Protect your family. One of the most important protections for your family and you is to purchase at least $500,000 of uninsured and underinsured automobile insurance.
When you are driving and you see a vehicle run a red light or speed through traffic changing lanes recklessly, odds are that driver has a low limits policy issued by a high- risk insurance company, usually only $25,000.00. And that courteous driver who stops for yellow lights, signals turns and proceeds carefully, well, that driver probably has a $300,000 policy with a one million dollar umbrella. But it is much more likely the careless, underinsured driver will cause a motor vehicle collision.
What happens when your hospital bills are $50,000.00 and your loss of earnings are $25,000.00? How are you compensated if the bad driver had only $25,000.00 and you have only $25,000 in underinsured coverage? Answer- you are not. You pay the price twice. You are physically injured and harmed financially even though you are innocent. Underinsurance means you have been harmed by a driver who does not have sufficient insurance coverage- they are “underwater” when it comes to being able to compensate you for the harm they have caused.
We have so often had to tell a client, – “The defendant had only $25,000 and you only have $100,000 underinsured, so there is not enough to pay the bills” It’s not that costly to have sufficient insurance. Medical costs have soared so you can incur six figures medical expenses because of the bad driving of an uninsured driver or more likely, a careless driver with only $25,000 coverage.
In order to recover an adequate amount of money to reimburse you for your medical expenses and lost wages as well as compensate you for the future loss of earnings together with money for your pain, suffering and the inconvenience of having to go to health care providers, to do in home therapy, there must be sufficient insurance coverage either from the careless driver or a combination of that insurance with your underinsured policy.
Speak with your insurance agent and make sure you and yours are protected in 2019.