The biggest problem that I run into is just people being unaware of the potential possibilities out there as far as the sorts of things that you can add to your auto insurance premium.
Everyone is familiar with the concept of liability coverage because it’s required by the state. Liability is the sort of coverage where you go out and if you’re at fault in a wreck, then someone can make a claim against you for not only their property damage but they can make a claim for any bodily injuries that may have resulted as a result of the accident.
However, there are some other options that you probably aren’t aware of that potentially your insurance agent hasn’t brought up. Something else that’s required of course is uninsured motorist coverage and that’s also required by the state.
That is needed in the event that the driver that strikes you does not have any liability insurance. In other words, he doesn’t pay for insurance and his car is uninsured. That is the reason for UM under South Carolina law.
There is another type of insurance that is not that – the public is not that familiar with and that’s called “underinsured motorist coverage”. In my opinion, it’s quite possibly the most important form of insurance coverage that you can potentially take on your policy. By way of example, on my car, I have 100/300 coverage and the reason why that is, is in the event that the defendant who hits me who’s at fault, if I get really hurt and he only has $25,000, I can go back on my underinsured motorist coverage and I could be made whole by my own insurance coverage because my medical bills are $60,000 and I’ve got a broken leg and I’m going to have some sort of permanent injury.
I’m going to need that extra $100,000 in coverage in order to be able to even pay my medical bills much less be able to walk away with anything for my pain and suffering.
The last particular option I can think of that you would want to consider for your insurance policy is what’s called MedPay or personal injury protection and that varies state by state as to what it’s called.
But it is a no-fault version of insurance that essentially says that if you’re involved in a car wreck and injuries happen as a result and you’ve got medical bills that require payment, there’s a one-time no-fault payment in the amount of $1000, $5000 or $10,000 that you can receive from your own insurance company provided you provide them with the medical records and the bills that are associated with that accident.
Again it’s no fault and it’s something you should definitely consider paying 10 or 15 bucks extra a month. The last and final thing that I would talk about is collision coverage which a lot of you may be familiar with.
The truth of the matter is this collision coverage is – it’s the sort of coverage wherein the event that you’re involved in a wreck, your insurance company is going to either repair your vehicle or they’re going to blue book it out. They’re going to total your vehicle out. If you don’t have collision coverage and it’s your fault, then ultimately you’re without a car and you got to figure out how you’re going to pay for it.
Collision would actually cover you in that instance. But typically insurance companies don’t suggest that you carry collision coverage if your car reaches a certain value in the sense that it has gotten a lot older and it’s just – the cost benefit analysis just isn’t there. It’s not worth having the collision coverage and paying the extra insurance premium for it.
If you have questions concerning your auto accident, be sure to call The Hartman Law Firm at 843-300-7600
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