Clark, Perdue & List's Blog

The blog for Columbus Ohio Personal Injury Lawyers and Litigation Attorneys, Clark, Perdue & List.

Sunday, September 10, 2006

Automobile Insurance Tips: Understand What You Need

Automobile insurance can be confusing, even for very sophisticated consumers and lawyers. Here are a few tips to make sure that you and your family are adequately protected.

Liability insurance protects you when you cause an accident that harms someone else. A serious motor vehicle crash can result in a legitimate claim against you for hundreds of thousands of dollars. Make sure you have enough liability insurance to protect your assets from claims by others.

Property damage insurance pays for the other party's damaged vehicle. If you cause a serious wreck, and the other party is driving a luxury car like a Lexus or Mercedes, the property damage claim alone could exceed $50,000. We recommend that most people have property damage insurance for at least $50,000.

Medical payments coverage pays for your medical expenses, regardless of who is at fault. It also pays the medical expenses for your passengers. It can be used to supplement your health insurance by paying deductibles and filling gaps in health insurance coverage. You choose how much medical payments coverage you have on your policy. We recommend that most people carry at least $25,000 of medical payments coverage.

Uninsured motorist coverage is widely misunderstood - to the disadvantage of many accident victims. Uninsured motorist (UM) coverage protects you when you or your passengers are injured by another motorist who has no insurance - or too little insurance. In such a case, your insurance company "steps into the shoes" of the other driver and pays you damages to which you are entitled, as if it were paying on behalf of the other driver. This is some of the most important insurance coverage you can have! This coverage also steps in when the other driver is underinsured - that is, had some insurance but not enough to fully compensate you. NEVER reject uninsured motorist coverage when your agent asks you whether you want it. It is not expensive, and we recommend that you purchase as much UM coverage as your insurance company will sell you.

Umbrella insurance coverage is relatively inexpensive, and it is one of the best values and most important coverages you can purchase. It is called "umbrella" insurance because it "covers" your motor vehicles, your home, and many other things, much like an umbrella. It is sold in multiples of $1 million, and is in addition to your basic automobile or homeowners insurance. It also provides UM coverage, which is very important to you and your family if you are involved in a motor vehicle collision that leaves you seriously injured or disabled and unable to work.

If you have questions about your insurance policy or how much insurance you should buy, feel free to call one of our lawyers at no charge.

For more information, visit the website of the Ohio Department of Insurance at http://www.ohioinsurance.gov/consumserv/ocs/ocspub.htm .

posted by daleperdue at 11:28 AM