Our car accident lawyers routinely work with clients who come to us without fully understanding what their car insurance policy covers. Many think that simply having an insurance policy, regardless of the coverage details, provides them with all the protection they will need if they cause or are the victims of a car accident. Many even refer to this as “full coverage.”
What does that mean? All full coverage means is that you have collision coverage and bodily injury coverage on your automobile insurance policy. However, full coverage means next to nothing because what we want to know is the amount of your coverage.
If you’ve been injured in a car accident, we can help you collect the financial compensation you may be entitled to. At Shapiro, Washburn & Sharp, we can evaluate your case and determine your best legal options for recovering damages. Call us today at 833-997-1774 for a free consultation.
What Does Insurance Policy Liability Coverage Cover?
The liability portion of your car insurance policy provides coverage in case you caused an accident that resulted in injuries to another person or damage to someone else’s vehicle or property. Making a claim against liability coverage can get confusing, though. Usually, insurance companies define liability protection as 25/50, 50/100, or 100/300.
These numbers represent the amount of money the insurance company will pay to cover the claim. For example, if you have 25/50 coverage, your policy will pay up to $25,000 per person injured with a maximum claim limit (i.e., a ceiling) of $50,000 per accident.
Is the Minimum Insurance Requirement Enough?
So, is a 25/50 policy enough coverage? Most car accident lawyers recommend having increased coverage. Even the 100/300 coverage limit is rarely adequate because you cannot predict how serious a car crash will be. If you are involved in a major wreck that causes substantial damage and serious personal injury, that 25/50 coverage will get gobbled up rather quickly. This is especially true if the victim has to stay in the hospital for an extended period.
When buying liability coverage, remember that once your insurance coverage limit is reached, the rest of the financial burden of paying any damage settlement or verdict will fall on you. This means that if you have a 50/100 policy and get into a car crash that results in $150,000 worth of medical bills to the person you hit, you could end up on the hook for as much as $100,000. That sum could potentially be garnished from your wages, or a lien could be put against your house.
What Does Uninsured Motorist/Underinsured Motorist Cover?
The uninsured motorist/underinsured motorist coverage, or UM/UIM coverage, is a form of protection against an at-fault driver with no car insurance or too little insurance coverage to cover the harms and losses from a wreck. Normally, a policy offers the same amounts of liability and UM/UIM coverage.
When you file a UM/UIM claim against your policy, your premiums do not increase since the accident was not your fault. This is why having as much UM/UIM coverage as you can afford is important. The higher your coverage limit, the better protected you and your family will be in case you are involved in a major accident.
What Is MedPay Coverage?
In Virginia, so-called “med pay” coverage, which ensures medical bills will be paid if you or anyone else is hurt in your car and if a member of your family gets hurt in someone else’s car, is voluntary. Although not required, it could be very beneficial should you get in a crash.
MedPay coverage is inexpensive and can prove invaluable for an injured accident victim who has no or very limited health insurance. Also, MedPay benefits can be used to reimburse a health insurance company that paid for medical treatments following a car crash. Under the legal principle of subrogation, settlements or verdicts paid through a car insurance policy can be used to make health insurers whole if the at-fault driver has a MedPay option.
What Does Your Law Firm Suggest?
Call your insurance company and increase your coverage, which you can do even before your next renewal. Far too many people drive around with a false sense of security, thinking that a 25/50 policy will cover them if they cause a car accident.
Try to increase your liability and UM/UIM coverage to 500/500. You might think that a coverage of that size is too expensive. However, you will probably be surprised at how affordable the insurance is; most insurance companies will price it for you to see what makes sense. And by all means, purchase med pay coverage. It is an absolute bargain for the coverage you’ll receive and what it covers.
How Can Your Law Firm Help?
If you have been injured in an accident caused by a negligent driver, do not delay contacting Shapiro, Washburn & Sharp to speak with one of our skilled car accident attorneys. We will evaluate your case and determine your best legal options for recovering damages caused by the accident.
Call us at 833-997-1774 to schedule a free consultation and let us help you get the compensation you deserve.