Car insurance companies advertise a lot and often boast about their low rates. While price is important, you need the right amount of insurance coverage. Be careful not to shortchange yourself or your family.
Minimum Insurance Limits Are Too Low
Illinois law requires every driver to have a minimum of $20,000 in insurance coverage for bodily injury per person and a minimum total of $40,000 per crash.1 Illinois also requires at least $15,000 in insurance per crash to pay for property damage.2 Don’t think, however, that the amount of insurance needed to drive legally is actually enough to protect you or your family. The minimum limits are too low.
One Real-Life Example: Kevin
You don’t want to end up like Kevin. Kevin was hit by a driver who crossed over three lanes of traffic. The crash punctured his lung, cracked his ribs and broke his leg. Kevin has not been back to work since. Unfortunately, Kevin and the other driver each had $25,000 insurance policies. That was not enough coverage to pay Kevin’s medical bills or his monthly mortgage. For $10 more per month, Kevin could have bought an insurance policy with $250,000 in coverage. Right now, Kevin and his family would be protected.
Minimum Insurance Limits Often Does Not Cover The Cost Of Medical Treatment
$20,000 of insurance might seem like a lot, but it won’t cover the medical expenses faced by someone who is seriously injured. A recent article in Time magazine explored the skyrocketing costs for basic medical services.3 One emergency room visit can cost more than a month’s rent. Researchers at Stanford University, the University of Minnesota and the University of California San Francisco found that the treatment price for a sprained ankle could set you back a mere $4 or as much as $24,110.4 If you have a broken bone or need emergency surgery, the costs could be even higher.
You Can Be Personally Liable If You Don’t Have Enough Insurance
Even the most careful driver can suffer or cause serious injury in a collision. If another driver with only $20,000 in insurance causes a crash that hurts you, it probably won’t be enough to cover all your medical bills. That ‘s why your own insurance policy, which includes underinsured and uninsured motorist coverage, protects you when another driver’s insurance won’t. If you cause a crash that hurts someone else, you can be held personally responsible for the other driver’s damages above your $20,000 in insurance coverage, including medical bills, lost income, disability and pain and suffering.
Protect You & Your Family
Speak to your insurance agent to learn how much insurance coverage you need and why. If you don’t have an insurance agent, call Chris Tomek at the Kaiser/North Shore Insurance Agency at 847-623-0300 or send him an email at ctomek@pwkaiser.com. Kaiser Insurance is an independent agency that works with many insurance companies to find the coverage that’s right for you. No matter who you decide to call, make sure that you and your family are protected..
If you or a family member has been hurt in a collision, call Sean Burke for a free consultation at 847-604-3970 or send him an e-mail at sean@seanburkelaw.com