How to protect your assets this winter
Winter weather is coming quicker than expected. It might be wise to revisit your auto insurance coverage. Our state requires drivers to insure themselves with 25/50/25 liability insurance. What that really boils down to is the fact that with this minimum coverage drivers are potentially at risk for financial ruin. Here’s how it works...
If you’re in an auto accident and it’s your fault, you are protected with the following limits: $25,000 for bodily injury or death of one person in any one accident, $50,000 for bodily injury or death of two or more persons in any one accident, and $25,000 for property damage of others in any one accident. These limits would be acceptable for a fender bender but not for a serious accident.
Medical costs are extremely high today and racking up $25,000 in medical costs does not take long anymore. Also, there are a lot of cars on the road that are more expensive than $25,000. When you’ve exhausted your policy limits, it’s now your responsibility to come up with the extra cash to cover the damages. Protect yourself and look into increasing your liability limits. You’ll actually be surprised at how affordable the additional coverage can be. At the same time, be sure to add Uninsured Motorist and MedPay to your policy too. With those coverages you’ll be much more protected in all scenarios, whether you are at fault or not.
Posted on Thu, December 4, 2014
by Robyn Healy filed under