What type of insurance should I have?
More often than not, people choose the cheapest option for coverage to lower their monthly premiums. Although these typically fall within minimum state requirements to drive vehicles on public roads, the wrong insurance coverage can cause difficulties for you, your family, and your assets if an accident should happen. Fortunately, you can get better coverage to protect yourself no matter your budget. Here’s all you need to know about insurance:
Why You Need to Know About Insurance
If you’re like most people, you don’t know enough about insurance to make an educated decision about your coverages. You probably want to see what you’re buying before you hand over your hard-earned money. However, with insurance, can you state that you know what you’re paying for every month with one-hundred percent certainty?
Insurance companies bank on ignorance from the average consumer. In fact, most of the language used in your insurance policy is purposefully confusing. Don’t wait to file an insurance claim to figure it out. Learn what coverages are best to protect yourself and your family from a California PI Attorney.
Property Damage Liability Insurance
Liability insurance is relatively self-explanatory and is a requirement in every state. In the case of an accident, this coverage protects your personal liability up to a set amount in the event of a claim and will pay for physical damage to someone else’s property.
However, some restrictions apply depending upon your policy and where you live. Some states are considered no-fault, meaning they’ll pay out no matter who caused the accident to happen. Other states will only pay up to a certain amount if you were not the one who incurred the damage. This determination is based upon an investigation conducted by an adjuster after you have filed a claim.
Because of the risk to your personal assets, it’s essential that you have enough property damage insurance coverage. If you’re not sure, consult with a PI attorney, licensed agent, or finance professional to determine the amount of coverage you should have.
Bodily Injury Liability Insurance
Say you’re involved in an accident, and the other driver hits their head. Should that driver pay for their own medical bills? The answer varies. Suppose it’s determined you are at fault for the accident after a claims investigation. In that case, your Bodily Injury Liability Coverage should pay for their medical bills up to the limit you select.
Keep in mind; you may be responsible for damages incurred beyond the limit you set when purchasing your policy. Check with a lawyer to determine if the coverage you have is sufficient in the worst-case scenario.
Uninsured and Underinsured Motorist Coverage
If you are injured in an accident, and the other motorist had insufficient coverage for your bodily injuries, or if they didn’t have insurance at all, Uninsured or Underinsured Motorist Coverage can pick up the slack. This coverage will also pick up if your vehicle was involved in a hit and run.
Full Coverage Insurance
Unfortunately, not many people realize that what is considered full coverage is actually called Comprehensive and Collision. Comprehensive coverage covers one-off incidents, such as fire, theft, vandalism, or if you hit a deer. It can also protect your windshield if that coverage is selected.
Collision is also self-explanatory and should cover damage to your vehicle if you hit another car, fence, building, etc. When you choose this coverage, it’s most likely that it is part of a loan requirement. However, depending upon the value of your vehicle, it can prove helpful even if you’ve paid off your loan or bought your car outright.
With comprehensive or collision coverage, it includes a deductible. Deductibles are what you will pay out of pocket before your auto insurance company pays for the rest of the damage to your vehicle. The higher the deductible is, the lower your monthly premium. But, if you are involved in an accident, you may be required to come up with a large sum of cash before your insurance pays for anything.
The lower the deductible, the higher your monthly premium will be. Although you’ll pay more each month, you won’t have to come up with as much out-of-pocket cash if an accident happens. Whatever deductible you select, it’s essential to over your options carefully and choose one to fit your needs.
Add On Coverages
Add-on coverages go beyond what’s required by your finance company or state. Typical add-on coverages can include:
Medical payments
Rental reimbursement
Roadside assistance
Rental Reimbursement and Roadside Assistance: Are They Worth it?
Rental reimbursement is excellent to have if you can’t afford a rental on your own. It covers up to a certain amount daily or per incident if you are involved in a car crash. For most vehicles, this coverage is cheap to add to your policy. However, it might be cheaper to go without depending on the year, make, model, and vehicle history. When in doubt, get a quote and talk to a Personal Injury lawyer to weigh your options in total.
Roadside assistance coverage is fantastic if you don’t have a lot of cash on hand for a tow or tire change when stuck on the side of the road. Although most insurance policies have very cheap options for adding this coverage at pennies per day, it’s essential to look at the restrictions before adding it to your policy. Many companies will limit this coverage based upon mileage or trips were taken. You don’t want to get stuck on the side of the road with your family, so be sure to review the coverage first.
Medical Payments and PIP
For some states, Personal Injury Protection (PIP), or Medical Payments, are required additions to any insurance policy. Consequently, those premiums tend to be higher by default. In other states, you may also select exclusions for this coverage depending upon the type of injuries involved. Of course, the more exclusions, the lower your monthly premium.
For some states, however, it’s an additional cost and an added benefit. Have your California PI Attorney review your medical insurance policy and compare it with your auto insurance. Depending upon which policy would fit the bill if you were to be injured, this additional cost may or may not be worth it to add.
Filing an Insurance Claim
If the unthinkable happens and you or a loved one are injured in an accident, you’ll have to file an insurance claim. Insurance is still a profitable industry despite tight regulations, and insurance companies fight hard to deny claims for this reason. With the help of a PI Attorney in California, your claim doesn’t have to be a struggle. We can handle everything for you, including filing and monitoring your claim, disputing claims decisions, and getting you the quickest maximum claims payment possible.
You Need a California PI Lawyer
Accidents can cause lasting emotional, physical, and financial difficulties for you and your loved ones. And, although you paid your monthly premiums on time, your insurance company is fighting you every step of the way. You shouldn’t have to fight for what you’re rightfully owed. If you are in an accident, don’t wait until you’ve filed a claim to talk to an attorney. Give us a call today for a consultation to go over all of your options.
