Just about everyone thinks they have “full coverage” when it comes to their auto insurance. However, take it from the experienced Ohio car accident attorneys at the Charles Boyk Law Offices, there’s a good chance your insurance doesn’t cover you as well as you think! Knowing the extent of your coverage now can save you a lot of trouble later.
Uninsured and Underinsured Motorist Coverage—Make sure that you have plenty of uninsured motorist (UM) and underinsured motorist (UIM) coverage. This type of coverage protects you if you are involved in an accident with an irresponsible driver who has little or no insurance. Having UM and UIM coverage can mean the difference between getting the compensation you deserve and getting nothing at all.
Umbrella Policies—You should seriously consider purchasing an umbrella policy. An umbrella policy will provide you with additional insurance to protect your assets in case your other policies (homeowners, liability, UM/UIM, etc.) do not provide you with enough coverage or compensation. An umbrella policy gets its name from the fact that it sits on top of your other policies and provides an additional layer of protection. Umbrella policies protect you from being left personally on the hook for damages you cause to others, or from being left without any compensation for damages suffered by you or your family.
Family Exclusion—Make sure that your policy does not have the so-called “family exclusion.” Most people assume their insurance policy will provide coverage if their family members are injured in an accident. However, depending on your insurance carrier, it may be the case that loved ones traveling with you in your car will have little or no coverage at all if you are at fault for the accident! Some insurance companies have this “family exclusion” and some do not. It is vital to know where you stand in order to be completely aware of your level of coverage.
Buy As Much Insurance as You Can Afford—It is vital to buy as much insurance as you can afford. There’s no denying that times are tough, and many people are trying to save money by cutting back on their insurance coverage. However, this can end up hurting you financially significantly more than it helps you. In order to maximize your chances at being protected in the event of an accident, there are certain aspects of your policy that you should never skip out on.