Have you checked your automobile insurance coverage recently? Do you fully understand your coverage? The world of insurance coverage can be very confusing and hard to understand. We will spend several weeks reviewing auto insurance coverage.
At Daggett Shuler we talk with victims of motor vehicle wrecks every day. We often find that folks have questions about their insurance coverage, or are not adequately insured. In an effort to demystify the complicated world of auto insurance, we want to briefly review the various types of coverages and the purpose of each.
Liability insurance is the only coverage required by law. There are two types of liability coverages. They are bodily injury and property damage. In the event that you are at fault in an accident where another party is injured, bodily injury coverage compensates the victims for their injuries. This coverage also helps to protect your assets against lawsuits. It does not prevent you from being sued; however, it gives you protection to help insulate you and your personal assets if you are sued.
The second part of liability coverage is property damage. This coverage will pay for the repair or replacement of the other person’s vehicle or damaged property resulting from a wreck in which you are at fault. Once again, this coverage will help to protect your assets if you are the party in the wrong.
Over the next few weeks we will discuss some changes in the law and the following types of coverages:
•Collision
• Comprehensive
• Medical Payment
• Uninsured motorist
• Underinsured motorist
We hope this brief overview has been helpful. If you or a loved one has been injured in a motor vehicle crash, we would be happy to talk with you about protecting your legal rights. We will also be happy to review your insurance policy for you. You can call us toll free at 1-800-815-5500.