Advertisements for auto insurance tell you to “just go on-line” and to “pick your own price.” There is no question that buying insurance can be accomplished quickly and easily on-line. However, if substantial care and attention isn’t given to what you are buying (as opposed to how), you can wind up not being protected the way you should be.
Recently, Jacobs Injury Law had several clients that purchased their insurance on-line, without the help of an insurance agent. As a result, when they were involved in a crash that wasn’t their fault, they were woefully under-insured.
Here were common pitfalls:
- Not Having Medical Payments Coverage: Medical payments coverage (usually a $10,000 limit) helps you pay for your medical bills when you are in a crash. From co-pays to deductibles to other out-of-pocket expenses, this coverage can make the difference between being able to pay your medical bills as they come due and being put in collections. As many health insurance policies have large ($6,000 or more) deductibles, this coverage makes all the difference. It is also surprisingly affordable when added to a policy.
- Not having Underinsured or Uninsured Motorist Coverage: These coverages protect you when someone runs you over. It pays for the damages caused by an at-fault driver who either doesn’t have enough coverage, or has no coverage at all. You certainly want to insure yourself!
- Not Having Enough Underinsured or Uninsured Motorist Coverage: If you are earning six-figures, your uninsured or underinsured auto insurance limits should be high enough to pay for your medical bills and your lost wages if you were seriously injured. For high-earners, that should be a limit of at least $250,000, probably more!
- Not Having Collision Coverage On Your Own Vehicle: If you can’t afford to replace your car, you need to insure it. The car may only be worth $10,000, but if you can’t afford to replace it, you need to insure it. Otherwise, if you are hit by an uninsured driver, you will then not have a car and will not have insurance – the worst of all words.
Deciding on what insurance you need can be complex. There are risks and pitfalls that need to be explored. We know nobody wants to pay for more coverage, but it can make a huge difference if you are ever in an accident.
Call Jacobs Injury Law, SC at (414) 306-8999 if you have been hurt in an accident and want to discuss how we can help you navigate the world of insurance and claims.