As personal injury attorneys in Washington, DC, we are in a great position
to know exactly what types and amounts of insurance coverage you should
have to protect you in case of a
car accident or slip and fall accident at your home. In fact, we consult with our clients
- for no charge - to review their insurance policies with them and advise
them as to what types of coverage they need. If you would like a free
review of your insurance, please call us and we would be happy to help
you. In the meantime, here are five tips for buying car insurance that
you can use immediately.
First, do not always buy the cheapest car insurance available. insurance
companies often compete to offer the lowest price by reducing the coverage
they offer. I have seen many people with substantial assets who have minimal
or very low policies and are therefore at great risk if they have an accident.
So, the first tip is to make sure that you purchase the correct amount
of coverage, even as you look to save money.
Second, once you have the correct amount of coverage, the best way to save
money is to raise your deductibles. That provides a way to reduce your
premium without exposing you to a large claim. Instead, while you expose
yourself to a small increase in the cost you will bear in the event of
an accident and
personal injury claim, you remain fully protected for the worst case scenario - an accident
with serious personal injuries.
Third, if you drive an older vehicle, consider waiving collision coverage.
That will save you money and, if you know that you will likely not replace
the car if seriously damaged, that makes sense. However, many people do
this to save money even when their vehicles are of a substantial value.
The problem is that if the other driver does not have insurance, you will
have no coverage to pay for your car to be repaired. That is why, as noted
previously, this should only be done if your vehicle is so old or in such
bad condition that you know you will not repair it if is in an accident.
Fourth, many states have forms of no-fault insurance coverage, such as
Personal Injury Protection, Medical Expense Coverage, or Medical Payments
coverage. Those coverages pay for medical treatment in the event of a
bodily injury, but they often do not cover anything that is paid by health
insurance (i.e., they pay only for co-pays, deductibles, and non-covered
charges). Therefore, they can be of limited value and may be waived without
significantly increasing exposure if you have health insurance. However,
if someone does not have health insurance, then those coverages make more sense.
Fifth, and finally, an umbrella policy, which provides an additional $1
or $2 million in liability coverage - which is the coverage that protects
you if you are at fault in an accident and cause serious personal injuries
- is a great bargain for people with significant income or assets. They
are “deep pockets” for people making claims and a wealthy
person with limited insurance will likely be a target for an injured person
or their attorney who have a large personal injury claim. Thus, if you
have significant assets, protect them (and yourself) by obtaining adequate
These tips are what we have learned through years of representing injured
people making personal injury claims. Again, please
call us for a free consultation if you would like more information or have any questions.