I have talked about the purpose of insurance coverage on a number of occasions. To restate, car insurance has two purposes: (1) protect you if you hurt somebody in a car accident; and (2) to protect you if you are hurt by somebody else in a car accident. A week doesn't go by that I have a discussion with a new client and ask them about their insurance coverage. Over and over – I hear- “I have full coverage” and my response is “Really.” If you are from New York and you walk into any food establishment and ask for a “regular coffee” – you will get a coffee with cream and sugar, which is the norm in New York City. If you walk into an insurance agency's office and say you want “full coverage,” the person at the agency will probably provide you with Indiana state minimums. If you have Indiana state minimums for your insurance coverage – you have complied with the law, but you have not PROTECTED YOURSELF.
$10,000 property damage coverage
$25,000 bodily injury coverage
$25,000 uninsured motorist coverage (which is waivable)
Property damage coverage will pay for the damage that you caused to another car if you are at fault for the crash. Will $10,000 protect you if you total say a Toyota Corolla? Will $10,000 protect you if you run into the back of a Mercedes, Audio, or BMW and cause just a little damage?
Bodily injury coverage will pay for the damage that you cause to another person if you are at fault for car accident. These damages include medical expenses, wage loss, pain and suffering. If you injure somebody in a car accident and they just break their arm and have to miss a little work, do you think $25,000 of coverage will be enough to pay for their medical expenses, wage loss, pain and suffering? What if the other person was a surgeon?
Uninsured motorist coverage will pay for the damages that you receive if you are injured by another driver who was at fault and did not have insurance. Ask yourself this question, if you had a broken arm and couldn't work for a month or two because of the injury, would $25,000 be enough to compensate you for your medical bills, lost wages, pain and suffering?
How much car insurance coverage is enough?
Everybody has different insurance needs but I recommend as much insurance as you can afford once you look at your expenses, income and lifestyle. Many people find out they're underinsured after an accident, which is too late.
There is nothing that a Northwest Indiana personal injury lawyer can do to you compensated for your injuries if there is not enough insurance coverage available – unless of course you are injured by Daddy Warbucks.
If you have any questions about car insurance needs or an Indiana car, truck or motorcycle accident case, fill out the internet consultation form on the right hand side of the screen.