Increase Your Liability Insurance Coverage for Personal Protection against Auto, Motorcycle, Bicycle, Pedestrian and Trucking or Semi Tractor Trailer Accident Claims
Cheap Car Insurance
If you’ve ever heard me discuss buying auto accident liability insurance, you probably know that I personally recommend buying as much as you can afford—not because I have a desire to enrich the financial statements of insurance carriers, but because protecting you, your family and others unknown whom you may encounter on the road in an unexpected auto, motorcycle, bicycle or trucking accident is the right thing to do. And it costs only a few pennies more a day to acquire a policy that will adequately provide for the medical and economic needs of a catastrophically injured party or parties should the need arise.
How much does a good automobile insurance policy cost?
The purchase of bulk goods or commodities triggers a reduction in the price-per-unit cost. Auto liability insurance is no different. A recent central Indiana survey obtained in December of 2011, demonstrates my point:
A potential customer with a good-driving record, insuring a C-1500 pick-up truck for pleasurable use by self and spouse, received the following 6-month policy quote from an independent agent:
*Note: $10,000 worth of med-pay coverage is $13.00 (Diff. +$4 p/6-mo)
Cost per Unit Analysis (Liability Coverage Only)
- The cost for initial 50,000/100,000 “liability only” coverage is approximately $1.34/67¢ per unit (a unit is one-thousand dollars of coverage);
- The next tier, 100,000/300,000, reduces the cost per unit to 79¢/26.4¢; and
- The next higher tier, 250,000/500,000 reduces the cost further to 34.4¢/17.2¢ per unit.
Daily Cost Differential
- The cost difference between the 50/100 and 100/300 full-coverage policy (as illustrated above) is 10.6¢ a day;
- The cost difference between 100/300 and 250/500 is an increase of approximately 6.7¢ per day;
- The total cost difference between 50/100 and 250/500 is a total increase of 17.3¢ per day.
Indiana’s $25,000 minimum insurance requirement is not enough!
Indiana lawmakers have mandated the minimum amount of liability insurance required to legally drive in the State of Indiana to be $25,000. However, the medical bills generated from an accident involving one traumatically injured person can rapidly consume and far surpass the $25,000 minimum legal liability limits in less than a single 24 hour period. Maximizing your liability insurance protects you and it helps others who, through no fault of their own, are recovering from injuries, disabilities and economic hardship caused by auto, motorcycle and tractor-trailer accidents. You can learn more about auto accident liability insurance limits by visiting the website of the Indiana Department of Insurance.
Experienced personal injury Lawyers
If you or someone you know has been injured in a motor vehicle accident, it’s important to speak with an experienced personal injury attorney as soon as possible. The law firm of Ward & Ward has over 80 years of combined experience in personal injury law including accident and wrongful death claims. Our firm receives no legal fees or expenses unless we collect damages on your behalf. Call Charlie Ward today at 317-639-9501 for a free evaluation of your claim. Our attorneys are available to speak with you.