How Much Car Insurance Should I Have?
There’s no such thing as too much car insurance. The right amount is whatever you can afford. You need the right coverages to protect the people, not just the automobile. And the kicker is, the coverages that protect the people (as opposed to the coverages that protect the vehicle) are dirt cheap! If you’re in an accident it’s the best way to protect yourself, your passengers and your assets in whatever car you’re in. “The most important insurance you can buy is bodily injury caused by an underinsured auto”, advises Paul Aiken.
After 40 years in the personal injury law business, Paul and Steve Aiken acutely understand the perils and devastation an accident can cause, many times lasting a lifetime. You may not be able to control the amount of insurance someone else has but you sure can control your own. And if you have insurance, the effects from a tragic accident will be less of a financial burden, especially if you cannot work.
When a client’s been in an accident, the first thing we do is look at their auto policy. Usually it’s the first time the client has ever looked at it and in most cases they don’t have the right coverage. Insurance companies tend to sell coverages that protect the car so what you need to do is ask for insurance that covers people. It’s available and it’s dirt cheap! Pennies on the dollar. For a couple bucks a week, you can get a year’s worth of coverage.
There are essentially 3 types of coverage that protect people. The first is Bodily Injury to Others. You have to option of purchasing more than the state of Massachusetts minimum ($20,000 per person/$40,000 per accident). So do it. Buy as much as you can afford because this allows you to buy the same level of Bodily Injury Caused by an Underinsured Auto – critical coverage that you should absolutely have. The third is Medical Payments. Most people think they’re health insurance will kick in when they’re injured or even in the hospital. While this it true, the important thing to realize is your health insurer can and will look for reimbursement of any health insurance paid out on your behalf if there’s a lawsuit settlement. If you don’t have Medical Payments from your auto policy, then you will have to pay your health insurer out of the settlement, unless, you have Medical Payments – then you can keep more of your settlement.
Another very important consideration is the payout. If you have insurance, it’s an arbitration- meaning you will get paid and generally within 30 days. If you have to engage in a lawsuit, it will be a whole lot longer and the outcome isn’t guaranteed. So, PROTECT YOURSELF BEFORE AN ACCIDENT HAPPENS and avoid a lawsuit altogether.