Your financially liable for all damages and associated losses. Whatever that amount happens to be. Your insurance policy will pay up to it's policy limits.
Liability coverage (often simply called "liability") protects you from damage you do to others or to property in an accident. Some level of auto liability insurance coverage is required in all 50 states - get info for your state's auto liability insurance coverage requirements here.
This means that if the accident was your fault, your insurance will pay(up to an amount that is on your policy) for the other property and persons involved in the accident. Liability insurance does NOT cover your vehicle damage.
To get liability car insurance, you can contact insurance companies or agents, provide your personal information and details about your car, choose the coverage limits you want, and then pay the premium. Liability insurance helps cover costs if you're at fault in an accident that causes injury or damage to others.
Both insurance companies will pay for their own, depending on your policy coverage.
Liability insurance pays for someone else's damages if an accident is your fault but won't cover your vehicle. Full coverage provides liability insurance as above but will also cover your damages to your own vehicle in an accident regardless of whose at fault, as well as theft, fire, etc.
Liability insurance.
That is the part of your insurance that pays for damage to your vehicle, when you are at fault, if you are involved in an accident. This is coverage would need to be purchased in addition to your regular liability insurance.
Liability and medical insurance.
The amount of coverage and the specifics of coverage will vary from policy to policy. In general liability insurance will cover damages to individuals or entities other than the insured individual. For example, in auto insurance liability insurance will provide for individuals injured in an accident excluding the policy holder.
Liability coverage in auto insurance helps pay for damages and injuries you cause to others in an accident, while collision coverage helps pay for damages to your own vehicle in a crash, regardless of fault.
Many insurance companies will provide liability insurance at various rates depending upon the situation. Examples worth looking at would be Cornell and Admiral who provide good low rates for it.
It is important to understand the different types of insurance coverage most companies offer. Something which virtually every policy should have is liability coverage. This protects the policy holder against financial loss due to a covered accident.