Auto insurance protects some of the most important people in your life, you and your passengers. For most people their automobile is one of their most valuable assets, next to their home. Appropriately, having good insurance coverage should be taken very seriously. As your attorney I can’t stress enough your need to maintain appropriate insurance coverage. Some people drive with substandard insurance or low insurance coverage or even illegally drive with no insurance coverage at all. You don’t want to be in a situation where you are involved in an accident with someone that is inappropriately insured and find out there is not enough insurance money to cover your expenses. Most people find out when it is too late if they have improper insurance coverage.
Protecting yourself before you get in the car with good auto insurance is basic in smart planning – planning that can help protect you and your loved ones if you are in an accident. Just because another driver caused the accident does not mean they are fully covered and can pay for all of your damages. The meaning of “Fully Covered varies greatly from person to person.
Customarily Fully Covered means 100K in liability coverage with emergency room costs. Today a 100k may not be enough money to properly compensate you in an accident. The State of Illinois only requires 20K in liability insurance. If you tell me you want to recover a million dollars if you are in a serious car accident then you need to insure yourself for a million dollars in order to assure that this amount of money is available in recovery.
It’s critical to keep in mind that not all policies are alike; so it is essential that you understand the details of what you are protecting, and how coverage options apply (or don’t) to you and your family. I would recommend that you carry, at the very least, Full Coverage However you should look at getting Complete Coverage, as the price difference is not that much more and will give you additional services and peace of mind should you be in an accident. If you are concerned about costs it is important to understand your deductible as your rate is based on the deductible. The lower your deductible, the higher your rate; the higher your deductible, the lower your rate will be. For example, if you are have a $250 deductible you will pay more for your premium than if you have a $500 dollar deductible. Determine your deductible by considering what you can afford to pay if you are in an accident.
Full Coverage Personal Injury Liability Coverage Uninsured/Underinsured Coverage, Property Damage, Liability Coverage, Collision Medical payment coverage or Med Pay Special coverage/Umbrella Policies-if you own your home out right, have a lot of equity in your home or have a large net worth, then you want to make sure you carry enough coverage to assure that someone can’t sue you for everything that you worked hard to build.
Complete Coverage All of the above plus Emergency Road Service Car Rental Death Benefits Loss of Earnings
Medical payment coverage or Med Pay covers all members of your household. This is especially beneficial if you don’t have health insurance, though this coverage only kicks in if you are in an automobile accident. Most people carry $5000 for their Med Pay, though you should keep in mind that $5000 can be gone in the blink of the eye when it comes to medical coverage. You should increase your medical coverage to at least $10,000 dollars.
If I can leave you with just a few thoughts, remember that cheaper is not always better, nor is building your own policy. Having excellent auto insurance is just good sense; it can help protect you from expensive, sometimes devastating, costs. You want to buy from an A rated company, because you want to make sure they are there for you when you are in an accident. Good insurance will give you a secure feeling and help you be prepared for the unexpected.