You get so many different coverages in an auto policy, you might not be aware as to how you can benefit from low cost, high coverage sections that could save you and your family from huge financial burdens.
Coverages such as No-Fault, Personal Injury Protection, Uninsured/Underinsured Motorist, and Medical Payments seem baffling to most people. Yes, these coverages are couched in insurance company legalese, but that’s why we’re here to clarify the good stuff hidden away in that car insurance policy.
Here are some inexpensive protections that you can easily have us increase in your family auto insurance policy.
Uninsured Motorist Coverage
If you suffer bodily injury in a car accident that is the other guy’s fault, you can sue. But what if you win the lawsuit and the other guy doesn’t have any insurance or assets? You can look to your own policy for the coverage that he/she should have had and collect from it.
Underinsured Motorist Coverage
Same scenario as above, but the other guy does have insurance. It just isn’t in an amount high enough to compensate you for your claim. Here again, you can collect under your own policy for the difference up to your limit of Underinsured Motorist Coverage.
No Fault Personal Injury Protection
One of the best coverages that New York State mandates is Personal Injury Protection. Commonly called No-Fault, it promptly pays regardless of fault. So, if you are hurt in an accident, no matter who’s at fault, you will be paid for medical/health expenses, lost earnings, and other reasonable expenses related to your injuries. You, your passengers, and even pedestrians are all covered under No-Fault.
The minimum limits in New York State are $50,000 per person for medical bills and up to $2,000 a month loss of earnings. If you’re in a serious accident, the $50,000 can go fast to pay medical expenses. And $2,000 per month in work loss is grossly inadequate for most of our insureds here in the New Hartford, Utica area.
But you can easily raise these limits to as high as $150,000 medical loss and $4,000 Work Loss. Here again, we think you’ll find the premiums surprisingly low relative to the extra protection you and your family actually get.
This also pays medical expenses plus the cost of a funeral if you or others are hurt or killed in an accident.
Finally, you can also raise your basic liability coverages for very little money. The basic bodily injury liability limit in New York State is $25,000 per person up to $50,000 per accident and $10,000 for property damage (25/50/10).
We think you’ll be surprised at how little it costs to raise your limits of Bodily Injury and Property Damage Liability to more adequately cover you if you’re sued. In fact, we recommend at least 100,000/250,000/100,000. Again, more than this won’t cost much.
If you think those limits are rather high, think how easy it would be to total another car worth more than the minimum Property Damage limit of $10,000. Imagine hitting a new Lexus IS 350 F Sport. The list price starts at $44, 155!
Call us to get the exact premiums for the above coverages. Each one offers a lot at a very low cost. We’re talking from just $3-$6 for increased Medical Payments to maybe $30 or so per car for additional No-Fault benefits.
Until next time,
Your SZW Team
Scalzo, Zogby & Wittig, Inc. is your New Hartford area independent insurance agent. Call us for a quote on insurance for your home, car, business, or life at 315.792.0000.