How Much Auto Insurance is Enough?

We’ve all seen the commercials touting low prices and quick service, but when it comes to buying auto insurance, many of us are clueless. With complicated and often confusing industry jargon, it seems insurance companies are hoping to attract us with sales and overlook details about your coverage. After all, most of us never imagine we’ll be struck by an uninsured motorist – at least not until it’s too late.

 700,000 Uninsured Motorists on Virginia’s Roads

There’s a good chance that if you get into an accident, the driver could be completely uninsured. Indeed, there are more than 700,000 of them in Virginia alone. That’s because in our state, drivers can opt out of paying for auto insurance, choosing to pay a one-time $500 penalty. The fee doesn’t act as insurance – if they get into an accident, the uninsured driver will be personally liable for damages.

Uninsured Motorist Coverage

Should an uninsured driver hit your car and injure you, chances are good they won’t have enough money out of pocket to cover your bills. You’ll need to make an uninsured motorist claim with your own insurance company – which is where many people are considered to be underinsured. Most people settle for $100,000 coverage, which sounds like a lot. But ask yourself this: if you or your loved one is severely injured in a crash caused by an uninsured motorist, will that be enough to cover the cost of untold medical costs and loss of wages?

More Coverage is Always Safer

More coverage is always safer. If you can afford to up your monthly payment, consider upgrading to at least $250,000 in uninsured motorist coverage. This will provide enough money to cover medical bills in the worst case scenario – an accident that leaves you with a traumatic brain injury or broken neck can take years to recuperate from.