minimum auto insurance virginia
The economic news goes from bad to worse and we are looking over our shoulder for what comes next. What comes next could be a input control car in your lane.
There is much you can do to prevent a car accident caused by someone else, but there is much you can do to protected from the consequences of being beaten by an uninsured driver or underinsured.
The economic slowdown has increased the number of vehicles uninsured in the road. According to the Insurance Research Council in 2003 for 14.9% of cars on the road were uninsured. As the economy improved, which fell to 13.8% in 2007. However, as the economy has weakened, the percentage of uninsured vehicles on the road has started back up. For every 1% increase in the unemployment rate, Insurance Research Council found a 0.75% increase in the rate of uninsured motorist. In 2010, 16.1% of all vehicles on the road are expected to be insured.
What can you do to protect your family against an uninsured motorist? The first thing you can do is find and read the declarations page of your automobile insurance policy of the family. The declarations page is often the home page of the policy. He has the name of the insurance company at the top, the name and address of the insured, and a list of all vehicles insured under the policy. Near every vehicle listed to find the policy coverage.
The next thing to do is determine whether you have adequate limits of insurance coverage in your policy. The two basic types of coverage in all policies are liability coverage and uninsured / underinsured coverage. Liability Coverage usually contained in the quantity and 25/50, 50/100, or 100/300. This means that if you are at fault and hit someone, it will pay to the limit of these quantities, multiplied by $ 1000. For example, 25/50 means your insurance company will pay up to $ 25,000 for one person injured in the accident, and a total of $ 50,000 for everyone injured in an accident. 25/50 are the minimum limits required by Virginia law and the minimum that can have, but $ 25,000 were not going very far in these days of costly medical care.
The other motorist coverage required uninsured and underinsured Driver coverage (UM / UIM). Your insurance company must provide UM / UIM limits equal to liability limits, unless you choose lower UM / UIM limits. That's a terrible idea that I will not do that. UM / UIM coverage is all that stands between you and potential financial disaster if you or a member of the family were seriously injured in a car crash.UM UIM coverage obligates your company to intervene and offer insurance to their limits of UM / UIM policy if the other driver that causes injury is uninsured or has a lower limit than you do. UM / UIM coverage covers all family members, even if you or another is wounded as a passenger in someone else's car.
So look at your UM / UIM coverage. What if you were seriously injured in an accident and could not work for several months? The amount of your UM / UIM coverage sufficient to compensate for their injuries and losses? If not, call your agent and ask about the higher limits. The cost of additional coverage is surprisingly little when one considers the following vehicle out of control can not be assured.
About the Author:
Matthew B. Murray is a personal injury attorney for the law firm of Allen & Allen. A longtime
Charlottesville lawyer
and resident, Mr. Murray champions the legal rights of personal injury and
medical malpractice
victims in Virginia.
Article Source: ArticlesBase.com – Understanding Uninsured And Under Insured Motorist Coverage: Looking Out For The Other Guy
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