Protecting Your Family From Financial Collapse Purchasing Car Insurance

By Ben Glass, Esquire

Benjamin W. Glass and Associates

. https://www.benglasslaw.com/

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Protecting Your Family From Financial Collapse Purchasing Car Insurance

Every year, thousands of Virginia residents go through the process of dealing with their car insurance company in some way or another. Many people will go through the process of buying a new policy or renegotiating their current policy. Rates will go up and rates will go down. And, in the end, too many people will opt for the minimum coverage because it is cheaper at the time.

Unfortunately, some insurance agents don't help these people explore their options fully and explain the consequences of driving with minimal insurance. They present the cheapest option and drivers happily sign on the dotted line. It's a short-term financial choice that can ruin you in the long-term. But why is this?

Not everyone knows that drivers in Virginia are not required to purchase insurance. Instead, they can opt to pay a small fee to the state so that they can drive around uninsured. What does this mean for you, the insured driver? It means that those uninsured drivers don't have a liability policy to pay out to you when they cause an accident. That puts the burden squarely on the shoulders of the insured to cover what can amount to hundreds of thousands, or even millions, of dollars in medical bills. That won't be covered by your average $100,000 car insurance policy.

The craziest part in all of this is that to raise your insurance policy from the minimum coverage to a high-end amount is a near-negligible cost. In some cases, it is as low as an extra $20 per month.

Protecting your family in the long-term means not cutting corners in the short-term today. Think about how much money you could lose due to your inability to work. An uninsured or underinsured driver won't be helping you with those bills once their money runs out. It is your job to go out and get the $1,000,000 policy. Yes, that is one million dollars, and that is how much coverage you should have.

You should call your agent as soon as possible and say, “I want one million dollars in coverage.” Don't listen to their deflections about not needing that much insurance or buying an umbrella policy. An umbrella policy doesn't necessarily cover you against uninsured drivers, and you can never have “too much” insurance.