“Driving in your car everyday without the proper coverage is the same thing as driving around with a trunk full of cash. When you get hit, money will start flying…”
Over 30,000 people killed in crashes every year in the United States (cdc.gov)
Top 10 cause of death among people ages 1-54.
In 2013 deaths from car accidents resulted in $44 BILLION in medical and work loss costs.
Automobile crashes result in big $$. The judgments are comprised of the victim’s loss wages, medical bills, and pain and suffering.
Who pays for this, your insurance does. But, not over your coverage limits. In 2013 $996 million was given to victims of car accidents who were occupants in the vehicle, another $677 million to motorcyclists, $997 million to pedestrians, and $222 million to bicyclist.
Auto accidents in California are more prevalent than any of other state in our region. We had 3 times more crash-related deaths in 2013 than Arizona, and 12 times more than Nevada.
If you only have state minimum requirements on your auto insurance (which is $15,000 in liability coverage for bodily injury and uninsured motorist), who do you think is going to be liable for everything over the $15,000?
Becoming safer drivers is always key to decreasing your risk on the road, and decreasing your financial liability. However, there are situations outside of your control, in these times, or in times of accidents you need to rely on your insurance.
Do you feel confident that your insurance would handle 100% of the judgment if you caused injury to another person with your vehicle?
Because if you don’t, you could lose your house (California state law designates that an injured party in a motor vehicle accident who is innocent is due damages by the guilty party and your home, your 401K, your pension plan and 25% of your income can be garnished or taken from you). In some situations you only have to be 1% at fault to lose EVERYTHING you ever worked hard for.
In California 40% of all accidents are caused by individuals WITHOUT insurance, another 40% are caused by individuals with state minimum coverage. Which means, good drivers and responsible drivers have an 80% likelihood of being hit by someone who does not have the proper (if any) insurance to take care of their medical bills, lost wages, and pain and suffering.
If this was you, and you were injured in an accident by an uninsured motorist, would your policy pay enough to handle your medical bills, pay for your lost wages and income, cover your mortgage so you and your family don’t lose your home, what if you need handicap accessibility at your home? Would your insurance cover you for that? Most policies I review wouldn’t. 99% of customers that come to me seeking advice do not have coverage that would take care of them in the event of an accident. Most have such decreased coverage that their homes, income, and everything they have worked so hard for are at jeopardy.
Insurance is not standardized, one policy does not fit every person, it is not a cookie-cutter-process, and if you are looking for the cheapest insurance over quality and coverage then you are putting a price on your own livelihood.
There are ways to make insurance affordable without having to have low liability limits. However, to do this, you need to discuss options with a professional.
Ask yourself these three simple questions:
- Would you seek medical assistance from the internet?
- Would you seek legal help from an online legal chatroom?
- Would you invest your money over the internet without speaking to a financial advisor?
If the answers to any of the above are “No”, then find an insurance advocate that you can trust and go over your options. Insurance is just as vital as your attorney or financial advisor. For the simple reason that if you face a claim, or lawsuit who is going to pay for the damages? Most likely not the attorney…you need an advocate that can work with you and for you to protect your life.
There are options for you that will protect you, your family, your assets, and future without gouging your pocket-book. Better yet, it’ll give you peace of mind and security.
Driving in your car everyday without the proper coverage is the same thing as driving around with a trunk full of cash. When you get hit, money will start flying…