Auto insurance coverage grows more complex over the years, and finding the right insurance can certainly be a challenge. It is required by law, of course, but to what extent? And how we can feel sure that we are covered for maximum protection at the lowest-possible cost?
Auto insurance consists of different policies which cover individuals in various ways:
• Bodily injury – Protects individuals who were harmed in an accident for which you were at fault. These terms generally cover maximum amounts-per-person, as well as a maximum amount which can be spent by an insurance firm for everyone involved in the accident.
• Collision – Covers damage to your own vehicle for which another driver was at fault.
• Comprehensive – Covers stolen vehicles and vehicle-damage which was not caused by an accident, but another circumstance such as a fire, vandalism, or hail/sleet.
• Liability – Covers any damage you caused in an accident in which you were at fault; the money generally goes to the victims of the accident, not including passengers of your car.
• Medical/personal injury – Covers your medical expenses, as well as those of any passengers in your vehicle, for an accident.
• Property damage – Covers a variety of damages you may have caused to another’s property in an accident, particularly their vehicle.
• Underinsured/uninsured – Covers expenses in an accident which was caused by an individual who is either partly insured or entirely uninsured.
When choosing between types of insurance, it is best to begin by checking your state’s minimum insurance requirements, as you must meet them to legally drive at all.
While policy costs are certainly important, buyers must beware of the gamble of too little coverage. One policy may be $10 cheaper per month than another, for example, but such savings will mean very little in the event of a serious accident, especially if the damage is severe and the other driver does not have full coverage.
You should feel confident that you’re covered for as much as you can reasonably afford, as any damages which exceed your coverage-limit will come out of your own pocket. For this reason, many individuals may begin by insuring themselves up to the total worth of their personal assets; this is to prevent having such assets seized in a lawsuit should they injure someone in an accident while lacking sufficient coverage.
Of course, it is better to be safe than sorry. Ultimately, spending a little more per month far outweighs the risk of financial devastation if you are not adequately prepared.
If you or a loved one has been injured in an accident, contact 844 See Mike, LLC for a free consultation. We are a Chicago-based injury law firm representing individuals (and their families) who have suffered an injury in an accident. We will handle your case quickly and advise you every step of the way, and we will not hesitate to go to trial for you.
Lastly, 844 See Mike is not paid attorney’s fees unless we win your case. Our no-fee promise is that simple. You have nothing to risk when you hire us – only the opportunity to seek justice.