Tag Archives: auto insurance policy

Our Lawyers Recommend You Buy the Best Auto Liability Policy Coverage You Can Afford

A great automobile or motorcycle policy goes a long way in compensating another driver for medical injuries which may occur as a result of an accident deemed to be your fault.

How does my auto liability insurance protect me and my family?

The Declarations page of your auto or motorcycle policy outlines all of your policy’s coverages as well as your insurance company’s limits of liability. The category entitled Bodily Injury & Property Damage Liability describes a maximum amount per person and a maximum total amount which would be paid per accident. For example: a $100,000/$300,000 policy means a single injured party could potentially receive up to but no more than $100,000 for their injuries—but no more than $300,000 could be recovered by the total number of persons injured in the accident. For example, if two people were severely injured in an accident which was determined to be caused by you, your insurance company would not pay more, in this instance, than $300,000 total for all injuries and/or deaths combined. Considering the high cost of ambulatory, ER care, surgeons, therapeutic and potential long-term rehabilitative expenses, medical bills for two people catastrophically injured could exhaust or even exceed your policy limits of $300,000. Where would injured victims look for compensation after your insurance policy limits were exhausted? Under certain circumstances, plaintiffs involved in litigation might seek reparation in your financial, real or hard assets after your policy runs out. Many learn this lesson the hard way—after the fact.

In the State of Indiana, the minimum amount of liability insurance coverage that will legally put you in the driver’s seat is $25,000. This low-limit legal minimum is barely enough to purchase postage stamps for the many medical bills that can mount up from injuries received in an accident. But lines have to be drawn in legislation and the $25,000 minimum was deemed to be fair and attainable for the greater majority of citizens. However, insurance companies don’t advertise the fact and the majority of citizenry don’t know that the price of coverage per unit goes down as the increase in coverage goes up. In other words, liability insurance is cheaper to buy in quantity.

It’s impossible to predict and prepare for every calamity that could befall you and your family. The next time you review your auto or motorcycle insurance policy, consider how much insurance you need to protect the assets you’ve acquired over your most productive years. Then ask your agent to quote several levels of liability coverage before you make a decision that could potentially expose you to a loss of your assets.

Lawyers Experienced in Cases Involving Bodily Injury

The law firm of Ward & Ward are personal injury lawyers experienced in auto accidents, motorcycle accidents and trucking accidents. Call our firm today! I welcome the opportunity to discuss your potential accident claim and your automobile liability insurance coverage with you.

By Charlie Ward

[email protected]

Ward & Ward Law Firm
728 S Meridian St
Indianapolis, IN 46225
317-639-9501

 

How Much Med-Pay Insurance is Enough?

Medical Payment Auto Insurance Coverage

The next time you receive a policy renewal from your automobile insurance company, take a look at the Declarations Page (coverage break-down) to determine the amount of “Medical Payments” coverage you carry. Unless otherwise requested, most auto insurance companies in Indiana, automatically quote medical-payment limits of liability coverage in the amount of $5,000 each person. If you or a family member, have never had to use this important benefit due to a traumatic injury from an auto accident, chances are you may not have given much consideration to the amount of med-pay coverage you should have.

What is med-pay insurance?

Medical-payment insurance exists for the benefit of the policyholder(s) injured in an auto accident. This coverage insures the automobile insurance company will make timely payments to the medical provider(s) for hospitals, medical treatment, physical therapy, and reimburse out-of-pocket medical costs including prescriptions, co-pays and other medically-necessary incidentals resulting from an accident.

How much medical payment insurance should I buy?

Most major health insurance policies today put forth high annual deductible plans. A good rule of thumb is to look at the deductible of your health insurance. How much of your family’s deductible could you affordably self-insure if you were seriously injured in an auto accident? Medical payment coverage of $5,000 may cover only half of the medical bills for someone with a $10,000 deductible health plan. Would you be comfortable withdrawing $5,000 from your savings or investments to make those medical payment arrangements which could have been easily avoided by doubling your med-pay auto insurance for just a few pennies a day?

It takes time to resolve a legal action. In the mean time, hospital and medical creditors require payment.  You can avoid the financial and medical hardship created by callous collection agents, whom  it seems (tongue in cheek) lock your phone number on their speed dial — by properly assessing your financial needs. The next time you have a moment, review your coverage. If you need clarification, get the answers you need from your agent or call  lawyer Charlie Ward at 317-639-9501 for an in depth explanation of your auto insurance coverage. Then determine how much medical payment coverage is right for you.

Charlie Ward

Ward & Ward Law Firm
728 S Meridian St
Indianapolis, IN 46225
317-639-9501