Protecting Your Family: Having Enough Insurance When You Need It

Unfortunately, many drivers make the decision to drive with the minimum amount of car insurance even though they have personal assets. This can be a big mistake and is not only a danger to yourself, but also to your family.

Before selecting how much insurance to purchase, you should consider your assets like your home, property, savings, and investments. Without the proper amount of insurance, these assets can be taken when you cause or contribute to injuries in an accident.  With only minimum coverage you may also need to pay significant copayments for medical treatment that deplete your savings. Deciding on the right amount of insurance to protect your family should be a careful decision that considers your circumstances.

The Potential Costs After a Car Accident

After an accident, the costs associated to repair and heal can be significant. The first consideration should always be to ensure that your car insurance will protect your assets so that if an accident occurs an injured party does not ask that you contribute some of your savings.

Another consideration should be that any injuries to your family or damage to your property is paid for by insurance. When deciding to add additional insurance coverages other than those required by law, consider areas like your health insurance maximum out of pocket. Car insurance companies offer coverage called medical payment. If you are injured in a car accident, you can request that your copayments be paid by the medical payment portion of your car insurance. Also, consider underinsured and uninsured motorist coverage.  (We’ll tell you more about that in a future publication.) This protection will provide for you and your family if the at-fault driver does not have insurance or has insufficient insurance to cover your damages.

The expenses in the aftermath of a car accident—regardless of whether you were at fault or on the receiving end of the crash—can reach thousands, even millions of dollars. Failure to secure proper insurance could leave you without a place to turn after an accident. If you’ve caused an accident with damages exceeding your limit, you’re responsible for those damages. If you’re hurt as a result of negligence and the responsible driver doesn’t have insurance, you need to protect yourself.

Before you purchase insurance, make sure you fully understand what each policy does and how it can be beneficial to you. Your car insurance company should be able to answer any of your questions. From our experience, it is always better to be overprotected than under protected.

At Rouda Feder Tietjen & McGuinn, our San Francisco car accident lawyers work hard to protect the rights of those harmed as a result of negligence. We aim to guide you through the process so you recognize your rights and no how to protect them from start to finish.

To start with a free consultation with a lawyer, call our firm at (415) 940-7176 today.