Obtain several quotes for liability insurance coverage
The more insurance you buy, the cheaper it is
The next time you evaluate your automobile insurance policy, I would recommend seeking a quote for a higher level of liability coverage. For instance, if you currently have $100,000/$300,000 liability coverage, ask your agent to quote the $250,000/$500,000 coverage. You may find that the additional coverage may cost you only pennies a day.
A recent survey conducted in Indianapolis exposed that each tier increase of auto liability insurance for a driver with a good record amounted to a significant reduction in the price per unit of coverage. For example, liability coverage for $250,000/$500,000 was reduced by 75% per unit—a tremendous savings— and the result of buying quantity.
Why would you need that much coverage?
The figures $250,000/$500,000 mean the insurance company will pay up to the limits of $250,000 per person but not exceeding $500,000 for all persons injured per accident. Consider a person
injured in an automobile, motorcycle or truck accident where that person is catastrophically injured, permanently disabled or a wrongful death occurs as a result of an error in judgment. Catastrophic injuries, including brain and spine injuries can easily mount and exceed the limits of a $250,000 per person,
per accident. Or consider the death of a family breadwinner and a lifetime loss of economic earnings for their family. A $250,000/$500,000 policy is not an excessive amount of insurance, particularly if you have personal assets to protect.
The price of medical payment coverage also decreases with an increase in limits. In the same survey it was discovered that doubling the standard $5,000 med-pay coverage to $10,000, cost less than 11? per month or 67? for a 6-month policy.
The Indiana Department of Insurance regulates insurance companies selling and administering policies in the State of Indiana. Consumer questions or disputes with an insurance company are handled by the Indiana Department of Insurance. Visit their site for more information.
Experienced personal injury attorneys recommend you buy as much insurance as you can afford
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 in Indianapolis, IN 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. Ward & Ward Law 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.
Charlie WardWard & Ward Law Firm 728 S Meridian St Indianapolis, IN 46225 (317) 639-9501