How much insurance you need is a common concern and question, and rightfully so. The reason one has insurance is to provide a safety net in the event of an accident so that your interests and assets are safe. But how much coverage will you need, exactly? Often, people will purchase insurance without really taking the time to think about what type of insurance is needed and how much is required in the event of an accident.
Liability insurance is what you buy to cover the costs of another party that is harmed after an accident where you are responsible. The reality is that we all can make mistakes because we are imperfect beings. If you are ever in a situation wherein you are liable for a car accident, you must have the coverage to protect you from having to foot the bill yourself. You can be sure that the party you injure will likely enlist the help of a Phoenix car accident attorney to represent their interests, meaning you will be held accountable to the fullest extent of the law.
Liability coverage will kick in when another person is hurt by your own doing. It will help the victim you injured with their medical expenses, lost wages they may have incurred as a result of their injuries, any pain and suffering that they experienced, and other losses that occurred. The minimum amount of liability coverage you must carry on your person in the State of Arizona is $15,000. That seems like a lot to some, but when you tally up the potential for all these expenses, the reality is that it doesn’t even scratch the surface of the costs you may be on the hook for.
It is true that the costs to each person for carrying higher insurance will be more expensive. This may not seem like a feasible option to most, but the reality is that if you are in an accident and you have to pay out-of-pocket, those costs are going to be much more impactful to you and could ultimately put you in a very unfortunate financial situation. Therefore, it is advisable to consider carrying at least $50,000 of liability insurance. This will give you the best shot of your insurance being able to cover the costs fully so you won’t have to shoulder any of them out-of-pocket.
When you are held responsible to make up the costs that your insurance doesn’t cover, your assets and your income are at risk. For this reason, if you have a significant amount of assets or if you make a substantial income, you want to protect these things from being seized. Therefore, the amount of insurance that you’d want to carry could be much higher than one who has less. Each person’s circumstances are different, and so determining the correct amount of coverage will vary between individuals.
It is worth taking some time to examine your insurance coverage and consider what is the right amount for you to best protect your interests. If you have questions, you can speak with a knowledgeable Arizona serious injury attorney at ELG Law. We understand the outcomes of accidents and what feasible coverage amounts based on your situation would be. When you have questions or need legal guidance relating to personal injury law and claims, contact our team of resourceful Phoenix personal injury attorneys at ELG Law today at 623-562-3838.