We often get asked by our clients, “Do I have enough car insurance?” Unfortunately, we often get asked that question after an accident or catastrophe. By that time, often the question is being asked too late.
You should carry as much insurance as your budget allows. When speaking to an insurance agent or salesman, you will often find out that carrying higher automobile insurance limits is not that much more expensive than carrying lower insurance limits, unless you have a bad auto accident history. That being said, here are a few things you should keep in mind when purchasing insurance:
‘Limited Tort” Insurance
– Never, if you can afford it, purchase “limited tort” insurance, as it will not allow you to sue in many circumstances if you are hurt in an automobile accident. Insurance agents will often tell you that you save money with a “limited tort” policy but the money you saved is minimal and the coverage you waive is huge.
Uninsured Motorist Coverage and Underinsured Motorist Coverage
– Always buy as much uninsured motorist coverage and underinsured motorist coverage as you can, because it is relatively cheap and will protect you if you are seriously injured in an automobile accident by an uninsured motorist or a person who does not have enough insurance.
Wage Loss Coverage, Medical Coverage & “Stacking” Coverage
– Carry increased wage loss coverage in your insurance policy, as it is also relatively cheap and will forward you extra benefits in case you were seriously injured and unable to work.
– Carry increased medical coverage in your insurance policy. It too is relatively inexpensive and will provide for you extra benefits in case you have more medical treatment than anticipated.
– If you have more than one vehicle in your household, choose “stacking” in your policy so that you can “stack” your coverage limits. This will afford you higher coverage limits in case you or a resident member of your family is seriously injured in an automobile accident.
The Auto Accident Lawyers at Geoffrey B. Gompers & Associates in Philadelphia Know the “Ins & Outs” of Automobile Insurance Coverage
Automobile insurance coverage can be extremely complicated and confusing. Unfortunately, the pitfalls of insufficient coverage often become evident after an auto accident resulting in injuries to them or someone they love. When this happens, it is too late to ensure that you have the coverage you need. “Limited tort” coverage and insufficient uninsured and underinsured motorist coverage can leave you without the compensation you need to recover from your injuries and losses. Contact the Philadelphia auto accident lawyers at Geoffrey B. Gompers & Associates if you have questions about your auto insurance coverage. Call 215-567-6600 or contact us online.