It may not be something you look into too closely as you go about your daily activities. You may not be assessing the appropriate amount of car insurance to hold because you are probably not thinking about the specific purpose of what the insurance does. You just continue to buy what you normally have and don’t give it any more time than that. However, for those that have been put through the wringer after an accident, this question may seem a bit more pertinent. So how much is enough?
This insurance is what will pay for another party who may have been hurt at your hands in an accident where you were liable. Accidents happen daily, and the chances you will at least be in one of some magnitude in your lifetime, whether it be minor or severe, are quite high. If you are a safe driver, you reduce your risk of getting into an accident, but you can’t eliminate it. The only way to eliminate it is to stay off the road, but that isn’t very feasible. Safe drivers are less likely to cause accidents, but still, people are flawed and sometimes we make mistakes.
When you are responsible for the accident, your insurance carrier will provide the payment to the individual you harmed. This money will pay for their medical expenses, lost wages, and account for payment on behalf of their pain and suffering, as well as the other losses that they have faced as a result.
In the State of Arizona, you must hold a minimum of $15,000 in liability coverage. This may seem like a lot, but when you take into account all the costs that could occur from an accident, this may not even cover the basics. Medical bills alone can soar, not to mention the other costs associated that pile on top. So while $15,000 seems feasible at first glance, the likelihood that it doesn’t even scratch the surface of being enough makes it an ineffective protective barrier for you.
The issue comes into play with insurance costs. Some people simply can’t afford Cadillac insurance coverage. However, the alternative of getting into an accident and not having enough coverage is something that can put you in serious financial strain quickly. That is a scary thought. This is why $50,000 of liability coverage is a solid amount to aim for. This amount is sufficient enough in most cases to provide adequate compensation to victims, while also protecting you from having to pay the extra out of pocket through personal liability.
Individuals who are high earners or have many personal assets would be advised to increase the amount of car insurance they hold so that they can protect their financial interests. Everyone’s financial situation is different, so figuring out how much insurance you should carry depends on many factors and comes down to your own decision. Because of the prevalence of car accidents throughout our country, it is a decision that is worthwhile looking into and taking a bit more time for thought.
When you or a loved one has been injured in a car accident that was not your fault, you have rights and you are entitled to compensation for your losses. The Arizona accident attorneys at ELG Law are dedicated to providing customized guidance based on each client’s very specific needs. We invest our time in you and put our efforts into ensuring you get the best outcome after an accident. We are here for you when you need it the most. Accidents are very stressful, so don’t take on the legal battle alone. Call either our Phoenix or Mesa, Arizona personal injury law offices at 623-562-3838 and speak with one of our effective and compassionate Phoenix serious injury attorneys today.
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