Sunday, January 13, 2008

Bodily Injury

When buying car insurance, don't neglect to buy lots of BI coverage.

This one item is the single most valuable part of your auto policy. Most of us, when buying car insurance, focus on the deductible and maybe whether our policy has full glass, towing and car rental.

Bodily Injury pays out to the other party if you are at-fault and there are injuries suffered in the other vehicle.

If it pays to the OTHER party, how is it the most important coverage for YOU?

Here's the answer: You see those advertisements by attorney's asking if you've been injured in an auto accident. They want to sue someone. And if that someone is you, the first thing you will be asked is "how much bodily injury coverage do you have on your auto policy".

If someone is suing for $100,000 and you only have $50,000 BI on your policy, guess who is responsible for the difference if you lose your lawsuit? That's right - YOU!

Congratulations!! (tongue in cheek, of course)

This is a sue-happy nation. If you hit someone else and they are injured, take it to the bank that you will face a lawsuit.

So do not skimp on Bodily Injury coverage. My recommendation? Have at least $250,000. Also consider buying an Umbrella policy on top of that for $1,000,000.

Then, sleep better at night.
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