What is Enough Insurance?
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Today I see the average price of regular gasoline went up to $3.78 a gallon. This is beginning to make a difference in the types of cases we see.
Consumers are buying smaller cars, but in a crash mass always wins. For example, think about who wins when a bug hits your windshield at 55 mph. That is an extreme example, but think of a compact car hitting a pick-up truck or a semi…injuries are catastrophic even with seat belts.
Many of the people who are injured today do not have enough insurance to even begin to cover their medical expenses, let alone their lost wages, or their pain.
In Arkansas the minimum liability coverage is $25,000. That may have been enough 30 years ago, but with today’s high cost of medical treatment; $25,000 is a mere pittance.
We urge our clients to purchase high limits of uninsured and underinsured insurance on their vehicles. That way, if someone hits them and only has $25,000 in coverage, our clients insurance will kick in and cover the full cost of the collision.
What do I mean by high limits? I think $300,000/$500,000 is pretty good, but if you want to be safe, most insurance companies offer umbrella coverage on top of the basic coverage for a relatively small premium.