If you are an automobile owner in the US, you are required to carry auto insurance that meets at least minimum legal requirements. The "minimum" in "minimum coverage" is dictated by state law – which means one state’s minimum may not cut it in another state. Here in Pismo Beach, CA, the state minimum is $15k/$30k/$5k liability insurance. These numbers essentially mean that if you are involved in an accident and it is deemed your fault, your insurance will pay a maximum of $15,000 for bodily injury per person involved up to a maximum of $30,000 to total bodily injury and a maximum of $5,000 toward damages. Note that these numbers do not cover situations where there is a no-fault accident, or you find yourself involved in an accident with an uninsured motorist. In this situation, there may be no financial assistance or reimbursement at all for you.
Minimum automobile insurance coverage can sound appealing – save big money on your premiums so long as you don’t get into an accident. However, in the event the worst does happen, you can be stuck with substantial out-of-pocket costs if you’re rolling with minimum coverage. The minimum coverage may sound like a lot now, but a common road accident nowadays can rack up total costs of more than $400,000. That means you’ll have to pay whatever your insurance doesn’t pay.
Neff & Associates Insurance Services Inc recommends you carry at least $100,000 of bodily injury coverage per person and $300,000 maximum bodily injury coverage per accident. It does not cost much more to be confident in your insurance limits. Make sure you are adequately protected by contacting an agent at Neff & Associates Insurance Services Inc here in Pismo Beach, CA and discuss your options. There are a number of policies available to help you save money without risking your financial future with ongoing settlement payments.