Today’s rate of inflation is increasing the cost of almost everything, including the amount of jury awards and legal costs. That’s why we want to remind you to review your auto insurance policy to make certain your coverage is sufficient to protect you fully. Your coverages may be increased, or additional coverages added, for a small additional premium.
If you should be at fault in an accident, you would want liability limits that are at least as high as any possible court judgment. With medical care costs increasing rapidly, you should evaluate your Bodily Injury Liability limits to make certain they are sufficient.
Since the value of most autos and commercial vehicles easily exceeds the minimum Property Damage Liability limit, this is a very important coverage to carry in an adequate amount.
WHY SHOULD I HAVE TO PAY FOR OTHER PEOPLE’S INSURANCE?
We frequently hear this question when a client asks us about Uninsured Motorist coverage. Many people seem to think that these premiums are pooled together by the state to help poor people purchase insurance. That is not the case.
The sad fact is that, although the State of Texas requires motorists to have a minimum level of liability insurance, fifteen to twenty percent or more of Texas drivers have no insurance. Of those that do have insurance, about eighty percent carry only the state-required minimums of $25,000 Bodily Injury per Person, $50,000 Bodily Injury per Accident, and $25,000 Property Damage.
Will it cost more than $25,000 to replace your vehicle?
How many days can you spend in the hospital – how much work could you miss – for $25,000?
Uninsured Motorist coverage protects you from those who either truly can not afford adequate insurance or are so irresponsible as to forego insurance. That is why we recommend that you carry Uninsured Motorist coverage limits matching your Liability coverage limits.