Have you ever noticed how every car insurance company seems to offer the lowest rates? It is uncanny. Company A claims to have the lowest rates while Company B promises they will not be beat. The thing many drivers do not understand is that many of these low rate claims are based on the most basic insurance policies. Such policies are hardly adequate in the real world.
So, is your car insurance adequate? Do you carry only basic liability and nothing more? If so, you could be in a world of hurt in the event of an accident. Whether you are a victim contacting a Florida car accident attorney or the person who caused an accident in California, not having adequate insurance could be potentially life changing.
There are many kinds of car insurance coverage drivers can buy. Let us look at some of them in a bit more detail.
The bare minimum for car insurance in nearly every state is basic liability coverage. This is coverage that will not protect you or your car in the event of an accident you cause. What does it cover? It covers injuries and property damage you inflict on others.
Let’s say you cause a crash that results in $5,000 damage to another car as well as several thousand dollars damage to the fence and yard of a local home. Your liability insurance would cover all of those damages less your deductible. You would be personally responsible for the deductible amount.
Collision insurance is coverage designed to protect your car in the event of accident. It is there to repair or replace your car. Note that any lender willing to provide an auto loan will require collision insurance. Lenders are allowed in all 50 states to purchase collision insurance on behalf of customers who fail to procure it themselves. They can add the cost of that insurance to monthly car payments.
The point of comprehensive insurance is to cover some of those losses not covered by liability and collision. Perhaps your car is parked on the street when a thunderstorm sends a tree limb crashing through the windshield. This is technically not covered under collision because you didn’t have an accident while driving. Comprehensive coverage will pay for the damage.
Insurance Coverage for Personal Injury
The first three kinds of insurance are considered the bare minimum in most states. However, they will not do much for you should you suffer a very serious injury in a car accident. Your health insurance will cover some of the costs of the treatment, but it might not cover everything. This is why car accident attorneys encourage drivers to add additional coverage to their policies.
Florida’s car accident lawyers at VG Law Group consider personal injury protection (PIP) one of these additional coverages. PIP is mandated by law in Florida as well as more than a dozen other states. Where it isn’t required, PIP is still a good idea. PIP covers things like medical expenses, physical and occupational therapy, lost wages, and even funeral costs.
MedPay, also known as medical expense coverage, can be used in conjunction with PIP or as a replacement thereof. This sort of coverage pays medical expenses for you and your family regardless of who is at fault in a crash. Unlike PIP, it is possible to find MedPay coverage without a deductible.
This post has just scratched the surface of car insurance. Again, is your insurance adequate? Would you have enough coverage in place if you were seriously injured in a crash or found yourself being sued by a car accident attorney?