Why having the wrong insurance could cost you EVERYTHING.
You can be a very safe driver but if your vehicle malfunctions or weather conditions create a hazard, accidents can happen (and they do!).
A typical settlement after a car accident can be at least 3-5x the medical bills incurred. Pain and suffering, loss of earnings, loss of future earnings, and rehabilitation will all effect the personal injury settlement.
The average personal injury attorney will take about 40% of the settlement (read: increased settlements!!).
The average cost of a death from an auto accident is nearly 1.2M.
For most of us, that money isn’t readily available.
And if you do keep this kind of cash under your mattress, you probably don’t want to part with it.
If you wrote your own policy with some online carrier to save 15%, you probably don’t have the coverage you need.
You probably have the wrong coverage.
“But that would never happen to me…”
According to a report by the Association of Safe International Travel, in the US alone there are over 37,000 fatalities and 2.35 million injuries resulting from car accidents annually.
Play this scenario out with me.
You are driving through a rural street, on a beautiful New England summer day. You suddenly see an orange cat dart across to road in front of you. You swerve to miss the precious cat as it scoots across the other lane of traffic.
As you look up from the road, the young father standing on the side of the road trying to retrieve his daughter’s pet, is directly in your vehicle’s path.
The injuries sustained by the accident result in this young man losing his life, leaving behind a wife and two young daughters.
This hardworking man was the sole provider for his family and was making $75,000 a year at his construction job.
You are sued by the family for $1,200,000. Your auto liability limits are $50,000 per person. The auto insurance carrier will write a check for $50,000 and walk away.
The additional settlement may require to empty bank accounts and liquidate assets like your home or cars.
“But I don’t have anything for them to get. Blood from a stone.”
You may not have accumulated significant assets but do you have a job?
The court will garnish your wages for as long as it takes to recover the money from the settlement.
“I’ll just file bankruptcy.”
Not so fast. The courts have seen this one before. They will take just enough money to keep you ineligible for bankruptcy.
“Ok ok but this is an extreme case.”
It sure is, but 37,000 times a year this happens. And what about the 2.35M other times that do not result in the loss of a life.
Motor vehicle injuries can cause significant injury and carry a significant cost.
- Ambulance transport.
- Med Flight.
- Spinal cord injuries.
- Permanent disability.
- Extensive rehabilitation.
It is inexpensive to increase your limits to provide proper protection and add an umbrella policy to your coverage.
Mass marketing has led us to believe that cutting our coverage to lower the price is what everyone should be doing.
The true cost of inadequate auto insurance far exceeds the price. For $150-$300 a year (aprox $15-$20 a month), you can increase your limits to protect your family’s future.
Do you have the wrong insurance? Do you have questions on what the best coverage is for you and your family?
We can help. Give our office a call (781-826-5161) or fill out the form below to get started.