful and follow all traffic laws to avoid such a situation. Traffic laws are written so our roadways are safer for everyone.
Finally, it is important to know that when a vehicle owner gives someone else permission to drive his/her vehicle, the owner is liable for any damage caused by that driver. The person who signs a minor's license application becomes liable for any damages that minor causes (no matter whose vehicle they drive) until they turn 18.